Marathon Gold Golden Chest at 4.62Mt of 1.71 g/t Au M+I
Ticker Symbol: C:MOZ

 

Marathon Gold Golden Chest at 4.62Mt of 1.71 g/t Au M+I

 

Marathon Gold Corp (C:MOZ) 
Shares Issued 59,939,411
Last Close 1/16/2013 $0.58
Thursday January 17 2013 - News Release

Mr. Phillip Walford reports

MARATHON GOLD REPORTS NI- 43-101 RESOURCE ESTIMATE UPDATE FOR THE GOLDEN CHEST MINE

Marathon Gold Corp. has released the updated National Instrument 43-101-compliant resource estimate for the Golden Chest mine in northeastern Idaho. The Resource Estimate is an essential component of the project's development and is a key milestone for Marathon. The Golden Chest Mine is owned 50% by Marathon Gold Corporation (MOZ: TSX) and 50% by New Jersey Mining Company ("NJMC"), and NJMC is the operator.

"The increase in resources at the Golden Chest Mine is very good. The Global M&I resource has increased from the previous resource in contained ounces by 73% to 254,000 ounces and the grade has increased from 1.47 grams per tonne to 1.71 grams per tonne, an increase of 16.3%. The open pit M&I resource has increased by 84% to 223,000 ounces and the grade has increased from 1.35 grams per tonne to 1.59 grams per tonne, an increase of 17.8%. The first underground resource has also been estimated, which is a milestone for the project. The mineralization is open to depth and along strike to the north where historic grades of 17 grams per tonne were mined. There is a lot of potential remaining to expand the resource at the Golden Chest Mine," stated Phillip Walford, President and CEO of Marathon.

"For Marathon Gold, the 50% of the Golden Chest Mine resource attributable to Marathon, when combined with the resources at our 100% owned Valentine Project, gives Marathon a total attributable M&I resource of 803,000 ounces at a grade of 2.11 grams per tonne, and the total attributable Inferred resource for Marathon is 237,000 ounces at a grade of 2.09 grams per tonne. This is a large increase in one year and most of it is in the lower risk M&I categories," said Mr. Walford.