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Marathon Gold Reports Additional Drill Results from Marathon Deposit at Valentine Gold Project, NL

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

October 17, 2019 Drill MapOctober 17, 2019 Cross Section 16750EOctober 17, 2019 Cross Section 16920E

  • Main Zone: MA-19-450 intersected 3.99 g/t Au over 29.0 meters including 20.76 g/t Au over 1.0 meter and 65.15 g/t Au over 1.0 meter, and  7.52 g/t Au over 3.0 meters.
  • Main Zone: MA-19-448 intersected 3.94 g/t Au over 20.0 meters including 20.35 g/t Au over 2.0 meters, and 5.45 g/t Au over 3.0 meters.
  • Main Zone: MA-19-442 intersected 2.17 g/t Au over 52.0 meters including 7.14 g/t Au over 5.0 meters, 20.34 g/t Au over 1.0 meter and 16.52 g/t Au over 1.0 meter.
  • Main Zone: MA-19-443 intersected 2.25 g/t Au over 18.0 meters including 22.12 g/t Au over 1.0 meter, as well as 3.08 g/t Au over 3.0 meters and 2.94 g/t Au over 3.0 meters.
  • Main Zone: MA-19-444 intersected 2.76 g/t Au over 6.0 meters including 66.0 g/t Au over 2.0 meters.
  • Main Zone: MA-19-446 intersected 9.99 g/t Au over 5.0 meters including 18.69 g/t Au over 2.0 meters.
  • Main Zone / Footwall Zone: MA-19-447 intersected 4.85 g/t Au over 9.0 meters including 13.50 g/t Au over 2.0 meters, as well as 19.23 g/t Au over 3.0 meters.
  • Main Zone / Hanging Wall Zone: MA-19-445 intersected 2.17 g/t Au over 10.0 meters, including 8.85 g/t Au over 2.0 meters as well as 2.05 g/t Au over 3.0 meters.

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

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

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

TABLE 1: Significant assay intervals, Marathon Deposit, Valentine Gold Camp
DDHZone*SectionAzDipFromToCore
Length
(m)
True
Thickness
(m)
Gold_g/tGold_g/t
(Cut)
MA-19-436FW16770163-809610043.82.81
MA-19-438MZ16860343-81727532.91.52
11011332.91.07
13113432.91.42
16416954.81.22
23023665.71.61
MA-19-440MZ16770163-85737632.92.02
889132.91.97
11311632.91.56
12312632.91.42
14314632.91.21
MA-19-442MZ16750343-87111543.82.61
11812243.81.89
12412732.94.84
13814132.93.31
14715476.71.71
1682205249.42.17
including17417511.020.34
including17918011.016.52
including21522054.87.14
23423843.83.30
MA-19-443MZ16880343-80364154.81.01
666932.91.36
72901817.12.25
including777811.022.12
10210532.91.47
13513832.92.03
15816354.81.21
18919565.71.10
19920232.91.75
21421732.92.94
23023332.91.53
28729032.91.42
29630043.83.08
MA-19-444MZ16920343-76384132.72.24
646843.63.72
23223865.42.76
including23223421.86.60
31531832.72.75
MA-19-445MZ-HW16710343-651323108.52.17
including131521.78.85
17017332.62.05
17618486.81.75
23924232.61.90
MA-19-446MZ16900343-80374032.91.04
657498.61.08
818432.91.36
909332.92.72
10110432.92.24
12412732.92.18
18919454.89.99
including19119321.918.69
MA-19-447MZ-FW16980343-81535743.82.24
778032.94.57
889132.92.73
13414398.64.85
including14114321.913.50
24224532.919.2315.04
MA-19-448MZ16700343-84606332.91.27
12412732.95.45
1461662019.03.94
including15215421.920.35
24925232.92.67
MA-19-449MZ-FW16900343-79687132.91.48
767932.91.45
14715032.91.33
15916232.91.55
MA-19-450MZ16920343-80576143.82.82
811102927.63.993.30
including939411.020.76
including10310411.065.1545.00
11712143.82.51
14915898.61.51
19319632.91.05
30731032.97.52
* MZ=Main Zone, FW = Footwall Zone, HW = Hanging Wall Zone
** No significant intervals in MA-19-437 (FW), MA-19-439 (HW) and MA-19-441 (MZ)

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

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

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

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

Acknowledgments

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

Qualified Person

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

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

QA/QC protocols followed at the Valentine Gold Project include the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one half retained at site, the other half tagged and sent to Eastern Analytical Limited in Springdale, Newfoundland. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.10 g/t Au in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold. Significant mineralized intervals are reported in Table 1 as core lengths and estimated true thickness (85% – 95% of core length).

About Marathon

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

Acknowledgments

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

For more information, please contact:
Matthew Manson, PhDChristopher Haldane
President and Chief Executive OfficerManager Investor Relations
Tel: 416-987-0711Tel: 416-987-0714
Email: mmanson@marathon-gold.comEmail: chaldane@marathon-gold.com
To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com.

Cautionary Statement Regarding Forward-Looking Information

Certain information contained in this news release constitutes forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that Marathon expects to occur are forward-looking statements. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “considers”, “intends”, “targets”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. More particularly and without restriction, this press release contains forward-looking statements and information about future exploration plans, objectives and expectations of Marathon, future mineral resource and mineral reserve estimates and updates and the expected impact of exploration drilling on mineral resource estimates, future pre-feasibility and feasibility studies and environmental impact statements and the timetable for completion and content thereof and statements as to management’s expectations with respect to, among other things, the matters and activities contemplated in this news release.

Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. In respect of the forward-looking statements and information concerning the interpretation of exploration results and the impact on the project’s mineral resource estimate, Marathon has provided such statements and information in reliance on certain assumptions it believes are reasonable at this time, including assumptions as to the continuity of mineralization between drill holes. A mineral resource that is classified as “inferred” or “indicated” has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category of mineral resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable mineral reserves.

By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved.  Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability of the current exploration program to identify and expand mineral resources, operational risks in exploration and development for gold, delays or changes in plans with respect to exploration or development projects or capital expenditures, uncertainty as to calculation of mineral resources, changes in commodity and power prices, changes in interest and currency exchange rates, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral resources), changes in development or mining plans due to changes in logistical, technical or other factors, cost escalation, changes in general economic conditions or conditions in the financial markets. delays and other risks described in Marathon’s documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in Marathon’s Annual Information Form for the year ended December 31, 2018 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. Other than as specifically required by law, Marathon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.

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White Gold Corp. Trenches 83.13 g/t Gold over 2.2m, 30.86 g/t Gold over 7m and 24.86 g/t Gold over 7m on Vertigo and Encounters High-Grade Trench Results on Multiple New Targets Further Demonstrating Regional Scale High Grade Mineralization Across the JP Ross Property

White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the “Company”) is pleased to announce positive trench and surface sample results on the Vertigo target and other surrounding targets on its JP Ross (“JPR”) property, including the Sabotage, North Frenzy and Topaz targets. These results further validate at least four high-grade gold trends over a 15km by 15km area, including 10 gold targets on the JPR property located 25km north-east of the Company’s flagship Golden Saddle & Arc deposit. The 2019 trenching and surface sampling program was designed to follow up on and obtain a better understanding of the targets’ specific host rocks, styles of mineralization, structural controls and to ultimately define drill targets on these newly discovered gold in soil anomalies, with follow up RAB drilling to be conducted in the current and future seasons. The Company’s fully-funded $13 million 2019 exploration program backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC) includes diamond drilling on the Vertigo target (JP Ross property), Golden Saddle & Arc deposits (White Gold property) as well as soil sampling, prospecting, GT Probe, trenching and RAB/RC drilling on various other properties across the Company’s expansive land package located in the prolific White Gold District, Yukon, Canada.

Highlights Include:

  • Vertigo and surrounding targets produced some of the highest-grade trench results to date with assays ranging from trace to 140 g/t Au, on the road accessible JPR property.
  • Results further validate a robust regional-scale, structurally controlled, mineralized system across at least four identified high-grade gold trends over 15km x 15km area, including at 10 gold targets identified to date on the JPR property.
  • Vertigo trenches included JPRVER19T010 encountering 24.86 g/t Au over 7m, including 53.43 g/t Au over 3.2m and 125.5 g/t Au over 1m; JPRVER19T011 encountering 30.86 g/t Au over 7m, including 102.15 g/t Au over 2m and JPRVER19T013 encountering 83.13 g/t Au over 2.2m, including 120 g/t Au over 1m.
  • JPR property trench JPRSAB19T016 on the Sabotage target returned 2.69 g/t Au over 10m, including  4.49 g/t Au over 2.5m, and grab samples up to 14.4 g/t Au; Trench JPRNRF19T008A on the North Frenzy target  returned 2.48 g/t Au over 5m, including 4.02 g/t Au over 2m; Trench JPRTOP19T005 on the Topaz target returned 0.368 g/t Au over 18m, including 1.03 g/t Au over 7m.
  • Regional exploration activity is ongoing across the White Gold, JPR and Hen (Titan target) properties, with related soil sampling, prospecting, GT Probe sampling, trenching and RAB/RC drill results to be released in due course.
  • Additional drill results for the Vertigo discovery and the QV deposit are forthcoming and will be released in due course.

Images to accompany this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.

