TORONTO, August 12, 2020 – Marathon Gold Corp. (“Marathon” or the “Society”; TSX: MOZ) announced its monetary effects for the quarter ending June 30, 2020 and provided an update on the Company’s operations at Valentine Gold. Project (the “project”) in downtown Newfoundland.
Highlights of the quarter include:
Matt Manson, President and CEO, commented, “This quarter, we complexed our paintings on the Valentine Gold project on several fronts. The prefeasibility review published in April presented the low-capital, high-yield mining allocation based on the traditional open pit mining and grinding that we intend to develop. We have continued to make steady progress in our environmental assessment, with ongoing consultations on network painting, knowledge collection and technical research to help the presentation of our environmental assessment have an effect on the evaluation, which is expected shortly. successfully adapted our site control activities to the demanding new COVID-19 situations and restarted exploration, conviction and geotechnical paintings in June. Our exploration in the Sprite Corridor continues to be a success in the new Berry Zone, which has now made it one of the most productive drilling intersections in the history of the assignment, at 3.33 g /t Au over 120 m from 87 meters deep (new edition da ted 22 July 2020). Finally, we ended the quarter with a counterfeit money stream of $54 million, following a successful investment in May, and announced the appointment of Tim Williams and Paolo Toscano in the key operational roles of COO and VP Projects, respectively. All of these occasions are vital steps in the progression of a successful Valentine gold mining assignment. »
Financial performance
The operating effects of the second quarter are summarized in (all figures are in Canadian dollars, unless otherwise indicated):
Three months ended June 30, 2020:
Six months ended June 30, 2020:
Financing of the $34.5 million acquisition
On May 26, 2020, the Company ended its offer announced in the past of 23,000,000 games (the “games”) at a value of $1.50 consistent with the unit for a total gross revenue of $34.50 million, which included the full year of subscribers. . overallocation option. Each unit consists of a consistent non-unusual percentage of the corporation and part of a consistent corporate percentage guarantee (each full warranty, a “legal guarantee”). Each warranty grants the Holder the right to acquire a consistent non-unusual percentage of the Company at a value of $1.90 consistent with a consistent non-unusual percentage at any time no later than May 26, 2021.
The Company intends to use the net proceeds from the provision to continue licensing, progression and exploration of the Valentine gold project, as well as for operational capital and general business desires.
For more information about Marathon’s operations at the time of the quarter ending June 30, 2020, see the company’s monetary statements and the control report that can be obtained in SEDAR (www.sedar.com).
Qualified person
The clinical and technical data contained in this press release were reviewed and approved through James Powell, Ing. (NL), Vice President of Regulatory and Government Affairs and Nicholas Capps, Geo. (NL), assignment manager for Valentine’s gold assignment exploration. The warranty and quality of exploration knowledge for Marathon is under the supervision of Jessica Borysenko, Geo (NL), GIS Manager of Marathon Gold Corp. Mr Powell, Mr. Capps and Ms Borysenko are qualified persons in accordance with National Instrument 43-101 (Regulation 43-101) and approved the technical content of this control report. Marathon’s mineral resources and mineral reserves were calculated according to the inhabitants of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) and in accordance with the needs of Regulation 43-101. Mineral resources that are not mineral reserves have not demonstrated economic viability. Mineral resources are declared, adding mineral reserves. Information on verification of knowledge about Valentine’s gold allocation and other clinical and technical data related to Valentine’s gold allocation is contained in Valentine Gold Project’s annual and existing technical report ready in accordance with the popular NI 43-101 entitled “NI 43 -101 Technical Report and Prefeasibility Study on the Valentine Gold Project , Newfoundland and LabradorArray Canada “dated April 21, 2020 effective April 18, 2020 and ready through Ausenco Engineering Canada (the “Valentine 2020 White Paper”) for www.sedar.com.
Thank you
Marathon recognizes the money from the Junior Exploration Assistance Program, Department of Natural Resources, Newfoundland Government and Labrador.
About marathon
Marathon (TSX: MOZ) is a Toronto-based gold company that is advancing its full-property Valentine gold allocation in downtown Newfoundland and Labrador, one of the world’s leading mining jurisdictions. The allocation consists of a series of 4 mineralized deposits along a 20-kilometer network. An April 2020 prefeasibility test described open pit mining and a traditional processing operation over a 12-year lifespan with an after-tax rate of 36%. The estimated allocation showed mineral reserves of 1.3 Moz (26.3 Mt to 1.52 g/t) and probable mineral reserves of 0.6 Moz (14.8 Mt to 1.23 g/t). Total measured mineral resources (including mineral reserves) come with 1.9 Moz (31.7 Mt to 1.86 g/t) with indicated mineral resources (including mineral reserves) from 1.19 Moz (23.2 Mt to 1.60 g/t). Additional inferred mineral resources are 0.96 Moz (16.77 Mt to 1.78 g/t Au). See the April 21, 2020 white paper for key points and assumptions about the Valentine Gold Project.
For more information, please contact:
For more information about Marathon Gold Corp. and Valentine Gold Project, visit www.marathon-gold.com.
Caution related to prospective information
Certain data contained in this press release constitute forward-looking data within the meaning of Canadian securities law (“forward-looking statements”). All statements in this press release, other than statements of old facts, that deal with occasions, effects, effects or advances that Marathon expects to happen are forward-looking statements. Forward-looking statements come with forward-looking statements, which count or refer to long-term occasions or conditions, or come with words such as “expect,” “anticipate,” “anticipate,” “believe,” “estimates,” “anticipates,” “objective” or negative versions of it and other similar expressions, or conditional or long-term verbs such as “possibly,” “should,” “should,” and “could.” We provide forward-looking statements with the intention of transmitting data about our existing expectations and long-term plans, and readers are cautioned that such statements may not be appropriate for other purposes. In particular, and without restrictions, this press release includes forward-looking statements and data on Marathon’s economic analyses for the Valentine Gold Project, investment and operational costs, estimates and strategies for processing and recovery, long-term exploration and mine plans, Marathon’s business objectives and expectations, long-term feasibility studies and the environment have an effect on statements and timelines. statements about management’s expectations regarding, inter alia, the problems and activities reflected in this press release.
Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. A mineral resource that is classified as “inferred” or “indicated” has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category of mineral resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable mineral reserves.
By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include availability of financing to fund Marathon’s exploration and development activities, the ability of the current exploration program to identify and expand mineral resources or mineral reserves, operational risks in exploration and development for gold, delays or changes in plans with respect to exploration or development projects or capital expenditures, uncertainty as to calculation of mineral resources or mineral reserves, changes in commodity and power prices, changes in interest and currency exchange rates, the ability to attract and retain qualified personnel, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral resources), changes in development or mining plans due to changes in logistical, technical or other factors, title defects, government approvals and permits, cost escalation, changes in general economic conditions or conditions in the financial markets, environmental regulation, operating hazards and risks, delays, taxation rules, competition, public health crises such as the COVID-19 pandemic and other uninsurable risks, liquidity risk, share price volatility, dilution and future sales of common shares, aboriginal claims and consultation, cybersecurity threats, climate change, delays and other risks described in Marathon’s documents filed with Canadian securities regulatory authorities.
Further data on these and other hazards can be found in Marathon’s amended and updated annual report for the year ended December 31, 2019 (the “Annual Notice”) and other documents filed with the Canadian Securities Government that can be obtained at www.sedar.com. Unless required by law in particular, Marathon assumes no legal responsibility to update prospective e-mail messages to reflect occasions or cases after the date it was made, or to reflect the occurrence of unforeseen occasions, either as a result of new data. long-term occasions or effects elsewhere.