Marathon grows resources and increases grade at its Valentine gold project in Newfoundland
According to the company's statement, the project's updated total measured and indicated mineral resources amounted to 4.0 Moz Au (64.6 Mt at 1.90 g/t Au), and showed an increase of +26% in ounces, +14% in tonnes and +10% in grade compared to the previous estimate.
Marathon added that "High Grade" open-pit measured and indicated mineral resources (greater than 0.7 g/t Au and designated as direct mill-feed in the project's mine plan) amounted to 3.4 Moz Au (38.6 Mt at 2.73 g/t Au), and showed an increase of +28% in ounces, +22% in tonnes and +5% in grade compared to the previous estimate.
The company said that additional inferred mineral resources amounted to 1.1 Moz Au (20.8 Mt at 1.65 g/t), adding that within the aggregate MRE estimates, the newly defined Berry deposit is confirmed as a major new contributor of mineral resources at the project.
President and CEO Matt Manson commented, "This updated mineral resource estimate is the largest in quantity, the highest in grade, and the best in quality that has ever been produced for the Valentine gold project.
"It incorporates two years of exploration drilling at the Berry deposit, which is now confirmed to be comparable in scale and gold content to the nearby Leprechaun deposit. As a reminder, Berry is located immediately adjacent to the proposed site of the project's gold mill."
He added that in parallel with the company's permitting and engineering work, a study is underway to consider the opportunities offered by the 2022 MRE on the project's mineral reserves, production profile and mine life. This work is on schedule for completion in the fourth quarter of this year.
Marathon is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world.
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