“We are extremely pleased with the continued ultra-high-grade results on the Vertigo and newly discovered Sabotage, Topaz and North Frenzy targets on our JP Ross property, further validating that the abundant high-grade gold mineralization is part of a robust regional scale structurally controlled system. To date at least 10 gold targets have been identified on this property, supporting our theory that Vertigo is one of many potential deposits in the area,” stated David D’Onofrio, Chief Executive Officer. “We have now identified at least four distinct gold trends across a 15km by 15km area on the property, including the 1,500m Vertigo trend, which appears to be a source of the rich placer production in the area. This program provided valuable insight into the orientation and geometry of the mineralized systems – information that will be used as part of our scientific and data driven approach to identify drill targets to be followed up on in in the current and future seasons.”

JP Ross Property
A total of 62 trenches/pits over 1,625m were placed on 9 target areas across the JP Ross property. The trenches ranged from 2m – 59m in length and ranged in depth from 0.5m to >2m in depth, depending on location and ground conditions. The trenching was conducted using a Can-Dig heliportable excavator with five Vertigo trenches (JPRVER19T010 – JPRVER19T014) excavated into bedrock using a tracked excavator. Continuous composite chip samples were collected from each trench in lengths ranging from 0.5 – 4m (avg. 2.27m) and individual assays for the chip sampling ranged from trace to 140 g/t Au. Grab samples were also collected from selected trenches with results received to date ranging from trace to 38.9 g/t Au. The most significant results were returned from the Vertigo, Sabotage, North Frenzy and Topaz targets and discussed in more detail below.

Vertigo
A total of 16 trenches were excavated in the Vertigo area. The initial 11 trenches were designed to evaluate and expand the mineralized trends identified on the target. The final five trenches utilized a tracked excavator that could expose additional in-situ alteration and mineralization deeper into the bedrock.  The most significant results are discussed in more detail below.

JPRVER19T006 was placed on the western extent of the Vertigo to follow up on high grade prospecting samples in the area. The trench returned 4.17 g/t Au over 2m and 1.54 g/t Au over 2m from opposite ends of the trench, confirming bedrock mineralization over 300m along strike to the west of 2019 diamond drilling. The mineralization in the trench is associated with strongly oxidized quartz veining and brecciation and shows an association with elevated Ag-Bi-Pb and grab samples up to 5.65 g/t Au.

JPRVER19T010 was a re-excavation of previously released trench JPRVER18T002 which had returned 109.93 g/t Au over 3m. This follow up trenching was completed to provide additional visibility into the bedrock’s high-grade mineralization. The trench exposed a 3m, E-SE trending, moderately south dipping, zone of quartz veining and brecciation with semi-massive sulfide mineralization (arsenopyrite-galena-chalcopyrite-pyrite) and localised visible gold. Alteration and anomalous mineralization extend at least 3m beyond, in the hanging wall, of the zone to the end of the trench. Composite chip sampling in the trench returned 24.86 g/t Au over 7m; including 53.43 g/t Au over 3.2m and 125.5 g/t Au over 1m.

JPRVER19T011 was a re-excavation of previously released trench JPRVER18T003 which had returned 20.79 g/t Au over 8m. This follow up trenching was completed to provide deeper and greater visibility into the zone’ high-grade mineralization. The new trenching exposed a 2m, E-SE trending, moderately south dipping, zone of quartz veining and brecciation with semi-massive sulfide mineralization (arsenopyrite-galena-chalcopyrite-pyrite) and localised visible gold within a broader zone of alteration and anomalous mineralization. Composite chip sampling in the trench returned 30.86 g/t Au over 7m; including 102.15 g/t Au over 2m.

JPRVER19T012 is located approximately 25m east of trench 011 above. Can-Dig trench JPRVER19T004 was initially placed in the area but failed to reach bedrock. The new trenching exposed 2 zones of mineralization in the area. The upper zone returned 9.66 g/t Au over 1.3m and the lower returned 37.9 g/t Au over 2m. Both were associated with quartz veining, brecciation and semi-massive sulfide mineralization (arsenopyrite-galena-chalcopyrite-pyrite), similar too trenches 10 & 11 above.

JPR trenches JPRVER19T010 to 012 confirm a continuous shoot of high-grade mineralization over a minimum 75m strike length at true widths ranging between 2 – 7m and average grades >20 g/t Au. Initially reported diamond drilling results in hole JPRVER19D005 & 006 were beneath trench 10 and confirm this high-grade mineralization continues to a minimum of depth of 35m downdip. It is anticipated that the high-grade mineralization will occur along individual structures in plunging shoots, as is common in high-grade, structurally controlled, gold deposits. Diamond drilling was also conducted under the projection of this zone to the east to refine the geometry and plunge controls for future work.

JPRVER19T013 is located approximately 145m west of trench 010 and 15m east of 2018 RAB hole JRPRVERRAB18001 (56.25 g/t Au over 3.05m from 3.05m depth). The new trenching exposed a 2.2m zone of strongly oxidized quartz veining and brecciation, with locally abundant visible gold, trending E-SE and dipping moderately to the south. Composite chip sampling within the trench returned 83.13 g/t Au over 2.2m, consisting of 52.4 g/t Au over 1.2m and 120 g/t Au over 1m. Alteration and anomalous mineralization extend up to 9m within the hanging wall of the zone. The mineralization exposed in trench 13 was considered a high priority for follow up diamond drilling and 3 holes were placed beneath the trench and assays are currently pending. The zone is on strike with mineralization intercepted in JRPRVERRAB18001 and represents a separate high-grade zone from that intercepted in trenches JPRVER19T010 – 012.

JPRVER19T014 is located approximately 50m to the SW of trench 13 and was designed to evaluate the area for potential subparallel zones of mineralization based on RAB drilling results in the area. A broad, 9m zone of alteration, localised veining with sulfide mineralization, and brecciation were noted in the trench. Chip samples returned 0.66 g/t Au over 9m. Select grab samples of mineralized material within the trend returned results of 13.75 g/t Au and 5.01 g/t Au.

Vertigo Trench Highlights:
Individual assays for the reported results ranged from trace to 140 g/t Au. The most significant trench results for Vertigo included in this release are included in the table below:

Significant ResultsNotes
Trench IDLength (m)From (m)To (m)Interval (m)Au (g/t)
JPRVER19T004-C50.05.05.07.37Max assay 11.95 g/t Au
JPRVER19T0061310.012.02.04.17
and1310.012.02.01.54
JPRVER19T010147.014.07.024.86Max assay 125.5 g/t Au
Incl.7.010.23.253.43
Incl.7.78.71.0125.50
JPRVER19T0114333.040.07.030.86Max assay 140 g/t Au
Incl.33.035.02.0102.15
JPRVER19T012184.55.30.89.66Max assay 37.9 g/t Au
And14.016.02.037.90
JPRVER19T013347.69.02.283.13Max assay 120 g/t Au
Incl.8.09.01.0120.00
JPRVER19T014336.015.09.00.66Max assay 1.14 g/t Au

Sabotage
The Sabotage target is located approximately 7.5km to the NE of Vertigo and 16 Can-Dig trenches were placed on the target to follow up on previously announced infill soil, GT Probe, and prospecting results up to 15.35 g/t Au(1). The trenches were designed to evaluate multiple (NE, NW, & EW) structural trends highlighted in the soil, geophysical and LiDAR data. The most significant results were returned from the center of the Sabotage anomaly and are outlined in the table below.

All structural trends in the Sabotage area appear to have anomalous mineralization and there appear to be overprinting alteration assemblages including strong quartz-potassium feldspar followed by late quartz-sericite-carbonate-clay with disseminated to fracture controlled pyrite. Overall, the mineralization observed to date is similar to the Golden Saddle deposit on the Company’s White Gold property and is “gold only” with minor associated elements including Mo and Pb. Historic diamond drilling conducted in the area was focused on evaluating NE oriented trends; similar to the Golden Saddle. However, based on work completed on the target in 2019, NW & EW trends appear to carry the most significant gold mineralization (>1 g/t Au) indicating historic drilling on the target was likely subparallel to the mineralized zones. Follow up RAB drilling will be conducted to evaluate the NW & EW structural orientations to better evaluate the target.

(1) See WGO news released dated July 11, 2019. Available on SEDAR.

Topaz
Topaz is located 1km south of the Vertigo, and 7 Can-Dig trenches were placed on the target area to follow up on previously announced GT Probe and prospecting results up to 5.24 g/t Au(1). All but one of the trenches returned anomalous gold values (>0.1 g/t Au) with the most significant being JPRTOP19T00 with 1.03 g/t Au over 7m.

The mineralization is associated with strong sericite-carbonate alteration and minor quartz veining with anomalous Bi-Pb and appears to similar to the adjacent Vertigo zone. Overall the trenches, GT Probe, and soil sampling in the area define an ENE trending zone of alteration (over 450m of strike length) and mineralization that is considered a strong target for follow up RAB drilling.

North Frenzy
North Frenzy is located 9km north of Vertigo, and 8 Can-Dig trenches were placed in the target area to follow up on detailed infill soil sampling completed in the area. 6 of the 8 trenches returned anomalous gold values (>0.1 g/t Au) over intervals ranging from 1 – 20m and included grab samples ranging from trace to 38.9 g/t Au. The most significant results are outlined in the table below.

The trenching defines a NS trending, west dipping zone of alteration, brecciation, and quartz veining over 570m of strike length. The mineralization is hosted within quartz biotite gneiss and quartzites and shows a strong association with elevated As, and has strong similarities to targets on the White Gold property including the Arc, Minneapolis and Ullis targets.  Minor, wide spaced, historic diamond drilling conducted in the area was oriented subparallel to the mineralized zone(s) and the target is a priority for follow-up RAB drilling.

