"The location of this drill hole adjacent to the Valentine Lake Shear Zone and well away from the location of the historical Victory Mineral Resources validates our exploration thesis for the area, and points to the potential for new discoveries within the underexplored portions of the Valentine Lake property," he said. You are hence cautioned not to place undue reliance on forward-looking statements. Based on the Feasibility Study, Marathon expects to employ an average of 404 persons during the projects construction and 426 persons during operations. The federalenvironmentalassessment for theprojectis also in its last stretch, Marathon said, as the Impact Assessment Agency of Canada filed a draftenvironmentalassessment reportlast month. In a separate statement, Marathon released on Wednesday results from the latest drilling at the projects Berry and Victory deposits, the first ones this year. All rights reserved. Marathon's Valentine drill programme is running tandem to the company progressing through the permitting process. President and CEO Matt Manson highlighted results of one drill hole from the Victory deposit, which returned 17 metres of high-grade mineralisation starting at just 48 metres down-hole. "Our hope is that the project, and all new industry development, utilizes the world's leading innovation and technologies like the transitions we're seeing in Labrador west that secure jobs, add value to the resource mind and to the global market and respects the environment," he said. Marathon Golds property near Red Indian Lake is the largest gold deposit in all of Atlantic Canada.

It encompasses five gold deposits, namely Marathon; Leprechaun; Victory; Berry; and Sprite, and other early-stage gold prospects. Marathons principal asset is the Valentine Gold Project in the Central Region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. You can opt out of these communications at any time by Marathon Gold Corporation To access this document please complete the form below. The haul fleet will include 140t and 90t rigid-frame haul trucks and 40t articulated trucks for production hauling. Skills trump experience when choosing managers. Our government fully recognizes that the economic potential of the mining industry is critical for our province and we will continue to support its growth.". Gold will be recovered in a conventional mill that includes gravity concentration, flotation and carbon-in-leach. Site work could begin as early as late summer, depending on the ongoing approval process. The initial phases will comprise higher gold grade mineralisation and a lower strip ratio. Researchers have figured out how to accurately identify global mercury trade data inconsistencies. When search suggestions are available use up and down arrows to review and enter to select. Thank you for subscribing to Mining Technology, Mining news and in-depth feature articles on the latest mining company deals and projects covering trends in mineral exploration with up to date data on the most mined metal and mineral commodities, Receive our newsletter - data, insights and analysis delivered to you. "Once again, we are reporting multiple long intercepts of high-grade mineralisation. Following regulatory and public review, federal Information Requirements (IRs) and provincial review comments were issued to Marathon in February 2021. The Valentine Gold Project is located in the province of Newfoundland, Canada. 08096447. More particularly and without restriction, this news release contains forward-looking information, including statements as to management's expectations with respect to, among other things, the matters and activities contemplated in this news release. The document will then open in a new tab. VAT No. Located in the west-central region of Newfoundland, the Valentine Lake property hosts 14 contiguous mineral licences that cover approximately 24,000ha. The Valentine Gold Project is subject to regulation under the environmental protection regimes of the Canadian Environmental Assessment Act, 2012 and the Newfoundland and Labrador Environmental Protection Act. The Valentine gold project is estimated to involve an initial capital investment of approximately $229m and a total investment of $496m over the life of mine (LOM) of 13.1 years. Submitting your details tells and ticking the box us that youre OK with this and you also agree Comments are welcome while open. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. 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. On March 16, 2022 Marathon received formal notification from IAAC that their technical review of the EIS was complete and no further federal IRs would be forthcoming. Marathon is planning a conventional truck and shovel open pit with average annual production of 173,000 ounces of gold for the first nine years of operation and a total mine life of 13 years. Comments on this story are moderated according to our Submission Guidelines. Development of both the Marathon and Leprechaun pits is split into three phases, including an initial phase followed by two pushbacks. The work site also has to include a real-time water resources monitoring network comprising water quantity, quality, climate and groundwater monitoring stations. Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.92 Moz (32.59 Mt at 1.83 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57 g/t). The feasibility study for the project was released in April 2021. The project has estimated proven and probable mineral reserves of 2.05 million oz (47.1 million tonnes at 1.36g/t Au) and total measured and indicated mineral resources, inclusive of the mineral reserves, of 3.14 million oz (56.7 million tonnes at 1.72g/t Au). It consists of five deposits containing 56.7 million measured and indicated tonnes at 1.72 g/t gold for 3.1 million ounces. Marathon mustadhere to all mitigation, monitoring and commitments in the environmental impact statement andsubmit an environmental protection plan for the provincial government's approvalbefore construction starts. ResourceStocks company. Both the IAA and the NLDMAE issued a determination requiring a project Environmental Impact Statement and guidelines have now been published by both parties. Canadas Marathon Gold (TSX: MOZ) is closer to having its proposed Valentine open-pit gold mine in central Newfoundland fully permitted as it has received the mining leases for the project. In support of the EA process and the future development and operation of the Project, Marathon is engaging in formalstakeholder engagement with the communities of Buchans, Buchans Junction, Millertown, Badger, Bishops Falls and Grand Falls-Windsor, Qalipu and Miawpukek First Nations and other interested parties. If not, Please choose a new preferred edition from the list below, Please wait you are being transferred to the. to Mj Redesign, 30 We have consulted widely with local communities, Indigenous groups, stakeholder organisations and regulatory agencies. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations; uncertainty as to estimation of Mineral Resources; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of Mineral Resources); the potential for delays or changes in plans in exploration or development projects or capital expenditures, or the completion of feasibility studies due to changes in logistical, technical or other factors; the possibility that future exploration, development, construction or mining results will not be consistent with the Companys expectations; risks related to the ability of the current exploration program to identify and expand Mineral Resources; risks relating to possible variations in grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined; operational mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages and strikes) or other unanticipated difficulties with or interruptions in exploration and development; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; risks related to commodity and power prices, foreign exchange rate fluctuations and changes in interest rates; the uncertainty of profitability based upon the cyclical nature of the mining industry; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental or other stakeholder approvals or in the completion of development or construction activities; risks related to environmental regulation and liability, government regulation and permitting; risks relating to the Companys ability to attract and retain skilled staff; risks relating to the timing of the receipt of regulatory and governmental approvals for continued operations and future development projects; political and regulatory risks associated with mining and exploration; risks relating to the potential impacts of the COVID-19 pandemic on the Company and the mining industry; changes in general economic conditions or conditions in the financial markets; and other risks described in Marathons documents filed with Canadian securities regulatory authorities, including the Amended and Restated Annual Information Form for the year ended December 31, 2020. VL-22-1189 intersected 8.68g/t Au over 16 metres including 20.55g/t Au over 6 metres, and 6.17g/t Au over 2 metre including 10.78g/t Au over 1 metre, and 0.75g/t Au over 15 metres; VL-22-1193 intersected 1.56g/t Au over 40 metres including 12.67g/t Au over 1 metre, and 6.44g/t Au over 2 metres including 11.85g/t Au over 1 metre; VL-22-1191 intersected 3.86g/t Au over 13 metres including 21.33g/t Au over 1 metre, and 1.29g/t Au over 25 metres including 12.76g/t Au over 1 metre; VL-22-1198 intersected 25.25g/t Au over 2 metres, and 1.97g/t Au over 14 metres including 13.06g/t Au over 1 metre; and. 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 and an average gold production profile of 173,000 ounces of gold per year for the first 9 years. Two-way, 28m-wide haul roads will handle 140t payload rigid-frame haul trucks. The federal and provincial EA processes provide for the technical review of the EIS by multiple government agencies and the opportunity for public comment. A proposed 40km-long overhead line from the Star Lake Terminal Station will be erected to transfer power to the Valentine Lake Terminal Station. "This is a significant project that will provide numerous economic benefits to central Newfoundlandand the entire province," he said. "This will result in the generation of approximately $750 million in income to workers and businesses located within our province," said Parsons. Gold mineralisation at the Valentine Lake property is manifested in the form of structurally controlled, orogenic deposits dominated by south-west dipping en-echelon stacked extensional vein sets, and shear parallel vein sets. to our privacy and cookie policy. VL-22-1185 intersected 2.58g/t Au over 13 metres including 12.74g/t Au over 1 metre, and 13.55g/t Au over 1 metre, and 13.04g/t Au over 1 metre, and 1.38g/t Au over 9 metres. Marathon filed a project description with both the Impact Assessment Agency (IAA, formerly the Canadian Environmental Assessment Agency) and the NL Department of Municipal Affairs and Environment (NLDMAE) on April 5, 2019, which was accepted into the formal Environmental Assessment (EA) process on April 16, 2019. 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. "My caucus colleagues and I have met with representatives from Marathon Gold on numerous occasions. The phase two expansion will involve the addition of a gravity tails flotation circuit, a pebble crusher, a flotation concentrate regrind circuit, and a float concentrate leaching circuit. The completion of the provincial EA process, and completion of the federal EIS review, allow us to contemplate the successful completion of the overall EA process., Mr. Manson continued: Over the last several years, Marathon has conducted extensive environmental and social data collection for the proposed mining operations at Valentine Lake. Marathon Gold Corporation. The project got the provincial environmental green light last week, allowing permitting and engineering work to begin. Low-grade Cambro-Ordovician island arc and back-arc volcanic, volcaniclastic and epiclastic rocks of the Talley Pond, and Tulks Hill volcanic assemblages dominate the region. On the completion of this period, the Minister of Environment and Climate Change Canada will be in a position to make a determination on the acceptability of the Project for development.

