TORONTO, Nov. 5, 2012 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (MOZ: TSX) today announced that it has made the regulatory filing of the report entitled "Technical Report and Resource Estimate on the Valentine Lake Project, Leprechaun Gold Deposit". The resource update was announced on October 22, 2012 and conducted by Roscoe Postle Associates.
"Management believes that this new Valentine resource estimate is a significant step towards justifying an economic study. The resource at Valentine only covers the Leprechaun Deposit and considerable potential exists on the property and will further underpin the value of the Valentine Lake Project," said Phillip Walford, President and CEO of Marathon Gold Corp. In addition to the Leprechaun resource, Marathon has 50% of the Golden Chest Mine in Idaho that has an open pit resource. The resource ounces attributable to Marathon are mainly Measured and Indicated, the highest resource categories. Our strategy is to continue to successfully develop quality resources leading to reserves."
About the Valentine Lake Project
Marathon Gold Corporation is the 100% owner of the Valentine Lake Project. The Leprechaun Gold Deposit is situated at the south-western end of the Valentine Lake Project, and the Valentine East Gold Zone is located 18 kilometers along strike running in a north-easterly direction. The J. Frank Zone, which currently extends over an area in excess of 850 meters in length and 250 meters in width, is located up to 0.5 kilometers southwest along strike from the current Resource boundary of the Leprechaun Gold Deposit. These gold occurrences form part of a 23 kilometer long, highly prospective gold-bearing mineralized corridor focused along the Valentine Lake thrust fault.
Marathon is currently conducting a fall 2012 program of prospecting, geological mapping and trenching along the highly prospective 23 kilometer strike length of the property outside of the current boundaries of the Leprechaun Gold Deposit. One drill is currently turning on the newly discovered J. Frank Zone southwest extension.
About the Leprechaun Gold Deposit
The Leprechaun Gold Deposit has a combined NI 43-101 compliant Measured and Indicated Resource of 9,537,000 tonnes grading 2.22 g/t Au, for a total estimated 682,000 ounces of Au. The Inferred Resource is 1,959,000 tonnes grading 2.30 g/t Au, for an estimated 145,000 ounces of Au. This Resource was estimated using a 0.5 g/t Au minimum cut-off for open pit resources and 1.5 g/t Au for underground resources. The Leprechaun Gold Deposit is open at depth and along strike.
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, the prolific Coeur d'Alene Mining District of Idaho and the historic gold rich Greenhorn District of Oregon, USA. 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.
SOURCE Marathon Gold Corporation