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Posts tagged ‘Marathon Gold Corp (MOZ)’

New-found gold in Newfoundland

April 4th, 2013

Anaconda wants to expand production, Marathon wants new resources

by Greg Klein

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At first glance the numbers seem modest enough—just under 12,000 gold ounces and $3.3 million net income for fiscal 2012. But that in itself might put Anaconda Mining TSX:ANX in an enviable position among micro-cap juniors. With an expanded land package and two active exploration areas, the company hopes to increase production in the Baie Verte peninsula of northern Newfoundland.

So it was more gold lust than fabled romance that drew Anaconda to the Romeo and Juliet prospect, about 1.5 kilometres northwest of the company’s Pine Cove open pit mine and mill. Last year the company decided that impressive, near-surface historic results called for an initial 1,000-tonne bulk sample. On April 4 Anaconda released high-grade assays from five sub-samples averaging 12,598 grams grading 5.71 grams per tonne gold. The individual numbers show:

Anaconda wants to expand production, Marathon wants new resources

Anaconda Mining expects about 14,000 gold ounces this year from Pine Cove but hopes to expand production in its newly enlarged land package.

  • 6.32 g/t gold from an 11,842-gram sample
  • 5.14 g/t from 12,774 grams
  • 5.15 g/t from 12,299 grams
  • 4.91 g/t from 13,061 grams
  • 7.05 g/t from 13,018 grams.

The results follow closely on drill results released March 25 from a new Western Extension area within Pine Cove’s current pit limit. Highlights include:

  • 1.81 g/t gold over 26.87 metres
  • (including 2.15 g/t over 20 metres)
  • (and including 1.44 g/t over 2.87 metres)
  • 1.28 g/t over 12.7 metres
  • (including 2.05 g/t over 6.1 metres)
  • 1.82 g/t over 4 metres
  • (including 4.47 g/t over 1 metre)
  • 7.31 g/t over 1.03 metres
  • 2.21 g/t over 4 metres
  • 3.1 g/t over 0.99 metres.

True widths weren’t available. The top-most intercept started at a vertical depth of 7.83 metres, while the deepest ended at 178.59 metres from surface. The zone remains open to the northwest, which will be the focus of Phase II drilling.

“These holes were drilled within the current pit limit but the mineralization was found below the pit shell,” Anaconda president/CEO Dustin Angelo tells ResourceClips. “We have to remove that waste because you have to fan back to maintain a stable pit wall. Where we’re drilling was an area that was deemed waste, but when you drill far enough down there are areas that are gold-bearing. So we were removing waste in this area already and now we’ve found gold under it.”

As for Romeo and Juliet, “We’re going to do some more definition drilling from the surface,” Angelo says. “But I think we’ll have to do some underground exploration to better define it and help with the mine plan.”

With a mill less than two klicks away, the star-crossed lovers might have a promising future. But “we have to do metallurgical tests to see how we would process that material,” Angelo explains. “Various parts of our circuit have different levels of capacity right now. There’s a potential that there’s plenty of mill capacity but if we have to put it through our ball mill and flotation circuit as well, there’s probably less. But what we could do is blend the feed stock so instead of doing a thousand tonnes a day right now from the pit, we could do 900 from the pit and 100 of this, and blend the head grade.”

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Marathon, New Jersey Mining report Idaho Gold Results up to 4.41 g/t over 20.6m

September 11th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corp TSX:MOZ in joint venture with New Jersey Mining Corp announced assays from their Golden Chest Mine in the Coeur d’Alene Mining District of Idaho.

Infill highlights include
4.41 grams per tonne gold over 20.6 metres
(including 10.8 g/t over 7 metres)
9.65 g/t over 7.7 metres
(including 30.3 g/t over 2.4 metres)
1.53 g/t over 17 metres
(including 10.4 g/t over 1.5 metres)
Infill depths extend to 195 metres.

Step-out highlights include
2.04 g/t over 11.9 metres
(including 6.18 g/t over 3.5 metres)
1.56 g/t over 8.4 metres
2.44 g/t over 4.1 metres
(including 8.8 g/t over 1 metre)
Step-out depths extend to 205 metres.

