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Aben Announces Ambitious Exploration Plans for Justin Gold Project in the Yukon and Forrest Kerr Gold Project in BC’s Golden Triangle Region

Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (the “Aben or the Company”) is pleased to provide an update on the Company’s plans for the coming 2019 drill season at the 100% owned 7,400-hectare Justin Gold Project in the Yukon and the 23,000-hectare Forrest Kerr Gold Project in the Golden Triangle region of British Columbia. This year, the Company plans to extend its drilling season one month by initiating a 2000-meter drill program at the Justin Gold Project commencing in early June. This program will entail 1350 meters of diamond drilling and 600 meters of Rotary Air Blast drilling (“RAB”), along with prospect generating field work. This program should take 3-4 weeks to complete which will coincide with the commencement of the Forrest Kerr Project 2019 drill program at the end of June. The Forrest Kerr drill program is on track to complete a planned 5000 meters but has the ability to add to the size and scope of the program if results warrant. Aben is well funded and looks forward to the onset of exploration on both of these high-quality Canada-based gold projects.

JUSTIN PROJECT

Highlights for 2019

  • 600 meters of RAB drilling (up to 20 holes) at the high grade orogenic Lost Ace Zone;
  • 1350 meters of diamond drilling (up to 10 holes) to further test the intrusion related gold system discovered in 2010 at the POW Zone;
  • Additional prospect generating field efforts;
  • Test for the existence of a multi-phase hydrothermal system with the potential for overprinting mineralizing systems with the POW Zone.

Work completed on the Justin Gold Project in 2018 included the collection of 19 channel and 28 chip samples from 5 trenches, 16 rock samples, 7 till samples and 240 soil samples with coverage totaling 6.0 line-km. The 2018 field program focused primarily on the Lost Ace Zone, an orogenic-style quartz-gold bearing zone previously discovered in 2017.

Coarse Gold Grains from Justin Project, Lost Ace Zone, Yukon:
https://www.abenresources.com/site/assets/files/4303/abn_justin_jn2018-1_coarse_gold_grains.jpg

2019 exploration at the Justin Gold Project will include drilling, prospecting, geologic mapping and surface sampling across the highly prospective property. The first phase is anticipated to begin in early June with mobilization of a track mounted Rotary Air Blast drill to the recently discovered Lost Ace Zone, where 2018 trenching returned values ranging from trace to 20.8 g/t gold over 4.4 meters including 88.2 g/t gold (Au) over 1.0 m. The Lost Ace Zone is located 2 kilometers west of the POW Zone, which was discovered in 2010. The RAB drill is a cost-effective tool to quickly evaluate the high-grade near surface gold-bearing mineralization present at Lost Ace, interpreted to be orogenic-style quartz-gold veins that bear a strong resemblance to and share a similar geologic setting with Golden Predator’s adjacent 3 Aces Property. Geologic evidence and observations at Lost Ace point toward the existence of a multi-phase hydrothermal system with the potential for overprinting mineralizing systems with the POW Zone

Justin Gold Project, Yukon location map:
https://www.abenresources.com/site/assets/files/4303/abn_justin_project_-_property_location_2017_small.jpg

Concurrent with the RAB drilling at Lost Ace, Aben will conduct diamond drilling at the POW Zone where drilling in 2011 and 2012 successfully discovered intrusion-related gold mineralization with intercepts reported ranging from trace values to highs of 1.19 g/t Au over 60.0 m (including 2.47 g/t Au over 21.0 m) and 1.49 g/t Au over 46.4 m. The POW Zone will be further evaluated as a potential host to bulk-tonnage gold mineralization and to test for the continuity of higher-grade skarn mineralization along strike. In addition to drill testing both of these exciting targets, several other high-priority exploration targets that have seen limited work but have yielded encouraging results will receive field evaluation and surface sampling.

Mike Burke, P. Geo., and former Chief Geologist with Golden Predator Mining Corp. states, “The orogenic style mineralization discovered at Lost Ace shares many characteristics with the orogenic veins discovered at the 3 Aces project. Exploration at 3 Aces has shown the regionally extensive stratigraphic contact in the middle Yusezyu Formation contains consistently highly anomalous gold values. The discovery of gold mineralization in the upper Yusezyu Formation at Lost Ace suggests newly discovered orogenic gold mineralization could occur over a significant stratigraphic extent between the upper and middle Yusezyu Formation on the Justin Property. In addition, the previously discovered intrusive related gold mineralization at the POW Zone would have intruded through the prospective stratigraphy which hosts the older orogenic mineralization in the district potentially enhancing grades in the intrusion related gold system.

Additional Info on the Justin Project can be found on Aben’s web site:
https://www.abenresources.com/projects/gold-projects/justin-gold-project-yk/

FOREST KERR PROJECT

Highlights for 2019

  • Early drilling will test the potential for a northward extension of the high-grade mineralized core at the North Boundary Zone;
  • Early drilling will also test for the potential connectivity of the North Boundary Zone with the1991 high-grade Noranda hole approx. 200 meters to the south;
  • Drilling will also further test the polymetalic occurance at the South Boundary Zone where broad intercepts of gold-silver-copper-zinc were incountered in 2018;
  • Airborne mag survey to be conducted over entire Boundary Zone before drilling starts this year;
  • New pad locations will allow Aben to further test with greater certainty and confidence locations that may have been drilled last year but were constrainded by the limited angles and pad locations and will be able to test many new targets based off the new geophysical survey as well as the existing geochemical survey with greater confidence.

