Marathon Gold (T.MOZ)

 Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to report an additional tranche of consistent and positive results from the ongoing infill drilling campaign at the Marathon Deposit, part of the Valentine Gold Project in central Newfoundland. The new drilling continues to delineate significant new zones of Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) veining in areas of limited previous drilling within the southwestern area of the planned Marathon open pit (Figures 2 and 3). Highlights of the latest drilling include:

• Main Zone: MA-19-450 intersected 3.99 g/t Au over 29.0 meters including 20.76 g/t Au over 1.0 meter and 65.15 g/t Au over 1.0 meter, and  7.52 g/t Au over 3.0 meters.

• Main Zone: MA-19-448 intersected 3.94 g/t Au over 20.0 meters including 20.35 g/t Au over 2.0 meters, and 5.45 g/t Au over 3.0 meters.

• Main Zone: MA-19-442 intersected 2.17 g/t Au over 52.0 meters including 7.14 g/t Au over 5.0 meters, 20.34 g/t Au over 1.0 meter and 16.52 g/t Au over 1.0 meter.

• Main Zone: MA-19-443 intersected 2.25 g/t Au over 18.0 meters including 22.12 g/t Au over 1.0 meter, as well as 3.08 g/t Au over 3.0 meters and 2.94 g/t Au over 3.0 meters.

• Main Zone: MA-19-444 intersected 2.76 g/t Au over 6.0 meters including 66.0 g/t Au over 2.0 meters.

• Main Zone: MA-19-446 intersected 9.99 g/t Au over 5.0 meters including 18.69 g/t Au over 2.0 meters.

• Main Zone / Footwall Zone: MA-19-447 intersected 4.85 g/t Au over 9.0 meters including 13.50 g/t Au over 2.0 meters, as well as 19.23 g/t Au over 3.0 meters.

• Main Zone / Hanging Wall Zone: MA-19-445 intersected 2.17 g/t Au over 10.0 meters, including 8.85 g/t Au over 2.0 meters as well as 2.05 g/t Au over 3.0 meters.

These latest drill results represent a continuation of an infill drill program in the southwest extension area of the 1,500 meter long “Main Zone” within the Marathon Deposit. This is an area of either no previous drilling or material currently classified as Inferred Mineral Resources in the October 2018 Mineral Resource Estimate. The Main Zone represents a mineralized corridor of between 100 and 125 meters width, extending from surface to more than 300 meters depth, and comprised of SW dipping, echelon stacked QTP-Au veining. Drilling is oriented downward at a high-angle through the dominant shallowly dipping vein orientation (Table 1; Figures 1 to 3). Assays are pending for further drill holes that have intersected additional QTP-Au veining in this area.

Drilling in the Marathon Deposit will be completed this week. Thereafter, three drill rigs will move on to complete a planned 7,000-meter exploration drilling campaign at the Sprite Zone. The approximately 60,000 meters of Marathon and Leprechaun infill drilling completed in 2019 will be utilized in the upcoming Mineral Resource update for the Valentine Gold Project, expected to be completed in the fourth quarter of this year.

In addition to the infill drilling, hydrogeology drilling and preliminary geotechnical programs were recently completed, the results of which will be used in the ongoing Valentine Environmental Assessment process and Pre-Feasibility Study.

Figure 1: Location of the Main Zone mineralized corridor, October 2018 pit shell outline, drill holes MA-19-436 to MA-19-450, MA-19-475 (assays pending) and cross sections 16750E and 16920E, Marathon Deposit: https://www.globenewswire.com/NewsRoom/AttachmentNg/9d74974d-305f-44fe-8e50-9b36975d1ae7

Figure 2: Cross section 16750E (View NE) showing drill hole MA-19-442 with assay intervals of 2.17 g/t Au over 52.0 meters including 7.14 g/t Au over 5.0 meters as well as 4.84 g/t Au over 3.0 meters and 3.30 g/t Au over 4.0 meters in gentle SW dipping en-echelon stacked QTP veining: https://www.globenewswire.com/NewsRoom/AttachmentNg/7cb20a83-6726-49ac-9236-4968177f9088

Figure 3: Cross section 16920E (View NE) showing drill hole MA-19-450 with assay intervals of 3.99 g/t Au over 29.0 meters including 20.76 g/t Au over 1.0 meter and 65.15 g/t Au over 1.0 meter as well as 7.52 g/t Au over 3.0 meters in gentle SW dipping en-echelon stacked QTP veining: https://www.globenewswire.com/NewsRoom/AttachmentNg/04831831-ae10-4392-a153-9a6a793f85a2

Marathon utilizes Corebox for 3D visualization of our drill results at the Valentine Gold Project. Please visit our website at www.Marathon-Gold.com.

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Qualified Person

Disclosure of a scientific or technical nature in this press release was prepared under the supervision of Sherry Dunsworth, MSc., P.Geo. (NL), the Senior VP of Exploration and a qualified person 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, Newfoundland. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.10 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 (85% – 95% of core length).

About Marathon

Marathon is a Toronto based gold company rapidly advancing its 100%-owned Valentine Gold Project located in central Newfoundland, one of the top mining jurisdictions in the world. The Valentine Gold Project comprises a series of mineralised deposits along a 20-kilometer system of gold bearing Quartz-Tourmaline-Pyrite veins. The project is accessible by year-round road and is in close proximity to the provincial electrical grid. To date, four gold deposits at Valentine have been delineated, including the large Leprechaun and Marathon deposits. An October 2018 Preliminary Economic Assessment showed the project to be amenable to open pit mining and conventional milling over a twelve-year mine life. Total Mineral Resources currently comprise Measured Mineral Resources of 16.6 million tonnes at a grade of 2.18 g/t containing 1,166,500 oz. of gold, Indicated Mineral Resources of 28.5 million tonnes at a grade of 1.66 g/t containing 1,524,900 oz. of gold and Inferred Mineral Resources of 26.9 million tonnes at a grade of 1.77 g/t containing 1,531,600 oz. of gold. For more information, readers are referred to the technical report prepared in accordance with the requirements of NI 43-101 dated October 30, 2018 for further details and assumptions relating to the project.

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

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”. More particularly and without restriction, this press release contains forward-looking statements and information about future exploration plans, objectives and expectations of Marathon, future mineral resource and mineral reserve estimates and updates and the expected impact of exploration drilling on mineral resource estimates, future pre-feasibility and 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. In respect of the forward-looking statements and information concerning the interpretation of exploration results and the impact on the project’s mineral resource estimate, Marathon has provided such statements and information 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 the ability of the current exploration program to identify and expand mineral resources, operational risks in exploration and development for gold, 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, 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, cost escalation, changes in general economic conditions or conditions in the financial markets. 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 Annual Information Form for the year ended December 31, 2018 and other filings made with Canadian securities regulatory authorities and 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 Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to announce the appointment of Hannes Portmann as Chief Financial Officer, effective October 16, 2019.

