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Marathon Gold Corp.
Summary
| Project: | Valentine | |
|---|---|---|
| Deposit: | Valentine | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 10/30/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 30-10-2018: Marathon Gold Corp. announces a PEA report for its Valentine deposit at the Valentine project. Updated PEA results incl. post-tax NPV of US $493M (5%), IRR of 30%, 12.2yr LOM at the project. TORONTO, ON – October 30, 2018 - Marathon Gold Corpo | |
| Resources: | (Resource): 45.146Mt @ 1.85g/t Au for 2.69Moz Au (M+I), 26.85Mt @ 1.77g/t Au for 1.53Moz Au (Inf.) | |
| CP/QP: | [Resources]: Robert Farmer (John T. Boyd Company) | |
| ABSTRACT: | TORONTO, ON – October 30, 2018 - Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to announce the excellent results from an updated independent Preliminary Economic Assessment study ("PEA") on its 100% owned Valentine Lake Gold Camp that was led by John T. Boyd Company and Lycopodium Minerals Canada. The new PEA optimizes the development of 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. The study is based on an initial 12-year mine life and produced an after- tax Net Present Value (“NPV”) of $493 million using a 5% discount rate. The financial model shows an after- tax Internal Rate of Return ("IRR") of 30% and a capital payback period of 2.5 years. All dollar figures are reported in US$ and after-tax unless stated otherwise. “This updated study has benefited from 20,000 meters of additional drilling since February 2018, 9,000 metallic screen assays on historical drill core since the last PEA resource, and an internal review of the project. For example, initial and sustaining capital costs have been cut by leasing the mining fleet instead of purchasing it. The very positive improvements in production and mine life are attributable to this year’s successful drilling program to extend the open pit resources at the Marathon Deposit, a major gold deposit that continues to grow thereby driving expansion of the project. Early near-surface higher grade resources with a low strip ratio at the Marathon Deposit enable high gold production in the early years of the operation and a fast payback of capital. The PEA has capitalized on several opportunities identified in the May 18, 2018 PEA, and there is still room for further improvements to the mine plan and economics for the 2019 Preliminary Feasibility Study. | |
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