Sabotage/Topaz/North Frenzy, Trench Highlights:
Individual assays for the reported results ranged from trace to 14.4 g/t Au. The most significant trench results for Vertigo included in this release are included in the table below:

 Significant ResultsNotes
 

Target

Trench IDLength (m)From (m)To (m)Interval (m)Au (g/t)
SabotageJPRSAB19T01127.07.510.02.53.11Max assay up to 11.95 g/t Au.
SabotageJPRSAB19T01340.00.010.010.00.82
SabotageIncl.2.55.02.52.25
SabotageJPRSAB19T01558.526.535.08.50.86
SabotageIncl.32.535.02.51.66
SabotageJPRSAB19T01631.07.517.510.02.69
SabotageAnd32.510.02.54.49Max assay up to 14.4 g/t Au.
TopazJPRTOP19T00544.09.027.018.00.37
TopazAnd37.044.07.01.03
North FrenzyJPRNRF19T008A18.00.05.05.02.48
North FrenzyIncl.2.5 5.02.04.02

QA/QC
The analytical work for the 2019 drilling program will be performed by ALS Canada Ltd. an internationally recognized analytical services provider, at its Vancouver, British Columbia laboratory.  Sample preparation was carried out at its Whitehorse, Yukon facility. All RC chip and diamond core samples will be prepared using procedure PREP-31H (crush 90% less than 2mm, riffle split off 500g, pulverize split to better than 85% passing 75 microns) and analyzed by method Au-AA23 (30g fire assay with AAS finish) and ME-ICP41 (0.5g, aqua regia digestion and ICP-AES analysis). Samples containing >10 g/t Au will be reanalyzed using method Au-GRAV21 (30g Fire Assay with gravimetric finish).

The reported work will be completed using industry standard procedures, including a quality assurance/quality control (“QA/QC”) program consisting of the insertion of certified standard, blanks and duplicates into the sample stream.

About White Gold Corp.
The Company owns a portfolio of 22,040 quartz claims across 35 properties covering over 439,000 hectares representing over 40% of the Yukon’s White Gold District. The Company’s flagship White Gold property has a mineral resource of 1,039,600 ounces Indicated at 2.26 g/t Au and 508,700 ounces Inferred at 1.48 g/t Au. Mineralization on the Golden Saddle and Arc is also known to extend beyond the limits of the current resource estimate. Regional exploration work has also produced several other prospective targets on the Company’s claim packages which border sizable gold discoveries including the Coffee project owned by Newmont Goldcorp Corporation with a M&I gold resource(2) of 3.4M oz and Western Copper and Gold Corporation’s Casino project which has P&P gold reserves(2) of 8.9M oz Au and 4.5B lb Cu. For more information visit www.whitegoldcorp.ca.

(2) Noted mineralization is as disclosed by the owner of each property respectively and is not necessarily indicative of the mineralization hosted on the Company’s property.

Qualified Person
Jodie Gibson, P.Geo., Vice President of Exploration for the Company is a “qualified person” as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, and has reviewed and approved the content of this news release.

Cautionary Note Regarding Forward Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “proposed”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the Company’s properties; future growth potential of the Company, including whether any proposed exploration programs at any of the Company’s properties will be successful; exploration results; and future exploration plans and costs and financing availability.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include:; expected benefits to the Company relating to exploration conducted and proposed to be conducted at the Company’s properties; failure to identify any additional mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Company’s properties; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; and those factors described in the most recently filed management’s discussion and analysis of the Company. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

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

Contact Information:
David D’Onofrio
Chief Executive Officer
White Gold Corp.
(647) 930-1880
ir@whitegoldcorp.ca

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EnviroLeach and Golden Predator Announce Cyanide-Free Bulk Testing Agreement

EnviroLeach Technologies Inc. (the “Company “or “EnviroLeach”), (CSE: ETI) (OTCQB: EVLLF) (7N2: FSE) and Golden Predator Mining Corp. (TSX.V:GPY, OTCQX:NTGSF) (“Golden Predator”) are pleased to announce the Companies have entered into an agreement to use EnviroLeach’s proprietary cyanide-free hydrometallurgical technology to extract gold from gravity concentrate produced at Golden Predator’s 3 Aces Project.

This working relationship provides both Companies with the first on-site bulk test of EnviroLeach’s new cyanide-free technology. Initial laboratory, pilot scale and production scale testing was successfully conducted at EnviroLeach’s facility in Surrey, British Columbia prior to on-site testing at Golden Predator’s processing plant (the “Plant”) in Canada’s Yukon. All tests were conducted under the supervision of EnviroLeach and Golden Predator personnel with results to be released shortly. The initial 5 tonne bulk test will be conducted in phases and completed at the Plant.

Golden Predator operates the Plant for the purposes of bulk sample testing of gold concentrate from its 3 Aces Project. As part of its processing plant, Golden Predator developed a mobile batch recovery unit (“Secondary Recovery Unit” or “SRU™”) for the recovery of gold from its sulfide concentrate. Golden Predator is utilizing the EnviroLeach proprietary cyanide-free technology in the SRU™.

Duane Nelson, President and Chief Executive Officer of EnviroLeach commented: “I am very pleased to announce this working relationship with Golden Predator. The gold recovery from Golden Predator’s arsenopyrite concentrate confirms the ability of our new eco-friendly formula to extract gold into solution from sulfide ores and recover it using conventional technologies. EnviroLeach is the only commercial-scale, economically viable and safe hydrometallurgical gold extraction process in the world. Our unique and eco-friendly process will change the way the world produces and recycles gold.”

Janet Lee-Sheriff, Chief Executive Officer of Golden Predator added: “The Plant and SRU are examples of the continuing ways that Golden Predator works to be innovative, testing new methods that have the ability to change how we operate at projects like 3 Aces. Working with EnviroLeach provides us a unique opportunity to lead the way for safe and responsible new cyanide-free extraction methods in processing gold bearing concentrates. We are very excited to be working with the EnviroLeach team and their new technology.”

About the EnviroLeach Process
The EnviroLeach process delivers numerous economic and environmental benefits over current extractive technologies. The solution can effectively dissolve gold into aqueous solution with similar leach kinetics and economics to that of cyanide but is sustainable, safe and environmentally friendly. This water-based process has a broad applicability spectrum and is effective on most gold ores and concentrates. It can potentially unlock the value of many deposits located in environmentally sensitive areas that cannot be developed using current extraction methods.

About the Golden Predator Process 
Golden Predator’s test processing plant, the first of its kind in Yukon, Canada, commenced operations in 2016 providing increased metallurgical and geological understanding of its 3 Aces Project. The plant is a relatively simple gravity circuit utilizing a closed-circuit water system with no added chemicals due to the free-milling nature of 3 Aces gold. The 50 tonnes per day closed circuit plant recovers gold from #1 concentrates realizing over 85% recovery of contained gold with doré bars sent to a commercial refinery for final processing. Golden Predator is currently testing EnviroLeach’s patent pending technology in it’s SRUTM for the extraction of gold from their #2 concentrates.

The 3 Aces Project is an orogenic gold project in southeast Yukon which provides the testing material for the processing plant. Golden Predator has to date focused exploration on a broad gold-in-soil anomaly, where numerous orogenic gold-bearing quartz veins have been discovered. Golden Predator made an early decision to bulk sample at its 3 Aces Project when it realized that much of the gold contained in its veins is high grade (not uncommonly over 30 g/t gold) and nuggety. The best way to determine the true gold value of a nuggety gold system is to conduct large scale bulk sampling which also allows Golden Predator the opportunity and ability to conduct on-site bulk metallurgical and processing tests.

About Golden Predator Mining Corp.
Golden Predator is advancing the fully licensed Brewery Creek project towards production while exploration drilling continues to expand resources. The Company also undertakes bulk sampling and test recovery processes at its Yukon-based test processing plant demonstrating gold recoveries of over 85%, without the use of cyanide, from its 3 Aces Project. This green gold provides for the mintage of .9999 gold coins from the Yukon Mint, a wholly owned subsidiary of Golden Predator.

About EnviroLeach Technologies Inc.

EnviroLeach Technologies is a technology company engaged in the development and commercialization of environmentally friendly formulas and technologies for the treatment of materials in the mining and recycling sectors. Using its proprietary non-cyanide, water-based, neutral pH treatment process, EnviroLeach extracts precious metals from ores, concentrates, and E-Waste using only FDA approved additives and ambient temperature water.

Backed by the momentum of a first-class staff of scientists and engineers, tens of thousands of individual assays, independent validations and strategic partners, EnviroLeach’s technology will become the standard for the provision of eco-friendly methods for the hydrometallurgical extraction of precious metals in both the conventional mining and E-Waste sectors. Further information is available on the EnviroLeach web site: https://enviroleach.com

Contact Information:
Duane Nelson
CEO & President
EnviroLeach Technologies Inc.
info@EnviroLeach.com
www.EnviroLeach.com
Janet Lee-Sheriff 
Chief Executive Officer 
Golden Predator Mining Corp.
(604) 260-5029
info@goldenpredator.com
www.goldenpredator.com

Forward Looking Statements

This News Release contains “forward-looking information” and “forward looking statements” within the meaning of applicable Canadian and United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words “anticipates,” “believes,” “may,” “continues,” “estimates,” “expects,” and “will” and words of similar import, constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information with respect to our Research and Development activities, the accuracy of our capital and operating cost estimates; production and processing estimates; the results, the adequacy of EnviroLeach’s financial resources and timing of development of ongoing research and development projects, costs and timing of future revenues or profits and adequacy of financial resources. Wherever possible, words such as “plans”, “expects”, “projects”, “assumes”, “budget”, “strategy”, “scheduled”, “estimates”, “forecasts”, “anticipates”, “believes”, “intends”, “targets” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning future revenue or earnings estimates may also be deemed to constitute forward-looking information. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information. Forward-looking information is based on the expectations and opinions of EnviroLeach’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information. The CSE has not approved or disapproved of the information contained herein.