He said Marathon estimates the project will contribute $2.9 billion to the provincial GDP and about $400 million in incremental revenues to the provincial treasury.

For instant-access to all of Mining Journal Intelligence Research, We occasionally send commercial message on behalf our partners. The Project comprises a series of five mineralized deposits along a 20-kilometre system. Manson says the mining operation will start with two open-pit mines approximately six km apart, with a central mill between them. A weekly roundup of the latest news and analysis, sent every Friday.

TORONTO, March 17, 2022 (GLOBE NEWSWIRE) -- Marathon Gold Corporation (Marathon or the Company; TSX: MOZ) is pleased to announce that it has been advised by the Newfoundland and Labrador Minister of Environment and Climate Change that the Environmental Assessment Committee (EAC) overseeing the provincial Environmental Assessment (EA) of the Valentine Gold Project (the Project) has completed its review of the Projects Environmental Impact Statement, (EIS). MineHutte ratings), Mining Journal Intelligence Global Leadership Report 2021, Latest from the Exploration/Development Channel, Latest from the Mine Risk Management Channel, Marathon gets mining lease as EA decision nears, North America junior M&A, financing to fall, says RBC. On October 29, 2021, Marathon was informed by the NL Minister of Environment and Climate Change that a second round of 33 provincial review comments would be issued, with responses to take the form of a second amendment to the EIS. Please see Marathons Amended and Restated Annual Information Form for the year ended December 31, 2020 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. The Environmental Impact Statement was filed with the regulators in the 3rd quarter of 2020, and will describe the environmental, social and economic impacts of the scope of project outlined in the Feasibility Study. Mining firms in Latin America faced with risks, Ecuador peace seen as supportive of Solaris, Gold Fields hits the road to win over investors on Yamana, Marathon gets mining leases for Valentine project, ahead of potential EA decision next week, Marathon's Valentine development run gets longer, Marathon gets equipment financing for Valentine, Canada's Marathon Gold lifts Valentine mineral resource, Caledonia to acquire former Anglo Zimbabwe project, Moving swiftly to production more important than ever, 100%-owned, large, brownfields project in Montana's Stillwater District, High Grade Silver asset in Canada's Yukon, Nova Royalty: Building the leading battery metals royalty company, Escalones: Chile's Largest, Undeveloped, OXIDE Copper Resource, Growing copper market faces down supply crisis, Granite Creek Copper provide update on their Yukon project, Developing Canada's Premier Copper-Gold Mine. It will have a significant economic impact on the communities of Central Region and the wider province. In the provincial process, responses to review comments take the form of an amendment to the EIS. The Valentine Gold Project will be developed as an open-pit mine. This allows a federal EA Report to now be issued for public review, followed by a determination of the Projects acceptability by the Minister of Environment and Climate Change Canada. Diesel-powered reverse circulation (RC) drills will be used for bench-scale grade control drilling and loading will be handled by 15.5m bucket-sized hydraulic excavators, 13m bucket-sized wheel loaders, and 12m bucket-sized diesel hydraulic excavators. The project is expected to employ some 400 people which is good news for residents of Buchans, Buchans Junction, Millertown, Badger, Grand Falls-Windsor and Bishops Falls. Please note that CBC does not endorse the opinions expressed in comments. Additional inferred mineral resources are 1.64 million oz (29.59 million tonnes at 1.72g/t Au). It's a gold mine: Toronto company gets green light for central Newfoundland mining project | CBC News Loaded. Read morefrom CBC Newfoundland and Labrador. The assemblages are characterised by a series of clastic sedimentary rocks and include rocks intruded by granodioritic to gabbroic intrusions, metamorphosed to lower greenschist facies. The company expects the mine to produce about 173,000 ounces of gold a year, which is a significant gold production profile, says Manson. The gold deposits are primarily hosted by the Neoproterozoic Valentine Lake Intrusive Complex. Industry Minister Andrew Parsons made the announcement Thursday in the House of Assembly. Other contractors involved in the project include Canadian consultancy firms APEX Geoscience, and GEMTEC Consulting Engineers