Increased Measured and Indicated Mineral Resources and Improved Overall
Confidence of Estimate.
TORONTO, ON – January 20, 2020 - Marathon Gold Corporation (“Marathon” or the
“Company”) (TSX: MOZ) is pleased to report an updated Mineral Resource Estimate for the Valentine Gold Project (the “Project”) in central Newfoundland following the 2019 in-fill drill program at the Leprechaun and Marathon Deposits. Highlights are as follows:
• Measured & Indicated (“M&I”) Mineral Resources of 3.09 Moz (54.9 Mt at 1.75 g/t Au), an increase of 0.40 Moz, or 15%, compared to the previous estimate from October 2018;
• Inferred Mineral Resources of 0.96 Moz (16.8 Mt at 1.78 g/t Au), a decrease of 0.57 Moz, or 37%, compared to the previous estimate. This represents an effective conversion of 26% of the Project’s Inferred Mineral Resources to higher confidence M&I categories and the loss of 11%, with 63% remaining;
• Total high grade, open pit M&I Resources of 2.58 Moz (30.6 Mt at 2.62 g/t Au) and low grade, open pit M&I Resources of 0.34 Moz (22.9 Mt at 0.47 g/t Au) available for use in the ongoing Valentine Gold Project Pre-Feasibility Study (“PFS”); and
• Refined geological models, tighter restrictions on high grade assays, and increased drill density for each of the Leprechaun and Marathon Deposits yielding a higher confidence estimate that is demonstrated by, amongst other factors, a 63% increase in Measured Resources to 1.90 Moz (31.7 Mt at 1.86 g/t Au) and better overall geostatistical rigour.
Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
Matt Manson, President & CEO, commented: “Our 2019 in-fill drilling at the Valentine Gold Project was aimed at the upgrade and conversion of in-pit Inferred Mineral Resources, and we are pleased to be reporting today the successful conversion of some 400,000 ounces from this program. The Project’s total Measured and Indicated Mineral Resources now stand at over 3 million ounces, continuing a trend that started in 2010 (Figure 1). Most of the latest increase has come from the Leprechaun Deposit, which now contributes over 1 million ounces of higher confidence mineral resources to the overall project inventory. The new estimate incorporates the results of what is now over 270,000 metres of drilling, with drill spacing averaging 10-15 metres on 10 metre sections over the core mineralized areas. Refined geological models and mineralized domains, as well more restrictive capping on the highest grade assays, have yielded the best constrained estimate achieved at the project to date, particularly in the definition of in-pit, high grade material. This will now be the focus of our mine planning in the Valentine Gold Project PFS.”

Figure 1: Growth in M&I Mineral Resources at the Valentine Gold Project, 2010-2019 (Moz; See “Note on Historical Disclosure of Mineral Resources at the Valentine Gold Project”) see & read more on
https://www.marathon-gold.com/site/assets/files/5136/01-20-2020_marathon_gold_reports_positive_mineral_resou.pdf