Gold In Newfoundland
Phillip C. Walford, President and CEO of Marathon Gold talks about the company’s evolution from exploration to development.
I am a mining Geologist, I have a very strong background in actual mining as well as exploration and development of resources and/or reserves. I always come back to gold, I just like gold and it looks like we’re fairly good at finding it. It’s not just me, it’s the whole team. What’s unique about Marathon Gold is where we are, we’re in central Newfoundland, this has never been though of as a gold district. It is a major district, we have now over 2 million ounces. We have 2 one million ounce deposits on that, one of which Marathon could easily be a multiple of millions of ounces and we are busy expanding those ounces. We have a large property, over 240 square kilometers and we are on our way to a preliminary economic assessment that’s based on those ounces. So, we’re in a formative period here where we’re evolving away from exploration and into development stage beginning with the PEA. We’ve just recently raised 18 million dollars and we’re putting that into the ground with very good effects. It’s also helped the economy of central Newfoundland a lot of well and we have a lot of government support because of that. So, this is a natural evolution of expanding reserves and resources that we’re on right now.
Marathon is a Toronto based gold exploration company rapidly advancing its 100% owned Valentine Lake Gold Camp located in Newfoundland, one of the top mining jurisdictions in the world. The Valentine Lake Gold Camp currently hosts four near-surface, mainly pit-shell constrained, deposits with measured and indicated resources totaling 1,847,000 oz. of gold at 1.88 g/t and inferred resources totaling 1,012,000 oz. of gold at 1.65 g/t. The majority of the resources occur in the Marathon and Leprechaun deposits, which also have resources below the pit shell. Both deposits are open to depth and on strike. Gold mineralization has been traced down over 350 metres vertically at Leprechaun and almost a kilometer at Marathon. The four deposits outlined to date occur in a 30-kilometer gold trend on the property, with much of the 24,000-hectare property having had little detailed exploration activity to date.
The Valentine Lake Gold Camp is accessible by year-round roads and is located in close proximity to Newfoundland’s electrical grid. Marathon maintains a 50-person all-season camp at the property. Recent metallurgical tests have demonstrated 93% to 98% recoveries via conventional milling and 50% to 73% recoveries via low cost heap leaching at both the Leprechaun and Marathon Deposits.
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