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Marathon Gold Corporation (MOZ.TO)

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Open2.6100
Bid2.6600 x 0
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Day's Range2.5700 - 2.7200
52 Week Range1.4400 - 3.3500
Volume897,413
Avg. Volume944,936
Market Cap547.566M
Beta (5Y Monthly)1.27
PE Ratio (TTM)N/A
EPS (TTM)-0.0400
Earnings DateMar. 25, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est3.98
  • Marathon Gold Reports Maiden Mineral Resource Estimate for Berry
    GlobeNewswire

    Marathon Gold Reports Maiden Mineral Resource Estimate for Berry

    Significant Increase to Overall Mineral Resource Inventory for Valentine Gold Project Figure 1: Location Map, Valentine Gold Project Figure 1: Location Map, Valentine Gold Project Figure 2: Berry Deposit Conceptual Pit for Mineral Resource Estimation Figure 2: Berry Deposit Conceptual Pit for Mineral Resource Estimation TORONTO, April 21, 2021 (GLOBE NEWSWIRE) -- Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) is pleased to report the results of the maiden mineral resource estimate for the new Berry Deposit at the Valentine Gold Project in Central Newfoundland (“Valentine” or the “Project”). The resource estimate is based on 42,000 metres of drilling completed to the end of November, 2020. Highlights are as follows: Inferred Mineral Resources of 638,700 oz (11.33 Mt at 1.75 g/t Au);Open pit Inferred Mineral Resources of 566,400 oz (10.71 Mt at 1.65 g/t Au), or 89% of the total estimate;“High grade” open pit Inferred Mineral Resources (greater than a 0.7 g/t Au cut-off) of 493,700 oz (5.82 Mt at 2.64 g/t Au); andExploration continues at the Berry Deposit, with up to 30,000 metres of additional drilling budgeted in 2021. In total, mineral resources at the Valentine Gold Project now stand at: Measured and Indicated Mineral Resources of 3.14 Moz (56.66 Mt at 1.72 g/t Au), unchanged form the previous estimate; andInferred Mineral Resources now stand at 1.64 Moz (29.59 Mt at 1.72 g/t Au), an increase of 64% compared to the previous estimate; Mineral resources which are not mineral reserves do not have demonstrated economic viability. Matt Manson, President and CEO, commented: “We are very pleased with this strong maiden resource estimate for the new Berry Deposit. Berry demonstrates the same style of concentrated quartz-tourmaline-pyrite gold veining in “Main Zone” type configurations with which we are familiar elsewhere at the Valentine Gold Project. Starting in late 2019, exploration drilling at Berry has been steadily delineating strong gold mineralization over what is now a 1.5 kilometre strike extent. The drill dataset used in this first estimate is still preliminary, with only 42,000 metres included compared to 100,000 metres at the Leprechaun Deposit and 170,000 metres at the Marathon Deposit. The drill density we have established merits an Inferred classification for the estimate. However, we are seeing open-pittable resources along the full 1.5 kilometres, with a conceptual pit shell up to 200 metres deep and good continuity of mineralization between sections. Overall, the geological relationships at Berry, the distribution of mineralization, and the high resource grades are reminiscent of the nearby Leprechaun Deposit, which contributes a substantial portion of the mineral reserves used in the current 13-year Valentine Gold Project mine plan.” Mr. Manson continued: “It is early days at Berry, and substantial infill drilling is required to properly delineate its full resource potential. This is already a focus of our 2021 exploration program, and will be central to our exploration efforts carrying forward into 2022. This first Berry Deposit Mineral Resource Estimate, while highly encouraging, will not be incorporated into our core development plan, which is based on two open pits at Marathon and Leprechaun and a central 2.5 to 4 million tonne per annum mill. This is the mine plan presented in our recent Feasibility Study and which is currently subject to Environmental Assessment. Further work at Berry is required. However, we are encouraged that additional mineable resources offering substantial mine life extension potential continue to be identified at Valentine Lake through our exploration efforts.” Figure 1: Location Map, Valentine Gold Project https://www.globenewswire.com/NewsRoom/AttachmentNg/1636d8aa-afed-4764-a907-5bfe1173ab38 Berry Deposit Mineral Resource Estimate, Effective April 15, 2021 The Berry Deposit Mineral Resource Estimate was prepared by John T. Boyd Company