), Vice President, Projects for Marathon, Mr. James Powell, P.Eng. Marathon (TSX:MOZ) 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. Marathon believes an integrated team strategy provides an overall lower risk approach in the current construction environment, and allows for better site coordination, initiative on potential cost and schedule efficiencies and, ultimately, better project delivery. Other than as specifically required by law, Marathon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise. Disclosure of a scientific or technical nature in this news release has been approved by Mr. Tim Williams, FAusIMM, Chief Operating Officer of Marathon, Mr. Paolo Toscano, P.Eng.

(Ont. At present, and subject to the completion of the MRE, the aggregate result of this work is expected to be an increase in the overall quantity of open pit Measured plus Indicated Mineral Resources and a decrease in Inferred Mineral Resources at the Project. Cautionary Statement Regarding Forward-Looking Information. Full profiles of select projects. hbbd```b``"ZA$c,d L`R,&7`=&Ou"@q}]a" Ltd. Enter your email to receive our newsletter. The property is 100% owned by Marathon Gold.

Matt Manson, Marathons President and CEO, commented: The development strategy we are presenting for the Valentine Gold Project brings together best-in-class engineering expertise with a hands-on construction approach that is designed to achieve the most efficient and flexible project delivery possible in todays construction environment.

Privacy Policy Pre-stripping at the Leprechaun Deposit to provide construction materials. endstream endobj startxref Federal EA approaching a ministerial decision. The town of Marathon, where many of the employees of the nearby Hemlo gold mine reside, offers an excellent staging point for any future mine construction. Backtested performance is not an indicator of future actual results. The Valentine Lake property hosts a structurally controlled, mesothermal gold deposit associated with Salinic aged crustal shortening and deformation. 108 0 obj <>stream The Marathon Deposit has a total north-south strike length of approximately 3km and dips 30 to 40 toward the west. All surface water and precipitation in the pits will be handled by diesel-driven pumps. Most investors dont have major gainers like TSLA or NVDA on their radar from the start. Full site mobilization will be subject to a construction decision by the Board of Directors following the receipt of all regulatory approvals. Precious Metals and Natural Resource Investing. The TipRanks Smart Score performance is based on backtested results. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. An April 2021 maiden mineral resource estimate at Berry comprised 638,700 oz of Inferred Mineral Resources (11.33 Mt at 1.75 g/t Au) based on approximately 42,000 metres of drilling completed to the end of November 2020 (see Marathon news release dated April 21, 2021). The April 2021 FS financial analysis (as well as the underlying estimates for Mineral Resources and Mineral Reserves) utilized a gold price assumption of US$1500/oz and a US$:C$ exchange rate assumption of 0.75. For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate., Invest Like a Pro with Unique Data & Simplifed Tools, TAAL Registers 9x Revenue Gain in Q1 ; Street Sees 207% Upside, These Stocks are the Biggest Pre-Market Movers on Tuesday, Sanderson Farms Rises on Healthy Q2 Results, Speculation Rife Over Collaboration After Intel CEO Meets Samsung Officials, Stock Market Today Tuesday, May 31: What You Need to Know, Tesla Stock: Restores Weekly Output; Analysts See Over 22% Upside Potential, CloudMD Q1 Top Line Jumps 372%; Street Sees 478% Upside, Lowes Stock Rises as Shareholders Enjoy Dividend Hike, Canopy Growths Earnings Continue to Disappoint. The Trans-Canada highway runs through the Property, while the main line of the Canadian Pacific Railroad runs nearby. The 2021 exploration program was focussed principally on in-fill drilling at the Berry Deposit. You are hence cautioned not to place undue reliance on forward-looking statements. The program gave good insight into areas of the block models that may be variously understated or overstated in gold content. Marathon announces that is has signed a Letter of Intent with SNC-Lavalin to complete detailed engineering for the Projects mill and major facilities, and develop related equipment and construction packages. Please see Marathons Annual Information Form for the year ended December 31, 2021 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com for further details and assumptions relating to the Valentine Gold Project. Equipment-lease carve outs of approximately US$110 million are permitted under the terms of the Facility, and will be used to finance mobile and drilling equipment during the life of the Project. 99 0 obj <>/Filter/FlateDecode/ID[<6004D616B390DD419999448B42D2D6C9>]/Index[73 36]/Info 72 0 R/Length 122/Prev 193037/Root 74 0 R/Size 109/Type/XRef/W[1 3 1]>>stream The estimate will be based primarily on metallic screen fire assays, as with previous convention, and utilize new, better constrained geological models for each deposit. We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. You can find further information with respect to these and other risks in Marathons Annual Information Form for the year ended December 31, 2021 and other filings made with Canadian securities regulatory authorities available at www.sedar.com. hbbd```b``"A\(dR \A$ d,`]`X 122 0 obj <> endobj =Ow=C!npo#*Ggr L0Ko'l\oP:Rz|e. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. Mine pre-development at the Leprechaun Deposit will commence concurrently to provide construction materials. Marathon will also re-assess the optimum pit size for each deposit in the light of a sustained higher gold price environment since the pits were first designed in 2020. The net result of this program of work will be a Project permitted for construction, with site development activities underway, and a new longer-term vision for Atlantic Canadas largest gold mine.. The updated MRE will be prepared by John T. Boyd Company and the updated mine plan and Mineral Reserve Estimate will be prepared by Moose Mountain Technical Services, as previously. These new RC and diamond drilling data will be incorporated into a new MRE for the Project by mid-year. An April 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. To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com. All production numbers are expressed as metal in dor. The Project has estimated Proven Mineral Reserves of 1.40 Moz (29.68 Mt at 1.46 g/t) and Probable Mineral Reserves of 0.65 Moz (17.38 Mt at 1.17 g/t). Marathons senior leadership team, led by Tim Williams, COO and Paolo Toscano, VP Projects, will have overall responsibility for project delivery.

Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. Highlights are as follows: Matt Manson, President and CEO, commented: Following the recent provincial Cabinet approval of the Valentine Gold Project, and the closing of our US$185 million term loan credit facility, we are providing guidance today on the development path for the Project for the remainder of this year and into principal construction. All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that Marathon expects to occur are forward-looking statements. In-pit dewatering systems will be established for each pit. Detailed engineering for the Projects Tailings Management Facility continues under Golder Associates Ltd., Stantec Consulting Ltd. will complete the site water management design, and GEMTEC Consulting Engineers and Scientists Limited will continue to be responsible for geotechnical design. The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype. The 220 square-km Property covers nearly the entire Coldwell Complex. More than 200,000 metres of drilling in over 1000 holes have been drilled to date on the Property, which has been the subject of feasibility studies and numerous mineral resource estimates. General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. Upon the receipt of final regulatory approvals and site permits we intend to start early works activities in the third quarter of this year. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. Provincial Environmental Assessment (EA) completed. Concurrently, Marathon received formal notification from the Impact Assessment Agency of Canada (IAAC) overseeing the federal EA process that it had completed its technical review of the Projects Environmental Impact Statement. At the same time, tighter constraints on the modelling of mineralised volumes prompted by the 2021 RC work is expected to result in a decrease in tonnes and ounces at the Marathon Deposit. A parallel provincial EA concluded successfully on March 17, 2022, with approval of the Project by the Cabinet of the NL Government. No changes are expected to the processing and facilities design, infrastructure, mining methodology or tailings deposition strategy. You can find further information with respect to these and other risks in Marathons Annual Information Form for the year ended December 31, 2021 and other filings made with Canadian securities regulatory authorities available at www.sedar.com. TORONTO, May 31, 2022 (GLOBE NEWSWIRE) Marathon Gold Corporation (Marathon or the Company; TSX: MOZ) is pleased to provide an update on project execution planning at the Valentine Gold Project located in central Newfoundland (the Project). Approval either directly by the federal Minister or, if he directs, in federal cabinet, would represent the completion of the federal EA process and allow permits to be acquired on site activities pertaining to federal jurisdiction. The Updated FS is expected to be completed by the fourth quarter of the year.

Once these early works have been achieved, principal site mobilization for the construction of the mill, major facilities, and the Tailings Management Facility will commence by the end of the year. (Ont), Director of Mineral Resources for Marathon Gold Corporation. No cash balance or cash flow is included in the calculation. The Updated FS will contain a re-estimate of the Projects capital and operating costs, and a gold price and exchange rate assumption reflecting the current market. It provides the best way to capture the opportunities, and mitigate the challenges, that arise in every capital project and allows for better site coordination, initiative on potential cost and schedule efficiencies and, ultimately, better project delivery and ramp up. This information is provided for illustrative purposes only. This will support a schedule for first gold production in late 2024. Disclosure of a scientific or technical nature in this news release has been approved by Mr. Tim Williams, FAusIMM, Chief Operating Officer of Marathon, Mr. Paolo Toscano, P.Eng. The mining fleet will include diesel-powered rotary drills with 203 mm bit size for bulk production drilling and down the hole (DTH) drills with 165 mm bit size for selective drilling; diesel-powered RC drills for bench-scale grade control drilling; 15.5 m 3 bucket sized hydraulic excavators and 13 m 3 bucket sized wheel loaders for bulk production loading and 12.0 m 3 bucket-size diesel hydraulic excavators for selective production loading; 140- and 90-tonne payload rigid- frame haul trucks and 40-tonne articulated trucks for production hauling; plus ancillary and service equipment to support the mining operations. By the end of November 2021 approximately 100,000 metres of drilling had been completed over the full 1.5 kilometres of the Berry Deposits length. Contracting with vendors and service providers will be with Marathon directly, rather than an EPC agent, and ultimate responsibility for the Projects overall schedule, budget, and quality of build will rest with Marathons own personnel, not a third-party. Mining is based on conventional open pit methods suited for the project location and loca site requirements. This allows IAAC to complete and issue a draft EA Report for the Project, which will be available for public comment for 30 days. endstream endobj 123 0 obj <>/Metadata 21 0 R/PageLayout/OneColumn/Pages 120 0 R/StructTreeRoot 31 0 R/Type/Catalog>> endobj 124 0 obj <>/Font<>/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 125 0 obj <>stream Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as expects, anticipates, plans, believes, estimates, considers, intends, targets, or negative versions thereof and other similar expressions, or future or conditional verbs such as may, will, should, would and could.