Marathon Gold (T.MOZ)

T.MOZ, Marathon GoldNEWFOUNDLAND’S NEXT GOLD CAMP

Marathon (T.MOZ) is a Toronto based gold exploration company Marathon company focused on its 100% owned Valentine Gold Camp located in central Newfoundland. The Valentine Gold Camp currently hosts four near-surface, mainly pit-shell constrained, gold resources totaling 1,388,200 oz. gold at 1.91 g/t (Measured & Indicated) and 766,500 oz. gold at 2.24 g/t (Inferred), (February 2017). These resources, open along strike and to depth, cover less than 10% of the total length of the highly prospective Valentine Lake Thrust Fault and associated splay faults which host the majority of the gold mineralization within the property.

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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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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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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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Marathon…A world class gold deposit

If you want the bullet on Marathon Gold (T.MOZ) spend three minutes watching this video from JustMiningStocks:

 

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Marathon Drilling Further Confirming Continuity of Main Zone Gold: 3.52 g/t Au over 45.0m, 2.61 g/t Au over 75.0m and 1.82 g/t Au over 50.0m, Valentine Gold Camp, NL

Drilling Highlights:

  • The ongoing infill drilling program at the Marathon Deposit is designed to penetrate down through the main mineralized corridor as well as into the hanging wall and foot wall zones of the open pit (Figure 1). The aim of the infill drilling campaign is three-fold: to increase confidence in the lateral and vertical continuity of high-grade gold mineralization by drilling between adjacent drill holes; to penetrate gold intervals in the hanging wall and footwall regions where there is wide spaced drilling; and to convert inferred into measured and indicated resource categories.
    • Main Zone: MA-19-372 intersected 3.52 g/t Au over 45.0 meters with 16.16 g/t Au over 2.0 meters and 14.25 g/t Au over 4.0 meters, as well as 3.35 g/t Au over 16.0 meters with 18.28 g/t Au over 2.0 meters.
    • Main Zone: MA-19-370 intersected 2.61 g/t Au over 75.0 meters with 7.71 g/t Au over 6.0 meters, 20.27 g/t Au over 2.0 meters and 28.44 g/t Au over 2.0 meters.
    • Main Zone: MA-19-361 intersected 1.82 g/t Au over 50.0 meters with 5.35 over 6.0 meters and 6.13 g/t Au over 3.0 meters.
    • Hanging Wall: MA-19-364 intersected 2.23 g/t Au over 6.0 meters and 5.65 g/t Au over 3.0, and MA-19-365 intersected 1.84 g/t over 4.0 meters.
    • Footwall Zone: MA-19-362 intersected 2.23 g/t Au over 11.0 meters, and MA-19-369 intersected 1.93 g/t Au over 8.0 meters.

Program Update:

  • The 2019 infill drilling campaign continues at the Valentine Gold Camp with two drills operating at the Leprechaun deposit and one drill operating at the Marathon Deposit.
  • Advanced metallurgical testing of material from both the Marathon and Leprechaun Deposits is continuing with focus on optimizing both mill and heap leach recoveries.
  • An Environmental Assessment Registration / Project Description was submitted to the Federal and Provincial regulators on April 5, 2019; a key step in the overall regulatory approvals process.

TORONTO, April 11, 2019 (GLOBE NEWSWIRE) — Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to announce the continued success of the infill drilling campaign at the Marathon deposit. The new drilling has returned excellent results proving further lateral and vertical continuity of the high-grade gold between adjacent drill holes and confirming significant gold intervals in both hanging wall and footwall zones of the deposit to help reduce the strip ratio for the open pit. These drilling results continue to provide further confirmation of Marathon’s geological model and will assist in upgrading existing inferred resources within the Marathon Deposit into the Measured and Indicated resource categories.

“The 2019 drilling program is producing impressive results at the Marathon and Leprechaun deposits. At Marathon, the Main Zone is being drilled at a spacing of 10 to 20 meters between holes to give Measured and Indicated resources showing very good correlation with most of the high-grade intercepts in adjacent holes,” said Phillip Walford, President and CEO of Marathon Gold. “All of the holes  we are reporting are in the Marathon PEA pit shell and the longer intercepts reported in this release will have a positive impact on the resource grade.”