The property is a 50/50 joint venture with New Jersey Mining acting as project operator. The mine has over 3,900 metres of underground workings and the permits necessary to drill and operate on the deposit. The property includes 24 patented mining claims and 70 unpatented mining claims covering 515 hectares. The patented claims that cover the mine workings have mineral and surface rights.

Marathon President/CEO Phillip Walford stated, “We had great success with this year’s drilling program at the Golden Chest Mine and we are pleased to be concluding this program on such a strong note. These final results reveal the presence of a new high-grade gold shoot and the extension of a longer interval that was discovered in May in the Katie and Dora area. Additionally, these concluding results demonstrate that there is the potential to increase the current open-pit resource. As the company’s focus is to generate value through resource expansion, the current resource estimate is being revised based on this year’s drilling results and is expected to be released in the fourth quarter of this year.”

View Company Profile

Contact:
Marathon Gold Corp
Jennie Guay
IR Manager
416.987.0714

Read an interview with Marathon President/CEO Phillip Walford.

Read a feature story about Marathon Gold Corp.

by Greg Klein

Marathon reports Nfld Gold Assays up to 13.2 g/t over 13m, 4.64 g/t over 16m

August 27th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corp TSX:MOZ announced assays from its the Hanging Wall and Main Zones in the central area of the Leprechaun Gold Deposit at its 100%-owned Valentine Lake Project in Newfoundland. Highlights include

2.91 grams per tonne gold over 5 metres
(including 10.83 g/t over 1 metre)
4.64 g/t over 16 metres
(including 20.16 g/t gold over 2 metres)
4.2 g/t gold over 5 metres
(including 15.78 g/t gold over 1 metre)
13.2 g/t gold over 13 metres
(including 63.08 g/t gold over 1 metre)
8.51 g/t gold over 3 metres
(including 25.52 g/t gold over 1 metre)
14.22 g/t gold over 3 metres
(including 42.46 g/t gold over 1 metre)
4.64 g/t gold over 4 metres
(including 14.4 g/t gold over 1 metre)
3.17 g/t gold over 4 metres
(including 11.69 g/t gold over 1 metre)

President/CEO Phillip Walford commented, “These recent results are very significant for Marathon, as the high-grade intercepts at depth confirm the continuity of the southwest plunging high-grade material. The continuation of high-grade Main Zone mineralization to depth is exciting, as it exemplifies that there is the potential for an underground resource. The zone of mineralization in the Hanging Wall is also very encouraging, as it further supports the potential for an open pit. We will be continuing to develop the Leprechaun Gold Deposit, and with 24,442 meters of drilling completed in 2012, we anticipate a new resource update by year end.”

View Company Profile

Jennie Guay
Investor Relations
416.987.0714

Read an interview with Marathon President/CEO Phillip Walford

Read a feature story about Marathon Gold

by Kevin Michael Grace

Marathon reports Nfld Gold Assays up to 2.36 g/t over 29.75m, 6.53 g/t over 15.3m

July 10th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corp TSX:MOZ announced assays from its the Leprechaun Gold Deposit of its 100%-owned Valentine Lake Project in Newfoundland. Results include

4.04 grams per tonne gold over 4.5 metres
6.53 g/t over 15.3 metres
(including 51.04 g/t gold over 0.9 metres)
5.45 g/t gold over 4.5 metres
(including 15.7 g/t gold over 0.9 metres)
5.03 g/t gold over 10 metres
(including 31.21 g/t gold over 1 metre)
2.21 g/t gold over 5 metres
9.75 g/t gold over 5.1 metres
2.36 g/t gold over 29.75 metres
(including 46.5 g/t gold over 0.85 metres)

President/CEO Phillip Walford commented, “The results from this summer’s stepout drilling program have been very successful. These new results confirm that the Leprechaun Gold Deposit is extending to depth. The central part of the deposit continues to exhibit high-grade gold mineralization which provides us with further encouragement, as it demonstrates that this deposit has the potential to be mined on surface or underground.”

