Marathon Gold Corporation reported the latest drill assay results from the Valentine Gold Project in central Newfoundland. The latest drill results represent fire assay data from the final twenty-four diamond drill holes completed as part of the 2021 in-fill drill campaign at the Berry Deposit and an additional four holes from 2021 drilling at the Victory Deposit. Gold mineralization at the Valentine Gold Project is contained in Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) veins developed within granitoid rocks on the hanging wall, or northwest, side of the Valentine Lake Shear Zone.

Up to four orientations of veins have been measured, with shallowly southwest dipping “Set 1” QTP-Au veins observed to be dominant in both abundance and gold content. At the Leprechaun, Marathon and Berry Deposits, Set 1 QTP-Au veins form densely stacked corridors of mineralization referred to as “Main Zones”. The extent and scale of these mineralised corridors appear related to the size and frequency of sheared mafic dykes which extend northeast-southwest within the granitoid rocks, parallel to the shear zone.

In addition to the dominant en-echelon Set 1 veins found in the other deposits, the Victory Deposit displays networked tourmaline veining which infills fracturing in the granitoid intrusives. The results released are derived from twenty-four drill holes located between sections 13270E and 14470E. Thirteen of these drill holes are located within the western conceptual pit utilized in the April 2021 Berry Mineral Resource Estimate.

Eleven holes were located in the linkage area between the western and eastern conceptual pit shells. Thirteen holes (VL-21-1161, 1162, 1164, 1166, 1167, 1168, 1169, 1170, 1171, 1172, 1174, 1177 and 1181) were oriented steeply to the northwest testing for Main Zone-type stacked QTP-Au mineralization in “Set 1” vein orientations. Eleven holes (VL-21-1160, 1163, 1165, 1173, 1175, 1176, 1178, 1179, 1180, 1182 and 1183) were oriented more shallowly towards the SE to better define the thickness of the mineralized zones and the location of the VLSZ, and to test for mineralisation at greater depth.

Twenty-three of the twenty-four drill holes returned “significant” drill intercepts of greater than 0.7 g/t Au (Table 1). All holes returned additional intercepts with gold grades above the 0.3 g/t Au cut-off used in the April 2021 Berry Mineral Resource estimate. The results released are derived from twenty-four drill holes located between sections 13270E and 14470E.

Thirteen of these drill holes are located within the western conceptual pit utilized in the April 2021 Berry Mineral Resource Estimate (Figure 2). Eleven holes were located in the linkage area between the western and eastern conceptual pit shells. Thirteen holes (VL-21-1161, 1162, 1164, 1166, 1167, 1168, 1169, 1170, 1171, 1172, 1174, 1177 and 1181) were oriented steeply to the northwest testing for Main Zone-type stacked QTP-Au mineralization in “Set 1” vein orientations.

Eleven holes (VL-21-1160, 1163, 1165, 1173, 1175, 1176, 1178, 1179, 1180, 1182 and 1183) were oriented more shallowly towards the SE to better define the thickness of the mineralized zones and the location of the VLSZ, and to test for mineralisation at greater depth.Twenty-three of the twenty-four drill holes returned “significant” drill intercepts of greater than 0.7 g/t Au (Table 1). All holes returned additional intercepts with gold grades above the 0.3 g/t Au cut-off used in the April 2021 Berry Mineral Resource estimate. The 2021 infill drill program at the Berry Deposit has been conducted with the objective of achieving an approximate 25 metre drill spacing over Berry's Main Zone of dense mineralisation and extending drill coverage into the Berry hanging-wall to the northwest and down to a vertical depth of 300 metres.

Of note in the latest drilling, drill hole VL-21-1181 returned significant mineralisation over an 83 metre intercept starting at 280 metres downhole between the western and eastern conceptual pit shells. This confirms and extends a particularly dense zone of mineralisation in the centre of the 1.5 kilometre long Berry Deposit that has an apparent north-easterly plunge and is open at depth. In total, twenty-eight drill holes were completed at the Victory Deposit in 2021.

Results from twenty-two were reported previously, and a further four are reported here. The new exploration program was focussed to the southwest of the area of historical drilling and the existing mineral resources. The objective was to test for a “Main Zone” type configuration of gold mineralization adjacent to the VLSZ, as seen at the Leprechaun and Berry Deposits.

The holes were located within hanging-wall Precambrian granitoid rocks and oriented predominantly to the southeast to define the younger Rogerson Lake Conglomerate at the shear zone contact. The 2021 Victory drilling has revealed the Project's characteristic QTPV-Au “Set 1” extensional veins with visible gold. However, Victory also exhibits flooded tourmaline-rich mineralization in highly altered stockwork configurations, a style seen at the nearby Marathon Deposit.

The presence of such extensive zones of tourmaline-rich stockworks points to an intense local supply of gold mineralizing fluid that has resulted in gold mineralization at lower grades over broad lengths. Three of the four drill holes returned “significant” drill intercepts of greater than 0.7 g/t Au. All four holes returned additional intercepts with gold grades above the 0.3 g/t Au cut-off used in the Project's Mineral Resource estimates.Amongst the four drill holes released, hole VGD-21-083 has returned the most significant mineralisation observed at Victory during the 2021 program, with intercepts of 1.78 g/t Au over 16 metres starting at 122 metres and 1.70 g/t Au over 26 metres starting at 176 metres.

Mineralization at Victory remains open to the northeast and southwest, as well as at depth. Results from two further drill holes at Victory completed during 2021 remain outstanding.