Marathon Gold Intersects 4.59 g/t Gold Over 18.1 Meters at the Golden Chest Mine
TORONTO, Dec. 5, 2011 /CNW/ - Marathon Gold Corporation ('Marathon' or the 'Company')
today announced an encouraging drill intercept of 18.1 meters of 4.59 g/t gold in drill hole GC 11-63 from a core drilling program underway at the Golden Chest Mine in Murray, Idaho. The Golden Chest Mine is a 50/50 Joint Venture between Marathon Gold Corporation and the operator, New Jersey Mining Corporation.'Since the commencement of this 10,000 meter drilling program, we have had consistent encouraging results at Golden Chest. These intercepts suggest that the open pit potential extends beyond the historic open pit resource. We anticipate the release of a NI 43-101 compliant resource estimate in Q1 2012, and in an effort to continue developing and expanding this deposit, Golden Chest will be undergoing an aggressive 25,000 meter drilling program in 2012. We have seen significant advancements at Golden Chest in 2011 and we anticipate further important advancements with the large 2012 drilling program,' stated Phillip Walford, President and CEO of Marathon Gold Corporation.
All grades in this release are uncut, and all thicknesses are estimated true thicknesses
Highlights:
-- GC 11-63 returned 4.59 g/t gold over 18.1 meters from 46.2
meters down the hole.
-- GC 11-56 returned 1.83 g/t gold over 23.7 meters from 99.4
meters down the hole.
-- GC 11-64 returned 1.27 g/t gold over 27.0 meters from 67.7
meters down the hole including 1.6 meters (true thickness) of
13.4 g/t gold from 10.0 meters to 11.6 meters.
Table 1 - Significant Drill Intersections at the Golden Chest Mine
__________________________________________________________________
|DDH |Section |From |To (m)|Core |True |Gold (g/t)|
| | |(m) | |Width (m)|Thickness (m)| |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-50|4475 |95.6 |112.0 |16.4 |12.9 |0.35 |
| |_________|_____|______|_________|_____________|__________|
| |and |128.0|137.0 |9.0 |7.1 |1.15 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-56|4525 |99.4 |135.5 |36.1 |23.7 |1.83 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-58|4400 |14.5 |101.7 |87.2 |12.6 |1.52 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-60|4500 |24.1 |31.2 |7.1 |4.8 |0.52 |
|________|_________|_____|______|_________|_____________|__________|
| |and |56.8 |85.0 |28.2 |18.8 |0.67 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-61|4500 |33.2 |46.2 |13.0 |12.9 |1.05 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-62|4550 |36.2 |47.7 |11.5 |7.6 |2.25 |
| |_________|_____|______|_________|_____________|__________|
| |and |84.3 |101.3 |17.0 |11.2 |0.30 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-63|4550 |46.2 |84.7 |38.5 |18.1 |4.59 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-64|4550 |9.0 |36.0 |27.0 |27.0 |1.27 |
| |_________|_____|______|_________|_____________|__________|
| |including|10.0 |11.6 |1.6 |1.6 |13.4 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-65|4550 |23.2 |43.8 |20.6 |12.1 |0.85 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-66|4475 |19.8 |34.2 |14.4 |9.4 |0.83 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-67|4475 |28.0 |36.3 |8.3 |6.7 |0.65 |
|________|_________|_____|______|_________|_____________|__________|
|GC 11-68|4475 |49.2 |82.2 |33.0 |19.0 |0.66 |
|________|_________|_____|______|_________|_____________|__________|
Note that hole numbers missing in the sequence above may have already been released, are in the process of being logged by geologists, or are awaiting assay analysis.
Initial results from the N 4550 section suggest that there may be a higher grade ore shoot present on the north end of the 25 meter grid. Core drilling is now focused on 50 meter step-out holes along strike to the north with the goal of increasing the open pit resource. Drilling will continue on surface until the weather no longer permits it. Two drill rigs are currently working on open pit resource drilling and have completed approximately 10,000 meters to date.
All of the samples were analyzed by American Analytical of Osburn, Idaho, an ISO certified laboratory. Samples were analyzed using lead collection fire assay with a gravimetric finish. Phillip Walford P.Geo. President and CEO, is Marathon's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Mr. Walford has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.
About the Golden Chest Mine
The Golden Chest Mine is located two miles east of Murray, Idaho within the gold belt of the Coeur d'Alene Mining District. The mine has over 3,900 meters of underground workings and has the permits necessary to drill and operate on the deposit. The property includes 24 patented mining claims and 70 unpatented mining claims covering 515 hectares. The patented claims that cover the mine workings have mineral and surface rights enabling the Joint Venture to work easily on the mine property. A 25,000 meter drilling program is planned to commence at Golden Chest in January 2012 and an initial resource estimate is expected to be released in Q1 2012.
About Marathon Gold Corporation
Marathon Gold Corporation is a North American gold resource development company, with projects located in the mining friendly province of Newfoundland and Labrador, and a project in the prolific Coeur d'Alene Mining District of Idaho. Marathon has a project pipeline consisting of early stage exploration to advanced resource development projects. Marathon is continually evaluating new gold resource development projects of merit that are located within the Americas. Marathon's focused and low-cost approach to exploration and resource development has an established record of delivering rapid growth. For more information visit: www.marathon-gold.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon Gold Corporation, certain information contained herein constitutes 'forward-looking statements'. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as 'expects', 'anticipates', 'plans', 'believes', 'considers', 'intends', 'targets', or negative versions thereof and other similar expressions, or future or conditional verbs such as 'may', 'will', 'should', 'would' and 'could'. We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Marathon Gold Corporation's public filings, which may be accessed at www.sedar.com. Other than as specifically required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events, results or otherwise.
Marathon Gold Corporation
CONTACT: Marathon Gold Corporation
Jennie Guay
Investor Relations Manager
Tel: 1-416-987-0714
Email: jguay@marathon-gold.com