View Company Profile

Jennie Guay
Investor Relations
416.987.0714

by Kevin Michael Grace

Marathon, Mountain Lake report Nfld Results up to 15.8 g/t Gold over 8m

May 14th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corp TSX:MOZ in joint venture with Mountain Lake Resources Inc TSXV:MOA announced assays from their Valentine Lake Project in Newfoundland. Highlights include

15.8 g/t gold over 8 metres
(including 65.33 g/t over 1 metre)
8.06 g/t over 12 metres
(including 29.64 g/t over 1 metre)
22.05 g/t over 3 metres
(including 66.03 g/t over 1 metre)
9.07 g/t over 8 metres
(including 66.63 g/t over 1 metre)
0.64 g/t over 65 metres
(including 12.9 g/t over 1 metre)
6.97 g/t over 5 metres
(including 19.34 g/t over 1 metre)

Valentine Lake is a 50/50 joint venture with Marathon acting as project operator. Marathon President/CEO Phillip Walford said, “The Leprechaun Gold Deposit has continued to expand with our highly successful winter 2012 drilling program. The intersection of new, wide intervals of Main Zone-style mineralization in the J. Frank Zone confirms the continuity of the gold system operating along the highly prospective thrust fault, which extends for over 25 kilometres within the Valentine Lake property. Summer drilling has resumed and with three drills turning, steady news flow is expected.”

View Company Profile

Contact:
Marathon Gold Corp
Jennie Guay
IR Manager
416.987.0714

Mountain Lake Resources Inc
Greg Lytle
Corporate Communications
604.839.6946
866.285.5817

Read an interview with Marathon President/CEO Phillip Walford.

Read a feature story about Marathon Gold.

by Greg Klein

Marathon reports Idaho Gold Assays as high as 12.4 g/t over 5.2m

April 12th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corporation TSX:MOZ in joint venture with New Jersey Mining Corporation announced results from the Golden Chest Mine in Murray, Idaho. Assays include

1.15 g/t gold over 16.5 metres
1.26 g/t over 12.4 metres
1.14 g/t over 20 metres
4.93 g/t over 1.6 metres
8.22 g/t over 3.9 metres
12.39 g/t over 5.2 metres
7.74 g/t over 2.5 metres
2.37 g/t over 5.6 metres
3.87 g/t over 2.2 metres
3.56 g/t over 5.1 metres

Marathon President Phillip Walford commented, “Drilling at the Golden Chest Mine continues to be successful in expanding the resource potential. The open pit holes are infill and in an area of inferred resource, and the underground targeted holes are expanding the strike length of the Idaho vein system in an area not previously drilled. These are very good results for the 2012 program and with extensive drilling to follow, we anticipate consistent encouraging results.” The Golden Chest Mine is owned 50% by New Jersey Mining Corporation and 50% by Marathon Gold Corporation. NJMC is the operator.

View Company Profile

Read more about Marathon Gold

Contact:
Marathon Gold Corporation
Jennie Guay
Investor Relations Manager
416.987.0714

by Ted Niles

Marathon reports Newfoundland Gold Results as high as 13.81 g/t over 19m

April 10th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corp TSX:MOZ in joint venture with Mountain Lake Resources TSXV:MOA announced results from their Leprechaun Gold Deposit in Valentine Lake, Newfoundland. Highlights include

13.81 g/t gold over 19 metres
(including 109.94 g/t over 2 metres)
7.23 g/t over 22 metres
(including 48.99 g/t over 2 metres)
9.19 g/t over 15 metres
(including 34.92 g/t over 2 metres)
3.93 g/t over 30 metres
(including 19.01 g/t over 5 metres)
4.05 g/t over 24 metres
(including 24.55 g/t over 2 metres)
2.78 g/t over 22 metres
(including 15.66 g/t over 2 metres)

The Valentine Lake Project, including the Leprechaun Gold Deposit, is a 50/50 joint venture with Marathon acting as project operator. Marathon President/CEO Phillip Walford remarked, “Building upon the previously announced drill results, these exciting new gold intercepts further confirm both the continuity of the gold system and the ongoing expansion of the Leprechaun Gold Deposit. As this year’s stepout drilling program progresses it is becoming increasingly clear that this is a sizeable deposit with more high-grade zones to be found.”