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White Gold: A Pipeline of Projects in the Yukon

David D’Onofrio, CEO of White Gold Corp (V.WGO), says the company offers the opportunities and has the successes of multiple mining juniors, all combined into one company. “It’s not about one project or one resource, but about continually advancing our pipeline of multiple exploration projects efficiently and effectively in an exciting new gold camp.” states D’Onofrio. 

White Gold owns the largest land package in the prolific White Gold District of Yukon, the site of the original Gold Rush that produced over 20 million ounces of placer gold and multimillion-ounce hard rock discoveries in recent years acquired by majors for hundreds of millions of dollars. The first thing D’Onofrio tells investors about the company is their strategy to working their significant land position of over one million acres. “From the very inception of White Gold Corp, our model has been to explore and advance our assets as a pipeline, project by project,” said D’Onofrio. “We work our land package, generate discoveries, and look to eventually vend out projects once we advanced them to a sufficient level.” 

To identify and advance its prospective gold targets the company’s exploration strategy is spearheaded by world famous gold prospector Shawn Ryan and his proprietary “Drones to Drills” strategy. This systematic exploration method combines geophysics, extensive soil sampling and other techniques, with cutting-edge technologies such as LiDAR, airborne mag-radiometric surveying and the unique GT Probe, a replacement for trenching that samples bedrock quickly and with minimal environmental impact. This allows White Gold to build an extremely detailed picture of a particular area, identifying the most attractive drill targets, quickly and cost-effectively.

“We know the most valuable gold ounces are near an established resource. Right now, we have an NI 43-101 compliant mineral resource estimate of over 1,500,000 gold ounces at our flagship Golden Saddle & Arc deposits, and our VG 230,000 gold ounce resource 10km away.” Said D’Onofrio. “We are focusing on the area within 5 kilometers of these deposits. We see nearby targets as being part of a single, large project and those are where we believe the ‘easy’ and ‘high value’ ounces are to be found. We also have other great projects. This is just on of our main focus areas.” 

In its September 25 press release White Gold provided an update on this season’s drilling activities across the White Gold property. This included the Golden Saddle deposit, the Ryan’s Surprise discovery located two kilometers to the west, as well as drilling and positive metallurgical results from its Arc deposit. Some of the highlights from this season’s drilling on the Golden Saddle include hole WHTGS19D0198 returning 3.59 g/t Au over 68.0m from 73m depth, including 8.11 g/t Au over 13.6m from 77m depth, and 2.31 g/t Au over 10.56m at 179m depth. Hole WHTGS19D0212 had returned 4.85 g/t Au over 27.5m from 38m depth, including 6.58 g/t Au over 9.0m from 51m depth.

This season’s diamond drilling results on the Ryan’s Surprise were very strong, expanding on last year’s preliminary RC drill holes, which had included holes WHTRYN18RC001 with 6.09m of 20.64 g/t Au from 84m depth, and WHTRYN18RC002 with 13.17m of 5.02 g/t Au from 122m depth, including 4.57m of 9.25 g/t Au at 123m depth. With the diamond drilling this season significant mineralization was encountered, demonstrating the presence of multiple gold zones in addition to those previously modelled. Highlights included hole WHTRS19D012 which intersected two zones of gold mineralization – 2.66 g/t Au over 11.00m from 93m depth, and 2.10 g/t Au over 31.78m from 142m depth, including 4.23 g/t Au over 3.06m. 

At the Arc deposit, diamond drilling produced some of the best grades to date, and significantly extended mineralization almost 23%, 300m to the east to a length of 1,300m. “In conjunction with our strategic partner Agnico Eagle, we completed an analysis of the Arc’s metallurgy,” stated D’Onofrio, “The results were very positive, indicating a recovery over 85%.” The tests demonstrated Arc’s gold was not refractory mineralization, a strong positive for future ore production.

The combined positive results this season on the Golden Saddle, Arc and Ryan’s Surprise, are moving the needle on their White Gold property, closer towards what majors look for in a potential development project. 

“There are multiple other targets we’ve identified and have done preliminary work on, near our Golden Saddle & Arc resources,” said D’Onofrio. “But with so many prospective areas on our list, we have to prioritize.”

North-East from the White Gold property is the JP Ross property. “At the Vertigo discovery, we have seen ultra-high gold results from 30 to 100+ grams per ton starting at surface. We’re diamond drilling right now, with results to be released soon.”

However, sometimes a property is attractive enough that it warrants immediate attention. “Less than 15km west of our Vertigo discovery, on the Hen property, we have our newest target getting everyone excited: the Titan. One soil sample from the Titan returned over 100,000 ppb gold. With a good soil sample being 400 ppb this was the highest we’ve ever seen; definitely something that grabs our attention.” Said D’Onofrio, “We also detected a large donut-shaped magnetic low, and some other interesting features, so we absolutely had it fast-tracked. There will be some RAB holes drilled before this season end. In fact, Shawn Ryan himself was on site doing further sampling a couple of days ago.”

“We have done a tremendous amount of work this year which is ongoing and are looking forward to receive the results in the coming weeks and months.”

“Alongside the Titan, we’ve also identified several other new high-priority targets for next year. These are all additional examples of our approach of building a pipeline of projects.” Stated D’Onofrio, “We start with basic activities like soil sampling, and as we get results, we put more gas in the engine.”

“We specialize in our strengths,” said D’Onofrio. “We explore, generate the discoveries, get them to the right level, and let the majors take it from there to build the mines.”

Exactly how that will work will depend on the offer.” said D’Onofrio. “We want to optimize shareholder value.”

“We have a lot of great things going on in our company, and sometimes it’s a challenge to ensure the market appreciates all of this. At Beaver Creek,” said D’Onofrio referring to the recently held Precious Metals Summit Conference, “I sit down with an investor for thirty minutes, and then they get it, they understand that our portfolio includes at least three project groups that could each be their own standalone company.”

“Beaver Creek was phenomenal,” said D’Onofrio. “The overall sentiment was great and we saw a significant rise in the volume of White Gold shares being traded as people got an understanding of our story.”

Having multiple projects brings steady news flow from White Gold into the New Year. It also ensures White Gold has a parade of advancing projects to pitch to senior and mid-tier companies.

With over a million acres of prospective land in Yukon, D’Onofrio was very confident, “Every year we find new highly prospective targets, and bring advanced assets closer to that finish line for a major.” With the backing of both Agnico Eagle and Kinross each with 19% equity in White Gold, we have the benefit of working closely with proven mine builders to advance this district that has had so much recent success and is still very underexplored. 

 

 

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Eloro Resources Granted Option to Acquire the Iska Iska Polymetallic Property, Potosi Department, Southern Bolivia

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro”, or the “Company”) is pleased to announce it has signed a Letter of Intent (the “Agreement”) with a private arm’s-length Bolivian-based corporation (the “Title Holder”), granting Eloro an option to acquire up to a 100% interest in the Iska Iska Polymetallic Property (“Iska Iska” or the “Property”), consisting of one mineral concession totalling 900 hectares. The Property is located in a world-class polymetallic mining district in the Potosi Department in the southern half of the Bolivian tin belt, which hosts the largest silver deposit in the world, the Cerro Rico de Potosi, and the polymetallic mining districts of Chorolque, Animas, Choroma, Siete Suyos, Chocaya and Tasna, situated in the same geological trend.

FIGURE 3FIGURE 2FIGURE 1

The Agreement

Under the terms of the Agreement, Eloro will conduct an exploration and development program on the Property during the four-year period following the signing of a definitive agreement (the “Definitive Agreement”), which is due on or before December 31, 2019. Within 30 days following the completion of the four year period the Title Holder will convey to Eloro’s, Bolivian subsidiary, a 100% interest in the Property upon Eloro paying the amount indicated in the table below, which amount is based on the number of mineral resource tonnes at Iska Iska in the “Inferred” and/or “Indicated” categories, as such terms are defined by National Instrument 43-101 (“NI 43-101”).

Number of Mineral Resource Tonnes at the Iska Iska
Polymetallic Property in the “Inferred” and/or “Indicated”
Categories as per NI 43-101.
Amount Payable
More than 300 million tonnesUS $10 million
More than 100 million tonnes but less than 300 million tonnesUS $5 million
More than 20 million tonnes but less than 100 million tonnesUS $3 million
Less than 20 million tonnesUS $1 million

Pursuant to the Agreement, Eloro has also agreed to issue to the Title Holder 250,000 common shares within 30 days of the signing of the Definitive Agreement and a further 250,000 common shares on or before the date which is two years from the signing of the Definitive Agreement, should Eloro elect to continue with the Iska Iska exploration program at that time.

Eloro and the Title Holder have agreed to proceed to the execution and delivery of a definitive agreement (“Definitive Agreement”) on or before December 31, 2019, incorporating the terms contained in the Agreement. The execution of the Definitive Agreement is subject to the satisfactory completion by Eloro of its ongoing due diligence investigation of the Property and also subject to the approval by the Boards of Directors of Eloro and the Title Holder, and the approval of the TSX Venture Exchange, as well as the laws of the Plurinational State of Bolivia.