2019 exploration at the Forrest Kerr Gold Project will comprise drilling, surface sampling and prospecting across the 23,000-hectare land package. Drill activities will begin at the Boundary Zone in late June, where over 12,000 meters of drilling were completed in 2017 & 2018. North Boundary has previously returned high-grade results such as 38.7 grams/tonne (g/t) (1.12 oz/t) gold over 10.0 m (from 114.0-124.0 m) including 331.0 g/t (9.65 oz/t) gold over 1.0 m in hole FK18-10. Drilling to date has shown that mineralization extends several meters outboard of the high-grade area within subordinate shear structures and vein arrays. Due to the availability of new pad locations specific areas of interest will be revisited. Initially drill testing will focus on the potential for a northward extension of the high-grade mineralized core at North Boundary originally defined by holes FK17-4, 5 and 6 and confirmed with holes FK18-10 & 11. Drill holes are also planned in an area immediately south of North Boundary to test for potential connectivity with historic high-grade gold discoveries such as 326.0 g/t Au reported in 1991 by Noranda in drill hole RG91-16 (located 200 m to the south of the North Boundary mineralized core).

Forrest Kerr Project, Golden Triangle, B.C., location map:
https://www.abenresources.com/site/assets/files/4287/fk-003.jpg

Drill activities will also target polymetallic mineralization at the South Boundary Zone where broad intercepts of gold-silver-copper-zinc values in quartz veins were discovered in holes FK18-19, 20 & 21. An airborne magnetic survey will be conducted in late May across the entire Boundary Zone, over an area that measures in excess of 2.0 km x 4.0 km. The magnetic geophysical data will help delineate important geologic structures that influence mineralization and thereby allow the technical team to focus on areas with greater discovery potential.

In addition to the exploration activities at the Boundary Zone, Aben anticipates that a high priority target identified in the Forrest Zone (located 13 km south of Boundary) will also be drill tested this summer. The area of interest at Forrest is defined by highly anomalous gold-in-soil and gold-in-rock values coincident with a strong geophysical conductive anomaly originally reported in 2013. With a new 5-year Multi-Year Area Based (MYAB) exploration permit in hand, which allows for 55 drill sites and helicopter pads, Aben Resources is excited for another productive season of mineral exploration at the Forrest Kerr Property.

Forrest Kerr Project Exploration Target map:
https://www.abenresources.com/site/assets/files/4299/abn_forrest_kerr_future_targets.png
Soil Sampling Map at Forrest Zone:
https://www.abenresources.com/site/assets/files/4299/abn-forrest-kerr-soil-2017_1024x0.jpg

Cornell McDowell, P.Geo., V.P. of Exploration for Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.

About Aben Resources:

Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with approximately 111.7 million shares issued and outstanding.

For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.

ABEN RESOURCES LTD.

“Jim Pettit”
______________________
JAMES G. PETTIT
President & CEO

For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-639-3851
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not a guarantee of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

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Bill Howald joins Blackrock Gold

Blackrock Gold (V.BRC) has a highly prospective piece of land in Nevada. The question the company faces is how to gain traction to explore that land.

New CEO Andrew Pollard brought a huge network of mining professionals to the company as well as significant financial clout. Yesterday’s announcement of the appointment of Bill Howald – ex Rye Patch Gold CEO – to the Executive Chairman’s role brings exploration expertise and a huge network of specifically Nevada connections to the company.

In yesterday’s release Howald states, “Bill Howald, Executive Chair stated, “It’s amazing that a project of this quality with multiple high-grade gold drill intercepts in Nevada is undeveloped. Silver Cloud is located in an extraordinarily productive part of north-central Nevada along the Northern Nevada Rift not far from Hecla’s Midas mine and adjacent to its Hollister mine. The project is an excellent asset, with identified high-grade gold and silver vein systems and a large under-explored land package (40.2 sq. Km). Accessing my Nevada contacts and connections, the Company is preparing an exploration program and budget with the aim of delivering drill-ready targets this fall.”

We’re looking forward to significant news as Pollard and Howald move forward with the Silver Cloud project.

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Marathon Deposit Infill Drilling Success Continues with 3.37 g/t Au over 24.0m, 3.18 g/t Au over 14.0 m and 2.27 g/t Au over 29.0m, Valentine Gold Camp, NL

Drilling Highlights:

The ongoing Marathon deposit infill drilling campaign is focused on penetrating down through the main mineralized corridor as well as into the hanging wall and foot wall zones of the open pit (Figures 1 and 2). The infill drill holes are designed to increase confidence in the lateral and vertical continuity of high-grade gold mineralization by drilling between adjacent drill holes, intersect gold intervals in the hanging wall and footwall regions where there is previous widely spaced drilling, and convert inferred into measured and indicated resource categories.

