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Marathon Gold Corp.
Summary
| Project: | Valentine | |
|---|---|---|
| Deposit: | Leprechaun | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 7/11/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 11-7-2019: Marathon Gold Corp. announces an Exploration/Drilling Update report for its Leprechaun deposit at the Valentine project. Drilling results incl. 74m @ 4.24g/t Au from 256m. TORONTO, ON – July 11, 2019 - Marathon Gold Corporation (“Marathon” or t | |
| Resources: | (Resource): 2.69Moz Au (Ind) and 1.53Moz Au (Inf) at Valentine | |
| CP/QP: | [Overall Report]: Sherry Dunsworth (Internal) | |
| ABSTRACT: | TORONTO, ON – July 11, 2019 - Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to announce continued excellent results from infill drilling along the Main Zone corridor of the Leprechaun Deposit. These drill holes, as well as the previously released 2019 drill holes collared along the upper edge of the Main Zone corridor (refer to Figure 1), are part of the series of planned infill drill holes that will cover a more than 800-meter strike length of the Main Zone corridor. These drill holes are designed to penetrate down through the shallow SW dipping, stacked gold-bearing QTP-Au veins which form the dominant vein orientation within the Main Zone corridor of the Leprechaun Deposit, increasing the width of the Main Zone corridor and improving the continuity of high-grade mineralization extending from surface beyond the bottom of the open pit into potential future underground resource development. The current drilling program is designed both to further confirm the geological model for the Leprechaun Deposit and to continue to upgrade Inferred resource material into the Measured and Indicated resource categories. “These new wide intervals of high-grade gold at Leprechaun continue to expand the size and grade of the high-grade Main Zone while the lower grades in the hanging wall will assist in reducing the overall strip ratio of the Leprechaun open pit,” said Phillip Walford, President and CEO of Marathon Gold. “The 2019 Leprechaun drilling campaign, which is nearing completion, has succeeded in stitching together the high-grade areas of the Main Zone. Drilling has commenced at the Marathon Deposit and we look forward to the new Leprechaun Deposit resource estimation due in September.” Mr. Walford added “The gold price is enhancing our project as well. The press release for the PEA released October 30, 2018 considers after tax of project payback, IRR and NPV with changes in gold prices in Table 4. The base price used for the study was $ 1250 USD per ounce of gold gives an after-tax project payback of 2.5 years, an IRR of 30%, and an NPV of $ 432 M USD with a 5% discount rate. The highest gold price used in the sensitivities in Table 4 was $ 1350 USD per ounce of gold and that gives an after-tax pay project payback of 2 years, an IRR of 36%, and an NPV of $ 616 M USD with a 5% discount rate. That is a marked improvement from the base case. With the gold price slightly above $1400 today, all of these economic parameters are higher yet.” | |
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