Make Kitco Your Homepage

Marathon grows resources and increases grade at its Valentine gold project in Newfoundland

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Marathon Gold (TSX: MOZ) today announced an update to the mineral resource estimates ("MRE") for the Valentine gold project in central 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.


Alphamin reports record quarterly tin production in DR Congo, declares dividend

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.