  • Main Zone: MA-19-377 intersected 3.37 g/t Au over 24.0 meters with 32.64 g/t Au over 1.0 meter and 13.11 g/t Au over 1.0 meter, as well as 1.80 g/t Au over 12.0 meters with 6.97 g/t Au over 1.0 meter.
  • Main Zone: MA-19-378 intersected 2.27 g/t Au over 29.0 meters with 11.66 g/t Au over 2.0 meters and 6.38 g/t Au over 3.0 meters, as well as 4.09 g/t Au over 3.0 meters and 2.06 g/t Au over 6.0 meters.
  • Main Zone: MA-19-390 intersected 3.18 g/t Au over 14.0 meters with 15.05 g/t Au over 1.0 meter and 6.79 g/t Au over 2.0 meters, as well as 7.55 g/t Au over 4.0 meters.
  • Main Zone: MA-19-393 intersected 3.14 g/t Au over 9.0 meters with 6.37 over 4.0 meters and 2.72 g/t Au over 15.0 meters with 6.31 g/t Au over 2.0 meters.
  • Footwall Zone: MA-19-388 intersected 6.70 g/t Au over 7.0 meters, MA-19-380 intersected 5.04 g/t over 3.0 meters, MA-19-383 intersected 5.13 g/t Au over 3.0 meters, and MA-19-385 intersected 6.09 g/t Au over 3.0 meters.
  • An updated 3D Model of the Marathon Deposit showing drill holes MA-19-374 to MA-19-393 is available on our website by clicking on the Corebox tab at the top of the main page and it is also available at www.corebox.net.

Program Update:

  • The 2019 infill drilling campaign at the Valentine Gold Camp is resuming after a brief spring break with three drills operating at the Leprechaun Deposit and a fourth drill starting on geotechnical and condemnation drilling in later June or early July. Marathon Gold has drilled 73 holes totaling 19,868 meters at the Leprechaun and Marathon  deposits, representing approximately 44% of the planned 2019 infill drilling campaign.
  • An Environmental Assessment Registration / Project Description was submitted to Federal and Provincial regulators on April 5, 2019 a key step in the overall regulatory approvals process. A decision on this stage of the EA process is due on May 31, 2019 by both levels of government.
  • Check out the new 3D video posted on our website www.marathon-gold.com detailing what the project will look like as a mine.

TORONTO, May 22, 2019 (GLOBE NEWSWIRE) — Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to announce additional positive results from the ongoing infill drilling into the Main Zone as well as Footwall and Hanging Wall Zones of the Marathon Deposit.  The Main Zone drilling is intended to upgrade inferred resources into measured and indicated resource categories as well as further prove the lateral and vertical continuity of the high-grade gold between adjacent drill holes. The Footwall and Hanging Wall drilling is confirming the presence of significant gold on the flanks of the Main Zone corridor which will assist in reducing the strip ratio of the open pit.

“The winter infill drilling of the Main Zone of the Marathon Deposit has returned excellent results to date; showing strong correlation between high-grade gold intercepts in adjacent holes while the Footwall and Hanging Wall drilling has intercepting new gold zones to contribute to the overall economics of the open pit”, said Phillip Walford, President and CEO of Marathon Gold. “The 45,000-meter 2019 infill drilling campaign is on track for completion in August. Resource estimation for the PFS will begin once the metallic screen assays are back for Leprechaun Deposit.”

TABLE 1: Most significant assay intervals, Marathon Deposit, Valentine Gold Camp.

DDHZONE*SectionFromToCore Length (m)True Thickness (m)Gold
(g/t)
MA-19-374MZ1712022422732.76.76
 33533832.71.75
 39339743.65.78
 41541832.72.11
MA-19-377MZ1729033572422.83.37
including 373811.010.53
including 525311.013.11
including 565711.032.64
 74861211.41.80
including 828311.06.97
 10711032.91.10
 12012332.91.45
MA-19-378MZ1736021922232.72.00
 2632922926.12.27
including 26326521.811.66
including 28428732.76.38
 30630932.74.09
 32933565.42.06
MA-19-390MZ1709018618932.551.52
 2002141411.93.18
including 20120210.8515.05
including 20921010.8510.67
including 21221421.76.79
 22522832.551.66
 29429843.47.55
MA-19-391MZ1709065801512.751.37
 11411732.552.19
MA-19-393MZ1707015615932.71.00
 16917232.71.45
 21621932.72.05
 22322632.71.14
  26026998.13.14
including 26526943.66.37
 29730032.71.58
 31231643.62.11
 32432732.71.41
  3603751513.52.72
including 36036221.86.31
MA-19-380FW1718017517832.855.04
 18418732.852.45
MA-19-383FW17290192232.41.04
 11912232.45.13
 19519832.43.62
MA-19-385FW17260747732.46.09
 16516832.42.15
MA-19-388FW171206932.71.48
 556276.36.70
including 616210.926.70
 33433732.73.29
MA-19-392FW17070656832.73.20
 798232.71.41
 21421732.71.75
 31531832.71.23
 32132432.73.25
 34334743.62.93
MA-19-389HW17100475032.851.88
 11011332.851.21

* MZ = Main Zone, HW = Hanging Wall, FW = Foot Wall

Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/ef9aac12-ab63-4f36-92f9-32f99773a325

Figure 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/3d20ae5e-55de-4da0-85eb-1dab1e184566

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 (80-95% 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, mainly pit-shell constrained, deposits with measured and indicated resources totaling 2,691,400 oz. of gold at 1.85 g/t and inferred resources totaling 1,531,600 oz. of gold at 1.77 g/t.  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 long 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 53% to 77% recoveries via lower cost heap leaching at both the Marathon and Leprechaun Deposits.