with an effective date of April 15, 2021 and utilizing Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Reserves (2014). Table 1: Berry Deposit Inferred Mineral Resources, Effective April 15, 2021 Open Pit Underground Total CategoryTonnes(Mt)Grade(g/t Au)Oz(Moz Au) Tonnes(Mt)Grade(g/t Au)Oz(Moz Au) Tonnes(Mt)Grade(g/t Au)Oz(Moz Au) High Grade Inferred5.822.640.49 0.623.620.07 6.442.730.57 Low Grade Inferred4.900.460.07 --- 4.900.460.07 Total Inferred Inferred10.711.640.57 0.623.620.07 11.331.750.64 Totals may not add due to rounding Notes to the Mineral Resources The April 15, 2021 Berry Deposit Mineral Resource Estimate is based on a database of 41,618 metres drilled and 29,045 assays, approximately 18% of which have been processed by metallic screen. In-pit mineral resources have been determined by the Whittle method based on an estimate of their reasonable prospects for economic extraction, using certain assumptions for gold recovery, costs for mining, processing and sale, a US$1,500/oz gold price and a US$:C$ exchange of $0.76. All in-pit mineral resources apply a bottom cut-off grade of 0.30 g/t Au. Strip ratio is 9.8:1. Additional underground mineral resources are defined as material outside of the Whittle pit shell at a bottom cut-off of 1.444 g/t Au. Mineral resources have been estimated assuming a mill recovery formula of 91.1% at the cut-off grade of 0.30 g/t Au and capped at 97%. All criteria in the estimate, including economic assumptions and bottom cut-offs, follow the conventions utilized in the November, 2020 Mineral Resource update for the Marathon and Leprechaun Deposits and contained within the recent Valentine Gold Project Feasibility Study (see Marathon news release dated March 29, 2021). The reader is reminded that mineral resources which are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty that is attached to an Inferred Mineral Resource, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues including risks set forth in in Marathon’s Annual Information Form for the year ended December 31, 2020 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. Figure 2: Berry Deposit Conceptual Pit for Mineral Resource Estimation https://www.globenewswire.com/NewsRoom/AttachmentNg/08bfd1c4-b3c8-4757-99a1-63bfe21e02d1 Estimation Methodology and Block Model Statistics Mineral resources were estimated using a block model with a block size of 6 x 6 x 6 metres sub-blocked to a minimum block size of 2 x 2 x 2 metres using ID3 methods for grade estimation based on 1 metre composites. Geological models were developed for the Berry Deposit and used to define several distinct mineralized domains. Mineral resource estimates at the four existing deposits at the Project: Marathon, Leprechaun, Victory, and Sprite, are predicated upon a structural model wherein a single orientation of QTP-Au (“Set 1”) veins occupying extensional fractures dipping shallowly to the southwest is assumed to be the principal control on gold mineralization. Recent structural field investigation, including televiewer measurements of down-hole vein sets, has confirmed that while up to three vein sets can be observed at Marathon and Leprechaun, the southwest dipping Set 1 veins are strongly dominant in frequency and gold content. At the Berry Deposit, however, these structural studies have shown up to four vein sets, where the dominant Set 1 veins are supplemented by “Set 3” veins that dip shallowly to the north-northeast and which, while more minor in occurrence, also carry gold mineralization. Therefore, search ellipsoids for the Berry Deposit Mineral Resource Estimate are determined for each domain by variography in two orientations rather than one, based on Set 1 and Set 3 orientation data, with Set 1 veins taking priority in the estimate. In defining the mineralized domains, the principal Quartz-Tourmaline-Pyrite-Vein (“QPTV”) domain that is created through implicit modelling of logged vein sets was divided into a footwall domain and a hanging-wall domain, with a boundary defined by a line of mafic dykes observed to parallel the principal litho-tectonic contact to the southeast, which is represented by the Valentine Lake Shear Zone. This was done to better reflect the observed concentration of mineralization between the contact and the dykes, in a strongly developed “Main Zone” configuration. By doing this, no blocks could be estimated across the domain boundary, and in particular no blocks could be estimated on the hanging-wall side of the dykes from the more numerous drill holes within the footwall domain. Separate