The Iska Iska Polymetallic Property and Due Diligence Work Completed to Date

Iska Iska is a road accessible, royalty-free property, wholly-owned by the Title Holder and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi (see Figure 1). The Property can be classified as a polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Sn, In) epithermal-porphyry complex, which overprints an early higher temperature xenothermal phase.

Geological mapping on the Property has revealed the spatial and temporal zonation of alteration and vein minerals in an area of about 5 square kilometres through the property area (Fig. 2). Alteration minerals include quartz, chlorite, pyrite, illite, sericite, and hematite.  The polymetallic mineralization occurs mainly as veins, subsidiary vein swarms, veinlets, stockworks, and disseminated, forming a subvertical vein system in both the stock, the volcanic and sedimentary rocks. Some of the veins are “rosary” type in shear zones and tension fractures, which locally form bonanza zones and stockworks in an extensive mineralized system. Veins are typically less than 50 cm wide and have orientations between N10º at 45ºE and dips ranging from 64º SE to vertical.

The identified metallic minerals are pyrite, galena, sphalerite, complex silver-rich phases, argentite electrum, native gold, chalcopyrite and cassiterite. Gangue minerals are quartz, kaolinite, arsenopyrite, pyrrhotite, marcasite, sericite, and siderite. The mineralization represents a multiple phase (telescoped) polymetallic system with at least two stages of mineralization; an early stage with high temperature minerals as cassiterite and bismuthinite, and a lower temperature with the silver, gold, zinc, lead and copper minerals.

In August 2019, Eloro performed preliminary evaluation work at Iska Iska that included geological mapping and sampling, whereby 42 channel samples were collected. All of the channel samples included altered wall rock with widths ranging between 1.20 to 5.55 m, averaging 2.90 m. Four underground workings were sampled, including the Huayra Kasa which has two branches, one bearing a W-NW direction and the second oriented in a North-South direction, with the latter appearing to be more enriched in gold. Additionally, the Santa Barbara, Porco and Mine 2 adits were sampled, together with two sectors on surface. Chemical assays were performed at the ALS Laboratory in both Oruro, Bolivia (preparation) and in Lima, Peru (analysis).

The results of the channel sampling program are detailed in Table 1, and are summarized below:

  • Silver. Anomalous silver values range between 35.5-694 g/t Ag (46% of channel samples).
  • Gold. Anomalous gold values range between 0.31-28.6 g/t Au (42% of channel samples).
  • Zinc. Anomalous zinc values range between 1.05-16.95% Zn (37% of channel samples).
  • Lead. Anomalous lead values range between 0.41- 16.95% Pb (49% of channel samples).
  • Copper. Anomalous copper values range between 0.1->1% (22% of channel samples).
  • Bismuth. Anomalous bismuth values range between 967-7,380 g/t Bi (22% of channel samples).
  • Indium. Anomalous indium values range between 10.35 – >500 g/t In (34% of channel samples).

It is significant to note that the due diligence and sampling program was performed only on approximately 15% of the total Property area.

FIGURE 1 – Iska Iska Property Location And Main Deposits In Bolivia
https://www.globenewswire.com/NewsRoom/AttachmentNg/e0b25196-9627-470a-b62e-26a4f08de467

International Mining Presence in the Department of Potosi, Bolivia

In addition to various state mining ventures, the main projects in the private/mixed mining sector in Bolivia include the San Cristobal open-pit silver, lead and zinc mine (owned by the Sumitomo Group), the San Vicente silver mine (95% owned by Pan American Silver) and the San Bartolome silver mine (owned by Argentum Investments, AB). As well, recent foreign investment and exploration in the Potosi mining district is currently being undertaken by New Pacific Metals Corp. at their flagship Silver Sand project and by Prophecy Development Corp. at its Pulacayo-Paca project.

Tom Larsen, Eloro CEO stated, “We are delighted to sign the Letter of Intent to acquire this exciting project in Bolivia, especially as this country is starting to be recognized as a “go-to” destination for foreign investment in the mineral resource sector. The results of our initial due diligence, supervised by Dr. Osvaldo Arce, P. Geo., are very positive and suggest the potential for a large polymetallic mineralized system in a similar geological setting to other major deposits in the belt. It is significant to note that this property has not been drilled to date. We look forward to finalizing the Definitive Agreement and advancing the exploration effort at Iska Iska.”

TABLE 1 – Eloro Iska Iska Channel Sampling Results

Channel
Sample No.
Width
(m) 1
Au
g/t
Ag g/tZn %Pb %Cu g/tBi g/tIn g/tSn g/t 
HK-012.350.010.530.010.01171.0012.501.0844.9Granodiorite,  tr-1% py-aspy dissem
HK-024.100.361.390.510.44519.00123.004.7257.8Granodiorite,  1% py-aspy dissem
HK-033.102.5025.502.150.63569.00967.009.76107.5Granodiorite, brecciated 3% py dissem
HK-043.600.8510.501.990.28439.0052.5026.3071.7Granodiorite, py, gal, sph 3mm veinlets
HK-053.100.041.680.320.04187.006.516.7467Dacite, minor py, sph veinlets
HK-062.600.0746.103.010.77541.0040.80>50077.6Dacite, abundant dissem sulphides, massive sulphide veinlets.
HK-073.200.35204.004.814.13479.0030.70384.00131Dacite,  4 veinlets 1cm wide; massive sulphides, 30cm breccia
HK-083.700.0275.101.401.35219.0040.40101.5065.6Sandstone brecciated; py, aspy, gal, sph veinlets
HK-093.300.02266.005.758.24127.5071.0046.40215Sandstone brecciated, 3-5cm gal, sph, py veins
HK-102.700.01570.0010.609.721510.0073.00>500250Sandstone brecciated, abundant sph, gal, py, aspy veinlets
HK-112.40<0.011.670.690.1583.8023.709.6836.6Granodiorite, tr-1% fine sulph dissem.
HK-123.15<0.013.781.290.80105.501.945.6781.4Dacite, local fine dissem sulphides, sph, gal; 5 veinlets
HK-132.25<0.013.100.390.15111.001.259.5568.8Dacite, local fine dissem sulphides
HK-142.900.0413.600.380.43171.504.122.8252.1Granodiorite fine disseminated py
HK-152.50<0.011.821.050.03104.501.812.0766.8Dacite, boxworks FeOx, 3cm sph, py veinlets
HK-162.15<0.010.850.080.01148.002.020.9938.7Granodiorite 1% fine dissem sulphides
HK-173.00<0.015.990.310.25130.003.061.83102.5Dacite 1% fine dissem sulphides
HK-183.850.03362.009.239.53327.0066.8023.00>500Dacite carbonaceous, 5mm sph, gal veinlets, abundant sulphides dissem
HK-193.000.0337.701.511.33435.0044.108.95>500Mine front-end, granodiorite cpy, py, gn, sph veinlets & dissem
HK-202.9515.507.580.250.07617.005860.001.0423.4N-S gallery, brecciated granodiorite 1 cm 3 gn veins, 1-2% dissem py
HK-213.350.342.600.510.07150.00100.503.9525Sandstone FeOx stockwork-sulphides
HK-222.909.1073.703.801.70750.001230.00323.0065.5Sandstone networkpy, boxwork FeOx, massive aspy, 3% dissem sulphides
HK-232.9012.3557.401.861.44191.001200.0019.3542Sandstone  2-5cm  abundant veins gn-sph
HK-242.560.033.030.010.21423.0036.707.09185Granodiorite 10 py veinlets, 1% fine dissem sulphides
HK-252.550.3226.900.011.16401.00162.5028.50>500Mine front-end granodiorite fine dissem sulphides
HK-262.552.71295.000.020.48>100003160.0024.10>500Qtz Sandstone py-aspy veinlets, 10cm massive sulphide veins
HK-271.251.6155.700.010.11>10000503.004.78>500Similar to former channel sample, abund py, pyrrh, cpy, calcoc
HK-283.351.65321.000.000.352920.001850.0016.85>500Qtz sandstone, euhedral crystalspy, po, fine dissem sulphides
HK-291.960.6068.700.010.01>100001500.0010.35>500Qtz sandstone massive sulph vns, py-aspy intergrowths,-veinlets
HK-302.100.011.720.010.00129.006.310.50127.50Qtz sandstone with 3% dissem sulphides, sporadic coarse py dissem
HK-312.302.60288.000.010.421430.002850.0010.60>500Qtz sandstone oxidized-bleached, stockwork FeOx
HK-324.600.022.900.020.011375.0021.400.8375.40Granodiorite oxidized micaceous, 5 mm FeOx veinlets
HK-335.550.114.060.020.171025.0018.355.2140.40Similar to former channel sample
HK-342.100.021.610.000.0147.4017.700.6959.00Granodiorite brecciated, specularite matrix, dacite clasts
HK-352.300.010.550.000.0120.206.170.5843.60Similar to former channel sample
HK-361.602.148.990.010.72166.50646.005.8430.90Granodiorite brecciated, massive sulphide vein
HK-371.800.081.430.010.07112.508.973.8890.00Granodiorite, FeOx veinlets
HK-381.2028.6061.600.010.413140.007380.004.3717.00Massive sulphide vein 30 cm, py, po, cpy in altered granodiorite
HK-395.300.151.150.000.01137.5042.101.1365.50Granodiorite brecciated w/sulphidic matrix
HK-403.162.1868.903.753.75539.00334.005.44311.00Qtz Sandstone massive sulphides cpy, py, gn, sph, dissem, veinlets
HK-412.150.1973.401.081.08348.00428.0032.20171.50Similar to former channel sample, though includes stockwork py
HK-422.700.01694.0016.9516.95644.0037.00>500181.50Sandstone brecciated, abundant sph, gn, py, aspy vnlts