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

For more information, please contact:
Christopher HaldanePhillip Walford
Investor Relations ManagerPresident and Chief Executive Officer
Tel: 1-416-987-0714Tel:  1-416-987-0711
E-mail: chaldane@marathon-gold.comE-mail:  pwalford@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, results or otherwise.

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Marathon Gold Announces Q1 2019 Financial Results

Marathon Gold Corporation (MOZ-TSX) (“Marathon”) announced today its financial results for the three months ended March 31, 2019. Following the completion of the updated preliminary economic assessment (“PEA”) on the Valentine Lake Gold Project in October 2018 and a successful financing transaction in February 2019, Marathon’s current exploration and technical activity is in support of the pre-feasibility study (“PFS”) on the Valentine Gold Project.

Highlights

Sale of NSR to Franco-Nevada

On February 21, 2019, Marathon completed the sale of a 2% net smelter returns royalty (“NSR”) to Franco-Nevada Corp. (the “FNV NSR”) for proceeds of $18 million.  This attractive transaction is anticipated to fund Marathon’s exploration and technical work through to completion of the PFS and was pursued rather than an equity financing to manage the dilution of shareholders.  The FNV NSR includes an 0.5% buy-back provision that allows Marathon to reduce the royalty to 1.5% prior to December 31, 2022 at a cost of US $7 million.

Financing and Liquidity

At March 31, 2019, Marathon’s cash position was $19.4 million compared to $3.7 million at December 31, 2018, reflecting the sale of the FNV NSR.

Infill drilling program:

Following on from successful 2018 drilling programs at the Marathon and Sprite deposits, Marathon’s 2019 infill drilling program is in progress with completion expected in the third quarter of 2019.  This program is being carried out primarily on the main mineralized corridors of the Marathon and Leprechaun deposits with two concurrent objectives, both of which are directly connected to the PFS:

  • To further confirm Marathon’s geological models for the Marathon and Leprechaun deposits by demonstrating the lateral continuity of the QTP-gold veining along and across strike as well as to depth within the mineralized corridors, and
  • To continue to upgrade existing inferred resources in each deposit into the measured and indicated categories and to increase measured resources for the first five years of mining operations.

To date, Marathon has completed 73 holes covering 19,868 meters in the two deposits, representing approximately 44% of the infill drilling planned for the year.  Results to date have exceeded management’s objectives and are expected to not only upgrade the confidence levels of the resources but achieve an overall increase in gold grades in the measured and indicated resource categories.  Upon completion of the infill drilling program, Marathon will update its mineral resource estimate to support the PFS.

Environment and Stakeholder Engagement:

Marathon filed an Environmental Assessment (“EA”) Registration/Project Description with the Newfoundland and federal governments on April 5, 2019, which was subsequently accepted into the formal EA review process on April 16, 2019.  These documents are posted by both governments for public review and comment and are reviewed by the various regulatory departments to determine if, and to what extent, further EA is required.  A decision on this stage of the EA process is due on May 31, 2019 by both levels of government.

Marathon commenced formal stakeholder engagement in March 2019, beginning with public meetings in the closest communities to the project, including Buchans, Millertown and Grand Falls-Windsor, to brief residents, municipal governments, and other local stakeholders on the status of the project and Marathon’s development plans.

Results of Operations:

The results of operations for the three months ended March 31, 2019 and 2018 are summarized below.

 20192018
  $$
Expenses:
General and administrative expenses583,179483,630
Other income – royalty payments related to gold sales by the Golden Chest Mine(26,344)
Interest income(27,518)
Interest expense216
Foreign exchange gain(6,587)(5,225)
Loss before tax522,946478,405
Income taxes104,784(311,151)
Loss for the period627,730167,254
  

This press release should be read in conjunction with Marathon’s condensed interim consolidated financial statements for the periods ended March 31, 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, mainly pit-shell constrained, deposits with measured and indicated resources totaling 2,691,400 oz. of gold at 1.85 g/t and inferred resources totaling 1,531,600 oz. of gold at 1.77 g/t.  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 long 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 53% to 77% recoveries via lower cost heap leaching at both the Marathon and Leprechaun Deposits.

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

Jim Kirke
Chief Financial Officer
(416) 987-0710
Phillip Walford
President and Chief Executive Officer
(416) 987-0711

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.

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Positive Testing by SGS Shows that both Leprechaun and Marathon Deposits Amenable to Heap Leaching, Valentine Gold Camp, NL

Heap Leach Test Highlights:

  • 72% gold extraction average for -25 mm (-1/2 inch) crush size on the Leprechaun Deposit after a nominal 160 days of leaching
  • 65% gold extraction average for -25 mm (-1/2 inch) crush size on the Marathon Deposit after a nominal 160 days of leaching
  • Final gold recoveries are expected to be approx. 2% less after processing losses are considered
  • The new heap leach results are significantly more favourable than the 59% gold recovery used in the October 2018 PEA.
  • In all column leach tests, half of the gold that was extracted was dissolved in less than 10 days.