footwall and hanging-wall mineralized domains were also used in the Leprechaun Mineral Resource Estimate, which demonstrates similar geological relationships and a similar distribution of gold mineralization. Mineral resource classifications were based on the following criteria. Measured Resources were classified on the first pass of the estimation based on a maximum of 6 composites and a minimum of 4 within 15m of the nearest neighbour. Indicated Mineral Resources were classified on pass 1 or 2 of the estimation based on a maximum of 6 composites and a minimum of 3 within 25m of the nearest neighbor. Inferred Mineral Resources were classified on pass 1, 2 or 3 of the estimation based on a maximum of 6 composites and a minimum of 2 within the full ellipsoid search area. Given the density of sample data available, no Measured Mineral Resources were estimated. Within the footwall QTPV domain, a high proportion of the estimated resources met the criteria for an Indicated Mineral Resource classification. However, all mineral resources in each mineralized domain have been classified as Inferred pending the completion of additional infill drilling. Grade caps for each domain were estimated using cumulative frequency (“lognormal”) probability analysis. Threshold restriction was used to restrict the areal influence of composites with assay values between the grade cap and an outlier hard cap. This “hybrid” capping approach, which was also used in the November 2020 Mineral Resource Estimate, yields a final block model with 69% of the gold content of the uncapped model. Block model statistics for each mineralized domain in the Berry Deposit Mineral Resource Estimate are illustrated in Table 2. Quality attributes of note include average block model grades below both the raw drill-hole average grades and the composite average grades for each domain, and a co-efficient of variance of approximately 3.6 in the principal footwall QTPV domain. Table 2. Capping and Block Model Statistics DomainDrill HoleSamplesMinimumSampleGrade(g/t Au)MaximumSampleGrade(g/t Au)AverageSampleGrade(g/t Au)Average1mCompositeGradeAverageBlockModelGradeBlockModelStandardDeviationBlockModelCoeff. ofVarianceCap(g/t Au)ThresholdRestriction forGrades aboveCap (S1 Veins)OutlierHard Cap(g/t Au)QTPV FW10,6270.01490.611.271.040.501.83.630.08.9x14.0x3.0m100.0QTPV HW4,4170.01136.910.530.400.220.62.86.06.3x10.0x3.0m50.0MD1,1840.0128.500.250.210.110.32.83.525.0x7.2x3.0m5.0SED1760.0138.020.380.130.110.22.32.0n/a2.0Domain Legend. QTPV: "Quartz-Tourmaline-Pyrite Vein", FW: "Footwall", HW: "Hanging-wall", MD: "Mafic Dyke", SED: "Sediments" Total Mineral Resources for the Valentine Gold Project The Berry Deposit Mineral Resource Estimate released today has an effective date of April 15, 2021. The most recent mineral resource estimate for the Valentine Gold Project was completed for the Marathon, Leprechaun, Victory and Sprite Deposits for use in the recent Feasibility Study, with an effective date of November 20, 2020. Taken together, total Measured and Indicated Mineral Resources at the Valentine Gold Project (Table 3) remain unchanged at 3.14 Moz (56.66 Mt at 1.72 g/t Au). Additional Inferred Mineral Resources (Table 4) are 1.64 Moz (29.59 Mt at 1.72 g/t Au), an increase of 64% compared to the previous estimate. Mineral resources at the Valentine Gold Project have grown consistently since exploration by the Company commenced in 2010. Table 3: Total Measured and Indicated Mineral Resources, by Deposit (no change to the previous November 2020 estimate) CategoryTonnes (Mt)Grade (g/t Au)Oz (Moz Au) MarathonMeasured23.99 1.69 1.31 Indicated13.81 1.48 0.66 Total M&I37.80 1.62 1.96 LeprechaunMeasured8.60 2.22 0.61 Indicated8.48 1.72 0.47 Total M&I17.07 1.98 1.08 VictoryMeasured- - - Indicated1.09 1.46 0.05 Total M&I1.09 1.46 0.05 SpriteMeasured- - - Indicated0.70 1.74 0.04 Total M&I0.70 1.74 0.04 BerryMeasured- - - Indicated- - - Total M&I- - - All DepositsMeasured32.59 1.83 1.92 Indicated24.07 1.57 1.22 Total M&I56.66 1.72 3.14 Table 4: Total Inferred Mineral Resources, by Deposit (changes to the previous November 2020 estimate shown in italics) CategoryTonnes (Mt)Grade (g/t Au)Oz (Moz Au) MarathonInferred11.68 1.86 0.70 LeprechaunInferred2.99 1.63 0.16 VictoryInferred2.33 1.26 0.09 SpriteInferred1.25 1.26 0.05 BerryInferred11.33 1.75 0.64 All DepositsTotal Inferred29.59+62%1.72+1%1.64+64% Notes to the Mineral Resources (Tables 3 and 4): 1. The Mineral Resource for Marathon, Leprechaun, Victory and Sprite has an effective date of November 20, 2020. The Mineral Resource