Mr. Portmann is a mining executive with significant financial management and capital markets experience. Most recently (2008 to 2018) he was employed by New Gold Inc. in a series of progressively more senior roles including Executive Vice President, Business Development and, ultimately, President and Chief Executive Officer. Prior to New Gold, he was a member of the Merrill Lynch investment banking mining group (2006 to 2008) and the assurance and advisory practices of PricewaterhouseCoopers LLP (2002 to 2006). Mr. Portmann is a Chartered Professional Accountant.

Matt Manson, President and CEO, stated, “On behalf of the board of directors, I am excited to welcome Hannes to the Marathon Gold team. Hannes will assume immediate responsibility for the day to day financial management of our business. At the same time, he will take on an expanded mandate covering Business Development, drawing upon his extensive mining industry and capital markets experience. Hannes’ skill sets are extremely complimentary to those of our existing senior leadership team, and I look forward to partnering with him as we move forward with the development of the Valentine Gold Project in Newfoundland.”

Mr. Portmann holds a Bachelor of Science in Mining Engineering from Queen’s University and a Masters of Management and Professional Accounting from the Rotman School of Management, University of Toronto. Mr. Portmann is also a member of the Board of Directors of SilverCrest Metals Inc.

Matt Manson added, “We also wish to express our gratitude to Jim Kirke, Chief Financial Officer and Corporate Secretary, who will be leaving the Company after a transitionary period. Mr. Kirke has played an integral part in the success of Marathon Gold and its predecessor companies, and we wish him well in his future endeavours.”

About Marathon

Marathon is a Toronto based gold company rapidly advancing its 100%-owned Valentine Gold Project located in central Newfoundland, one of the top mining jurisdictions in the world. The Valentine Gold Project comprises a series of mineralised deposits along a 20-kilometer system of gold bearing Quartz-Tourmaline-Pyrite veins. The project is accessible by year-round road and is in close proximity to the provincial electrical grid. To date, four gold deposits at Valentine have been delineated, including the large Leprechaun and Marathon deposits. An October 2018 Preliminary Economic Assessment showed the project to be amenable to open pit mining and conventional milling over a twelve-year mine life. Total Mineral Resources currently comprise Measured Mineral Resources of 16.6 million tonnes at a grade of 2.18 g/t containing 1,166,500 oz. of gold, Indicated Mineral Resources of 28.5 million tonnes at a grade of 1.66 g/t containing 1,524,900 oz. of gold and Inferred Mineral Resources of 26.9 million tonnes at a grade of 1.77 g/t containing 1,531,600 oz. of gold. For more information, readers are referred to the technical report prepared in accordance with the requirements of NI 43-101 dated October 30, 2018 for further details and assumptions relating to the project.

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

For more information, please contact:

Matthew Manson, PhD Christopher Haldane

President and Chief Executive Officer Manager Investor Relations

Tel: 416-987-0711 Tel: 416-987-0714

Email: mmanson@marathon-gold.com Email: chaldane@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”. More particularly and without restriction, this press release contains forward-looking statements and information about future exploration plans, objectives and expectations of Marathon, future mineral resource and mineral reserve estimates and updates and the expected impact of exploration drilling on mineral resource estimates, future pre-feasibility and 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. In respect of the forward-looking statements and information concerning the interpretation of exploration results and the impact on the project’s mineral resource estimate, Marathon has provided such statements and information 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 the ability of the current exploration program to identify and expand mineral resources, operational risks in exploration and development for gold, 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, 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, cost escalation, changes in general economic conditions or conditions in the financial markets. 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 Annual Information Form for the year ended December 31, 2018 and other filings made with Canadian securities regulatory authorities and 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 Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to announce positive results from the ongoing infill drilling campaign at the Marathon Deposit, part of the Valentine Gold Project in central Newfoundland. The new drilling continues to successfully demonstrate the occurrence and continuity of gold mineralization both along and across strike of the 1,500-meter long “Main Zone” within the Marathon Deposit, as well as from surface to the base of the currently planned open pit, where mineralization remains open to depth. In particular, the latest results confirm significant new zones of gentle SW-dipping, en-echelon stacked Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) veining in areas of limited previous drilling within the southwestern area of the planned Marathon open pit. Highlights of the latest drilling include:

• Main Zone: MA-19-430 intersected 4.64 g/t Au over 29.0 meters including 18.41 g/t Au over 3.0 meters and 9.00 g/t Au over 2.0 meters, and 2.08 g/t Au over 15.0 meters including 7.44 g/t Au over 2.0 meters.

• Main Zone: MA-19-434 intersected 2.36 g/t Au over 39.0 meters including 7.03 g/t Au over 6.0 meters, 17.03 g/t Au over 1.0 meters and 11.42 g/t Au over 1.0 meters, as well as 4.55 g/t Au over 9.0 meters including 8.34 g/t Au over 2.0 meters.

• Main Zone: MA-19-431 intersected 3.38 g/t Au over 29.0 meters including 16.37 g/t Au over 3.0 meters, and 3.32 g/t Au over 3.0 meters.

• Main Zone: MA-19-429 intersected 2.22 g/t Au over 25.0 meters including 7.31 g/t Au over 4.0 meters, and 4.24 g/t Au over 3.0 meters.

• Main Zone: MA-19-435 intersected 1.90 g/t Au over 26.0 meters including 7.42 g/t Au over 3.0 meters, as well as 9.27 g/t Au over 3.0 meters and 7.52 g/t Au over 3.0 meters.

• Main Zone: MA-19-413 intersected 2.33 g/t Au over 20.0 meters including 11.79 g/t Au over 2.0 meters, and MA-19-419 intersected 2.55 g/t Au over 12.0 meters including 7.33 g/t Au over 2.0 meters.

• Main Zone: MA-19-424 intersected 6.89 g/t Au over 3.0 meters, MA-19-425 intersected 5.34 g/t Au over 3.0 meters, MA-19-426 intersected 6.14 g/t Au over 4.0 meters and MA-19-427 intersected 5.33 g/t Au over 3.0 meters.

• Main Zone NE: MA-19-418 intersected 3.72 g/t Au over 10.0 meters including 10.66 g/t Au over 3.0 meters, and 2.11 g/t Au over 14.0 meters including 6.36 g/t Au over 2.0 meters, MA-19-417 intersected 4.67 g/t Au over 5.0 meters, and MA-19-412 intersected 10.61 g/t Au over 3.0 meters.

The latest drilling has been oriented downward at a high-angle through the en-echelon stacked, shallowly SW dipping QTP-Au veins which form the dominant vein orientation within the sub-vertical Main Zone corridor of the Marathon Deposit (Table 1; Figure 1). It represents infill drilling in areas currently classified as Inferred Mineral Resources in the October 2018 Mineral Resource Estimate. Assays are pending for additional new drill holes which have also intersected significant QTP-Au veining in areas of limited previous drilling in the southwest Main Zone corridor.