Phillip Walford, President and CEO of Marathon Gold commented: “The Preliminary Economic Assessment (PEA) showed that traditional milling is expected to produce more than 85% of the gold for the project with the balance from the heap leach.  These very good heap leach test results more than justify the consideration of heap leaching in our development plan and have improved the project economics. Heap leaching of low-grade gold material is a potential enhancement for the project in recovering gold that may otherwise go on a stockpile or waste dump. The results from this SGS program show that significantly higher heap leach gold recoveries can be expected than the 59% used in the last PEA.”

TORONTO, May 15, 2019 (GLOBE NEWSWIRE) — Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to announce the results of the heap leach tests that commenced in the fall of 2018. The column tests used material from seven HQ holes drilled on the Marathon deposit and nine holes on the Leprechaun deposit.  The holes were placed spatially across the deposit and grouped into zones.  Zone A was delineated at the SW end of the Marathon deposit, Zone B in the center and Zone C at the NE end of the deposit.  Similarly, zones D, E and F were created for the Leprechaun deposit.  The holes were twinned with existing exploration holes to ensure representative grade was obtained for the heap leach test program.  On Marathon, a total of 170m of HQ core, weighing approximately 1400kg, was selected and on Leprechaun a total of 157m or 1300kg of HQ core was selected.  The average head grades of the combined intervals for each zone are listed in the table below.

The selected intervals of core were shipped to SGS Canada Inc. (“SGS”) in Lakefield, Ontario where they were crushed, assayed, and combined to form three Marathon and three Leprechaun heap leach “zone” composites.  These were crushed to various particle sizes and blended then tested for heap leach amenability in 3 m high by 150 mm (6”) diameter columns over a nominal 160-day leach time.  The test results are summarized in Table 1.

Table 1:  Column heap leach results for Valentine Gold Camp samples.

Column
number
DepositSamplesCrush sizeGold assays, g/tGold
extraction,
%
Column
feed
Column
residue
1MarathonZone A-12.5 mm (-1/2”)0.510.2453.3
2Zone B-12.5 mm (-1/2”)0.730.2566.3
3Zone C-12.5 mm (-1/2”)0.960.2871.3
Average of above0.730.2565(1)
4Blend A+B+C-25 mm (-1”)0.710.2367.1
5Blend A+B+C-12.5 mm (-1/2”)0.750.3060.4
6Blend A+B+C-6.3 mm (-1/4”)0.930.2573.0
7LeprechaunZone D-12.5 mm (-1/2”)0.380.1171.7
8Zone E-12.5 mm (-1/2”)0.660.1871.8
9Zone F-12.5 mm (-1/2”)0.570.1573.7
Average of above0.530.1572(1)
10Blend D+E+F-25 mm (-1”)0.520.1766.8
11Blend D+E+F-12.5 mm (-1/2”)0.450.1176.6
12Blend D+E+F-6.3 mm (-1/4”)0.540.1473.5
Notes: (1) Average extraction based on average of calculated column feed grades and average of column residue grades

The column residue assays were obtained by screening each residue into five screen fractions and assaying each fraction using the screen and metallics method.  The column feed assays were calculated from the column residue assay and the gold recovered on the carbon columns that were part of the column leaching procedure. The variability in the column feed grades is symptomatic of the high content of coarse gold in the mineralized material of the Valentine deposits.

Both Leprechaun and Marathon material are clearly amenable to heap leaching with Leprechaun particularly amenable.  A detailed analysis of the data shows that the main determinant of gold extraction by column leaching, for both deposits, was the column feed grade and that crush size and sample zone had limited influence on extraction.

The results from the SGS work confirm and improve on the short (0.7 m high) column leach tests performed by Thibault and Associates Inc. in 2016 which showed that, after leaching for 130 days, Leprechaun material containing approximately 1.5 g/t gold  gave 73% extraction when crushed to -12.5mm. Extraction for Marathon material containing approximately 2 g/t gold was 66% for the -12.5 mm sample.

Samples of the SGS column residues are being evaluated by Kappes, Cassiday & Associates in Reno, NV, USA to determine the permeability of the crushed material under load.  Such tests will indicate the effect of heap height on the ability of solution to flow through the heap. A series of environmental tests are underway on the heap leach residues to determine the long-term stability of these materials. Completion of the present heap leach test program will provide all the data needed for the Pre-Feasibility Study.

Qualified Person

John Goode of J.R. Goode and Associates is the qualified person with respect to the metallurgical information contained in this news release and has reviewed the contents for accuracy.

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, mainly pit-shell constrained, deposits with measured and indicated resources totaling 2,691,400 oz. of gold at 1.85 g/t and inferred resources totaling 1,531,600 oz. of gold at 1.77 g/t.  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 long 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 53% to 77% recoveries via lower cost heap leaching at both the Marathon and Leprechaun Deposits.