for Berry has an effective date of April 15, 2021 2. Mineral Resources are based on $1,500/oz gold with a US$:C$ exchange rate of 0.76.3. In-pit Mineral Resources have been determined by the Whittle method based on an estimate of their reasonable prospects for economic extraction, using certain assumptions for gold recovery, costs for mining, processing and sale.4. The Mineral Resources were estimated using a minimum block size of 2 m by 2 m by 2 m using ID3 methods for grade estimation. All Mineral Resources are reported using an open pit gold cut-off of 0.30 g/t Au and an underground gold cut-off of 1.444 g/t Au.5. The reader is reminded that mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues including risks set forth in in Marathon’s Annual Information Form for the year ended December 31, 2020 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. 6. Valentine Gold Project Mineral Resources are inclusive of Mineral Reserves (see Marathon news release dated March 29, 2021 for details of the Valentine Gold Project Feasibility Study and Mineral Reserves).7. Columns may not sum exactly due to rounding. NI 43-101 Technical Report Marathon will shortly file an updated Technical Report prepared in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for the Valentine Gold Project Feasibility Study, including a description of the Berry Deposit Mineral Resource Estimate. Qualified Persons Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Mr. Tim Williams, FAusIMM, Chief Operating Officer for Marathon. Exploration at the Valentine Gold Project is supervised by Nicholas Capps, P.Geo. (NL), Manager of Exploration for Marathon. Ms. Jessica Borysenko, P.Geo. (NL), Manager, GIS for Marathon, is responsible for data quality assurance and control. Mr. Williams, Mr. Capps and Ms. Borysenko are qualified persons under National Instrument (“NI”) 43-101. The Qualified Person responsible for the preparation of the November 2020 Mineral Resource Estimate for the Marathon, Leprechaun, Victory and Sprite Deposits, and the April 2021 Mineral Resource Estimate for the Berry Deposit, is Robert Farmer, P.Eng. of John T Boyd Company. Mr. Farmer is considered to be “independent” of Marathon and the Valentine Gold Project for purposes of NI 43-101. Acknowledgments Marathon wishes to acknowledge that exploration drilling at the Valentine Gold Project between 2019 and 2020, including at the Berry Deposit, was undertaken with the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador. About Marathon Marathon (TSX:MOZ) is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Project comprises a series of five mineralized deposits along a 20-kilometre system. A March 2021 Feasibility Study outlined an open pit mining and conventional milling operation over a thirteen-year mine life with a 31.5% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.40 Moz (29.7 Mt at 1.46 g/t) and Probable Mineral Reserves of 0.65 Moz (17.4 Mt at 1.17 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.92 Moz (32.6 Mt at 1.83 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57 g/t). Additional Inferred Mineral Resources are 1.64 Moz (29.59 Mt at 1.72 g/t Au). Please see Marathon’s Annual Information Form for the year ended December 31, 2020 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com for further details and assumptions relating to the Valentine Gold Project. For more information, please contact: Matt MansonPresident & CEOTel: 416 987-0711mmanson@marathon-gold.comHannes PortmannCFO & Business DevelopmentTel: 416 855-8200hportmann@marathon-gold.comAmanda MalloughSenior Associate, Investor RelationsTel: 416 855-8202amallough@marathon-gold.com To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com. Cautionary Statement Regarding Forward-Looking Information Certain information contained in this news release, constitutes forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that Marathon expects to occur are forward-looking statements. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “considers”, “intends”, “targets”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. More particularly and without restriction, this news release contains forward-looking statements and information about Marathon’s intention to complete the Offering and the timing thereof, economic analyses for the Valentine Gold Project, capital and operating costs, processing and recovery estimates and strategies, future exploration and mine plans, objectives and expectations and corporate planning of Marathon, future feasibility studies and environmental impact statements and the timetable for completion and content thereof and statements as to management's expectations with respect to, among other things, the matters and activities contemplated in this news release. