It now has full ownership of the project's potential after closing a buy-back of the net smelter returns royalty from Glencore in November for C$11.25 million (US$8.75 million).

Highlights of the latest results under the Sprite Zone bog include 6m at 8.36g/t gold from 95m; and a broader 40m at 1.12g/t from 100m.

The company said the new bog zone QTP-gold veining was identical to the gold mineralising system found elsewhere in the gold camp.

The 15,900m winter programme is complete and Marathon plans to focus future drilling on developing openpit resources along the bog zone and exploring the untested ground further towards the Marathon deposit.

President and CEO Phillip Walford said a resource update for Marathon was imminent and a preliminary economic assessment would be released mid-May.

"With so many new and untested drill targets, as well as expanding current gold deposits, the future looks extremely promising at the Valentine gold camp," he said.

The project's current resource stands at a measured and indicated 1.85 million ounces of gold at 1.88g/t and an inferred 1.01Moz at 1.65g/t, in four near-surface deposits.

Marathon's working capital dropped to C$4.85 million (US$3.78 million) at the end of December due to the NSR buy-back, which it described as a "one-time opportunity that management expects will have a significant positive impact on the value of the Valentine Lake project".

Marathon shares closed 1c lower yesterday to 91c, capitalising it close to $133 million.