- Marathon Gold (MOZ) has released an updated Mineral Resource Estimate for the company’s Valentine Gold Project
- The Toronto-based precious metal explorer’s wholly-owned property is located in the Central Newfoundland Gold Belt
- The company now says the project contains a total measured and indicated mineral resource of 4.0 million ounces of gold
- That represents a more than 26 percent increase in the total number of ounces
- Marathon Gold is down 5.00 percent, trading at $1.14 at 10:51 am ET
Marathon Gold (MOZ) has released an updated Mineral Resource Estimate for the company’s Valentine Gold Project.
The company now says the project contains a total measured and indicated mineral resource of 4.0 million ounces of gold.
The new MRE represents a more than 26 percent increase in the total number of ounces of gold.
The Toronto-based precious metal explorer’s wholly-owned property is located in the Central Newfoundland Gold Belt.
The new MRE incorporates approximately 100,000 metres of drilling on the project’s Berry Deposit as well as the results of a 2021 Reverse Circulation drill program completed on the Marathon and Leprechaun Deposits.
“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. The new estimate also incorporates, and is successfully validated by, the results of our 2021 RC drill program, where we set out to test our assumptions about the scale and continuity of the gold mineralization at Valentine. As well as the new drilling datasets, the 2022 MRE benefits from new geological models, updated gold price and exchange rate assumptions, updated estimates for mining and processing costs, and new Whittle pit shells,” said President and CEO Matt Manson.
The Valentine Gold Project is made up from a series of five mineralized deposits along a 20-kilometre system.
An April 2021 Feasibility Study outlined an open-pit mining and conventional milling operation over a thirteen-year mine life with a 31.5 percent after-tax rate of return.
Marathon Gold is down 5.00 percent, trading at $1.14 at 10:51 am ET.