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. A mineral resource that is classified as “inferred” or “indicated” has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category of mineral resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable mineral reserves. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include receipt of all necessary regulatory approvals, completion of all conditions to closing of the Offering, availability of financing to fund Marathon’s exploration and development activities, the ability of the current exploration program to identify and expand mineral resources, operational risks in exploration and development for gold, Marathon’s ability to realize the pre-feasibility study, delays or changes in plans with respect to exploration or development projects or capital expenditures, uncertainty as to calculation of mineral resources, changes in commodity and power prices, changes in interest and currency exchange rates, the ability to attract and retain qualified personnel, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral resources), changes in development or mining plans due to changes in logistical, technical or other factors, title defects, government approvals and permits, cost escalation, changes in general economic conditions or conditions in the financial markets, environmental regulation, operating hazards and risks, delays, taxation rules, competition, public health crises such as the COVID-19 pandemic and other uninsurable risks, liquidity risk, share price volatility, dilution and future sales of common shares, aboriginal claims and consultation, cybersecurity threats, climate change, delays and other risks described in Marathon’s documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in Marathon’s Amended and Restated Annual Information Form for the year ended December 31, 2020 and other filings made with Canadian securities regulatory authorities available at www.sedar.com. Other than as specifically required by law, Marathon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.

  • Marathon Gold Reports Additional Berry Drill Results
    GlobeNewswire

    Marathon Gold Reports Additional Berry Drill Results

    Results include 1.84 g/t Au over 45m, 2.57 g/t Au over 20m, 20.68 g/t Au over 3m, 1.22 g/t Au over 27m Figure 1: Location Map, Valentine Gold Project Figure 1: Location Map, Valentine Gold Project Figure 2: Location of Berry Zone Exploration Drill Hole Collars VL-21-960 to VL-21-974 Figure 2: Location of Berry Zone Exploration Drill Hole Collars VL-21-960 to VL-21-974 Figure 3: Cross Section 14820E (View NE) with Significant (>0.7 g/t Au) Intercepts, Berry Zone, Valentine Gold Project. Figure 3: Cross Section 14820E (View NE) with Significant (>0.7 g/t Au) Intercepts, Berry Zone, Valentine Gold Project. Figure 4: Cross Section 14820E (View NE) with all Fire Assay Data, Berry Zone, Valentine Gold Project. Figure 4: Cross Section 14820E (View NE) with all Fire Assay Data, Berry Zone, Valentine Gold Project. TORONTO, April 06, 2021 (GLOBE NEWSWIRE) -- Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) is pleased to report results from the latest drill holes completed under the 2021 exploration program at the Valentine Gold Project, central Newfoundland (the “Project”). These latest results represent fire assay data from fifteen drill holes located within the 1.5 kilometre long Berry Zone. Highlights include: VL-21-973 intersected 1.84 g/t Au over 45 metres including 24.18 g/t Au over 2 metres, and 5.46 g/t Au over 6 metres including 26.48 g/t Au over 1 metre, and 3.45 g/t Au over 9 metres including 17.79 g/t Au over 1 metre;VL-21-965 intersected 2.57 g/t Au over 20 metres including 16.65 g/t Au over 2 metres, and 20.68 g/t Au over 3 metres including 55.87 g/t Au over 1 metre, and 12.52 g/t Au over 2 metres including 24.48 g/t Au over 1 metre;VL-21-971 intersected 1.22 g/t Au over 27 metres including 12.73 g/t Au over 1 metre;VL-21-968 intersected 6.97 g/t Au over 5 metres including 26.09 g/t Au over 1 metre, and 1.60 g/t Au over 14 metres including 11.23 g/t Au over 1 metre;VL-21-969 intersected 2.30 g/t Au over 6 metres, and 1.68 g/t Au over 8 metres, and 0.97 g/t Au over 10 metres; andVL-21-962 intersected 18.26 g/t Au over 1 metre, and 1.72 g/t Au over 8 metres; All quoted intersections comprise uncut gold assays in core