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Marathon Gold Corporation (TSX: MOZ) is a Toronto based gold resource company with exploration focused on its 100% owned Valentine Gold Camp located in central Newfoundland. The Valentine Gold Camp currently hosts two near-surface, mainly pit-shell constrained, NI 43-101 compliant gold resources totaling 816,000 oz. gold at 2.24 g/t (Measured & Indicated) and 149,000 oz. gold at 2.64 g/t (Inferred) (August, 2013). These resources, open along strike and to depth, cover less than 5% of the total length of the highly perspective Valentine Lake Thrust Fault and associated splay faults which host the majority of the gold mineralization within the property. Newly discovered gold zones, including the Sprite Zone and Marathon Zone, have returned wide intervals of near-surface good gold grades and have yet to be incorporated into new gold resources for the Valentine Gold Camp.

CEO Audio Interview

Article in Mining Weekly


Project Highlights

  • Large property 25,000 hectares — “camp size”
  • Multiple Gold Deposits — Leprechaun Gold Deposit and the Victory Gold Deposit
  • Multiple showings requiring future drilling (Sprite Area, Rainbow Zone, Marathon Area)
  • Major gold structure (VLTF) present along 30 km strike length of the property
  • Good infrastructure — all weather road access, near major power line
  • Favourable mining jurisdiction — no environmental issues or land claims
  • Good working relationship with the provincial government — JEA program support, 4 steel bridges on loan from the government


  • 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.


Marathon Gold Corporation’s 100% owed Valentine Lake Property is host to two NI 43-101 compliant orogenic-type structurally controlled gold deposits and numerous newly discovered gold occurrences. The gold, in quartz-tourmaline-pyrite (QTP) veining cutting the host late Proterozoic (562 MA) Valentine Lake Intrusive Suite, occurs proximal to a more 30+ km strike length of the Valentine Lake Thrust Fault. This major splay fault forms part of a deep structural crustal suture that extends NE-SW throughout the central Newfoundland, forming part of the root system of the Appalachian Mountain Belt, and providing the extensive conduit for the migration of the CO2 – rich gold-bearing fluids which gave rise to the Valentine Lake gold deposits.

Gold in quartz-tourmaline-pyrite veining was first discovered in 1985 by BP Canada Limited in the Valentine Lake property and intermittent exploration on the property until 2009 led to the discovery of the Leprechaun and Valentine East (Victory) gold deposits. The property lies within the Exploits Subzone of the Dunnage Zone which is host to numerous VMS deposits, including the world-class Buchan’s VMS deposits and Teck’s Duck Pond VMS deposit.

The latest published NI 43-101 compliant resource in August, 2013 for the Valentine Lake Property totaled 816,000 oz Au at 2.24 g/t (M & I) and 149,000 oz Au at 2.64 g/t (I). Since that time, advances in our understanding of the structural controls, magnetic interpretation, and intense prospecting have resulted in the discovery of additional new zones of extensive gold-QTP veining associated with 1st order splay faults off the main Valentine Lake thrust fault. The current gold resources, which are open along strike and to depth, cover less than 5% of the total length of the highly perspective Valentine Lake Thrust Fault and associated splay faults. The new gold zones, including the Sprite Zone and Marathon Zone, have both returned wide intervals of good gold grades which have yet to be incorporated into new gold resources for the Valentine Lake Property. Recent structural studies have concluded that the Valentine Lake property exhibits structural and mineralizing characteristics closely analogous to those of the major Archean gold deposits at Lamaque and Sigma.

Intense exploration is continuing along the 10’s of kilometers of as yet unexplored splay faults adjacent to the Valentine Lake Thrust Fault with drilling focussed on developing near-surface open-pit resources in the near term and proving up the emergence of central Newfoundland’s first true gold camp.

Metallurgical Test Work

During the third and fourth quarters of 2014 and the first quarter of 2015, a metallurgical test work program was carried out on a representative sample of mineralized material from the Leprechaun Gold Deposit. This work was done to develop a technically viable process for the production of doré from Leprechaun and is a necessary precursor to a preliminary economic assessment. This test work, which was underwritten in part by the Research and Development Corporation of Newfoundland and Labrador, concluded that direct sulphide-gold flotation followed by conventional cyanide leaching, carbon-in-pulp, and electro winning would provide an overall recovery in the range of 92.8% to 95%, with the potential to improve recoveries further with additional processing. This was an improvement over the results of the previous round of metallurgical work undertaken in 2011.

