PRECIOUS METALS

Marathon gets mining lease as EA decision nears

Marathon Gold has passed another milestone on the path to development of its Canadian Valentine gold project with the receipt of mining leases, which come ahead of a potential federal decision on the project’s environmental assessment next week.

 Marathon's Valentine

Marathon's Valentine

The mining leases for the central Newfoundland project cover the Marathon and Leprechaun deposits and have a term of 20 years.

A draft environmental report for Valentine was filed on May 25 and available for public review and comment for 30 days. Come June 24, Canada's minister of environment and climate change can decide on whether the project is acceptable for development.

Marathon is hoping to begin production in 2024 with a run rate of 173,000oz and all-in sustaining cost of US$833/oz.

The receipt of the mining leases followed Marathon this week securing US$81 million of equipment financing for the development.

Marathon's share price was quoted as C$1.62 (C$1.25) on June 15. The company has a market capitalization of C$413.81 million.

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