1. Reported channel sample widths are approximately 90% of true widths.
2. Abbreviations py=pyrite, gn=galena, sph=sphalerite, dissem=disseminated, aspy=arsenopyrite, qtz=quartz, FeOx=iron oxide, po=pyrrhotite, tr=trace, mm=millimetre, cm=centimetre

FIGURE 2 – Preliminary Interpretation of Iska Iska Geology and Mineral System (see Figure 3 for location map).
https://www.globenewswire.com/NewsRoom/AttachmentNg/f67b745c-e94a-4c20-84b2-a03493ae3151

FIGURE 3 – Underground Channel Sampling Iska Iska Property (Huayra Kasa Adit)
https://www.globenewswire.com/NewsRoom/AttachmentNg/f0dfd6fc-084b-4c0f-8faf-154a2678d827

Qualified Person

Dr. Osvaldo Arce, P. Geo., an expert on Bolivian geology and a Qualified Person in the context of NI 43-101 supervised the due diligence work completed at Iska Iska by Eloro. Dr. Bill Pearson, P.Geo., a Qualified Person in the context of National Instrument 43-101 has reviewed and approved the technical content of this news release. Chemical assays were performed at the ALS Laboratory in both Oruro, Bolivia (preparation) and in Lima, Peru (analysis). ALS Laboratory employs an industry standard QA/QC program.  Eloro Resources will utilize an independent QA/QC program including blanks, duplicates and external standards for its planned exploration program at Iska Iska.

Quality Assurance Quality Control Procedures and Protocol Employed by Eloro Resources Ltd.

The integrity of a resource database is fundamental to Eloro’s success in securing debt or equity finance for a new mining project. The validity and quality of data can only be guaranteed when appropriate sampling and assaying protocols have been implemented. Eloro has implemented Quality Assurance/Quality Control (QA/QC) programs in its projects applied during all phases of sampling programmes. QA/QC programmes are carefully designed and implemented at all stages of exploration and development where sampling of material is undertaken. Furthermore, QA/QC programs will require review prior to, and during, each sampling programme with modifications made where necessary based on numerous factors such as sample type, size, and the proposed sample processing and treatment methods.

Eloro acknowledges that QA/QC is required to ensure all chemical data generated over the course of a sampling programme during the overall exploration. The key areas subject to QA/QC auditing prior to mineral resource estimation will be project-specific protocols and available sample data from QA/QC sampling and analysis.

Project-specific protocols, often in the form of Standard Operations Procedures (“SOPs”), will be in place before any sampling commences. SOPs should outline the procedures and operating practices to be implemented during the sampling programmes, from the initial set up of the drill rig through to the analysis of QA/QC data upon receipt of the sampling results. SOPs help to ensure that a culture of QA/QC is established throughout sampling programmes, and also aid in identifying areas of risk within a procedure where errors could occur.

Three essential stages which are applicable to all projects are the following:

  • It will be standard practice to include the right mix of QA/QC materials in every batch of samples submitted to a laboratory.
  • The geologist/technician initiating the analysis will critically review the results of all QA/QC samples within a sample batch as soon as the results are received from the laboratory. This will be undertaken prior to the associated data being included within the resource database, and used to update any resource models.
  • Action must be taken when QA/QC results fall outside of predetermined acceptable limits.

QA/QC materials inserted into sample streams will be used to assess the three fundamental aspects (precision, accuracy, identification of errors) of QA/QC. Best practice QA/QC programmes will include a combination of the following QA/QC materials:

Primary Standards (or Standards, Certified Reference Materials (“CRMs”)

Material with a known metal content and specific chemical characteristics similar to the mineralisation being sampled, will be utilised to evaluate bias within a sample dataset. These can be externally sourced commercial standards (CRMs) or company ‘in house’ standards (which require a specific QA/QC analytical testing programme). For example Eloro has reviewed projects in the past where in order of 10 different standards were used with some standards being only inserted into the sample stream 2 or 3 times, therefore not providing a large enough population for meaningful assessment.

Blank Samples

Samples containing no detectable trace of the key mineral(s) identified within the resource will be inserted into sample streams to identify the presence of any contamination introduced at the laboratory or in sample preparation. Alternatively, quantities of material suitable for use as blanks will be purchased commercially. Blank samples allow the QP to monitor the cleanliness of the sample preparation equipment (on site or at the laboratory) and calibration of analytical equipment.

Duplicates

‘Field’ duplicate samples will be formed from splitting the original sample interval into equal portions and submitting both samples for analysis (pulp duplicates should be taken by the laboratory of choice during sample preparation). A drawback with following pre-determined duplication (i.e. every 20 samples) is that it can lead to many repeats of background (waste) material.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. The Property consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact either Thomas G. Larsen, President and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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

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Goldplay Exploration Ltd. Announces $2.5M Brokered Private Placement

Goldplay Exploration Ltd. (TSXV: GPLYFRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) announces that it has engaged Pollitt & Co Inc. (the “Agent“) to sell, by way of a private placement on a “best efforts” basis, up to 12,500,000 common shares of the Company (the “Shares“) at a price of $0.20 per Share (the “Issue Price“) for gross proceeds of up to $2,500,000 (the “Offering“), subject to receipt of all applicable regulatory approvals.

In addition, the Company has granted the Agent an option to increase the size of the Offering by up to 20% of the number of Shares. This option will be exercisable at any time up to seventy-two (72) hours prior to the closing of the Offering, on the same terms and conditions under the Offering.

In connection with the Offering, the Agent will be entitled to a cash fee in an amount equal to up to 6% of the gross proceeds of the Offering. In addition, the Company will issue to the Agent non-transferable common shares purchase warrants (the “Agent’s Warrants“) which will entitle the holder thereof to acquire such aggregate number of common shares of the Company (the “Agent’s Warrant Shares“) as is equal to up to 6% of the number of Shares sold under the Offering. Each Agent’s Warrant will be exercisable for one Agent’s Warrant Share for three years at a price of $0.25/share.

The Company intends to use the net proceeds of the Offering for exploration work on the Company’s San Marcial property in Mexico and for working capital and general corporate purposes. All securities issued in connection with the Offering will be subject to a four month hold period from the date of issue in accordance with applicable securities laws. The Offering is subject to approval of the TSX Venture Exchange.

The Offering is currently expected to close on or about October 30, 2019, or such other date or dates as the Company and the Agent may agree.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

About Goldplay Exploration Ltd.

Goldplay has successfully consolidated a district-sized portfolio, owning >250 sq. km of mineral concessions in the historic Rosario gold-silver Mining District in the state of Sinaloa, Mexico. Its flagship project, San Marcial, consists of a 1,250 ha land package located south of the La Rastra and Plomosas historic mines. San Marcial is a near-surface, high-grade silver, lead, and zinc open pit amenable project for which a NI 43-101 resource estimate was completed by Goldplay in early 2019. Additionally, high-grade gold was drilled in July 2019 at San Marcial, opening up the potential for further gold success. Goldplay’s 100% owned El Habal precious metals project is located 20 km west of the San Marcial Project. It comprises 3,700 hectares and is located 75 km southeast of the modern coastal port of Mazatlán, and 10 km on a paved road from the historic mining town of Rosario, Sinaloa, Mexico.

Goldplay’s current focus includes expanding its NI 43-101 resource estimate at the San Marcial project, which contains 36Moz Ag Eq (indicated) + 11Moz Ag Eq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. Goldplay is the first company to perform exploration work at San Marcial in over 10 years. It is a low-risk development stage project, fully exploration permitted and supported by the local communities to carry out all proposed exploration activities. Only 500 m of the 6 km trend has been drilled to date, highlighting the significant potential for further discoveries. The Company has identified 8 high-priority targets along the 6 km trend and is currently drilling two high-priority targets at Faisanes and Nava. Some of these exploration targets consist of old shallow pits, caved shafts and historic shallow underground workings in areas with extensive hydrothermal alteration, hosted by major regional structures in a felsic volcanic environment. Mapping and sampling by Goldplay have revealed evidence of dacite-rhyolite dome structures in a highly prospective geological environment for additional high-grade gold and silver discoveries.

The El Habal Project is a drill-stage project. Its oxidized gold mineralized zone outcrops along a series of rolling hills with evidence of historic shallow underground mining along a 6 km-long prospective corridor. The El Habal Project is located near the historic gold-silver Rosario Mine which operated for over 250 years.

Goldplay’s team has over 30 years of experience with senior roles in exploration, financing, and development in the mining industry, including over ten years of extensive exploration experience in the Rosario Mining District, leading to previous successful discoveries.

The NI 43-101 reports for each of the San Marcial and El Habal Projects are available on SEDAR.

Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Mr. Marcio Fonseca
P. Geo, President & CEO
Goldplay Exploration Ltd.

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

SOURCE Goldplay Exploration Ltd

For further information: +1 (604) 202 3155, Email: info@goldplayexploration.com

Related Links

http://www.goldplayexploration.com/

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Marathon Gold Announces Appointment of Hannes Portmann as Chief Financial Officer

Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to announce the appointment of Hannes Portmann as Chief Financial Officer, effective October 16, 2019.

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

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

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

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

About Marathon

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

Acknowledgments

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

For more information, please contact:

Matthew Manson, PhD Christopher Haldane

President and Chief Executive Officer Manager Investor Relations

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

Email: mmanson@marathon-gold.com Email: chaldane@marathon-gold.com

To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com.

