Marathon Gold Provides Corporate Update

 Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to provide an update on certain corporate matters relating to the Company and its development of the Valentine Gold Project in Central Newfoundland (the “Project”), and the Company’s ongoing response to current COVID-19 challenges.

Management Changes

Marathon announces the retirement of Robbert Borst from the role of Chief Operating Officer with the Company, effective April 30^th. Mr. Borst joined Marathon in 2017, and was most recently responsible for the successful completion of the Pre-Feasibility Study (“PFS”) for the Valentine Gold Project. Mr. Borst’s retirement was planned to occur following delivery of the PFS, and he will provide ongoing consulting services to the Company as the Project transitions to a full Feasibility Study and, ultimately, mine construction.

In addition, Marathon announces the appointment of James Powell to the position of Vice President, Regulatory and Government Affairs. Mr. Powell joined Marathon in 2019 as Director of Environment and Stakeholder Engagement. In his new expanded role, Mr. Powell will be tasked with overseeing the Company’s key Environmental Assessment and permitting activities relating to the Valentine Gold Project with a team that now includes Mary Hatherly as Manager, Stakeholder Engagement, Tara Oak as Manager, Environmental Assessment, Jodi Hackett as Communications Consultant, and Stantec Consulting Ltd. as Environmental Consultant. Mr. Powell is based in St John’s, NL, and will report directly to the President and CEO.

Matt Manson, President and CEO commented: “I would like to thank Bob Borst for his service to Marathon over the last three years. In his role as COO, Bob has been responsible for two important economic and engineering studies, our 2018 Preliminary Economic Assessment and our recent 2020 PFS, both of which have been important milestones for the Project’s development and both of which were completed with dedication and professionalism. We wish him well in his retirement.” Mr. Manson continued: “Jamie Powell’s new, more senior role reflects the Company’s focus on the key critical path activities for the Valentine Project, which are its environmental assessment and regulatory approval. Jamie, who is a Professional Engineer, will be responsible for all government and regulatory affairs for the Company both federally and in Newfoundland and Labrador, and our relationships with stakeholders, local communities and Indigenous peoples.”

Ongoing COVID-19 Response

With the current COVID-19 challenges, Marathon employees continue to work from home and respect local stay-at-home provisions. On this basis, key critical path activities for the Valentine Gold Project are ongoing and continue on schedule, including the preparation of our Environmental Impact Statement expected to be completed in the third quarter of this year.

Our exploration camp remains closed, with a 3 person crew providing maintenance, cleaning and site security services. The Company intends to reopen the camp to complete its 2020 exploration drill program, as well as site-specific engineering and environmental studies, once proper return-to-work protocols and a safe working environment can be established. This will be based on guidance from the relevant public health agencies and the Company’s advisors.

As of March 14, 2020, when the camp was closed, a total of 12,486 m of drilling had been completed from a 2020 total budgeted amount of 44,000 m of exploration drilling and 3,000 m of site condemnation drilling. Exploration drilling completed includes 24 holes for 5,007 m in the high priority “Berry Zone” area and extending northeastwards towards the Frozen Ear Pond. Marathon reported the results of the first 8 of these drill holes on March 2, 2020 and expects to release assay results from the remaining 16 drill holes shortly. Marathon’s core samples are processed by Eastern Analytical Ltd. of Springdale, NL, which continues operations at this time with reduced staffing.  

In addition to the Berry Zone drilling, by March 14, 2020 the Company had completed 21 holes for 2,937 m of condemnation drilling in the proposed Marathon Pit waste rock pile area and 33 holes for 4,542 m in Footwall Zone 1 located south of the Valentine Lake Shear Zone in the area of the proposed Tailings Management Facility (see Marathon news release dated February 3, 2020 for details on the 2020 Valentine Exploration Program).

Qualified Person

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Sherry Dunsworth, MSc., P.Geo. (NL), the Senior VP of Exploration and a qualified person under National Instrument (“NI”) 43-101.

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

About Marathon

Marathon (TSX:MOZ) is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in central Newfoundland, one of the top mining jurisdictions in the world. The Project comprises a series of four mineralized deposits along a 20-kilometre system. An April 2020 Pre-Feasibility Study outlined an open pit mining and conventional milling operation over a twelve-year mine life with a 36% after-tax rate of return. The Project has estimated Proven and Probable Mineral Reserves of 1.87 Moz (41.05 Mt at 1.41 g/t Au) and Total Measured and Indicated Mineral Resources (inclusive of the Mineral Reserves) of 3.09 Moz (54.9 Mt at 1.75 g/t Au). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). An updated Technical Report prepared in accordance with the requirements of NI 43-101 will be filed on SEDAR shortly including details on the Pre-Feasibility Study and assumptions relating to the Valentine Gold Project.

For more information, please contact:

To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com.