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

DDHZone*SectionFromToCore
Length
(m)
True
Thickness
(m)
Gold g/tGold g/t
(cut)*
MA-19-372MZ172201654.81.47
 17624542.83.523.48
including 212321.916.16 
including 303443.814.2513.90
including 404221.99.41 
including 586021.98.17 
 77931615.23.35
including 808221.918.28
 130140109.52.37
including 13113321.95.91
MA-19-371FW1727012012332.61.51
 14715254.32.45
MA-19-370MZ17220101332.91.03
 192454.81.42
 283132.91.01
 41541312.41.49
 841163230.41.09
 13414065.71.76
   1462217571.32.61
including  15515832.94.07
including  17017665.77.71
including  19619821.920.27
including  21521721.928.44
MA-19-369FW17220465376.71.61
 828532.92.12
 14215087.61.93
 16516832.92.09
MA-19-368FW1720081132.91.80
MA-19-367FW17200444732.35.21
MA-19-365HW1710011411732.91.50
 13013443.81.84
MA-19-364HW17100546065.72.23
 11712032.95.65
MA-19-363HW17090495565.71.65
 10410732.91.59
 13113432.91.15
MA-19-362FW1731012512832.92.10
 26827132.93.59
 2762871110.52.23
MA-19-361MZ173102525047.51.82
including 2532.96.13
including 374365.75.35
10010665.73.04

* Cut to 45 g/t Au, MZ = Main Zone, HW = Hanging Wall, FW = Foot Wall

Figure 1: Location of drill hole collars MA-19-361 to MA-19-372, Marathon Deposit.
http://www.globenewswire.com/NewsRoom/AttachmentNg/769401f5-09b4-4f81-87f0-9b8f65aa46bc

A 3D Model of the Marathon Deposit showing drill holes MA-19-361 to MA-19-372 is available at www.corebox.net.

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 (85-95% of core length).

About Marathon

Marathon is a Toronto based gold exploration company rapidly advancing its 100% owned Valentine Gold Camp located in Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Valentine Gold Camp 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 to depth and on strike. Gold mineralization has been traced down over 350 meters vertically at Leprechaun and almost a kilometer at Marathon. 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 low cost heap leaching at both the Leprechaun and Marathon Deposits.

To find out more information on the Valentine Gold Camp 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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Leprechaun Main Zone Infill Drilling Hits New High-Grade Gold: 11.83 g/t Au over 22.0m, 9.02 g/t Au over 22.0m and 2.52 g/t Au over 71.0m, Valentine Gold Camp, NL

Drilling Highlights:

  • New intersections of high-grade gold have been discovered during drilling down through the en-echelon stacked quartz-tourmaline-pyrite veining of the Main Zone corridor, Leprechaun Deposit (Figures 1 and 2). These new high-grade gold intercepts, with abundant visible gold (Figure 2), have resulted in widening of the Main Zone corridor to up to 75 meters, extending the high-grade gold mineralization to the bottom of the proposed open pit, and further confirming the along-strike continuity of the high-grade gold between adjacent drill holes in the central portion of the Leprechaun Deposit.
      VL-19-679 intersected 11.83 g/t Au over 22.0 meters including 38.03 g/t Au over 4.0 meters, 9.02 g/t Au over 22.0 meters including 21.04 g/t Au over 8.0 meters, 25.78 g/t Au over 6.0 meters including 147.55 g/t Au over 1.0 meter, and 3.23 g/t Au over 8.0 meters.
      VL-19-680 intersected 2.52 g/t Au over 71.0 meters including 9.06 g/t Au over 4.0 meters and 36.89 g/t Au over 1.0 meters, 20.10 g/t Au over 3.0 meters and 4.85 g/t Au over 4.0 meters.
    –  Thick ice conditions along the edge of Leprechaun Pond have provided for safe ice drilling for the first time in eight years and allowed Marathon to complete long-awaited critical drilling along the strike length of the Main Zone corridor of the Leprechaun Deposit.

          
Program Update:

  • The ongoing infill drilling campaigns at both the Leprechaun and Marathon Deposits are focused on increasing measured and indicated resources, while also extending the lateral continuity of the high-grade mineralized zones and continuing to validate the mineralization boundaries.
  • Advanced metallurgical testing of material from both the Marathon and Leprechaun Deposits is continuing with a focus on optimizing both mill and heap leach recoveries.
  • Marathon began public consultations, with meetings held in Buchans, Millertown, and Grand Falls-Windsor during March 2019. These meetings were well attended with informative discussions and an overall very positive atmosphere.
  • An Environmental Assessment Registration/Project Description for the Project will be submitted to the Federal and Provincial regulators in early April, a key step in the overall regulatory approvals process.