Cautionary Statement Regarding Forward-Looking Information

Certain information contained in this news release constitutes forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that Marathon expects to occur are forward-looking statements. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “considers”, “intends”, “targets”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. More particularly and without restriction, this press release contains forward-looking statements and information about future exploration plans, objectives and expectations of Marathon, future mineral resource and mineral reserve estimates and updates and the expected impact of exploration drilling on mineral resource estimates, future pre-feasibility and feasibility studies and environmental impact statements and the timetable for completion and content thereof and statements as to management’s expectations with respect to, among other things, the matters and activities contemplated in this news release.

Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. In respect of the forward-looking statements and information concerning the interpretation of exploration results and the impact on the project’s mineral resource estimate, Marathon has provided such statements and information in reliance on certain assumptions it believes are reasonable at this time, including assumptions as to the continuity of mineralization between drill holes. A mineral resource that is classified as “inferred” or “indicated” has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category of mineral resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable mineral reserves.

By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability of the current exploration program to identify and expand mineral resources, operational risks in exploration and development for gold, delays or changes in plans with respect to exploration or development projects or capital expenditures, uncertainty as to calculation of mineral resources, changes in commodity and power prices, changes in interest and currency exchange rates, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral resources), changes in development or mining plans due to changes in logistical, technical or other factors, cost escalation, changes in general economic conditions or conditions in the financial markets. delays and other risks described in Marathon’s documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in Marathon’s Annual Information Form for the year ended December 31, 2018 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. Other than as specifically required by law, Marathon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.

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Goldplay Channel Sampling Program Reports High-Grade Silver Results at San Marcial Project Including 0.6 m @ 587 g/t Ag

Goldplay Exploration Ltd. (TSXV: GPLYFRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) is pleased to announce that encouraging results in both silver (Ag) and gold (Au) have been received from the San Marcial Project, in Sinaloa State, Mexico.

  • Channel sampling results include 0.6 m @ 587 g/t Ag and anomalous Au
  • Surface channel samples taken along the access road at the Faisanes Target
  • Drilling continues at the Faisanes and Nava Targets
  • Results support the Company’s theory that a high-grade precious metals system extension exists outside the San Marcial NI 43-101 resource (News Release dated 7 February, 2019)

Surface exploration and channel sampling at Faisanes have revealed additional high-grade silver and gold anomalies (Figure 1). Channel sampling consisted of saw-cutting along the road walls and road surface near the SM-19-01 discovery drill hole (News Release dated 30 July, 2019), which returned a 1 m intercept of 204.6 g/t gold. The channel sampling was augmented by systematic geological and structural mapping along the road.

The high-grade silver and anomalous gold samples are located on the NW edge of the existing resource area and as such are interpreted as potential extensions of the breccia-hosted silver mineralization. Additional investigations are underway to understand the links between these anomalous silver and gold zones and the high-grade gold result recently reported in SM-19-01 (Figure 2). The following table outlines the latest channel sample results:

Table 1:   San Marcial Trench SMtr-001 Extensions: Best assay results

Type

Location

From (m)

To (m)

Sample

Grade Ag

Grade Au

Length (m)

(g/t)

(g/t)

Channel

Extension Trench SMtr-001

1.0

11.0

10.0

98

0.06

including

8.0

10.0

2.0

132

0.15

Channel

Road Surface

0.0

0.6

0.6

587

*

Road Surface

0.6

1.6

1.0

214

*

Road Surface

1.6

2.7

1.1

42

*

Channel

Nth extension – creek

1.0

2.0

1.0

41

0.26

All numbers are rounded. Insufficient information is known of the orientation and controls of these latest intervals to determine true thickness. As a result, the thickness represented here is actual sample thickness. Mineralized zones are calculated allowing for maximum 1 m of internal waste. High-grade interval uses 80 g/t Ag cut-off grade and low-grade interval uses 30 g/t Ag cut-off grade. * Below detection limit

Goldplay President and CEO Marcio Fonseca commented, “Over recent months, our exploration activities to expand current NI 43-101 silver resources at San Marcial have succeeded in delineating new high-grade silver and gold targets. Additionally, we have recently discovered new, high-grade silver zones peripheral to the resource area. These silver and gold results support our theory of a high-grade mineralized system hosted in geological structures (faults) on the NW edge outside of the resource area. We expect to further explore these geological structures hosting high-grade mineralization, targeting the definition of additional resources at the Faisanes target.”

CURRENT DRILL PROGRAM

The Company is currently executing its maiden drill program at San Marcial, focusing on the Faisanes and Nava targets. To date, one drill hole has been completed at Faisanes and three drill holes have been completed at Nava. Additional holes at both targets will be completed in this current drill program.

Phase I drilling at San Marcial brought immediate success with drill hole SM-19-01 intersecting a very high-grade gold interval of 1 m at 204.6 g/t Au at Faisanes on the NW edge of the Resource (Figure 1). This high-grade gold intercept has been followed up with detailed geological and geochemical modelling of the target. Findings from the latest mapping and sampling, including geological/structural evidence of additional structures hosting mineralization, strongly support further drilling along the 600 metres of strike length at Faisanes in the Phase I drilling program.

The Company is currently drilling at the Nava target located 1.5 km west of the San Marcial resource area and approximately 1 km west of the Faisanes discovery. A 500 metre-long gold mineralized zone has been defined on surface at Nava. For further details, see News Release dated 10 July, 2019. Drilling at Nava will comprise four shallow drill holes testing continuity of mineralization discovered by surface trenching across shallow artisanal workings. Laboratory analyses for Nava drill holes are pending.

Qualified Person

The scientific and technical data contained in this news release related to the San Marcial Project was reviewed and/or prepared under the supervision of Marcio Fonseca, P.Geo., a non-independent qualified person to Goldplay Exploration Ltd. who is responsible to ensure that the geological information contained in this news release is accurate and who acts as “qualified person” under the National Instrument 43-101 Standards of Disclosure of Mineral Projects.

Quality Assurance Program and Quality Control Procedures (“QA/QC”)

Goldplay has implemented QA/QC procedures which include insertion of blank and standard samples in all sample lots sent to SGS de México, S.A. de C.V laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc in Burnaby, BC. The analytical methods are 4-acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

About Goldplay Exploration Ltd.

Goldplay has successfully consolidated a district-sized portfolio, owning >250 sq. km of mineral concessions in the historic Rosario gold-silver Mining District in the state of Sinaloa, Mexico. Its flagship project, San Marcial, consists of a 1,250 ha land package located south of the La Rastra and Plomosas historic mines. San Marcial is a near-surface, high-grade silver, lead, and zinc open pit amenable project for which a NI 43-101 resource estimate was completed by Goldplay in early 2019. Additionally, high-grade gold was drilled in July 2019 at San Marcial, opening up the potential for further gold success. Goldplay’s 100% owned El Habal precious metals project is located 20 km west of the San Marcial Project. It comprises 3,700 hectares and is located 75 km southeast of the modern coastal port of Mazatlán, and 10 km on a paved road from the historic mining town of Rosario, Sinaloa, Mexico.

Goldplay’s current focus includes expanding its NI 43-101 resource estimate at the San Marcial project, which contains 36Moz Ag Eq (indicated) + 11Moz Ag Eq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. Goldplay is the first company to perform exploration work at San Marcial in over 10 years. It is a low-risk development stage project, fully exploration permitted and supported by the local communities to carry out all proposed exploration activities. Only 500 m of the 6 km trend has been drilled to date, highlighting the significant potential for further discoveries. The Company has identified 8 high-priority targets along the 6 km trend and is currently drilling two high-priority targets at Faisanes and Nava. Some of these exploration targets consist of old shallow pits, caved shafts and historic shallow underground workings in areas with extensive hydrothermal alteration, hosted by major regional structures in a felsic volcanic environment. Mapping and sampling by Goldplay have revealed evidence of dacite-rhyolite dome structures in a highly prospective geological environment for additional high-grade gold and silver discoveries.

The El Habal Project is a drill-stage project. Its oxidized gold mineralized zone outcrops along a series of rolling hills with evidence of historic shallow underground mining along a 6 km-long prospective corridor. The El Habal Project is located near the historic gold-silver Rosario Mine which operated for over 250 years.

Goldplay’s team has over 30 years of experience with senior roles in exploration, financing, and development in the mining industry, including over ten years of extensive exploration experience in the Rosario Mining District, leading to previous successful discoveries.

The NI 43-101 reports for each of the San Marcial and El Habal Projects are available on SEDAR.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.                                                                   

Mr. Marcio Fonseca
P. Geo, President & CEO
Goldplay Exploration Ltd.