and Scientists. You can opt out of these communications at any time by contacting events@aspermontmedia.com, Subscribe The Valentine Gold Project is subject to regulation under the environmental protection regimes of the Canadian Environmental Assessment Act, 2012 (CEAA) and the Newfoundland and Labrador (NL) Environmental Protection Act. privacy and To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com. Valentine Gold Project in Central Newfoundland; World leading mining jurisdiction, Largest Undeveloped Gold Resource in Atlantic Canada, March 2021 Feasibility Study with Low Initial Capital Cost and High Rate of Return, After-tax 31.5% IRR & C$600 NPV5% at US $1500 Gold, C$305M Capex, 13 Year Mine Life; 2.05Moz Mineral Reserve; 173k oz/a Years 1 to 9, Ongoing Exploration on 20km Mineralized Trend, Focus on Sprite, Victory and new Berry Deposit, The Valentine Gold Project is located in central Newfoundland, Approximately 80km SW of the mining communities of Millertown and Buchans, NL Hydro substation at Star Lake 30km away, Central Region with mine services and experienced workforce. Terra Nova PC MHALloyd Parrottsaid Thursday's approval was great news for the province. American mining and geological consultant John T Boyd Company prepared the mineral resource estimate for the gold project. Additional Inferred Mineral Resources are 1.64 Moz (29.59 Mt at 1.72 g/t Au). "Our mining industry experienced a record-breaking 2021 in terms of exploration expenditures and value of mineral shipments. "The Valentine gold project in central Newfoundland has been released from the provincial government's environmental assessment and the project is approved to proceed," Parsons said. The leach-adsorption tails will be treated for cyanide destruction, thickened and deposited in the tailings management facility. Australian engineering company Ausenco prepared the feasibility study for the project and was also involved in the metallurgical test work, design, and cost estimating of the process plant and surface infrastructure. IAAC subsequently issued a second round of 23 federal IRs, to which Marathon submitted responses on October 18, 2021. policy at the bottom of the Future of Mining website. The company says it expects to create about 11,000 person years of employment in the province and employan average of more than 400 people annually. This approval comes earlier than expected, and marks an important milestone towards mine development. Mining camp at the Valentine gold project. The rate hike was the first by the ECB in over a decade, and its largest since 2000. The top stories of the day delivered to you every weekday. The project's approval comes with a long list of terms and conditions. We reserve the right to close comments at any time. Mining Journal Intelligences Project Pipeline Handbook presents the methodology Track emerging trends and changes in the mining finance landscape along with investor A comprehensive review of mining risk and trends. Aspermont Media, WeWork, 1 Poultry, London, England, EC2R 8EJ. Image courtesy of Marathon Gold. Moose Mountain Technical Services was selected to deliver the open-pit mine plan and mine production schedule, including capital and operating costs. Company a step closer to approval for gold mine near Buchans, CBC's Journalistic Standards and Practices. 2022 Glacier Media Group, All Rights Reserved, KWG acquires Fancamps chromite claims in Ring of Fire, Gold price recovers as European Central Bank raises rates higher than expected, Illegal mercury trade for gold mining uncovered, Golden Arrow walks away from Argentina silver-gold project, JPMorgan gold trader says boss coached him on spoofing lie, Gold price sinks below $1,700 ahead of key central bank meetings, Belo Sun Mining rises after Brazil court overturns halt of Volta Grande gold project, Gold price steady as traders weigh drops in ETFs, inflation, dollar. 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. The Valentine Lake property, which hosts the project, is fully owned by Marathon Gold, a Canadian gold mining company. Wed like to send you information on Aspermont events and other Aspermont services that are relevant to you. Fairbairn said: "Longer-term, resource growth at Berry may eventually result in the inclusion of the deposit in the Valentine mine plan, possibly supporting the mining of three pits simultaneously and raising the project's cut-off grade for milled material". A permanent accommodation camp will be constructed to accommodate up to 301 people while the existing exploration camp with a capacity of 65 people is envisaged to be maintained as an overflow camp for shutdown events.