Marathon Intersects Best Interval at the Leprechaun Gold Deposit with 13.95 g/t Au over 26.1m (TT) including 37.01 g/t Au over 4.5m (TT)
TORONTO, Oct. 6, 2011 /CNW/ - Marathon Gold Corporation ('Marathon' or the 'Company')
is pleased to announce continued success with the intersection of the best interval to date of high grade mineralization at the Leprechaun Gold Deposit (Figure 1). Significant new main zone intercepts include 13.95 g/t Au over 26.1 meters including 37.01 g/t Au over 4.5 meters in VL-11-352, and 2.42 g/t Au over 18.0m including 12.35 g/t Au over 2.7 meters in VL-11-339.'This new extension of high grade mineralization shows the potential for intersecting additional high grade zones at the Leprechaun Gold Deposit. We expect these high grade intervals will have a very positive impact on the new resource which is expected to be released in the 4(th) quarter of 2011', said Phillip Walford, Marathon's President and CEO.
The Valentine Lake Project, including the Leprechaun Gold Deposit, is a 50/50 joint venture between Marathon and Mountain Lake Resources Inc. Both companies are equal contributors to a 25,000 meter drilling program now underway where Marathon is the operator. All grades in this release are uncut, and all thicknesses are estimated true thicknesses. A total of 135 drill holes totaling 23,372 meters (93.5%) of the planned 25,000 meter 2011 drilling campaign have now been completed. It is expected that the remaining drilling will be completed during October, with a resource estimation to follow before year end.
Highlights:
-- High grade zones, intersected in VL-11-352 with 13.95 g/t Au
over 26.1 meters including 37.01 g/t Au over 4.5 meters,
VL-11-339 with 2.42 g.t Au over 18.0 meters including 12.35 g/t
Au over 2.7 meters, VL-11-348 with 33.42 g/t Au over 3.4 meters
and VL-11-341 with 6.97 g/t Au over 2.7 meters including 20.80
g/t Au over 0.9 meters, occur within a wider main zone
mineralized envelop that extends along strike for greater than
100m.
-- Hanging wall zones, intersected in VL-11-338 with 1.80 g/t Au
over 5.0 meters, VL-11-340 with 0.92 g/t Au over 3.0 meters and
VL-11-342 with 2.84 g/t Au over 2.25 meters, show along strike
continuity of the new hanging wall zone developed in previous
drill holes VL-11-336 and VL-11-332 located immediately to the
south.
-- The high grade mineralization appears to be focused within
three zones (i.e.: SW Heart of Gold, the central new high grade
area and NE area) which are being delineated along the current
strike length of the Leprechaun Gold Deposit.
TABLE 1: Significant Assay Intervals for the Leprechaun Gold Deposit*
_________________________________________________________________
| | | |From| |Core Width| |Gold (g/t)|
| DDH |Section|Zone**|(m) |To (m)| (m) |TT (m)| Uncut |
|_________|_______|______|____|______|__________|______|__________|
|VL-11-338| 10150 | HW | 21 | 26 | 5 | 5 | 1.80 |
|_________|_______|______|____|______|__________|______|__________|
| | | MZ |117 | 125 | 8 | 7.6 | 1.13 |
|_________|_______|______|____|______|__________|______|__________|
| | | MZ |164 | 167 | 3 | 2.85 | 4.91 |
|_________|_______|______|____|______|__________|______|__________|
|including| | MZ |165 | 166 | 1 | 0.95 | 12.29 |
|_________|_______|______|____|______|__________|______|__________|
| | | MZ |180 | 184 | 4 | 3.8 | 1.25 |
|_________|_______|______|____|______|__________|______|__________|
|VL-11-339| 10238 | HW | 41 | 44 | 3 | 3 | 1.04 |
|_________|_______|______|____|______|__________|______|__________|
| | | HW | 67 | 70 | 3 | 3 | 1.76 |
|_________|_______|______|____|______|__________|______|__________|
| | | MZ |110 | 113 | 3 | 2.7 | 1.19 |
|_________|_______|______|____|______|__________|______|__________|
| | | MZ |142 | 162 | 20 | 18 | 2.42 |
|_________|_______|______|____|______|__________|______|__________|
|including| | MZ |146 | 149 | 3 | 2.7 | 12.35 |
|_________|_______|______|____|______|__________|______|__________|
|VL-11-340| 10150 | HW | 25 | 28 | 3 | 3 | 0.92 |
|_________|_______|______|____|______|__________|______|__________|
| | | MZ |187 | 195 | 8 | 7.2 | 1.40 |
|_________|_______|______|____|______|__________|______|__________|
