Drill success continues in Newfoundland for Marathon
Assays from holes drilled into the southwestern part of the Marathon deposit intersected intervals of high-grade gold over wide intervals at open-pit depths, Marathon Gold Corp. (TSX: MOZ) reports.
Highlights include 17.39 grams gold over 5 metres from 213 metres downhole including 1.9 metres of 42.76 grams gold in drill hole MA-18-343, and 19.63 grams gold over 2.3 metres from 67 metres downhole, including 56.04 grams over 0.8 metre in drill hole MA-18-341.
Two other holes also posted good grades, with 4.90 grams gold over 13 metres from 193 metres downhole including 24.49 grams gold over 1.9 metre in MA-18-337, and 4.96 grams gold over 9 metres from 158 metres downhole including 18.21 grams gold over 1.7 metres.
The results will be added to a resource update for a prefeasibility study.
This year the company has added 844,000 ounces of gold in the measured and indicated category and 519,000 ounces of gold in the inferred to its total overall resource for Valentine Lake.
The gold camp has four known, near-surface, mainly pit-constrained deposits with measured and indicated resources of 45.15 million tonnes grading 1.85 grams gold for 2.69 million ounces of contained gold and another 26.86 million inferred tonnes grading 1.77 grams gold for 1.53 million ounces of gold.
The lion’s share of resources are in the Marathon and Leprachaun deposits, which also contain resources below their pit shells, and both open to depth and on strike. Gold mineralization has been traced down over 350 metres vertically at Leprechaun and almost a kilometer at Marathon.
The four deposits found to date occur over a 20-km system of gold-bearing veins, and the company notes that there has been little detailed exploration on its 24,000-hectare property.
Marathon Gold’s shares currently trade at $0.73 within a 52-week range of $0.65 and $1.28.
The company has about 160 million common shares outstanding for a market cap of $116.5 million.
This story first appeared on The Northern Miner.