Project History

Early 1960’s — 1998: Asarco, HBOG, Abitibi-Price, BP Canada, Noranda — base metal exploration and discovery of gold-bearing quartz veins, airborne EM-Mag, prospecting, geochem surveys, mapping by Newfoundland government, and 47 DDH’s (~ 6,000m).

1998 — 2009: Mountain Lake Resources and JV partners Noranda & Richmont — prospecting, airborne VLF-Mag, 90 ddh’s (~17,000m), and structural study by InnovExplo (2006) concluding Leprechaun Gold deposit similar to Archean quartz-tourmaline lode gold deposits of Val-d’Or (Abitibi).

2010 — 2014: Marathon Gold Corporation — focused prospecting, trenching, mapping, drilling (531 ddh’s & ~ 89,400M NQ-core), discovered Frank, Sprite and Marathon Zones, initial and updated NI 43-101 resource estimates for Leprechaun Gold Deposit and Victory Gold Deposits.

2015: Marathon Gold Corporation — current drilling at the new Marathon Gold Deposit in preparation of an initial resource estimate in Q2-2015.

Leprechaun Gold Deposit

The Leprechaun Gold Deposit has a NI 43-101 compliant Open Pit and Underground Resource (refer to August 1, 2013 news release). The Open Pit Resource is Measured 3.5 million tonnes at 2.8 g/t Au containing 247,000 oz Au, and Indicated 6.2 million tonnes at 2.07 g/t Au containing 412,000 oz Au, and Inferred 1.2 million tonnes at 1.82 g/t Au containing 71,000 oz Au. The Underground Resource is Measured 108,000 tonnes at 4.83 g/t Au containing 17,000 oz Au, and Indicated 764,000 tonnes at 4.05 g/t Au containing 100,000 oz Au, and Inferred 349,000 tonnes at 6.13 g/t Au containing 69,000 oz Au. This Resource was estimated using a 0.5 g/t Au minimum cut-off for the open pit resources and a 2.0 g/t Au minimum cut-off for the underground resources. The Leprechaun Gold Deposit is open at depth and along strike.

Victory Gold Deposit

The Victory Gold Deposit (formerly Valentine East Hill) has a first ever NI 43-101 compliant Open Pit Resource (refer to August 1, 2013 news release). The Open Pit Resource is Indicated 761,000 tonnes at 1.67 g/t Au containing 41,000 oz Au, and Inferred 199,000 tonnes at 1.47 g/t Au containing 9,000 oz Au. This Resource was estimated using a 0.5 g/t Au minimum cut-off for the open pit resources. The Victory Gold Deposit is open at depth and along strike.


Golden Chest

  • Prolific Coeur d’Alene mining region
  • Historical gold producer
  • Fully permitted for drilling, underground mining, and tailings deposition
  • 10,000 m drill program near completion
  • Significant potential for reserve growth through continued underground drilling
  • Updated Resource Estimate expected Q1 2012
  • 25,000 m drill program planned for 2012

Drilling results for Golden Chest Mine


Finger Pond (100% Owned)

  • Located 50 km on strike and to the south-west of Valentine Lake
  • Historical exploration has outlined several gold and base metal showings along the property’s 20 km strike
  • Targets ready to be drilled

Baie Verte (100% Owned)

  • Located 13 km south of Anaconda Mining’s Pine Cove gold mine
  • Significant area of gold and base metals anomalies identified within a wide area of alteration


Corporate Profile on Stockhouse


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

Mr. Walford is a Lakehead University BSC graduate and a professional geologist with over thirty years of experience in precious metal, base metal and PGM mining and exploration. Mr. Walford has held senior management roles at a number of companies throughout the Americas including Anaconda Gold, Geomaque Exploration, LAC Minerals Ltd., Pamour Porcupine Mines Ltd. and Hudson Bay Exploration and Development Ltd. He is currently President and CEO, as well as a member of the board of Marathon Gold Corp.

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