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Marathon Gold Corp.
Summary
| Project: | Valentine | |
|---|---|---|
| Deposit: | Valentine | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 5/17/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 17-5-2018: Marathon Gold Corp. announces a PEA report for its Valentine deposit at the Valentine project. PEA results incl. post-tax NPV of US $367M, IRR of 25%, and 11yr LOM at the project. TORONTO, ON – May 17, 2018 - Marathon Gold Corporation (“Maratho | |
| Resources: | (Resource): 33.363Mt @ 1.993g/t Au for 2.13Moz Au (M+I), 17.27Mt @ 1.989g/t Au for 1.1Moz Au (Inf.) | |
| CP/QP: | [Resources]: Robert Farmer (John T. Boyd Company) | |
| ABSTRACT: | TORONTO, ON – May 17, 2018 - Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to announce the excellent results of an independent Preliminary Economic Assessment study ("PEA") on its 100% owned Valentine Lake Gold Camp, central Newfoundland. The PEA provides a base case assessment of developing the Valentine Lake Gold Camp mineral resource by open pit mining, and gold recovery by a combination of a milling circuit and heap leaching, incorporating gravity and flotation circuits with leaching of the concentrate and tails. Phillip Walford, President and CEO of Marathon commented, “The study is an exciting milestone in the development of the Valentine Lake Gold Camp in mining friendly Newfoundland. The results demonstrate that a very robust, low cost operation is possible. The study has also identified several opportunities to enhance the mine plan and economics of the project as well as to extend mine life. There is exploration potential for additional open pit resources at the Sprite Deposit including the bog extension area, the Marathon Deposit to the southwest, the Victory Deposit and other mineralized zones such as the Frank Zone and the Rainbow Zone. There is also a large underground resource at the Marathon Deposit that is not at present drilled off in sufficient detail to develop into a mine plan. Additional drilling in 2018 is planned to further define this underground resource in time for the next economic study. The cost of finding a new ounce of gold on the property remains at $10 per new ounce so our exploration program continues to be highly cost-effective.” | |
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