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

For more information, please contact:
Christopher HaldanePhillip Walford
Investor Relations ManagerPresident and Chief Executive Officer
Tel: 1-416-987-0714Tel:  1-416-987-0711
E-mail: chaldane@marathon-gold.comE-mail:  pwalford@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, results or otherwise. 

 

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Aben Resources: Gold in the Yukon and BC’s Golden Triangle

Part of running a successful resource exploration company is working on complementary projects. Projects which mesh with one another so that the exploration resources, the drillers, the geos and the logistical support can be deployed efficiently. A big part of that is combining projects which have different drilling seasons.

When you look at a map, British Columbia’s Golden Triangle and the southeastern corner of the Yukon would appear to be at about the same latitude and likely to experience much the same sort of temperatures. But there is one big difference: snow.

Jim Pettit, CEO of Aben Resources (V.ABN), is pretty blunt. “The Golden Triangle is in coastal mountains. We get forty feet of snow,” he said. “It might be gone by the end of May.”

Which is why Aben’s 2019 drilling program will start with its 100% owned Justin property in the southeastern corner of the Yukon. It snows plenty at Justin but far less than in the Golden Triangle.

Aben’s efforts are focused on what the company calls the “Lost Ace” gold zone discovered in 2017.

“We’ll be going up there soon,” said Pettit. “We hope to start at the beginning of June. We’re planning a small program. About $1,3000,000. We want to drill 2000 meters of diamond drilling and hope to do around 20 RAB holes, all 50 meters deep as well.”

Aben’s property is right next door to Golden Predator’s (V.GPY) Three Aces project. Like Golden Predator, Aben believes that the  “orogenic-style quartz-gold veins that bear a strong resemblance to and share similar geologic setting with Golden Predator’s adjacent 3-Aces Property is associated to the previously discovered intrusion related gold system called the POW ZONE that Aben found in a 2012 drill program. Previous exploration at Justin has successfully discovered this Intrusion related sheeted veins & vein breccias along with gold-bearing skarn mineralization. The new discovery at Lost Ace highlights the existence of a multi-phase hydrothermal intrusion-related system with the potential for overprinting mineralizing systems.”

In lay terms, “There is lots of coarse visible gold at the new Lost Ace Zone,” said Pettit. “And then there is the POW Zone skarn replacement style at surface and when we drilled there we hit on 10 of 19 holes. This had  is a lot of potential for lower grade with good widths.”

What Aben has found so far is an orogenic vein system (Lost Ace) in close proximity to a younger intrusion-related system (POW Zone)that has come up through older rock. It suggests that there is a significant hydrothermal system that could result in higher grades within the younger bulk tonnage intrusion related system.

Drilling should start in early June and Pettit is hoping to see results towards the end of July.

As the relatively short Yukon program is ending the last of the forty feet of snow in the Golden Triangle should have melted off and Aben will be able to mobilize its program at its Forrest Kerr project. While the last of the snow is melting the company plans to run an airborne mag survey over its “Boundary Zone” in the middle of its property.

“We’re hitting gold near surface but it can be erratic,” said Pettit. “We need to look deeper. Once we have completed the mag work, we will do a higher resolution drone survey of the targets we identify.”

At Forrest Kerr, Aben is looking for the contours of a geological system. “We’re up there looking for the contact between lithologies,” said Pettit. “All of the resources are within 2 kilometers of that contact and the Forrest Kerr fault which gives the project its name.”

“We’re there because of the grade,” said Pettit. Last season, the first hole reported contained, “Highest-grade zone consists of 331.0 g/t (grams/tonne) gold (Au) (9.65 oz/t) over 1.0 metre (m) within broad zone averaging 38.7 g/t Au (1.12 oz/t) over 10.0m from 114.0-124.0m including 62.4 g/t Au over 6.0m

Additional high-grade zones in Hole FK18-10 include 22.0 g/t Au, 22.4 g/t silver (Ag) over 4.0m; 3.9 g/t Au, 4.0 g/t Ag over 13.0m; and 8.2 g/t Au, 1.4 g/t Ag over 6.0m”

“This year we will be putting boots on the ground,” said Pettit. “We want to do geochemistry on the entire Boundary zone initially and then we have 3 priority target locations prioritized. We think we are close.”

Pettit plans to have one drill turning but Aben is permitted for as many as needed. “This year we have the pad locations and we should be able to drill at least 5000 meters,” said Pettit. “We’re looking for deeper structures so we will be drilling deeper.”

“Where we are exploring and drilling is “crazy alive” geologically,” said Pettit. “We have rocks of all different ages and the geological activity has allowed the fluids in. The question is, where did it come from?”

Beginning at the end of July or early August, Aben is hoping to have results, and perhaps the beginning of the answer to “where did it come from?”, as the Forrest Kerr core is assayed and reported.

Meanwhile, Pettit has been on the conference trail. “I was down in Scottsdale Arizona for the Capital Investment Conference in April,” said Pettit. “I had twenty meetings in one day and all of the investors were looking for resource stories.”

“It’s choppy out there,” said Pettit. “All Trump’s fault. But the markets have definitely bottomed.”

For Aben, having two high-grade gold stories, with results imminent, the bottom of the junior resource market sets the stage for a significant increase in shareholder value.

