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OVERVIEW | VALENTINE LAKE | Executive Profiles


Marathon is a Toronto based gold exploration company rapidly advancing its 100% owned Valentine Lake Gold Camp located in Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Valentine Lake Gold Camp currently hosts four near-surface, mainly pit-shell constrained, deposits with measured and indicated resources totaling 2,691,400 oz. of gold at 1.85 g/t and inferred resources totaling 1,531,600 oz. of gold at 1.77 g/t. The majority of the resources occur in the Marathon and Leprechaun deposits, which also have resources below the current open pit shell. Both deposits are open to depth and on strike. Gold mineralization has been traced down over 350 meters vertically at Leprechaun and almost a kilometer at Marathon. The four deposits identified to date occur over a 20-kilometer system of gold bearing veins, with much of the 24,000-hectare property having had only minimal exploration activity to date.

The Valentine Lake Gold Camp is accessible by year-round road and is in close proximity to the provincial electrical grid. Marathon maintains a 50-person all-season camp at the property. Recent metallurgical tests have demonstrated 93% to 98% recoveries via conventional milling and 50% to 70% recoveries via low cost heap leaching at both the Leprechaun and Marathon Deposits.

CEO Audio Interview

Article in Mining Weekly


Project Highlights

  • 4.2Moz gold resource with significant blue-sky potential
    • 2,691,400 oz. of gold at 1.85 g/t M+I
    • 1,531,600 oz. of gold at 1.77 g/t Inferred
  • Camp sized 240 sq. km property
  • 30 km of strike along highly prospective gold-bearing fault structure
  • Only 15% of the property has been explored in any detail, year-round road access and proximity to existing power lines
  • Updated PEA at the Valentine Lake Gold October 2018
    • Average Annual Production for the first 12 years of 225,100 ounces per year
    • All in sustaining cost of $666 (USD) per ounce
    • After-tax NPV $493 million (USD)
    • After-tax back of 2.5 years
  • Average finding cost of $10 per ounce of gold consistent over 8 years of exploration


  • Well serviced by airlines, including 3 international airports (St. John’s, Gander and Deer Lake)
  • Memorial University in St. John’s recognized for geology and engineering
  • Churchill Falls the 3rd largest hydroelectric power station in North America at 5,428 MW
  • Eastern most part of the Canadian Shield, when colliding tectonic plates shaped much of Newfoundland’s geology
  • Landscape includes ancient mountain ranges, lush boreal forest and rugged coast line
  • Long Mining history includes: the Bell Island underground iron ore mine that operated from 1869-1966 and was the world’s largest underground iron ore mine. ASARCO produced at the Buchans mine (Pd-Zn-Cu) from 1926-1984
  • Producing mines in Newfoundland and Labrador at this time include Duck Pond (Teck), Long Harbour (Vale), Voisey’s Bay (Vale), Ming Mine (Rambler), Tata Steel Minerals, Iron Ore Company of Canada, Labrador Iron Mines Ltd.


Corporate Profile on Stockhouse


 Phillip C. Walford P.Eng.
Phillip C. Walford P.Eng.
President & CEO

Phillip C. Walford is the President and Chief Executive Officer of the Corporation since December 3, 2009. From March 1, 2005 to November 29, 2010 Mr. Walford served as the President and Chief Executive Officer of Marathon PGM Corporation. Mr. Walford was as a founder of Marathon PGM Corporation and served as a director from October 2003 to November 2006 and from May 2007 to November 2010. Mr. Walford has held senior management positions at Pamour Porcupine Mines Ltd., LacMinerals Ltd. Geomaque Explorations Ltd., and Hudson Bay Exploration and Development and has extensive international experience in gold and base metal deposits. As a result of his rich global experience, Mr. Walford places high value and importance on lessening risk and has modeled Marathon Gold on this premise.

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