lengths. All significant assay intervals are reported in Table 1. Matt Manson, President & CEO commented: “These fifteen holes released today represent the second batch of drill results from this year’s $10.5 million exploration program at the Valentine Gold Project. Each of these holes is from the 1.5 kilometre long Berry Zone, and represent infill drill holes both close to the main contact at the Valentine Lake Shear Zone and further out into the hanging-wall rocks where mineralization is expected to become more intermittent. The results continue to demonstrate a large gold mineralizing system at Berry. The first mineral resource estimate at Berry based on 42,000 metres of drilling completed to the end of 2020 is currently being finalized and is expected to be released shortly. A total of 13,695 metres of drilling in 51 drill holes was completed with three rigs at the Valentine Gold Project prior to our annual spring shutdown on March 25th. The next batch of results from these drill holes is expected to be released very shortly. Drilling with our Newfoundland-based exploration team is scheduled to resume in mid-May and continue through to the end of the year.” Gold mineralization at the Valentine Gold Project is contained predominantly within shallowly southwest dipping, en-echelon stacked Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) veins. At the Leprechaun and Marathon Deposits, as well as at the new Berry Zone, these QTP-Au veins form densely stacked and northwest plunging “Main Zone” envelopes within intrusive host rocks on the hanging wall (northwest) side of the Valentine Lake Shear Zone (“VLSZ”). The extent of mineralization appears related to the size and frequency of sheared mafic dykes which extend northeast-southwest within the hanging wall, parallel to the shear zone. Exploration drilling is generally undertaken in two orientations: down steeply towards the northwest at a high angle to the individual veins and down-plunge of the Main Zone stacking, or obliquely towards the southeast at a low angle of incidence to the individual veins and across the strike of Main Zone mineralization. The results released today are derived from nine drillholes located between sections 13615E and 14000E at the western end of the Berry Zone and six drillholes in the Frozen Ear Pond Road area between sections 14780E and 14860E (Figures 2 and 3). Eleven of the fifteen holes were oriented to the southeast from the hanging wall toward the footwall contact (VL-21-960, 961, 962, 963, 964, 966, 967, 970, 971, 972 and 974). The majority of these holes were set back further into the hanging-wall rocks than previously drilled, so as to intersect the footwall contact at a greater depth. The remaining four holes were oriented steeply down to the northwest testing for Main Zone type stacked QTP-Au mineralization close to the Valentine Lake Shear Zone (VL-21-965, 968, 969 and 973). All fifteen drill holes returned “significant” drill intercepts of greater than 0.7 g/t Au (Table 1), and each drill hole returned additional intercepts with gold grades above the 0.3 g/t Au cut-off used in the November 2020 Mineral Resource Estimate for the Project (see Marathon press release dated March 29, 2021). Figure 4 illustrates a characteristic distribution of gold grades from complete fire assay data in seven drill holes on section 14820E, including drill holes VL-21-965, VL-21-968 and VL-21-971 from this release. Figure 1: Location Map, Valentine Gold Project is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ee93f071-e315-4f1c-b227-53f24fb08072 Table 1: Significant Assay Intervals from Drill Hole Collars VL-21-960 to VL-21-974, Berry Zone, Valentine Gold Project DDHSectionAzDipFromToCore Length (m)True Thickness (m)Gold g/tGold g/t (cut)VL-21-96014860E164-65909665.101.93 12312410.851.33 13613821.703.50 15415510.851.11 VL-21-96113950E161-69707110.851.39 767710.851.20 VL-21-96214800E165-64575810.850.99 707110.850.80 11612486.801.72 13413510.851.22 13914010.8518.26 14614821.701.21 19920010.850.79 23023221.701.40 VL-21-96313790E160-66667043.400.91 12813021.709.28 19619710.850.89 23924121.701.49 26426954.250.78 28428510.853.13 29329743.400.72 VL-21-96413950E163-70606110.850.74 858610.851.72 12512610.850.85 21822021.700.70 VL-21-96514820E343-80333521.800.85 929421.801.12 12212421.8012.52 Including 12212310.9024.48 14514832.7020.6812.05Including 14514610.9055.8730.00 1561762018.002.57 Including 16016221.8016.65 24324410.902.50 25725921.800.78 VL-21-96613860E164-70575810.850.78 VL-21-96713950E164-703.59128.417.150.92 202110.852.50 