Three drill rigs are currently operating at the Marathon Deposit. Based on the results achieved to date, additional drilling has been approved in the southwest extension area of the Marathon Deposit, both infill and exploratory. This will bring the total meterage to be drilled at the Marathon and Leprechaun Deposits in 2019 to approximately 60,000 meters. This extended program is expected to be completed by mid-October. Thereafter, two drill rigs will move on to complete a planned 7,000-meter exploration drilling campaign at the Sprite Zone.

All drilling completed to the middle of October will be utilized in the upcoming Mineral Resource update for the Valentine Gold Project, expected to be completed in the fourth quarter of this year.

In addition to the exploration drilling, hydrogeology drilling and geotechnical test pitting programs will be completed in October, the results of which will be used in infrastructure design for the upcoming Valentine Pre-Feasibility study scheduled for the second quarter of 2020.

Figure 1: Location of the main zone mineralized corridor, October 2018 pit shell outline and new drill holes MA-19-412 to MA-19-435, Marathon Deposit: https://www.globenewswire.com/NewsRoom/AttachmentNg/c321be8e-b9a6-49c9-882f-71d0d432f797

Marathon utilizes Corebox for 3D visualization of our drill results at the Valentine Gold Project. Please visit our website at www.Marathon-Gold.com.

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Qualified Person

Disclosure of a scientific or technical nature in this press release was prepared under the supervision of Sherry Dunsworth, MSc., P.Geo. (NL), the Senior VP of Exploration and a qualified person 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, Newfoundland. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.10 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 (80% – 95% of core length).

About Marathon

Marathon is a Toronto based gold company rapidly advancing its 100%-owned Valentine Gold Project located in central Newfoundland, one of the top mining jurisdictions in the world. The Valentine Gold Project comprises a series of mineralised deposits along a 20-kilometer system of gold bearing Quartz-Tourmaline-Pyrite veins. The project is accessible by year-round road and is in close proximity to the provincial electrical grid. To date, four gold deposits at Valentine have been delineated, including the large Leprechaun and Marathon deposits. An October 2018 Preliminary Economic Assessment showed the project to be amenable to open pit mining and conventional milling over a twelve-year mine life. Total Mineral Resources currently comprise Measured Mineral Resources of 16.6 million tonnes at a grade of 2.18 g/t containing 1,166,500 oz. of gold, Indicated Mineral Resources of 28.5 million tonnes at a grade of 1.66 g/t containing 1,524,900 oz. of gold and Inferred Mineral Resources of 26.9 million tonnes at a grade of 1.77 g/t containing 1,531,600 oz. of gold. For more information, readers are referred to the technical report prepared in accordance with the requirements of NI 43-101 dated October 30, 2018 for further details and assumptions relating to the project.

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

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”. More particularly and without restriction, this press release contains forward-looking statements and information about future exploration plans, objectives and expectations of Marathon, future mineral resource and mineral reserve estimates and updates and the expected impact of exploration drilling on mineral resource estimates, future pre-feasibility and 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. In respect of the forward-looking statements and information concerning the interpretation of exploration results and the impact on the project’s mineral resource estimate, Marathon has provided such statements and information 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 the ability of the current exploration program to identify and expand mineral resources, operational risks in exploration and development for gold, 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, 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, cost escalation, changes in general economic conditions or conditions in the financial markets. 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 Annual Information Form for the year ended December 31, 2018 and other filings made with Canadian securities regulatory authorities and 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 Corporation (“Marathon” or the “Corporation”; TSX: MOZ) is pleased to announce the appointment of Ausenco Engineering Canada Inc. (Ausenco) as the lead consultant for the Pre-Feasibility Study (PFS) at Valentine Gold Project in Newfoundland and Labrador.

Matt Manson, President and CEO, commented “Ausenco’s Canadian based engineering team has a broad range of mine development expertise well suited to the Valentine Gold Project. In particular, they bring the most recent direct experience in the development of a large open pit gold project in the Maritimes as the Engineering, Procurement and Construction (EPC) contractor at the successful Moose River Gold Mine developed by Atlantic Gold Corporation (now St Barbara Ltd). They will join an existing team of specialized sub-contractors already working with Marathon’s Owner’s Team to develop the best overall project configuration for subsequent feasibility study, permitting and financing.”

As lead consultant in the PFS, Ausenco will undertake a trade-off study designed to assess the optimum scope, value, and execution strategy for the project, and will incorporate an updated production schedule, facilities design, operating and capital cost estimates, and process design based on ongoing metallurgical studies. Ausenco will be assisted by Moose Mountain Technical Services in the areas of Mineral Reserve estimation and mine design. The PFS will also incorporate the results of work currently being conducted at the Valentine Gold Project by Terrane Geoscience Inc. in the area of geotechnical drilling and pit slope design, by Gemtec Ltd. for hydrogeology, by Stantec Inc. for environmental assessment, and John T. Boyd Company for an updated Mineral Resource estimate.

The PFS is expected to take approximately 6 months to complete, with results expected early in the second quarter of 2020.

About Marathon

Marathon is a Toronto based gold company rapidly advancing its 100%-owned Valentine Gold Project located in central Newfoundland, one of the top mining jurisdictions in the world. The Valentine Gold Project comprises a series of mineralised deposits along a 20-kilometer system of gold bearing Quartz-Tourmaline-Pyrite veins. The project is accessible by year-round road and is in close proximity to the provincial electrical grid. To date, four gold deposits at Valentine have been delineated, including the large Leprechaun and Marathon deposits. An October 2018 Preliminary Economic Assessment showed the project to be amenable to open pit mining and conventional milling over a twelve-year mine life. Total Mineral Resources currently comprise Measured Mineral Resources of 16.6 million tonnes at a grade of 2.18 g/t containing 1,166,500 oz. of gold, Indicated Mineral Resources of 28.5 million tonnes at a grade of 1.66 g/t containing 1,524,900 oz. of gold and Inferred Mineral Resources of 26.9 million tonnes at a grade of 1.77 g/t containing 1,531,600 oz. of gold. For more information, readers are referred to the technical report prepared in accordance with the requirements of NI 43-101 dated October 30, 2018 for further details and assumptions relating to the project.

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

For more information, please contact:

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”. More particularly and without restriction, this press release contains forward-looking statements and information about future exploration plans, objectives and expectations of Marathon, future mineral resource and mineral reserve estimates and updates and the expected impact of exploration drilling on mineral resource estimates, future pre-feasibility and 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. In respect of the forward-looking statements and information concerning the interpretation of exploration results and the impact on the project’s mineral resource estimate, Marathon has provided such statements and information 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 the ability of the current exploration program to identify and expand mineral resources, operational risks in exploration and development for gold, 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, 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, cost escalation, changes in general economic conditions or conditions in the financial markets. 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 Annual Information Form for the year ended December 31, 2018 and other filings made with Canadian securities regulatory authorities and 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 Corporation (“Marathon” or the “Company“) (TSX: MOZ) is pleased to announce it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. and Sprott Capital Partners (collectively, the “Underwriters“) pursuant to which they have agreed to purchase on a bought deal basis, 2,710,000 flow-through units that will consist of one flow-through share of the Company and one-half of one common share purchase warrant (the “Flow-Through Units“) at a price of C$1.85 per Flow-Through Unit and 11,400,000 common share units that will consist of one common share of the Company and one-half of one common share purchase warrant (the “Common Share Units” and together with the Flow-Through Units, the “Underwritten Securities“) at a price of C$1.32 per Common Share Unit for aggregate gross proceeds of C$20,061,500 (the “Underwritten Offering“). Each whole common share purchase warrant is exercisable into one common share of the Corporation at a price of C$1.60 per common share for a period of 24 months from the Closing Date (as defined herein).

