In total, 14 of the 15 drillholes retuned drill intersections over 0.7 g/t gold.
The Valentine project features four shear-zone hosted gold deposits within a 20-km-long trend
In the release, Matt Manson, Marathon’s president and CEO, noted that the company plans to continue with its exploration efforts next year.
“By the end of this month we expect to have completed our 52,000 metre 2020 exploration drill program at the Valentine Gold project, including the 8,000 metres of infill drilling at Berry,” Manson said in a release. Assay results from this program are expected into January and will be used to complete an updated resource estimate for the Berry zone.
“Given the success of our 2020 exploration drilling, and the scale of mineralization we are seeing at Berry, we anticipate an equally vigorous exploration program in 2021.”
Gold mineralization at Valentine is contained in stacked quartz-tourmaline-pyrite-gold veins. At the Leprechaun and Marathon deposits, and at the Berry zone, these form envelopes within their host rocks on the hanging wall of the Valentine Lake shear zone.
Craig Stanley of Raymond James believes that “Marathon is a likely acquisition target given a large resource in mining friendly Newfoundland, relatively low capex, long mine life, large land position and diversified shareholder base.” Stanley has an ‘outperform’ rating on the stock.
The Valentine project features four shear-zone hosted gold deposits within a 20-km-long trend. Measured and indicated resources stand at 54.9 million tonnes at 1.75 g/t gold for a total of 3.1 million oz. with additional inferred resources of 16.8 million tonnes at 1.78 g/t for a further 1 million oz.
In April, the company released a prefeasibility study for Valentine, which outlined a 12-year open pit and conventional milling operation producing an average of 175,000 oz. of gold annually in the first nine years of operation.
(This article first appeared in the Canadian Mining Journal)