TORONTO, April 02, 2019 (GLOBE NEWSWIRE) — Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to announce the excellent results from infill drilling down through the SW dipping, en-echelon stacked QTP-Au veining of the Leprechaun Deposit’s Main Zone corridor. Drill holes VL-19-679 and VL-19-680, collared along the upper edge of the Main Zone corridor (Figures 1 and 2), are the initial two of a series of planned drill holes that will cover a 700-meter strike length of the Main Zone corridor and 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. 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 Leprechaun Deposit 2019 infill drilling program has two main objectives; first, to further confirm the geological model for the Leprechaun Deposit by demonstrating the extensive along strike and lateral continuity of the QTP-Au veining, and second, to continue to upgrade Inferred resource material into the Measured and Indicated resource categories.

“These new high-grade gold intercepts are expected to add significantly to the next resource update for the Leprechaun Deposit, not only by upgrading the inferred resources to measured and indicated resource categories but also at a much higher grade than is in the present block model.”, said Phillip Walford, President and CEO of Marathon. “The new drill holes are extending the high-grade gold in width, strike length and down dip. The results are infilling between previously identified high-grade gold in adjacent drill holes.”

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

DDHSectionFromToCore
Length
(m)
True
Thickness
(m)
Gold g/tGold g/t
(cut)*
VL-19-6791006081464.825.788.69
including131410.8147.5545.00
8292108.01.20
10411286.43.23
1521742217.69.027.55
including16116986.421.0417.01
18118432.44.45
1892112217.611.838.95
including19419843.238.0322.20
including20020221.616.76
VL-19-68010080121532.43.08
21927156.82.52
including313210.836.89
including394343.29.06
including909221.66.51
24424732.42.19
28028332.420.1015.07
31331632.43.50
32532943.24.85
* Cut to 45 g/t Au


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 (95% of core length).

About Marathon

Marathon is a Toronto based gold exploration company rapidly advancing its 100% owned Valentine Gold Camp located in Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Valentine Gold Camp 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 to depth and on strike. Gold mineralization has been traced down over 350 meters vertically at Leprechaun and almost a kilometer at Marathon. 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 low cost heap leaching at both the Leprechaun and Marathon Deposits.
To find out more information on the Valentine Gold Camp 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/86f7c90d-a2a8-4cc0-92e1-11d1a0d7443f

http://www.globenewswire.com/NewsRoom/AttachmentNg/db8ac38b-3b97-43aa-bcdc-20e949599590

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Marathon Gold Announces 2018 Financial Results

Marathon Gold Corporation (MOZ-TSX) (“Marathon”) announced today its financial results for the year ended December 31, 2018.

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 Lake Gold Project.

Marathon completed the following activities in the year ended December 31, 2018, and subsequently to the date of this press release:

Financing and Liquidity:

At December 31, 2018, Marathon’s cash position was $3.7 million compared to $7.2 million at December 31, 2017.  In July 2018, Marathon closed a bought deal prospectus financing of common shares and flow through shares which generated aggregate gross proceeds of $8.1 million and net proceeds of $7.3 million.

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 “FN NSR”) for proceeds of $18 million, which will fund Marathon’s exploration and technical work through to completion of the PFS.  The FN 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.

Mineral Resource Estimate:

In October 2018, Marathon released an updated mineral resource estimate which served as the foundation for the updated PEA, the highlights of which were communicated in a press release dated October 30, 2018.  This revised resource estimate incorporated the results of drilling on the property through October 6, 2018.

At the date of this press release, the Valentine Lake property hosts a total Measured and Indicated resource of 2.7 million ounces of gold at a grade of 1.85 g/t and an additional Inferred resource of 1.5 million ounces at a grade of 1.77 g/t.

Updated Preliminary Economic Assessment:

In October 2018 Marathon completed an update to its initial PEA on the Valentine Lake project.  This work was led by Lycopodium Minerals Canada and John T. Boyd Company.   The results of the PEA were communicated in a press release dated October 30, 2018 and an accompanying NI 43-101 compliant report was filed on SEDAR on November 30, 2018.

The main driver for this updated PEA was the significant increase in mineral resources, reflecting a highly successful 2018 drilling program.  The results of this study represent a significant improvement over the results of the May 2018 PEA, confirming a potential mining operation involving conventional mill processing and heap leaching, producing an average of 225,100 ounces of gold per year during  the first 12 years of operation at an all-in sustaining cost (“AISC”) of US$666 per ounce and generating an after-tax IRR of 30% on estimated pre-production costs of US$355 million.  The project is anticipated to produce an after-tax NPV (5%) of US$493 million.  The after-tax payback period is a desirable 2.5 years in a 12.2-year mine life.

