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(Wallace Refiners) – Marathon Gold (TSX: MOZ) reported the results of the maiden mineral resource estimate for the new Berry deposit which significantly increased overall mineral resources at the company’s Valentine gold project in Central Newfoundland.
The company said that maiden Inferred mineral resources at Berry amounted to 638,700 oz (11.33 Mt at 1.75 g/t Au), with open pit Inferred mineral resources of 566,400 oz (10.71 Mt at 1.65 g/t Au), or 89% of the total estimate.
Taken together, total Measured and Indicated mineral resources at the Valentine gold project remain unchanged at 3.14 Moz (56.66 Mt at 1.72 g/t Au). Additional Inferred mineral resources are 1.64 Moz (29.59 Mt at 1.72 g/t Au), an increase of 64% compared to the previous estimate.
The company noted that mineral resources at the Valentine gold project have grown consistently since exploration by the company commenced in 2010.
Marathon is a Toronto based gold company advancing its 100%-owned Valentine gold project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The project comprises a series of five mineralized deposits along a 20-kilometre system. A March 2021 Feasibility Study outlined an open pit mining and conventional milling operation over a thirteen-year mine life with a 31.5% after-tax rate of return.
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