 

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Leprechaun Open-Pit Drilling in Core of the Main Zone Corridor Hits: 4.27 g/t Au over 126.0 m, 3.02 g/t Au over 153.0 m, 4.11 g/t Au over 42.0 m and 5.06 g/t Au over 30.0 m, Valentine Gold Camp, NL

Drilling Highlights:

  • Recent drilling hits new high-grade gold mineralization with abundant visible gold in the Main Zone corridor of the Leprechaun Deposit, further defining a continuous corridor of high-grade gold ranging from 30 meters to more than 80 meters wide, extending from surface for 300 meters to the bottom of the open pit and beyond, and stretching along strike for more than 270 meters (refer to Figures 1, 2 and 3). This current program of drilling downward at high-angle to and through the shallow SW dipping en-echelon stacked QTP-Au veining demonstrates significant additional width and higher gold grades for the Main Zone of the Leprechaun Deposit. It also shows the continuous nature of the high-grade gold from surface to depths beyond the bottom of the open pit, particularly significant in areas of limited previous drilling along the southwestern portion of the Main Zone gold corridor.
    • VL-19-681 intersected 4.27 g/t Au over 126.0 meters including 12.21 g/t Au over 19.0 meters, 13.80 g/t Au over 5.0 meters, 8.63 g/t Au over 6.0 meters, 8.40 g/t Au over 6.0 and 67.97 g/t Au over 1.0 meters, and  4.11 g/t Au over 42.0 meters including 8.08 g/t Au over 11.0 meters, and 2.45 g/t Au over 33.0 meters (refer to Figure 3).
    • VL-19-686 intersected 3.02 g/t Au over 153.0 meters including 12.47 g/t Au over 8.0 meters, 5.66 g/t Au over 9.0 meters, 11.30 g/t Au over 4.0 meters, and 47.70 g/t Au over 1.0 meter, and 2.21 g/t Au over 17.0 meters, and 1.93 g/t over 43.0 meters (refer to Figure 2) .
    • VL-19-688 intersected 5.06 g/t Au over 30.0 meters including 14.12 g/t Au over 8.0 meters, 5.04 g/t Au over 24.0 meters including 10.40 g/t Au over 2.0 meters and 71.31 g/t Au over 1.0 meters, and 4.06 g/t Au over 10.0 meters including 12.80 g/t Au over 2.0 meters.
    • VL-19-687, collared further towards the southwest end of the Main Zone corridor in an area of limited previous drilling, also intersected significant intervals of gold mineralization including 4.32 g/t Au over 12.0 meters, 3.45 g./t Au over 7.0 meters, and 3.53 g/t Au over 5.0 meters.
    • Drill holes along the outer northwest side (hanging-wall side) of the Main Zone corridor hit significant gold mineralization while also defining the outer margin of the mineralized corridor; returning intervals of 5.18 g/t Au over 8.0 meters and 6.48 g/t Au over 3.0 meters in VL-19-685, 8.06 g/t Au over 3.0 meters in VL-19-684, and 2.54 g/t Au over 4.0 meters in VL-19-683.
    • The high-grade gold core of the Main Zone corridor of the Leprechaun Deposit now extends continuously for more than 270 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 80 meters. Additional planned drilling is expected to increase the strike length of the high-grade core of the Main Zone corridor.

TORONTO, May 09, 2019 (GLOBE NEWSWIRE) — Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is very pleased to announce these excellent results from new drilling down through the SW dipping, en-echelon stacked QTP-Au veining of the Leprechaun Deposit’s Main Zone corridor. Drill holes VL-19-681 to VL-19-688, as well as previously released VL-19-679 and VL-19-680, were collared along the upper edge of the Main Zone corridor (Figures 1 and 2), and are part of a series of planned infill drill holes that will cover an 800-meter strike length of the Main Zone corridor. These drill holes are designed to penetrate 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 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.  Additional drill holes already completed along strike, for which assays are still pending, have also intersected wide intervals of QTP veining with abundant visible gold. The current drilling program is designed to both further confirm the geological model for the Leprechaun Deposit and to continue to upgrade Inferred resource material into the Measured and Indicated resource categories.

“The current program of drilling down through the en-echelon stacked QTP-Au veining every 20 meters along strike on the Main Zone is succeeding in joining high-grade gold both along strike and down dip. The new drill results have increased the true width of the Main Zone corridor from the previously modeled 20 to 30-meter width to the new 30 to 80-meter width and even greater in some areas”, said Phillip Walford, President and CEO of Marathon. “With our new drilling, we are able to justify greater high-grade influence over a zone that extends for more than 270 meters along strike and over 300 meters to depth. These excellent drill results, in conjunction with similar positive results from additional drilling, are expected to increase the ounces/tonnes and grades in the measured and indicated resource categories for the Leprechaun Deposit”.