As a follow-up to the results of the PEA, metallurgical work being carried out by SGS Lakefield and underway at the date of this press release is expected to result in optimized recoveries for use in the PFS.

Drilling:

Diamond drill programs, which ran from January to March and May to October 2018, focused on:

  • expanding and upgrading the Marathon and Leprechaun resources in support of the May and October 2018 PEA’s;
  • infill drilling at the Marathon Deposit intended to upgrade inferred resources to the measured and indicated categories and additional drilling in the hanging wall and footwall of the main area of the deposit;
  • completing a program of widely spaced exploration holes in the 3.5-kilometer Gap zone between the Sprite and Marathon Deposits to determine the potential of this area of the property, which has seen little in the way of exploration activity, to host mineral resources; and
  • initial exploration drilling in the area immediately southwest of the Victory deposit, following on from promising results obtained from a summer program of prospecting and trenching.

Marathon’s 2019 drilling programs at the Marathon and Leprechaun deposits, which are underway, are intended to upgrade inferred resources to the measured and indicated categories as Marathon moves to complete the PFS and to provide greater confidence in the continuity of high-grade material in the core of each deposit.  Results to date at each deposit have been very favourable.

Operating Results:

The results of operations for the three- and twelve-month periods ended December 31, 2018 and 2017 are summarized below.

Three months endedYear ended
December 31December 31
2018201720182017
 $$$$
 
Expenses:  
Exploration expenses93596122,749109,650
General and administrative expenses364,024423,5022,349,3232,516,676
Other finance expense50,65147,626162,240
Other income – royalties related to gold sales by the Golden Chest mine(25,566)(59,114)
Interest income(12,710)(79,369)
Foreign exchange loss(10,722)(7,069)(13,799)(2,656)
Loss before tax328,671455,3352,346,7852,706,541
Income tax expense (recovery)409,6523,400,849500,1971,304,362
Loss for the period738,3233,855,8242,846,9824,010,903
  

This press release should be read in conjunction with Marathon’s consolidated financial statements for the years ended December 31, 2018 and 2017 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 exploration company rapidly advancing its 100% owned Valentine Lake Gold Camp located in Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Valentine Lake Gold Camp 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 to depth and on strike. Gold mineralization has been traced down over 350 meters vertically at Leprechaun and almost a kilometer at Marathon. 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 Lake 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 low cost heap leaching at both the Leprechaun and Marathon Deposits.

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

For more information, please contact:

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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Marathon’s Infill Drilling Continues Hitting New High-Grade Open-Pit Gold: 12.49 g/t Au over 13.0m, 4.19 g/t Au over 12.0m and 3.73 g/t Au over 15.0m, Valentine Lake Gold Camp, NL

Drilling Highlights:

  • The ongoing open-pit infill drilling program at the Marathon Deposit is designed to penetrate down through the main mineralized corridor with the aim of continuing to increase confidence in the lateral continuity of high-grade gold mineralization between adjacent drill holes, and also moving inferred into measured and indicated resource categories. These latest drill holes into the core of the Marathon open-pit deposit were very successful; having intersected numerous new wide high-grade gold intervals to be incorporated into a future resource update (Figures 1 and 2):
    • MA-19-357 intersected 12.49 g/t Au over 13.0 meters including 22.55 g/t Au over 7.0 meters, and 3.73 g/t Au over 15.0 meters including 6.28 g/t Au over 4.0 meters.
    • MA-19-359 intersected 4.19 g/t Au over 12.0 meters including 14.20 g/t Au over 3.0 meters and 4.78 g/t Au over 9.0 meters including 12.18 g/t Au over 3.0 meters.
    • MA-19-360 intersected 1.43 g/t Au over 40.0 meters including 4.03 g/t Au over 2.0 meters and 3.27 g/t Au over 2.0 meters.

2019 Program Update:

  • The February 21, 2019 announced sale of a 2% NSR to Franco Nevada not only raised $18 million in proceeds to carry put our aggressive engineering, drilling and environmental programs; but also provides a major endorsement of the Valentine Lake project by one of the best known and regarded public royalty companies.
  • The ongoing 2019 Marathon Deposit infill drilling campaign continues to focus on increasing both measured and indicated as well as inferred resources at what is already the largest resource in the Valentine Lake Gold Camp. The results of this infill drilling continue to validate the mineralization boundary in the block model as well as the lateral continuity of the high-grade mineralized zones.
  • Advanced metallurgical testing being done by SGS of material from both the Marathon and Leprechaun Deposits is continuing with focus on optimizing both mill and heap leach recoveries which we expect completion in Q2.
  • A Project Description is being prepared for submission to the Federal and Provincial regulators, a key step in the overall regulatory approvals process which we expect completion in Q2.