In addition, the Company will grant the Underwriters an option to sell up to an additional 2,710,000 Flow-Through Units (the “Underwriter Option Securities” and together with the Underwritten Securities, the “Offered Securities“) at C$1.85 per Underwriter Option Security for additional gross proceeds of up to C$5,013,500 (the “Underwriter Option” and together with the Underwritten Offering, the “Offering“), exercisable at any time up to 48 hours prior to the closing of the Underwritten Offering.

As previously disclosed, Franco-Nevada Corporation acquired a 2.0% net smelter return royalty in February 2019 and Franco-Nevada has advised the Company that it intends to participate in the Underwritten Offering.  “Franco Nevada Corporation is the leading gold-focused royalty and streaming company and we are very pleased by their participation in the financing and ongoing support of the Company”, said Matt Manson, President & Chief Executive Officer of Marathon.

The Company intends to use the net proceeds of the Offering to continue exploration and development of the Valentine Lake gold project and for general corporate purposes. The proceeds received by the Company from the sale of Flow-Through Units will be used to incur Canadian exploration expenses that are “flow-through mining expenditures” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the “Qualifying Expenditures“) related to the Company’s Valentine Lake Gold Camp in Newfoundland, Canada. The Qualifying Expenditures will be renounced to the subscribers with an effective date no later than December 31, 2019, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of Flow-Through Units.

The Offering is being made by way of private placement in Canada.  The Offered Securities will be subject to a four month hold period under applicable securities laws in Canada. Closing of the Offering is anticipated to occur on or about September 30, 2019 (the “Closing Date“) and is subject to receipt of regulatory approvals, including the acceptance of the Offering by the Toronto Stock Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.

About Marathon

Marathon is a Toronto based gold company rapidly advancing its 100%-owned Valentine Gold Project located in central Newfoundland, one of the top mining jurisdictions in the world. The Valentine Gold Project comprises a series of mineralised deposits along a 20-kilometer system of gold bearing Quartz-Tourmaline-Pyrite veins. The project is accessible by year-round road and is in close proximity to the provincial electrical grid. To date, four gold deposits at Valentine have been delineated, including the large Leprechaun and Marathon deposits. An October 2018 Preliminary Economic Assessment showed the project to be amenable to open pit mining and conventional milling over a twelve-year mine life. Total Mineral Resources currently comprise Measured Mineral Resources of 16.6 million tonnes at a grade of 2.18 g/t containing 1,166,500 oz. of gold, Indicated Mineral Resources of 28.5 million tonnes at a grade of 1.66 g/t containing 1,524,900 oz. of gold and Inferred Mineral Resources of 26.9 million tonnes at a grade of 1.77 g/t containing 1,531,600 oz. of gold. For more information, readers are referred to the technical report prepared in accordance with the requirements of NI 43-101 dated October 30, 2018 for further details and assumptions relating to the project.

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 forwardlooking 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”. More particularly and without restriction, this press release contains forward-looking statements and information about future exploration plans, objectives and expectations of Marathon, future mineral resource and mineral reserve estimates and updates and the expected impact of exploration drilling on mineral resource estimates, future pre-feasibility and 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. In respect of the forward-looking statements and information concerning the interpretation of exploration results and the impact on the project’s mineral resource estimate, Marathon has provided such statements and information 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 the ability of the current exploration program to identify and expand mineral resources, operational risks in exploration and development for gold, 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, 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, cost escalation, changes in general economic conditions or conditions in the financial markets. 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 Annual Information Form for the year ended December 31, 2018 and other filings made with Canadian securities regulatory authorities and 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.

SOURCE Marathon Gold Corporation

For further information: Matthew Manson, PhD, President and Chief Executive Officer, Tel: 1-416-987-0711, E-mail: mmanson@marathon-gold.com; Christopher Haldane, Investor Relations Manager, Tel: 1-416-987-0714, E-mail: chaldane@marathon-gold.com

Related Links

www.marathon-gold.com

Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to announce positive results from the start of the infill drilling campaign at the Marathon Deposit, part of the Valentine Gold Project in central Newfoundland. This latest drilling is part of a series of planned infill and exploration drill holes designed to expand the estimate of Mineral Resources at the Marathon Deposit over the more than 1,500-meter strike length of the deposit’s “Main Zone” corridor. Of note, these drill results continue to successfully demonstrate the continuity of gold mineralization both along and across strike of the Main Zone as well as from surface to the base of the currently planned open pit, where mineralization remains open to depth. Highlights of the latest drilling include:

• Main Zone: MA-19-405 intersected 3.87 g/t Au over 11.0 meters including 13.63 g/t Au over 2.0 meters and 3.78 g/t Au over 8.0 meters including 12.57 g/t Au over 2.0 meters.
• Main Zone: MA-19-401 intersected 3.36 g/t Au over 13.0 meters including 12.81 g/t Au over 2.0 meters and 3.11 g/t Au over 3.0 meters.
• Main Zone: MA-19-408 intersected 1.44 g/t Au over 62.0 meters including 7.70 g/t Au over 2.0 meters and 4.86 g/t Au over 2.0 meters, and 4.67 g/t Au over 3.0 meters.
• Main Zone: MA-19-399 intersected 1.34 g/t Au over 39.0 meters including 8.87 g/t Au over 2.0 meters, and 3.40 g/t Au over 3.0 meters.
• Main Zone NE: MA-19-400 intersected 12.32 g/t Au over 3.0 meters and 4.60 g/t Au over 4.0 meters, MA-19-404 intersected 10.22 g/t Au over 3.0 meters and 4.68 g/t Au over 4.0 meters, MA-19-407 intersected 3.36 g/t Au over 3.0 meters, and MA-19-411intersected 2.60 g/t Au over 3.0 meters; and,
• Hanging & Footwall DDH’s, drilled along the outer flanks of the Main Zone corridor, intersected significant gold mineralization including in MA-19-406 7.40 g/t Au over 3.0 meters, 8.74 g/t Au over 3.0 meters, and 2.24 g/t Au over 7.0 meters and 4.88 g/t Au over 3.0 meters in MA-19-410.

The latest drilling has been oriented downward through the en-echelon stacked, shallowly SW dipping, gold-bearing Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) veins which form the dominant vein orientation within the sub-vertical Main Zone corridor of the Marathon Deposit (Table 1; Figure 1). It represents both infill drilling in areas currently classified as Inferred Mineral Resources in the October 2018 Mineral Resource Estimate and new exploration in areas of previously little drilling along the northeast end of the Main Zone corridor.

