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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.
