Exploration / Development > Resource-definition

Marathon mineralisation extends

Marathon Gold (CN:MOZ) has hit high grades in step-out drilling at its Marathon deposit as it works on a preliminary economic assessment for its Valentine Lake gold project in Newfoundland.

Staff reporter

Exploration / Development > Resource-definition

Marathon mineralisation extends

Marathon Gold (CN:MOZ) has hit high grades in step-out drilling at its Marathon deposit as it works on a preliminary economic assessment for its Valentine Lake gold project in Newfoundland.

Staff reporter

Marathon mineralisation extends

Intercepts 20m at 3.16g/t gold at namesake deposit

Highlights from the ongoing 15,000m programme include 20m at 3.16g/t gold, including 5m at 8.94g/t, and results will be included in a further resource update.

The company recently updated the project's resource, comprising a measured and indicated 1.85 million ounces of gold at 1.88g/t and an inferred 1.01Moz at 1.65g/t, within four near-surface deposits.

The Marathon and Leprechaun deposits host the majority of the resources and president and CEO Phillip Walford said the current drilling had extended Marathon's mineralised corridor to the northeast and southwest.

Drilling is also testing the boggy area between the Marathon and Sprite deposits, where the company announced intercepts including 5m at 7.27g/t last month.

The PEA is expected in the second quarter.

The company raised C$5 million through a bought-deal offering of flow-through shares in December at C$1.23 each.

Its shares closed up about 2% yesterday to 98c, capitalising it at $143.1 million.

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