In addition to the results published today, assays are pending for new drilling which has intersected significant QTP-Au veining in both the NE end of the current open pit design as well as SW along strike on the Main Zone corridor.

Three drill rigs are currently operating at the Marathon Deposit, where a more than 20,000-meter infill and step out drilling program will be completed in September. Thereafter, two drill rigs will move on to complete a planned 7,000-meter exploration drilling campaign at the Sprite Zone.

All drilling completed to the end of September will be utilized in the upcoming Mineral Resource update for the Valentine Gold Project, expected to be completed in the fourth quarter of this year.

In addition to the exploration drilling, a 2,250-meter HQ core size geotechnical drilling program has recently been completed, the results of which will be for open pit design at the Leprechaun and Marathon Deposits in the upcoming Valentine Pre-Feasibility study scheduled for the second quarter of 2020.

TABLE 1: Significant assay intervals, Marathon Deposit, Valentine Gold Camp

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Qualified Person

Disclosure of a scientific or technical nature in this press release was prepared under the supervision of Sherry Dunsworth, MSc., P.Geo (NL), the Senior VP of Exploration and a qualified person 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, Newfoundland. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.10 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 (80% – 95% of core length).

About Marathon

Marathon is a Toronto based gold company rapidly advancing its 100%-owned Valentine Gold Project located in central Newfoundland, one of the top mining jurisdictions in the world. The Valentine Gold Project comprises a series of mineralised deposits along a 20-kilometer system of gold bearing Quartz-Tourmaline-Pyrite veins. The project is accessible by year-round road and is in close proximity to the provincial electrical grid. To date, four gold deposits at Valentine have been delineated, including the large Leprechaun and Marathon deposits. An October 2018 Preliminary Economic Assessment showed the project to be amenable to open pit mining and conventional milling over a twelve-year mine life. Total Mineral Resources currently comprise Measured Mineral Resources of 16.6 million tonnes at a grade of 2.18 g/t containing 1,166,500 oz. of gold, Indicated Mineral Resources of 28.5 million tonnes at a grade of 1.66 g/t containing 1,524,900 oz. of gold and Inferred Mineral Resources of 26.9 million tonnes at a grade of 1.77 g/t containing 1,531,600 oz. of gold. For more information, readers are referred to the technical report prepared in accordance with the requirements of NI 43-101 dated October 30, 2018 for further details and assumptions relating to the project.

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

For more information, please contact:

Matthew Manson, PhD                                             Christopher Haldane
President and Chief Executive Officer                      Manager Investor Relations
Tel: 416-987-0711                                                     Tel: 416-987-0714
Email: mmanson@marathon-gold.com                     Email: chaldane@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”. More particularly and without restriction, this press release contains forward-looking statements and information about future exploration plans, objectives and expectations of Marathon, future mineral resource and mineral reserve estimates and updates and the expected impact of exploration drilling on mineral resource estimates, future pre-feasibility and 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. In respect of the forward-looking statements and information concerning the interpretation of exploration results and the impact on the project’s mineral resource estimate, Marathon has provided such statements and information 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 the ability of the current exploration program to identify and expand mineral resources, operational risks in exploration and development for gold, 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, 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, cost escalation, changes in general economic conditions or conditions in the financial markets. 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 Annual Information Form for the year ended December 31, 2018 and other filings made with Canadian securities regulatory authorities and 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8869a98f-58a3-445a-bec1-b5956fb61a04

Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) is pleased to provide an update on upcoming milestones concerning the exploration and development of the Valentine Gold Project in central Newfoundland. In summary:

• Mineral Resource updates for both the Leprechaun and Marathon deposits to be completed in the fourth quarter. Infill drilling has been completed at the Leprechaun deposit, and both infill and exploration drilling are ongoing at the Marathon deposit. Exploration drilling in the Sprite Zone gap area will commence in September.
• Valentine Pre-Feasibility Study team to be fully established by September, with completion forecast for early in the second quarter of 2020. The Pre-Feasibility Study is expected to result in the declaration of the project’s maiden Mineral Reserve.
• The Valentine Gold Project has been registered with the relevant provincial and federal regulatory agencies, and an anticipated 24 month assessment period has begun. The provincial review committee has been established, and guidelines for an Environmental Impact Statement (“EIS”) are expected in October. Federal guidelines for the EIS were issued in July and, of note, Marathon has been informed that, at the federal level, the project’s assessment will proceed under normal course without the requirement for a panel review.

Matt Manson, President and CEO, commented “The Valentine Gold Project is a large and growing gold resource in one of the best mining jurisdictions of the world. It can be developed with conventional open-pit mining and milling methods, and offers a strong gold production profile and rate of return. We are advancing the project towards production through parallel programs of resource growth, advanced mining study, and environmental assessment. The 2019 in-fill drill program has demonstrated new mineralisation both within and adjacent to the existing resource shells, and we expect this will result in a positive impact on the project’s Mineral Resource estimate. This revised resource update will be incorporated into the Pre-Feasibility Study, which will also provide an opportunity to calibrate the project’s optimum scope and development plan prior to the commencement of a full Feasibility Study. Under the now initiated Environmental Assessment process, Marathon will seek to outline a project that is respectful to its location, the environment, impacted local communities, and regional stakeholders. The Valentine Gold Project has the potential to make a significant contribution to the people and economy of Newfoundland and Labrador.”

Drilling and Resource Estimation

During 2019 the Company has undertaken an extensive program of in-fill and resource conversion drilling on the main mineralized corridors of both the Leprechaun and Marathon deposits. This drilling has successfully established continuity of mineralisation within the existing Mineral Resource shells and extended the areas of known mineralisation. A positive impact on the existing Mineral Resource estimate is anticipated. Drilling has been completed in the Leprechaun area, and is expected to continue in the Marathon area through September, at which time two rigs will be moved to the Sprite Zone gap area. Drilling results will be reported as they are received.

The updated Mineral Resource estimate will utilize the more than 55,000 meters of new drilling that has been completed at the Leprechaun and Marathon deposits in the last 12 months. It is expected that the updated estimate will be released in the fourth quarter, following the completion of all necessary QA/QC protocols, the processing of all mineralized core samples by metallic screen fire assay, and peer review.

Based on the October 2018 Preliminary Economic Assessment, the Valentine Gold Project is currently estimated to contain 45.1 million tonnes of Measured and Indicated Mineral Resources at a grade of 1.85 g/t containing 2.68 million oz of gold, and 26.9 million tonnes of Inferred Mineral Resources at a grade of 1.77 g/t containing 1.52 million oz. of gold. Both the Leprechaun and Marathon deposits are open along strike and to depth. Readers are cautioned that the Preliminary Economic Assessment is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the Preliminary Economic Assessment will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability

Pre-Feasibility Study

The full team of lead and specialized sub-consultants for the Valentine Gold Project Pre-Feasibility Study (“PFS”) is expected to have been appointed by September. The PFS will incorporate the updated Mineral Resource estimate and is expected to result in the declaration of the project’s maiden Mineral Reserve. The PFS will incorporate a trade-off study designed to assess the optimum scope, value, and execution strategy for the project, and will incorporate an updated production schedule, facilities design, operating and capital cost estimates, and an optimum process design based on the results of ongoing metallurgical testing. The PFS is expected to take approximately 6 months to complete, with results expected early in the second quarter of 2020.