818210.851.44 11211532.550.97 12212865.101.71 14915010.852.36 16516610.852.64 VL-21-96814820E350-80313210.900.99 394343.601.05 929532.700.88 1001141412.601.60 Including 11311410.9011.23 12312410.900.76 14414954.506.97 Including 14414510.9026.09 15615932.701.34 16516610.901.95 VL-21-96913615E347-75111765.402.30 282910.903.27 404554.500.99 13714587.201.68 15115432.701.38 174184109.000.97 19819910.900.96 20020110.900.81 VL-21-97014000E161-7061265.100.70 707110.851.13 798010.850.92 15215975.951.44 16716921.703.01 VL-21-97114820E165-64636521.700.85 931202722.951.22 Including 10210310.8512.73 149159108.500.69 16616710.852.02 VL-21-97214000E163-7010911010.851.02 17517610.850.92 VL-21-97313640E343-78202221.801.35 707110.901.00 9210198.103.45 Including 939410.9017.79 11411732.701.66 12312965.405.46 Including 12812910.9026.48 13413621.8010.12 1491944540.501.841.79Including 18518721.8024.1823.15 22122210.9014.37 VL-21-97414780E164-65626310.850.72 11511610.8510.29 15615821.701.13 16016110.8512.79 19319410.851.27 21121210.854.41 23423732.550.74 Notes on the Calculation of Assay Intervals “Significant” assay intervals are defined as 1m core length or more of mineralization with an average fire assay result of greater than 0.7 g/t Au, representing the bottom cut-off for high-grade mill feed in the Marathon March 2020 Feasibility Study mine plan (see Marathon press release dated March 29, 2021). Assay intervals with an average fire assay result of between 0.3 g/t Au and 0.7 g/t Au are above the cut-off used in the November 2020 Mineral Resource Estimate for the Project but are not considered “significant” for the purposes of this news release.Cut gold grades are calculated at 30 g/t Au. Figure 2: Location of Berry Zone Exploration Drill Hole Collars VL-21-960 to VL-21-974 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f24e2bc6-33b5-4614-b2f3-7b859ed0aaa0 Figure 3: Cross Section 14820E (View NE) with Significant (>0.7 g/t Au) Intercepts, Berry Zone, Valentine Gold Project is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/38b8c775-38f2-4e82-8efb-e68c1ec414f3. Figure 4: Cross Section 14820E (View NE) with all Fire Assay Data, Berry Zone, Valentine Gold Project is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1fc83aea-030f-44c9-b989-2cb7179d59aa. Qualified Person Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Nicholas Capps, P.Geo. (NL), Manager of Exploration for Marathon Gold Corporation. Exploration data quality assurance and control for Marathon is under the supervision of Jessica Borysenko, P.Geo (NL), GIS Manager for Marathon Gold Corporation. Both Mr. Capps and Ms. Borysenko are qualified persons under National Instrument (“NI”) 43-101. Quality Assurance-Quality Control (“QA/QC”) QA/QC protocols followed at the Valentine Gold Project include the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one half retained at site, the other half tagged and sent to Eastern Analytical Limited in Springdale, NL. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.30 g/t Au in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold. Significant mineralized intervals are reported in Table 1 as core lengths and estimated true thickness (70 - 95% of core length), and reported with and without a top-cut of 30 g/t Au applied. About Marathon Marathon (TSX:MOZ) is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Project comprises a series of four mineralized deposits along a 20-kilometre system. A March 2021 Feasibility Study outlined an open pit mining and conventional milling operation over a thirteen-year mine life with a 30% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.40 Moz (29.58 Mt at 1.46 g/t) and Probable Mineral Reserves of 0.65 Moz (17.38 Mt at 1.17 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.92 Moz (32.59 Mt at 1.83 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57 g/t). Additional Inferred Mineral Resources are 1.00 Moz (18.25 Mt at 1.70 g/t Au). Please see Marathon’s Annual Information Form for the year ended December 31, 2020 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com for further details and assumptions relating to the Valentine Gold Project. For more information, please contact: Matt MansonPresident & CEOTel: 416 987-0711mmanson@marathon-gold.comHannes PortmannCFO & Business DevelopmentTel: 416 855-8200hportmann@marathon-gold.comAmanda MalloughSenior Associate, Investor RelationsTel: 416 855-8202amallough@marathon-gold.com To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com. Cautionary Statement Regarding Forward-Looking Information Certain information contained in this news release, constitutes forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that Marathon expects to occur are forward-looking statements. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “considers”, “intends”, “targets”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. More particularly and without restriction, this news release contains forward-looking statements and information about the FS and the results therefrom (including IRR, NPV5%, Capex, FCF, AISC and other financial metrics), the realization of mineral reserve and mineral resource estimates, the future financial or operating performance of the Company and the Project, capital and operating costs, the ability of the Company to obtain all government approvals, permits and third-party consents in connection with the Company’s exploration, development and operating activities, the potential impact of COVID-19 on the Company, the Company’s ability to successfully advance the Project and anticipated benefits thereof, economic analyses for the Valentine Gold Project, processing and recovery estimates and strategies, future exploration and mine plans, objectives and expectations and corporate planning of Marathon, future environmental impact statements and the timetable for completion and content thereof and statements as to management's expectations with respect to, among other things, the matters and activities contemplated in this news release. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. In respect of the forward-looking statements concerning the interpretation of exploration results and the impact on the Project’s mineral resource estimate, the Company has provided such statements in reliance on certain assumptions it believes are reasonable at this time, including assumptions as to the continuity of mineralization between drill holes. A mineral resource that is classified as “inferred” or “indicated” has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category of mineral resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable mineral reserves. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations; uncertainty as to estimation of mineral resources; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral resources); the potential for delays or changes in plans in exploration or development projects or capital expenditures, or the completion of feasibility studies due to changes in logistical, technical or other factors; the possibility that future exploration, development, construction or mining results will not be consistent with the Company’s expectations; risks related to the ability of the current exploration program to identify and expand mineral resources; risks relating to possible variations in grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined; operational mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages and strikes) or other unanticipated difficulties with or interruptions in exploration and development; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; risks related to commodity and power prices, foreign exchange rate fluctuations and changes in interest rates; the uncertainty of profitability based upon the cyclical nature of the mining industry; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental or other stakeholder approvals or in the completion of development or construction activities; risks related to environmental regulation and liability, government regulation and permitting; risks relating to the Company’s ability to attract and retain skilled staff; risks relating to the timing of the receipt of regulatory and governmental approvals for continued operations and future development projects; political and regulatory risks associated with mining and exploration; risks relating to the potential impacts of the COVID-19 pandemic on the Company and the mining industry; changes in general economic conditions or conditions in the financial markets; and other risks described in Marathon’s documents filed with Canadian securities regulatory authorities, including the Annual Information Form for the year ended December 31, 2020. You can find further information with respect to these and other risks in Marathon’s Amended and Restated Annual Information Form for the year ended December 31, 2020 and other filings made with Canadian securities regulatory authorities available at www.sedar.com. Other than as specifically required by law, Marathon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.

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