TORONTO, March 06, 2019 (GLOBE NEWSWIRE) — Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to announce the continuing excellent results from infill drill holes which were strategically located between existing, strongly mineralized drill holes in the open pit portion of the Marathon Deposit (Table 1, Figures 1 and 2). The drill holes succeeded in intersecting strongly mineralized, en-echelon stacked QTP-Au veining with thick intervals of higher-grade gold intercepts. The intent of the infill drilling program is two-fold; first, to further confirm Marathon’s geological model by demonstrating the extensive lateral continuity of the QTP-Au veining into adjacent drill holes both along and across a more than 140 meter strike that has been infill drill tested so far; and second, to continue to upgrade Inferred resource material into the Measured and Indicated resource categories.

“The continued success of the infill drilling campaign at the Marathon Deposit is very important as we not only continue to build economic gold resources focused on open-pit mining of the Marathon Deposit, but also continue to further validate our geological model with each drill hole that intersects new VG and wide intervals of high-grade gold between previous adjacent drill holes”, said Phillip Walford, President and CEO of Marathon Gold. “The very positive drilling results are expected to lead to a significant upgrade of Inferred to Measured and Indicated resources while also adding additional Inferred material. Assays are pending on more drill holes with wide intervals of VG-bearing QTP veining.”

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

DDHSectionFromToCore
Length
(m)
True
Thickness
(m)
Gold g/tGold g/t
(cut)*
MA-18-35317120353832.91.19
13914232.91.43
MA-18-35417240798787.61.70
13113765.72.71
including13113321.93.73
 1641953129.51.17
including18118321.93.19
MA-18-3541724013914232.70.93
16116432.73.36
MA-18-35617260576587.61.42
909332.98.42
16516832.91.60
17417843.81.49
MA-18-35717260931061312.412.499.43
including9310076.722.5516.86
14915454.83.56
 1591741514.33.73
including16617043.86.28
MA-18-358171803743.81.12
646732.92.20
10410843.82.75
22322743.82.25
 25025443.87.86
including25325411.019.83
MA-18-3591714081132.91.76
 1401521211.44.19
including14915232.914.20
18218754.81.44
24424732.91.77
 25025998.64.78
including25025332.912.18
MA-18-3601712013613932.913.23
 1822224038.01.43
including18218421.94.03
including19619821.93.27

Figure 1: http://www.globenewswire.com/NewsRoom/AttachmentNg/bcae3a37-dc8e-4ba6-bfe2-533f536fd51c

Figure 2: http://www.globenewswire.com/NewsRoom/AttachmentNg/cfd4006d-4a23-4ecc-8df0-46317cab9295

Sherry Dunsworth, Sr. VP of Exploration at Marathon Gold will be doing a technical presentation on Wednesday, March 6th, 2019 at the 2019 PDAC titled “Marathon’s Valentine Gold Camp: The largest gold deposit in eastern Canada” at 10:50 am to 11:15 am in room 716.

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 (90-95% of core length).

About Marathon

Marathon is a Toronto based gold exploration company rapidly advancing its 100% owned Valentine Lake Gold Camp located in Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Valentine Lake Gold Camp 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 to depth and on strike. Gold mineralization has been traced down over 350 meters vertically at Leprechaun and almost a kilometer at Marathon. 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 Lake 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 low cost heap leaching at both the Leprechaun and Marathon Deposits.

To find out more information on the Valentine Lake Gold Camp 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: Just Received The Franco-Nevada Stamp Of Approval

Excellent article by FI Fighter over at Seeking Alpha on Marathon Gold and the implications of the Franco-Nevada 18 million dollar 2% net smelter royalty purchase.

“In the context of a bull market in precious metals, shares of Marathon Gold should do well and coincide with a rising gold price, perhaps even outperforming the returns of physical gold due to the strong leverage the Valentine Lake Gold Project offers due to its sizable resource base. Perhaps the icing on the cake would be if Valentine Lake can eventually become so large (not to mention high quality enough) of an asset that even the larger-cap producers simply won’t be able to ignore.”

Take a moment and go and read the whole thing.

 

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