According to the company a single institutional investor, Pierre Lassonde and Trinity Capital Partners Corporation and Affiliates had subscribed for the offering.
The Valentine project comprises a series of five mineralized deposits along a 20-kilometre system.
An April 2021 Feasibility Study outlined an open-pit mining and conventional milling operation over a thirteen-year mine life with a 31.5% after-tax rate of return.
The project has estimated Proven Mineral Reserves of 1.40 Moz (29.68 million tonnes at 1.46 g/t) and Probable Mineral Reserves of 0.65 Moz (17.38 million tonnes at 1.17 g/t).
Marathon sees potential to pour first gold by October 2023.
Memorandum of understanding
Marathon has also concluded a Memorandum of Understanding (MOU) with the Miawpukek First Nation relating to the Environmental Assessment and development of the Valentine project.
The MOUs includes the completion of a Traditional Knowledge/Traditional Land and Resource Use Study, funding for a community-based Liaison
Officer, and the commencement of negotiations towards a Socio-Economic Agreement.
Midday Friday, Marathon’s stock was up nearly 9% on the TSX. The company has a C$596 million market capitalization.
