Thanks CH80....I tried following the story you posted and found it a bit difficult. Below I hope it will be a bit easier from what I have now copied and pasted. This sure shows the huge size of VLake...about as big a "complete camp area or region" in the Abitibi. The potential of multiple deposits on the V.Lake property is just beginning to be identified. I am thinking that before another year goes by, V.Lake will seen as a completely new area(camp) in Canada with multi-million Oz potential from several areas along the 30km strike length...
Marathon Gold Corp T.MOZ announced February 7 assay results from six shallow drillholes at the Valentine East Zone of its Valentine Lake Project in Newfoundland. Highlights include:
1.6 grams per tonne gold over 14 metres
including 10.34 g/t gold over 1 metre
1.93 g/t gold over 9.5 metres
including 14.77 g/t gold over 0.95 metres
1.58 g/t gold over 3 metres
including 4.48 g/t gold over 1 metre
2.44 g/t gold over 3 metres
1.23 g/t gold over 3 metres
1.52 g/t gold over 6 metres
2.28 g/t gold over 2.85 metres
1.89 g/t gold over 2.85 metres
The Valentine Lake Project comprises more than 20,000 hectares located 57 kilometres south of Buchans. It can be reached from gravel and paved roads off the Trans-Canada Highway. According to a November 5, 2012, 43-101 resource estimate, its Leprechaun Gold Deposit contains 9.53 million tonnes grading 2.22 g/t gold for 682,000 ounces gold measured and indicated and 1.96 million tonnes grading 2.3 g/t for 145,000 gold ounces inferred.
President/CEO Phillip Walford spoke to Kevin Michael Grace February 8.
RW: Tell us about your Valentine East results?
PW: They show two goldzones with reasonable thicknesses and grades for potential openpit mining. Those two wide intersections are separate, not in the same zone, and so we have to drill in between and define them to start developing a resource. We have a lot more work to do. What’s significant is that to date all the resources have been in one zone, the Leprechaun Deposit, which is over 13 kilometres alongstrike from Valentine East.
RW: This is the first drilling that you’ve done in this particular area?
PW: No, there was some prior drilling. We put in three or four holes prior to 2011, but we didn’t drill in the same place. We drilled farther to the north and east and got some good results in them as well. We didn’t see the consistency we see here when we sampled the area last summer, so we’re drilling in an area where there were some historic holes drilled by others. Those previous drillholes were not located properly, nor were sampled in their entirety. Really, it’s a matter of new drillholes to test the target.
RW: How big is the Valentine Lake project?
PW: Over 20,000 hectares; it’s almost camp sized. It is the favourable structure called the Valentine Lake Thrust Fault, which goes on strike for almost 30 kilometres on the property. It is a big mineralizing system. There is gold in every rock type on the property. We’ve been focusing on contact between the thrust fault and an intrusive zone that’s conducive to the establishment of vein systems. But there is mineralization in the sedimentary and volcanic rocks around this intrusion; we just haven’t had the time to followup on some of the past occurrences that were found. We’ll do that in due course. In the meantime, our prospectors have been very successful at finding new zones along the thrust fault to explore.
RW: You have the resource estimate on Leprechaun. What do you know of the rest of your property, and how are you seeking to know it better?
PW: The historic work, before we got involved, was really focused on the Leprechaun Deposit. In the last two years, we’ve come up with some extensions of the same mineralization that we see at Leprechaun, and that’s at the Frank Zone. So between the Frank Zone to the southwest and the Sprite Zone to the northeast of Leprechaun, we have over 3.5 kilometres of drillholes and showings that indicate potential economic mineralization.
And those 3.5 kilometres are only a fraction of the total of the strikelength. If we go up to Valentine East and add these two together, we have over 17 kilometres now with drillholes or showings, indicating work that has to be done. It’s really opening up quickly, but it’s still really early days.
RW: You’re in the midst of a 10,000-metre drill program?
PW: That’s correct.
RW: The purpose of which is?
PW: To further increase the Leprechaun resource by trying to find more mineralization alongstrike and down dip. Also, we just finished drilling on Valentine East and released those results. What that tells us is we have to now go back this winter and drill some more holes to try and get additional resources there. Similarly, we’ve just completed some holes on Sprite moving towards Leprechaun, and we’re waiting on assays for those now. Likewise, we have the Frank Zone to the southwest, which will also be drilled later on in the winter, with the goal of creating another openpit resource, albeit probably a small one to start. So we have two prime targets for resources right now outside Leprechaun: the Frank Zone and Valentine East.What we’re looking for here is a critical mass that will justify going to a PEA, and that’s why our strategy is to spending money on drilling now—
RW: How much cash do you have? What is your burn rate?
PW: We have $5 million in cash, and the burn rate is varied. The first four months of the year we’ll probably go through $2 million in the 10,000-metre program.
RW: How close are you to another resource estimate? Where would that resource estimate be focused on?
PW: Certainly Leprechaun is the most important one, followed by, if we’re fortunate in our drilling, possibly Frank and Valentine East as well, although they would be much smaller at this stage of exploration. Now what we’re looking for here is a critical mass that will justify going to a PEA, and that’s why our strategy is to spending money on drilling now.
RW: Where do you see your company in two years?
PW: We would like to be a point where we could be doing be doing advanced economic studies. In addition to doing the exploration work, we’ve also done metallurgical work. We’ve got 90% recovery in two separate programs, but we have not optimized the recoveries yet and need to do more metallurgical work to do so.
We’ve also been doing all the baseline environmental work, as well as additional environmental work that’s been recommended to us as part of the environmental assessment study for the project.
RW: Are you looking at an openpit scenario?
PW: Initially, it would be openpit or a series of openpits. There is underground potential most certainly at Leprechaun. We’ll be drilling some of those deeper holes to assess the potential for underground.
RW: To sum up?
PW: The Valentine Lake Project is located in the mining-friendly province of Newfoundland and Labrador. There is good infrastructure including road access. The large property hosts an extensive gold system that has a lot of potential for developing additional gold resources. The Leprechaun deposit has increased in gold content and grade with each drilling program. The current openpit resource now has 682,000 ounces of gold grading 2.22 g/t in measured and indicated resource, a very good grade for an openpit. I believe there is a lot more to come from this property.