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

DDHSectionFromToCore Length (m)True Thickness (m)Gold g/t Gold g/t (cut)*
VL-19-68110100192454.06.53
283354.014.86
485132.45.99
11111432.46.27
14514832.45.83
  179305126100.84.274.09
including17918564.88.40 
including19219754.013.80 
including2602791915.212.21 
including27027110.8067.9745.00
including28429064.88.63 
including30030221.68.18 
3343764233.64.11
including349360118.88.08
3984313326.42.45
including40040221.67.99
including41541832.46.06
 VL-19-68310060939743.22.54
VL-19-6841010027627932.48.06
VL-19-6851012030931786.05.18
including30931121.515.32
32432732.36.48
36036332.36.25
VL-19-686100403221915.21.36
44581411.21.35
871304334.41.93
including909221.66.81
including12212532.44.59
1661831713.62.21
including16917343.27.07
19620043.22.30
20621043.22.14
22122986.42.43
 246399153122.43.023.00
including24825354.08.22
including26527497.25.66
including28728921.67.88
including31832243.211.30
including33033886.412.47
including35835910.847.7045.00
including36937232.47.02
VL-19-6879850182576.03.45
9710143.42.26
1411531210.24.32
19019443.42.54
24825354.33.53
 VL-19-6889960636743.04.25
737632.35.12
 154164107.54.06
including15515721.512.80
20821243.03.88
2452753022.55.06
including25025221.59.47
including25526386.014.12
2993232418.05.043.95
including3153161.00.871.3145.00
including3183202.01.510.40

* Cut to 45 g/t Au, no significant intervals in VL-19-682.

Check out the new video posted on our website www.marathon-gold.com detailing what the project will look like as a mine.

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 (75% – 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, mainly pit-shell constrained, deposits with measured and indicated resources totaling 2,691,400 oz. of gold at 1.85 g/t and inferred resources totaling 1,531,600 oz. of gold at 1.77 g/t.  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 50% to 70% recoveries via lower cost heap leaching at both the Marathon and Leprechaun Deposits.

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

For more information, please contact:
Christopher HaldanePhillip Walford
Investor Relations ManagerPresident and Chief Executive Officer
Tel: 1-416-987-0714Tel:  1-416-987-0711
E-mail: chaldane@marathon-gold.comE-mail: pwalford@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, results or otherwise.

Photos accompanying this announcement are available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/79ed0ef2-8128-435b-af05-b81bf1926dce

http://www.globenewswire.com/NewsRoom/AttachmentNg/0be01c9d-82fb-4def-81a8-249e20f3a3f3

http://www.globenewswire.com/NewsRoom/AttachmentNg/9f234c8a-55a7-475f-a746-12601905477e

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Victoria Gold: 90% done

I happen to like the Victoria Gold mine building videos a lot. Here’s the new one.

 

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The Aben Resources Cycle

Technical analyst Clive Maund explains why he believes shares of this Golden Triangle explorer are at a good entry point over at Streetwise Report.

Maund’s point is that in British Columbia’s Golden Triangle you can only drill between about mid-May and the beginning of October. The rest of the time you are under several feet of snow. This, in turn, means that drill results and market interest tend to peak from mid July to September.  At that point the key results have been released and the shares of most of the Golden Triangle companies sell off.

Looking at Aben Resources (V.ABN) with an entry point before the end of May gives an investor an exposure to whatever good news comes from the drills which should be turning shortly.

We’re looking forward to doing an interview with Aben CEO Jim Pettit in the very near future.

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Marathon Gold Announces Retirement of CEO and Succession Plan

Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) announced today that Phillip Walford, President and Chief Executive Officer, has advised the Company that he will retire as CEO once a successor is hired and he has agreed to assist the Board of Directors to ensure a seamless transition.  Following his retirement, Mr. Walford will continue to serve as a director of the Company and will be available to provide ongoing input and support with respect to the Company’s flagship Valentine Gold Camp.  The Board of Directors has commenced a global search for a new President and CEO who has the expertise and track record to lead the company through the next phase of development and construction of the Valentine Gold Camp.

Mr. Faught, Chairman of the Board stated, “On behalf of the Board of Directors we would like to thank Phill for his leadership and outstanding achievements over the last decade in conducting highly successful exploration drilling programs at the Valentine Gold Camp and for the key role he played in expanding the resource profile and confirming the economic potential of the Valentine Gold Camp.  We congratulate Phill for his success and valuable contributions to Marathon and now look forward to hiring a new CEO with the experience to lead the Valentine Gold Camp through continued growth and value creation as we embark on the next stages of development and construction.  We believe that development of the Valentine Gold Camp will prove to be the pinnacle of Phil’s 50-year career in the Canadian mining industry.”

Mr. Walford, President and CEO commented, “I wish to thank the Board of Directors, management, employees and our dedicated shareholders for all of the support you have given me through the years.  I remain steadfastly confident in the greater potential and future of the Valentine Gold Camp and I believe this is the ideal time for me to step aside and allow my successor to complete the journey that we started at the Valentine Gold Camp almost ten years ago.”

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, mainly pit-shell constrained, deposits with measured and indicated resources totaling 2,691,400 oz. of gold at 1.85 g/t and inferred resources totaling 1,531,600 oz. of gold at 1.77 g/t.  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 50% to 70% recoveries via lower cost heap leaching at both the Marathon and Leprechaun Deposits.

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

For more information, please contact:
George FaughtPhillip Walford
ChairmanPresident and Chief Executive Officer
Tel: 1-416-505-5865Tel: 1-416-987-0711
E-mail: gfaught@gmail.comE-mail: pwalford@marathon-gold.com
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