Marathon Gold Corporation's 100% owed Valentine Lake Property is host to two NI 43-101 compliant orogenic-type structurally controlled gold deposits and numerous newly discovered gold occurrences. The gold, in quartz-tourmaline-pyrite (QTP) veining cutting the host late Proterozoic (562 MA) Valentine Lake Intrusive Suite, occurs proximal to a more 30+ km strike length of the Valentine Lake Thrust Fault. This major splay fault forms part of a deep structural crustal suture that extends NE-SW throughout the central Newfoundland, forming part of the root system of the Appalachian Mountain Belt, and providing the extensive conduit for the migration of the CO2 — rich gold-bearing fluids which gave rise to the Valentine Lake gold deposits.
Gold in quartz-tourmaline-pyrite veining was first discovered in 1985 by BP Canada Limited in the Valentine Lake property and intermittent exploration on the property until 2009 led to the discovery of the Leprechaun and Valentine East (Victory) gold deposits. The property lies within the Exploits Subzone of the Dunnage Zone which is host to numerous VMS deposits, including the world-class Buchan's VMS deposits and Teck's Duck Pond VMS deposit.
The latest published NI 43-101 compliant resource in August, 2013 for the Valentine Lake Property totaled 816,000 oz Au at 2.24 g/t (M & I) and 149,000 oz Au at 2.64 g/t (I). Since that time, advances in our understanding of the structural controls, magnetic interpretation, and intense prospecting have resulted in the discovery of additional new zones of extensive gold-QTP veining associated with 1st order splay faults off the main Valentine Lake thrust fault. The current gold resources, which are open along strike and to depth, cover less than 5% of the total length of the highly perspective Valentine Lake Thrust Fault and associated splay faults. The new gold zones, including the Sprite Zone and Marathon Zone, have both returned wide intervals of good gold grades which have yet to be incorporated into new gold resources for the Valentine Lake Property. Recent structural studies have concluded that the Valentine Lake property exhibits structural and mineralizing characteristics closely analogous to those of the major Archean gold deposits at Lamaque and Sigma.
Intense exploration is continuing along the 10's of kilometers of as yet unexplored splay faults adjacent to the Valentine Lake Thrust Fault with drilling focussed on developing near-surface open-pit resources in the near term and proving up the emergence of central Newfoundland's first true gold camp.