View Company Profile

Contact:
Marathon Gold Corp
Jennie Guay
IR Manager
416.987.0714

Mountain Lake Resources Inc
Greg Lytle
Communications Manager
866.285.5817
604.839.6946

by Greg Klein

Marathon CEO Phillip Walford on Newfoundland JV gold resource

April 1st, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corporation TSX:MOZ in joint venture with Mountain Lake Resources Inc TSXV:MOA announced an updated NI 43-101 mineral resource estimate for the Leprechaun deposit of the Valentine Lake project in central Newfoundland. The deposit now has measured and indicated resources of 424,000 ounces gold and inferred resource of 305,000 ounces.

The property is a 50/50 joint venture with Marathon as the project operator. Marathon President/CEO Phillip Walford tells ResourceClips.com, “During the last year we discovered that some of the historic drill holes were not what they should’ve been, and we’ve had to remove them from the database. That’s hurt us a little bit in the resource, in tonnage and grade and also in classification, but overall I think that will be behind us now. This year we’re pretty much mitigating all of that, and we’ve got an aggressive drill program going on. Our real focus now is on the high-grade zones, which really drive this deposit.

If you put $100 an ounce on [our resource], we’re grossly undervalued. And we’ve got about $8 million in cash. But right now everybody is undervalued. It’s just the market—Phillip Walford

“We want to get an open-pit resource out at the end of this drilling season. We’re drilling about 40,000 metres, so we’ll have a lot of information to put into the model. The drill program is underway, and there are three drills turning right now. All in all, we’ve had a little bit of a hiccup, but we’re moving right along, and I think the results that you’ll see in the next little while will show that we’re back on track and moving ahead to make this deposit grow.”

Asked whether Marathon and Mountain Lake intend to take Valentine Lake to production, Walford replies, “We’re doing everything just as we did with Marathon PGM. We’re doing everything to go into production. That’s our focus, and we’re not straying from that.” He adds, “We’ve got enough cash on Valentine to finish the drilling season, so we’re not too worried about that.

“We’re about 50 kilometres south of the town of Millertown, which is near Buchans, and we’re 95 kilometres from the Trans-Canada Highway. You can drive into the property. There’s also a major powerline about 20 kilometres away. Right now we’re on generator power, but for a mining operation we’d go on to grid power, which would save a lot of money.”

Is Marathon fairly valued? “I was just doing the sums actually,” Walford says. “If we include measured, indicated and inferred from the two projects that we’re involved with, we have a resource base of 556,000 ounces [gold]. Half of it’s inferred, half measured and indicated. So it depends on what kind of value you want to put on that. If you put $100 an ounce on [our resource], we’re grossly undervalued. And we’ve got about $8 million in cash. But right now everybody is undervalued. It’s just the market. We’ve been through this with Marathon PGM; we’re just in a market that doesn’t really value mining resource stocks right now, in particular gold.”

He concludes, “I’m really pleased with the way we’re developing it. We made some significant strides forward with exploration, with prospecting and just with surface exploration last year—the first time we did it. We’re going to do more of that. We’re also looking at downhole geophysics—we’re actually trying that out this week. We’ve definitely got a lot better handle on what this deposit’s all about. I’m really quite optimistic and excited about what we’re going to find as we go forward.”

View Company Profile

Read more about Marathon Gold

Contact:
Marathon Gold Corporation
Jennie Guay
Investor Relations Manager
416.987.0714

by Ted Niles

Marathon, Mountain Lake update Newfoundland Gold Resource Estimate

March 29th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corporation TSX:MOZ in joint venture with Mountain Lake Resources Inc TSXV:MOA announced an updated NI 43-101 mineral resource estimate for the Leprechaun deposit of the Valentine Lake project in central Newfoundland. The deposit now has measured and indicated resources of 424,000 ounces gold and inferred resource of 305,000 ounces.