|VL-11-341| 10225 | HW | 17 | 20 | 3 | 3 | 1.86 |
|_________|_______|______|____|______|__________|______|__________|
| | | MZ |119 | 122 | 3 | 2.7 | 1.58 |
|_________|_______|______|____|______|__________|______|__________|
| | | MZ |160 | 163 | 3 | 2.7 | 6.97 |
|_________|_______|______|____|______|__________|______|__________|
|including| | MZ |161 | 162 | 1 | 0.9 | 20.80 |
|_________|_______|______|____|______|__________|______|__________|
| | | MZ |169 | 172 | 3 | 2.7 | 1.77 |
|_________|_______|______|____|______|__________|______|__________|
| | | MZ |187 | 190 | 3 | 2.7 | 5.16 |
|_________|_______|______|____|______|__________|______|__________|
| | | MZ |194 | 197 | 3 | 2.7 | 2.40 |
|_________|_______|______|____|______|__________|______|__________|
|VL-11-342| 10150 | HW |118 | 121 | 3 | 2.25 | 2.84 |
|_________|_______|______|____|______|__________|______|__________|
| | | MZ |223 | 231 | 8 | 6 | 2.17 |
|_________|_______|______|____|______|__________|______|__________|
|including| | MZ |230 | 231 | 1 | 0.75 | 10.35 |
|_________|_______|______|____|______|__________|______|__________|
|VL-11-348| 10338 | MZ |118 | 123 | 5 | 4.25 | 3.04 |
|_________|_______|______|____|______|__________|______|__________|
|including| | MZ |120 | 121 | 1 | 0.85 | 9.89 |
|_________|_______|______|____|______|__________|______|__________|
| | | MZ |145 | 149 | 4 | 3.4 | 33.42 |
|_________|_______|______|____|______|__________|______|__________|
|VL-11-349| 10313 | HW | 26 | 29 | 3 | 3 | 1.31 |
|_________|_______|______|____|______|__________|______|__________|
| | | MZ |167 | 170 | 3 | 2.7 | 2.31 |
|_________|_______|______|____|______|__________|______|__________|
| | | FW |188 | 191 | 3 | 2.7 | 1.45 |
|_________|_______|______|____|______|__________|______|__________|
|VL-11-350| 10588 | MZ | 95 | 98 | 3 | 2.55 | 1.00 |
|_________|_______|______|____|______|__________|______|__________|
|VL-11-352| 10288 | MZ |136 | 165 | 29 | 26.1 | 13.95 |
|_________|_______|______|____|______|__________|______|__________|
|including| | MZ |151 | 156 | 5 | 4.5 | 37.01 |
|_________|_______|______|____|______|__________|______|__________|
*Assay results for drill holes VL-11-343, 344, 345, 346 and 347 are pending, assay results for VL-11-348, 349, 350 and 352 were completed as a rush order, and drill hole VL-11-351 was abandoned at 17.0m due to lost water return.
**Denotes: MZ - main zone, HW - hanging wall zone, and FW - foot wall zone
All of the samples were analyzed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland. Samples were assayed using lead collection fire assay with AA (atomic absorption) finish. Due to the coarse nature of the gold at the Leprechaun Gold Deposit, the metallic screening method is used on economically important intersections using standard fire assay techniques. The reported values in this release are fire assay results.
Sherry Dunsworth, M.Sc., P. Geo., VP of Exploration, Marathon's Qualified Person, has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.
About the Valentine Lake Joint Venture
The Valentine Lake Joint Venture is a 50/50 joint venture between Marathon and Mountain Lake Resources Inc. The Leprechaun Gold Deposit is situated at the south-western end of the Valentine Lake Project, and the Valentine East Gold Zone is located 17 kilometers along strike running in a north-easterly direction. These gold occurrences form part of a 23 kilometer long, highly prospective gold-bearing mineralized corridor. Marathon is the operator of the Joint Venture, and the companies have agreed to jointly fund a $6 million budget in 2011 that includes plans for 25,000 meters of drilling which is currently ongoing.
About Marathon Gold Corporation
Marathon Gold Corporation is one of Canada's newest gold resource development companies, 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.
SOURCE Marathon Gold Corporation
Image with caption: 'Leprechaun Gold Deposit. (CNW Group/Marathon Gold Corporation)'. Image available at: http://photos.newswire.ca/images/download/20111006_C9958_PHOTO_EN_4204.jpg
Marathon Gold Corporation
CONTACT: Marathon Gold Corporation
Phillip Walford, President & CEO
Tel: 1-416-987-0711