Permitting and Environmental Assessment

The Valentine Gold Project is subject to regulation under the environmental protection regimes of the Canadian Environmental Assessment Act and the Newfoundland and Labrador (“NL”) Environmental Protection Act. Marathon filed a project description with both the Canadian Environmental Assessment Agency (“CEAA”) and the NL Department of Municipal Affairs and Environment (“NLDMAE”) on April 5, which was accepted into a formal Environmental Assessment (“EA”) process on April 16.

As expected, the CEAA issued a determination for a project Environmental Impact Statement on May 31, and issued guidelines for the EIS on July 18. Marathon has been informed that the CEAA will request the EIS to proceed under normal course without the requirement for a panel review, which is an extended process often required for projects of significant environmental impact or public concern.

In parallel with the CEAA, and also as expected, the NLDMAE issued a determination for a project EIS on June 13. NLDMAE guidelines for an EIS are expected to be received by October 9, following a 120 day period to allow departmental and public consultation. The establishment of NL EA committee for the Valentine Gold Project was announced on July 3, which will be the principal forum for project review, consultation and, ultimately, ministerial approval.

In support of the EA process, Marathon will engage in a comprehensive program of impact assessment on wildlife and fish habitat, water and air quality, third party co-located infrastructure, and communities. Much of this program, in the form of environmental baseline studies, commenced with the first exploration drill programs in 2010. Formal stakeholder engagement with the communities of Buchans, Millertown and Grand Falls-Windsor, as well as the Qualipu and Miawepukek (Conne River) First Nations commenced in March 2019.

Completion and submission of the EIS is scheduled for mid-2020, and the complete Valentine Gold Project EA process is expected to take approximately 24 months.

Qualified Person

Disclosure of a scientific or technical nature in this press release was prepared under the supervision of Sherry Dunsworth, MSc., P.Geo (NL), the Senior VP of Exploration and a qualified person under National Instrument (“NI”) 43-101.

About Marathon

Marathon is a Toronto based gold company rapidly advancing its 100%-owned Valentine Gold Project located in central Newfoundland, one of the top mining jurisdictions in the world. The Valentine Gold Project comprises a series of mineralised deposits along a 20 kilometer system of gold bearing Quartz-Tourmaline-Pyrite veins. The project is accessible by year-round road and is in close proximity to the provincial electrical grid. To date, four gold deposits at Valentine have been delineated, including the large Leprechaun and Marathon deposits. An October 2018 Preliminary Economic Assessment showed the project to be amenable to open pit mining and conventional milling over a twelve year mine life. Total Mineral Resources currently comprise Measured Mineral Resources of 16.6 million tonnes at a grade of 2.18 g/t containing 1,166,500 oz. of gold, Indicated Mineral Resources of 28.5 million tonnes at a grade of 1.66 g/t containing 1,524,900 oz. of gold and Inferred Mineral Resources of 26.9 million tonnes at a grade of 1.77 g/t containing 1,531,600 oz. of gold. For more information, readers are referred to the technical report prepared in accordance with the requirements of NI 43-101 dated October 30, 2018 for further details and assumptions relating to the project.

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

For more information, please contact:

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”. More particularly and without restriction, this press release contains forward-looking statements and information about future exploration plans, objectives and expectations of Marathon, future mineral resource and mineral reserve estimates and updates and the expected impact of exploration drilling on mineral resource estimates, future pre-feasibility and 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. In respect of the forward-looking statements and information concerning the interpretation of exploration results and the impact on the project’s mineral resource estimate, Marathon has provided such statements and information 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 the ability of the current exploration program to identify and expand mineral resources, operational risks in exploration and development for gold, 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, 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, cost escalation, changes in general economic conditions or conditions in the financial markets. 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 Annual Information Form for the year ended December 31, 2018 and other filings made with Canadian securities regulatory authorities and 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 Corporation (MOZ-TSX) (“Marathon”) announced today its financial results for the three and six months ended June 30, 2019. Following the completion of the updated preliminary economic assessment (“PEA”) on the Valentine Gold project in October 2018 and a successful financing transaction in February 2019, Marathon’s focus is on the development of the Valentine Gold project through the completion of a pre-feasibility study (“PFS”) and ultimately to a construction decision. The appointment of Matt Manson as President and Chief Executive Officer of Marathon effective August 19, 2019 strengthens the management team in areas that will be critical as the Company progresses from permitting and feasibility studies through to financing and mine development.

Highlights:

Results of Operations:

The results of operations for the three and six months ended June 30, 2019 and 2018 are summarized below.

This press release should be read in conjunction with Marathon’s condensed interim consolidated financial statements for the periods ended June 30, 2019 and 2018 and the related Management’s Discussion and Analysis, both of which are available on www.sedar.com.

Cautionary Statement:

The updated PEA was prepared in accordance with NI 43-101. Readers are cautioned that the PEA is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the economic results reflected in the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Qualified Person:

This press release has been reviewed by Phillip Walford, P.Geo. Mr. Walford is a Qualified Person in accordance with NI 43-101 and has approved the contents of this press release on behalf of Marathon.

About Marathon

Marathon is a Toronto based gold company rapidly advancing its 100%-owned Valentine Gold Camp located in Newfoundland and Labrador, one of the top mining jurisdictions in the world. Marathon has confirmed the feasibility of the Valentine Gold Camp, which currently hosts four near-surface NI 43-101 compliant, mainly pit-shell constrained, deposits with measured resources totaling 16.6 million tonnes at a grade of 2.18 g/t containing 1,166,500 oz. of gold, indicated resources totaling 28.5 million tonnes at a grade of 1.66 g/t containing 1,524,900 oz. of gold and inferred resources totaling 26.9 million tonnes at a grade of 1.77 g/t containing 1,531,600 oz. of gold.

The majority of the resources occur in the Marathon and Leprechaun deposits, which also have resources below the current open pit shell. Both deposits are open at depth and on strike. Gold mineralization has been traced down almost a kilometer vertically at Marathon and over 350 meters at Leprechaun. The four deposits identified to date occur over a 20-kilometer system of gold bearing veins, with much of the 24,000-hectare property having had only minimal exploration activity to date.

The Valentine Gold Camp is accessible by year-round road and is in close proximity to the provincial electrical grid. Marathon maintains a 50-person all-season camp at the property. Recent metallurgical tests have demonstrated 93% to 98% recoveries via conventional milling and an average of 65 to 72% extraction rates for 23 mm (1/2 inch) material via lower cost heap leaching at the Marathon and Leprechaun Deposits respectively.