The property is a 50/50 joint venture with Marathon as the project operator. Marathon President/CEO Phillip Walford tells ResourceClips.com, “During the last year we discovered that some of the historic drill holes were not what they should’ve been, and we’ve had to remove them from the database. That’s hurt us a little bit in the resource, in tonnage and grade and also in classification, but overall I think that will be behind us now. This year we’re pretty much mitigating all of that, and we’ve got an aggressive drill program going on. Our real focus now is on the high-grade zones, which really drive this deposit.

If you put $100 an ounce on [our resource], we’re grossly undervalued. And we’ve got about $8 million in cash. But right now everybody is undervalued. It’s just the market—Phillip Walford

“We want to get an open-pit resource out at the end of this drilling season. We’re drilling about 40,000 metres, so we’ll have a lot of information to put into the model. The drill program is underway, and there are three drills turning right now. All in all, we’ve had a little bit of a hiccup, but we’re moving right along, and I think the results that you’ll see in the next little while will show that we’re back on track and moving ahead to make this deposit grow.”

Asked whether Marathon and Mountain Lake intend to take Valentine Lake to production, Walford replies, “We’re doing everything just as we did with Marathon PGM. We’re doing everything to go into production. That’s our focus, and we’re not straying from that.” He adds, “We’ve got enough cash on Valentine to finish the drilling season, so we’re not too worried about that.

“We’re about 50 kilometres south of the town of Millertown, which is near Buchans, and we’re 95 kilometres from the Trans-Canada Highway. You can drive into the property. There’s also a major powerline about 20 kilometres away. Right now we’re on generator power, but for a mining operation we’d go on to grid power, which would save a lot of money.”

Is Marathon fairly valued? “I was just doing the sums actually,” Walford says. “If we include measured, indicated and inferred from the two projects that we’re involved with, we have a resource base of 556,000 ounces [gold]. Half of it’s inferred, half measured and indicated. So it depends on what kind of value you want to put on that. If you put $100 an ounce on [our resource], we’re grossly undervalued. And we’ve got about $8 million in cash. But right now everybody is undervalued. It’s just the market. We’ve been through this with Marathon PGM; we’re just in a market that doesn’t really value mining resource stocks right now, in particular gold.”

He concludes, “I’m really pleased with the way we’re developing it. We made some significant strides forward with exploration, with prospecting and just with surface exploration last year—the first time we did it. We’re going to do more of that. We’re also looking at downhole geophysics—we’re actually trying that out this week. We’ve definitely got a lot better handle on what this deposit’s all about. I’m really quite optimistic and excited about what we’re going to find as we go forward.”

View Company Profile

Read more about Marathon Gold

Contact:
Marathon Gold Corporation
Jennie Guay
Investor Relations Manager
416.987.0714

by Ted Niles

Marathon, Mountain Lake report NFLD Gold Assays of 8.04 g/t over 4.3m

March 2nd, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corporation TSX:MOZ in joint venture with Mountain Lake Resources Inc TSXV:MOA announced assay results from the Leprechaun deposit of the Valentine Lake project in Newfoundland. Highlights include

8.04 g/t gold over 4.3 metres (including 35.71 g/t over 0.9 metres)
9.35 g/t over 2.6 metres (including 20.33 g/t over 0.9 metres)
4.11 g/t over 8 metres (including 24.76 g/t over 0.8 metres)
5.77 g/t over 3.4 metres (including 20.22 g/t over 0.9 metres)

The property is a 50/50 joint venture with Marathon as the project operator. Marathon President/CEO Phillip Walford said, “The intersection of this new high-grade gold mineralization is very encouraging because it reveals that the current resource is expanding down-dip to the southwest.”

View Company Profile

Read more about Marathon Gold

Contact:
Marathon Gold Corporation
Jennie Guay
Investor Relations Manager
416.987.0714

by Ted Niles