Marathon Gold (TSX: MOZ) this morning released its maiden resource estimate for the Berry Deposit at the Valentine Gold Project, which is located in Central Newfoundland. The deposit reportedly contains 638,700 ounces of inferred gold.
The resource estimate compiled by the company is based on 42,000 metres of drilling conducted on the property through to November 2020. The estimate was based on a cut off of 1.75 g/t gold, with the resource contained within 11.3 million tonnes.
The company indicates that 566,400 ounces are contained within an open pit model within its highlights, however this is notably at a lower cutoff of 1.65 g/t gold. Marathon then identifies that at a 0.7 g/t cut-off, this figure increases to 493,700 g/t within the open pit model.
Following the maiden resource, the company has indicated that it continues to drill the deposit, with 30,000 metres of drilling budgeted for 2021. The maiden resource now brings total mineral resources at the Valentine Gold project to 3.14 million ounces of measured and indicated resources, as well as 1.64 million ounces of inferred resources, both figures of which are based on a 1.72 g/t gold cut-off.
Marathon Gold last traded at $2.58 on the TSX.
Information for this briefing was found via Sedar and Marathon Gold. The author has no affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