To find out more information on the Valentine Gold project, please visit www.marathon-gold.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Except for statements of historical fact relating to Marathon Gold Corporation, certain information contained herein constitutes “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”, “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. 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. These risks and uncertainties include but are not limited to those identified and reported in Marathon Gold Corporation’s public filings, which may be accessed at www.sedar.com. Other than as specifically required by law, we undertake 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.

Drilling Highlights:

The final drill holes of the 2019 infill drilling campaign at the Leprechaun Deposit, consisting of a total 69 drill holes (VL-19-679 to VL-19-747) and 20,468 meters, continued to intersect new high-grade gold intervals with abundant visible gold along the more than 700-meter long high-grade core area of the Main Zone (Figure 1, 2 and 3). The Main Zone corridor consists of dominantly shallow southwest dipping en-echelon stacked QTP-Au veining within an enveloping surface that dips 65 degrees to the northwest, extends along strike for more than 950 meters, has a true width ranging from 30 to 120 meters, and extends from surface to more than 300 meters depth, beyond the bottom of the open pit (see Figures 1, 2 and 3). The 2019 infill drilling campaign has both expanded and further defined the continuity of the high-grade gold zone from surface to depths greater than 300 meters, a fact particularly significant in areas of limited previous drilling in the deeper regions as well as NE and SW extensions of the Main Zone gold corridor.

• Main Zone: VL-19-747 intersected 4.00 g/t Au over 26.0 meters near surface including 27.5 g/t Au over 2.0 meters and 2.43 g/t Au over 3 meters. This shallow hole, drilled parallel and flanking the upper portions of drill holes VL-19-790 and VL-19-731, further defines the outer footwall margin of the high-grade Main Zone (Figure 2).
• Main Zone: VL-19-738 intersected 2.84 g/t Au over 13.0 meters near surface including 10.27 g/t Au over 2.0 meters and 2.93 g/t Au over 12.0 meters including 14.57 g/t Au over 2.0 meters, and VL-19-743 intersected 9.71 g/t Au over 3.0 meters, 8.73 g/t Au over 3.0 meters and 3.30 g/t Au over 6.0 meters (Figure 3).
• Main Zone: VL-19-735 intersected 5.72 g/t Au over 16.0 meters including 12.93 g/t Au over 6.0 meters, and 3.89 g/t Au over 13.0 meters including 11.29 g/t Au over 2.0 meters.
• Main Zone: VL-19-744 intersected 2.90 g/t Au over 16.0 meters including 7.70 g/t Au over 4.0 meters, as well as 4.09 g/t Au over 6.0 meters and 5.90 g/t Au over 7.0 meters.
• Main Zone: VL-19-740 intersected 3.03 g/t Au over 13.0 meters and VL-19-731 intersected 2.39 g/t Au over 14.0 meters.
•  Hanging Wall DDH’s, drilled towards the southeast, intersected significant gold mineralization both in the hanging wall and at deeper levels of the Main Zone corridor including 2.93 g/t Au over 12.0 meters with 8.39 g/t Au over 2.0 meters in VL-19-729, 6.92 g/t Au over 5.0 meters in VL-19-733, 6.56 g/t Au over 6.0 meters with 16.68 g/t Au over 2.0 meters in VL-19-734, 4.11 g/t Au over 13.0 meters with 10.68 g/t Au over 3.0 meters in VL-19-736 and 9.73 g/t Au over 5.0 meters in VL-19-742.
• The core of high-grade gold mineralization within the Main Zone corridor of the Leprechaun Deposit now extends continuously for more than 700 meters along strike, extends from surface to a depth of more than 300 meters, and has a true width that ranges from 30 meters to more than 100 meters. The 2019 infill drilling campaign is now completed at the Leprechaun Deposit, all fire assay results are received, and we await the remaining 1,300 metallic screen analyses before commencing on the updated mineral resource estimate, which is expected to be completed in Q4 2019.

• Three drill rigs are currently operating at the Marathon Deposit, where a 17,000-meter infill and step out drilling program will be completed before the drills move on to complete a 7,000-meter exploration drilling campaign at the Sprite Zone in fall 2019.
• A 2,250-meter HQ core size geotechnical drilling program is now underway with a fourth drill rig currently drilling in the Leprechaun Deposit. This geotechnical drilling program is designed to test the open pit wall strength at both the Leprechaun and Marathon deposits. This work is being completed in advance of the PFS, which remains on schedule to be completed by the first half of 2020.

TORONTO, Aug. 08, 2019 (GLOBE NEWSWIRE) — Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is very pleased to announce the continued positive results from a very successful 2019 infill drilling campaign at the Leprechaun Deposit. These latest drill results, along with the exciting results of previously released 2019 drill holes in the Main Zone corridor (refer to Figure 1), were part of the series of planned infill drill holes that covered a more than 800-meter strike length of the Main Zone corridor, penetrated down through the shallow SW dipping, stacked gold-bearing QTP veins which form the dominant vein orientation within the Main Zone corridor of the Leprechaun Deposit; providing increased width to the Main Zone corridor, increased gold grade, and increased continuity the high-grade mineralization extending from surface to the bottom of the open pit and beyond into potential future underground resource development. This 69-drill hole, 20,468 meter infill drilling campaign is expected to add significantly to the gold grade and ounces of gold in the next resource update for the Leprechaun Deposit which is anticipated to be completed in September 2019.

“The Leprechaun infill/definition drilling program has been highly successful in extending the Main Zone high grade mineralization for 700 m along strike and to a depth of approximately 250 m. High grade mineralization has been intersected both near surface and at depth where the PEA resource model has either low grade or gaps.” Said Phillip Walford, President and CEO of Marathon Gold. “I am really looking forward to the new Leprechaun resource and the results of Marathon infill and definition drilling.”

TABLE 1: Significant assay intervals, Leprechaun Deposit, Valentine Gold Camp

*MZ = Main Zone, HW = Hanging wall

Figure 1: Location of Main Zone corridor, diamond drill hole collars VL-19-729 to VL19-747 and cross sections 9920E and 10220E, Leprechaun Gold Deposit.
https://www.globenewswire.com/NewsRoom/AttachmentNg/7baacd9e-3a14-4b36-aaf8-af8b6ee105d6

Figure 2: Cross-section 9920E, Leprechaun Deposit, showing the 30 to 100 meter-wide, moderately NW dipping Main Zone corridor composed of thick and laterally extensive high-grade gold mineralization within en-echelon, shallow SW dipping QTP-Au veining. Note the fire assay intervals 4.00 g/t Au over 26.0 meters including 27.50 g/t Au over 2.0 meters in VL-19-747 and 2.39 g/t Au over 14.0 meters in VL-19-731.
https://www.globenewswire.com/NewsRoom/AttachmentNg/2629b079-1c5f-4303-bba1-aba6e66f9894

Figure 3: Cross-section 10220E, Leprechaun Deposit, showing the 30 to 100 meter-wide, moderately NW dipping Main Zone corridor composed of thick and laterally extensive high-grade gold mineralization within en-echelon, shallow SW dipping QTP-Au veining. Note the fire assay intervals of 2.84 g/t Au over 13.0 meters and 2.93 g/t Au over 12.0 meters in VL-19-738 and 8.73 g/t Au over 3.0 meters, 9.71 g/t Au over 3.0 meters and 3.30 g/t Au over 6.0 meters in VL-19-743.
https://www.globenewswire.com/NewsRoom/AttachmentNg/87133de2-3b56-4582-91a0-1475ba859b49

Please view the new video posted on our website www.marathon-gold.com showing the preliminary layout plan for future mine site.