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

SOURCE Goldplay Exploration Ltd

For further information: +1 (604) 202 3155, Email: info@goldplayexploration.com

Related Links

http://www.goldplayexploration.com/

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Marathon Gold Reports New Drill Results from Marathon Deposit at Valentine Gold Project, NL

Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZis pleased to announce positive results from the ongoing infill drilling campaign at the Marathon Deposit, part of the Valentine Gold Project in central Newfoundland. The new drilling continues to successfully demonstrate the occurrence and continuity of gold mineralization both along and across strike of the 1,500-meter long “Main Zone” within the Marathon Deposit, as well as from surface to the base of the currently planned open pit, where mineralization remains open to depth. In particular, the latest results confirm significant new zones of gentle SW-dipping, en-echelon stacked Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) veining in areas of limited previous drilling within the southwestern area of the planned Marathon open pit. Highlights of the latest drilling include:

October 2, 2019 Drill Map

  • Main Zone: MA-19-430 intersected 4.64 g/t Au over 29.0 meters including 18.41 g/t Au over 3.0 meters and 9.00 g/t Au over 2.0 meters, and 2.08 g/t Au over 15.0 meters including 7.44 g/t Au over 2.0 meters.
  • Main Zone: MA-19-434 intersected 2.36 g/t Au over 39.0 meters including 7.03 g/t Au over 6.0 meters, 17.03 g/t Au over 1.0 meters and 11.42 g/t Au over 1.0 meters, as well as 4.55 g/t Au over 9.0 meters including 8.34 g/t Au over 2.0 meters.
  • Main Zone: MA-19-431 intersected 3.38 g/t Au over 29.0 meters including 16.37 g/t Au over 3.0 meters, and 3.32 g/t Au over 3.0 meters.
  • Main Zone: MA-19-429 intersected 2.22 g/t Au over 25.0 meters including 7.31 g/t Au over 4.0 meters, and 4.24 g/t Au over 3.0 meters.
  • Main Zone: MA-19-435 intersected 1.90 g/t Au over 26.0 meters including 7.42 g/t Au over 3.0 meters, as well as 9.27 g/t Au over 3.0 meters and 7.52 g/t Au over 3.0 meters.
  • Main Zone: MA-19-413 intersected 2.33 g/t Au over 20.0 meters including 11.79 g/t Au over 2.0 meters, and MA-19-419 intersected 2.55 g/t Au over 12.0 meters including 7.33 g/t Au over 2.0 meters.
  • Main Zone: MA-19-424 intersected 6.89 g/t Au over 3.0 meters, MA-19-425 intersected 5.34 g/t Au over 3.0 meters, MA-19-426 intersected 6.14 g/t Au over 4.0 meters and MA-19-427 intersected 5.33 g/t Au over 3.0 meters.
  • Main Zone NE: MA-19-418 intersected 3.72 g/t Au over 10.0 meters including 10.66 g/t Au over 3.0 meters, and 2.11 g/t Au over 14.0 meters including 6.36 g/t Au over 2.0 meters, MA-19-417 intersected 4.67 g/t Au over 5.0 meters, and MA-19-412 intersected 10.61 g/t Au over 3.0 meters.

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

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

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

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

TABLE 1: Significant assay intervalsMarathon Deposit, Valentine Gold Camp
DDHZone*SectionAzDipFromToCore
Length
(m)
True
Thickness
(m)
Gold_g/t
MA-19-412HW17310343-85262932.910.61
10110543.81.20
MA-19-413MZ17050343-7522723032.71.49
2963162018.02.33
including30530721.811.79
34034332.72.51
MA-19-416MZ17010343-7510911232.72.09
12612932.71.12
19620043.61.07
28528832.72.27
MA-19-417MZ17470343-8626026332.91.34
27027332.91.26
27728032.91.38
29029554.84.67
MA-19-418MZ17290343-70101332.60.95
434632.61.22
144154108.53.72
including15015332.610.66
16416732.62.68
1721861411.92.11
including17918121.76.36
20620932.61.01
MA-19-419FW16710343-7510911232.71.52
1711831210.82.55
including17517721.87.33
19720032.71.61
MA-19-420MZ16980343-8110410732.93.32
11712032.92.09
25025332.92.32
MA-19-421FW16860343-80161932.91.11
MA-19-422MZ16710343-67313432.42.95
 394564.82.02
 11812132.42.60
MA-19-423FW16810343-8023623932.91.89
26226643.82.52
30030665.72.44
32332632.92.33
MA-19-424HW16980343-8030030332.96.89
MA-19-425MZ16710343-69232632.65.34
 515432.62.54
 16416732.63.12
MA-19-426FW16810343-80636743.86.14
 717432.91.26
MA-19-427FW16870343-80121532.95.33
 859054.81.79
 20520832.92.45
MA-19-429MZ16750163-7513714143.61.55
15615932.71.99
18719032.74.24
20420732.71.05
21521943.62.03
 2823072522.52.22
including29930343.67.31
MA-19-430MZ16960343-75182132.71.67
10110432.73.35
11311632.72.04
 1461611513.52.08
including15916121.87.44
19519832.72.40
21021332.72.13
2702992926.14.64
including27427621.89.00
including28128432.718.41
35836132.72.04
MA-19-431MZ16880343-80525643.81.48
727532.91.41
899232.91.43
15215532.92.96
23523832.91.77
 2432722927.63.38
including25325632.916.37
29830132.93.32
32432732.93.00
MA-19-432HW16750163-75444732.71.46
 596232.71.22
 15115432.73.03
 18819243.62.07
MA-19-433FW16750163-75111432.72.73
MA-19-434MZ16950343-67576032.63.21
919432.61.07
12212532.62.86
 1391783933.22.36
including13914010.911.42
including16417065.17.03
including17717810.917.03
28228532.62.52
 31232197.74.55
including31231421.78.34
42142432.64.35
MA-19-435MZ16870343-80374032.91.76
606887.61.56
858832.92.02
10610932.99.27
 1171432624.71.90
including12813132.97.42
16016443.84.41
18919232.97.52
*MZ = Main Zone, HW = Hanging Wall, FW = Foot Wall
*No significant intervals in MA-19-414, MA-19-415 and MA-19-428 drilled outside of the Main Zone

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

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

Acknowledgments

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

Qualified Person

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

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

QA/QC protocols followed at the Valentine Gold Project include the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one half retained at site, the other half tagged and sent to Eastern Analytical Limited in Springdale, Newfoundland. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.10 g/t Au in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold. Significant mineralized intervals are reported in Table 1 as core lengths and estimated true thickness (80% – 95% of core length).

About Marathon

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

Acknowledgments

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

For more information, please contact:
Matthew Manson, PhDChristopher Haldane
President and Chief Executive OfficerManager Investor Relations
Tel: 416-987-0711Tel: 416-987-0714
Email: mmanson@marathon-gold.comEmail: chaldane@marathon-gold.com
To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com.

Cautionary Statement Regarding Forward-Looking Information

Certain information contained in this news release constitutes forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that Marathon expects to occur are forward-looking statements. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “considers”, “intends”, “targets”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. More particularly and without restriction, this press release contains forward-looking statements and information about future exploration plans, objectives and expectations of Marathon, future mineral resource and mineral reserve estimates and updates and the expected impact of exploration drilling on mineral resource estimates, future pre-feasibility and feasibility studies and environmental impact statements and the timetable for completion and content thereof and statements as to management’s expectations with respect to, among other things, the matters and activities contemplated in this news release.

Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. In respect of the forward-looking statements and information concerning the interpretation of exploration results and the impact on the project’s mineral resource estimate, Marathon has provided such statements and information in reliance on certain assumptions it believes are reasonable at this time, including assumptions as to the continuity of mineralization between drill holes. A mineral resource that is classified as “inferred” or “indicated” has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category of mineral resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable mineral reserves.

By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability of the current exploration program to identify and expand mineral resources, operational risks in exploration and development for gold, delays or changes in plans with respect to exploration or development projects or capital expenditures, uncertainty as to calculation of mineral resources, changes in commodity and power prices, changes in interest and currency exchange rates, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral resources), changes in development or mining plans due to changes in logistical, technical or other factors, cost escalation, changes in general economic conditions or conditions in the financial markets. delays and other risks described in Marathon’s documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in Marathon’s Annual Information Form for the year ended December 31, 2018 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. Other than as specifically required by law, Marathon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.

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Marathon Appoints Ausenco Lead Consultant for Valentine Gold Project Pre-Feasibility Study

Marathon Gold Corporation (“Marathon” or the “Corporation”; TSX: MOZis pleased to announce the appointment of Ausenco Engineering Canada Inc. (Ausenco) as the lead consultant for the Pre-Feasibility Study (PFS) at Valentine Gold Project in Newfoundland and Labrador.

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

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

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

About Marathon

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

Acknowledgments

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

For more information, please contact:

Matthew Manson, PhDChristopher Haldane
President and Chief Executive OfficerManager Investor Relations
Tel: 416-987-0711Tel: 416-987-0714
Email: mmanson@marathon-gold.comEmail: chaldane@marathon-gold.com

To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com.

Cautionary Statement Regarding Forward-Looking Information

Certain information contained in this news release constitutes forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that Marathon expects to occur are forward-looking statements. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “considers”, “intends”, “targets”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. More particularly and without restriction, this press release contains forward-looking statements and information about future exploration plans, objectives and expectations of Marathon, future mineral resource and mineral reserve estimates and updates and the expected impact of exploration drilling on mineral resource estimates, future pre-feasibility and feasibility studies and environmental impact statements and the timetable for completion and content thereof and statements as to management’s expectations with respect to, among other things, the matters and activities contemplated in this news release.

Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. In respect of the forward-looking statements and information concerning the interpretation of exploration results and the impact on the project’s mineral resource estimate, Marathon has provided such statements and information in reliance on certain assumptions it believes are reasonable at this time, including assumptions as to the continuity of mineralization between drill holes. A mineral resource that is classified as “inferred” or “indicated” has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category of mineral resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable mineral reserves.

By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability of the current exploration program to identify and expand mineral resources, operational risks in exploration and development for gold, delays or changes in plans with respect to exploration or development projects or capital expenditures, uncertainty as to calculation of mineral resources, changes in commodity and power prices, changes in interest and currency exchange rates, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral resources), changes in development or mining plans due to changes in logistical, technical or other factors, cost escalation, changes in general economic conditions or conditions in the financial markets. delays and other risks described in Marathon’s documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in Marathon’s Annual Information Form for the year ended December 31, 2018 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. Other than as specifically required by law, Marathon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.

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