Marathon Gold Files 43-101 Technical Report with Updated Resource and a 61% Increase in Measured and Indicated for Valentine Lake Gold Project

 
Marathon Gold Files 43-101 Technical Report with Updated Resource and a 61% Increase in Measured and Indicated for Valentine Lake Gold Project

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."

Highlights:

  • Leprechaun-Measured and Indicated: 9.53 million tonnes @ 2.22 g/t Au containing 682,000 oz Au
  • Leprechaun-inferred: 1.96 million tonnes @ 2.30 g/t containing 145,000 oz Au
  • The resource has not only significantly increased by 61% in the M&I category, and the grade has increased by 8% as well
  • The resource has advanced to an open pit and underground resource
  • The total resource attributable to Marathon including 50% of Golden Chest and all of Leprechaun:
    • Measured and Indicated: 10.93 million tonnes @ 2.11 g/t Au containing 744,000 oz;
    • Inferred: 3.89 million tonnes @ 1.88 g/t Au containing 235,000 oz Au; and
  • A new resource is expected by the end of the quarter for Golden Chest.