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Quality Assurance-Quality Control (“QA/QC”)

Sherry Dunsworth, M.Sc., P. Geo., Senior VP of Exploration, Marathon’s Qualified Person, has reviewed the contents for accuracy and has approved this press release on behalf of Marathon. Thorough QA/QC protocols are followed including 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, Newfoundland. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.10 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% – 85% of core length).

About Marathon

Marathon is a Toronto based gold company rapidly advancing its 100%-owned Valentine Gold Camp located in Newfoundland and Labrador, one of the top mining jurisdictions in the world.  Marathon has confirmed the feasibility of the Valentine Gold Camp, which currently hosts four near-surface NI 43-101 compliant, mainly pit-shell constrained, deposits with measured resources totaling 16.6 million tonnes at a grade of 2.18 g/t containing 1,166,500 oz. of gold, indicated resources totaling 28.5 million tonnes at a grade of 1.66 g/t containing 1,524,900 oz. of gold and inferred resources totaling 26.9 million tonnes at a grade of 1.77 g/t containing 1,531,600 oz. of gold.

The majority of the resources occur in the Marathon and Leprechaun deposits, which also have resources below the current open pit shell.  Both deposits are open at depth and on strike.  Gold mineralization has been traced down almost a kilometer vertically at Marathon and over 350 meters at Leprechaun. The four deposits identified to date occur over a 20-kilometer system of gold bearing veins, with much of the 24,000-hectare property having had only minimal exploration activity to date.

The Valentine Gold Camp is accessible by year-round road and is in close proximity to the provincial electrical grid. Marathon maintains a 50-person all-season camp at the property.  Recent metallurgical tests have demonstrated 93% to 98% recoveries via conventional milling and an average of 65 to 72% extraction rates for 23 mm (1/2 inch) material via lower cost heap leaching at the Marathon and Leprechaun Deposits respectively.

To find out more information on the Valentine Gold Camp project, please visit www.marathon-gold.com.

For more information, please contact:

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon Gold Corporation, certain information contained herein constitutes “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”, “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.  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. These risks and uncertainties include but are not limited to those identified and reported in Marathon Gold Corporation’s public filings, which may be accessed at www.sedar.com.  Other than as specifically required by law, we undertake 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, results or otherwise.

Marathon Gold Corporation (“Marathon Gold” or the “Company”) (TSX: MOZ) is pleased to announce the appointment of Matthew (Matt) L. Manson as President and Chief Executive Officer and Director of the Company effective August 19, 2019.

Mr. Manson has over 25 years of international mining experience and brings an accomplished background in all aspects of the mining business including: exploration, permitting, mine development, financing, operations, as well as debt and equity markets. He has managed operations (open pit and underground mines) across multiple jurisdictions.  Matt’s exploration and mine operation experience covers a range of commodities, including gold, base metals (copper and zinc) and diamonds.

Prior to joining Marathon, Matt was at the forefront of raising C$900 million and building (on time and under budget) Quebec’s first diamond mine as CEO of Stornoway Diamonds. Prior to his 10 years with Stornoway, Matt was President & CEO of Contact Diamond Corporation (a 40% subsidiary of Agnico-Eagle Mines) and President and CEO Ashton Mining of Canada – both predecessor companies of Stornoway. Between 1999 and 2005, Matt was employed by Aber Diamond Corporation (now Dominion Diamond Corporation) as Vice-President, Marketing, and thereafter, Vice-President, Technical Services and Control.  It was during this time Matt participated in the US$230 million project financing for the Diavik Diamond Project, as well as oversaw Aber’s technical and product marketing functions.

Matt has been widely recognized by the broader mining industry, having been named Northern Miner 2017 Mining Person of the Year, as well as receiving the 2015 PDAC Viola Macmillan Award for leadership in management and financing with respect to exploration and development of mineral resources.

Mr. Manson holds a Bachelor of Science degree in Geophysics from the University of Edinburgh and has a MSc and a PhD in Geology – both from the University of Toronto.

George Faught, Chairman of the Board for Marathon Gold commented, “After extensive global search, we are delighted to welcome Matt to the CEO role. We will greatly benefit from his wealth of experience and his proven track record of building and leading successful teams, capital raising, and executing strategies that increase shareholder value. We look forward to his leadership in taking the Company through its next phase of growth and development.”

Mr. Manson added, “I’m very excited to be joining Marathon Gold and look forward to working with the team to continue advancing the Valentine Gold project and ultimately build a successful mine that can transform the Company into a substantial low cost gold producer. The Company has a unique collection of growing gold deposits in a low-risk and mine-friendly jurisdiction that has the potential to deliver significant value to shareholders. I look forward to engaging with the Company’s stakeholders to provide our vision on the way forward for the Company.”

The Board of Directors expresses its sincere appreciation and thanks to Phillip Walford, who founded the Company and has been President and Chief Executive Officer since 2010, for his outstanding achievements and contribution.  Mr. Walford will remain on the Board as a Director.

About Marathon

Marathon is a Toronto based gold company rapidly advancing its 100%-owned Valentine Gold Camp located in Newfoundland and Labrador, one of the top mining jurisdictions in the world.  Marathon has confirmed the feasibility of the Valentine Gold Camp, which currently hosts four near-surface NI 43-101 complaint, mainly pit-shell constrained, deposits with measured resources totaling 16.6 million tonnes at a grade of 2.18 g/t containing 1,166,500 oz. of gold, indicated resources totaling 28.5 million tonnes at a grade of 1.66 g/t containing 1,524,900 oz. of gold and inferred resources totaling 26.9 million tonnes at a grade of 1.77 g/t containing 1,531,600 oz. of gold.

The majority of the resources occur in the Marathon and Leprechaun deposits, which also have resources below the current open pit shell.  Both deposits are open at depth and on strike.  Gold mineralization has been traced down almost a kilometer vertically at Marathon and over 350 meters at Leprechaun. The four deposits identified to date occur over a 20-kilometer system of gold bearing veins, with much of the 24,000-hectare property having had only minimal exploration activity to date.

The Valentine Gold Camp is accessible by year-round road and is in close proximity to the provincial electrical grid. Marathon maintains a 50-person all-season camp at the property.  Recent metallurgical tests have demonstrated 93% to 98% recoveries via conventional milling and an average of 65 to 72% extraction rates for 23 mm (1/2 inch) material via lower cost heap leaching at the Marathon and Leprechaun Deposits respectively.

To find out more information on the Valentine Gold project, please visit www.marathon-gold.com.