| Announcement Date: | 2022-12-20 |
|---|---|
| Announcement Type: | Feasibility Study |
| Announcement Code: | NI43-101 |
| Company name: | Marathon Gold Corp. |
| Project name: | Valentine |
| Location: | Canada |
| Commodities: | Gold |
| Highlight: | Feasibility Study result incl. Post Tax NPV (5%) of CAD $648M & IRR of 22.4% |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | TORONTO, ON – December 7, 2022 – Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) is pleased to report the results of an Updated Feasibility Study (“Updated FS”) for the Valentine Gold Project located in the central region of Newfoundland and Labrador (“Valentine” or the “Project”). This Updated FS presents for the first time a 3-pit mine plan for the Project based on the Marathon, Leprechaun and Berry Deposits, with increased Mineral Reserves, an extended mine life, and a higher gold production profile. The Updated FS incorporates the same conventional open pit mining and milling strategy previously presented in the April 2021 Feasibility Study (the “April 2021 FS”), with updated capital and operating cost estimates based on current-market pricing, and updated metal price assumptions. The Valentine Gold Project was released from provincial and federal environmental assessment earlier in 2022 based on mining at the Leprechaun and Marathon Deposits, and early works construction commenced in October of this year. The Updated FS incorporates an amended permitting strategy to allow for the Berry Deposit to be included in the mining schedule by the first year of mine operations. Highlights of the Updated FS are as follows (all figures are in Canadian dollars, troy ounces, and estimated at US$1,700/oz gold on an unlevered basis unless otherwise noted): |
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