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Canada
Valentine Gold Project

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 Location:
86 km SE from Corner Brook, Newfoundland and Labrador, Canada
  Project Contacts:
7 Queensway
Grand Falls-Windsor
Newfoundland and Labrador, Canada
A2B 1K9
Phone  ...  Subscription required
WebsiteWeb
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News
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Overview

StageConstruction
Mine TypeOpen Pit
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Production Start...
Mine Life14.3 years (as of Jan 1, 2022)
The Valentine Gold Project was released from federal and provincial environmental assessment in 2022 and construction commenced in October 2022.
Latest NewsMarathon Gold Upsized, Amended and Restated US$225M Credit Facility for the Valentine Gold Project     January 25, 2023

Owners

Source: p. 37
CompanyInterestOwnership
Marathon Gold Corp. 100 % Indirect
The Valentine Gold property is 100% owned by Marathon Gold.

Contractors

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Deposit Type

  • Conglomerate hosted
  • Vein / narrow vein
  • Mesothermal
  • Intrusion related
  • Porphyry

Summary:

The Valentine Lake property hosts a structurally controlled, mesothermal gold deposit associated with Salinic aged crustal shortening and deformation. Gold mineralization is developed within QTP vein sets associated with brittle-ductile deformation of granitoid rocks of the Neoproterozoic Valentine Lake Intrusive Complex in contact with the Silurian Rogerson Lake Conglomerate. This contact is formed by the Valentine Lake Shear Zone, a major crustal-scale, NE-SW lithotectonic boundary.

Mineralization
A schematic model of the QTP-Au vein sets and their geometrical relationship with mafic dykes include: • Set 1 QTP-Au veins occur as uniformly shallow southwest dipping, en-echelon arrays orientated at high angle to the regional penetrative S1 foliation and cleavage fracture.
• Lesser Set 2 QTP-Au veins are steeply northwest dipping to subvertical, parallel the regional S1 shear fabric, and commonly developed at contacts with mafic dykes or as localized zones of intense stockwork veining.
• Rare Set 3 QTP-Au veins are steeply dipping with a NW-SE orientation orthogonal to the strike of the S1 foliation (Kruse, 2020).
• At the Berry deposit, a fourth vein set has been identified with a very low angle dip to the NNE (Kruse and Bartsch, 2021). Each vein set is mineralized, with a strong dominance in frequency of occurrence and gold content exhibited by Set 1.

The Set 1 extensional and Set 2 shear-parallel QTP-Au veins are up to 1.5 m thic ........

Mining Methods

  • Truck & Shovel / Loader

Summary:

Mining is based on conventional open pit methods suited for the project location and local site requirements. The mining fleet will include diesel-powered rotary drills with 200 mm bit size for bulk production drilling and down-the-hole (DTH) drills with 144 mm bit size for selective drilling; diesel-powered RC drills for bench-scale grade control drilling; 15.5 m3 bucket-sized hydraulic excavators and 13 m3 bucket-sized wheel loaders for bulk production loading and 12.0 m3 bucketsized 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. In-pit dewatering systems will be established for each pit. All surface water and precipitation encountered in the pits will be directed out of the pits and into ex-pit settling ponds by ditching, in pit sumps, and diesel-driven pumps.

Ore will be hauled to a crusher 3.5 km southwest of the Marathon pit, 3.0 km northeast of the Leprechaun pit and 1.0 km south of the Berry pit. Ore will be crushed to feed the process plant, while waste rock will be deposited into waste rock storage facilities (WRSF) directly adjacent to the pits or used as rockfill to construct a tailing’s dam 2 km southwest of the Marathon pit, 4.5 km northeast of the Leprechaun pit and 1.5 km southeast of the Berry pit. Ultimate pit limits are split into phases or pushbacks to targ ........

Crushing and Grinding
Source: Subscription required

- subscription is required.

Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.

Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Gold Payable metal koz 2,552
Gold Metal in doré koz 1792,553

Operational Metrics:

Metrics
Stripping / waste ratio  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Total tonnes mined, LOM  ......  Subscription required
Daily processing capacity  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual processing capacity  ......  Subscription required
Annual ore mining rate  ......  Subscription required
* According to 2022 study.
Subscription required - Subscription is required.

Reserves at November 30, 2022:
Open pit mineral resources are reported within a preliminary pit shell at a cut-off grade of 0.3 g/t Au. Underground mineral resources are reported outside the pit shell at a cut-off grade of 1.36 g/t Au.

Mineral reserves are reported at a cut-off grade of 0.38 g/t Au.

CategoryTonnage CommodityGradeContained Metal
Proven 23.4 Mt Gold 1.89 g/t 1.4 M oz
Probable 28.2 Mt Gold 1.4 g/t 1.3 M oz
Proven & Probable 51.6 Mt Gold 1.62 g/t 2.7 M oz
Measured 29,226,000 t Gold 2.19 g/t 2,058,500 oz
Indicated 35,398,000 t Gold 1.67 g/t 1,896,600 oz
Measured & Indicated 64,624,000 t Gold 1.9 g/t 3,955,100 oz
Inferred 20,752,000 t Gold 1.65 g/t 1,100,400 oz

Commodity Production Costs:

CommodityAverage
Credits (by-product) Gold  ......  Subscription required&nbs
Total cash costs Gold  ......  Subscription required *†
All-in sustaining costs (AISC) Gold  ......  Subscription required *†
Assumed price Gold  ......  Subscription required *
* According to 2022 study / presentation.
† Net of By-Product.
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Operating Costs:

Units2022
OP mining costs ($/t mined) CAD 3.03 *
OP mining costs ($/t milled) CAD  ......  Subscription required
Processing costs ($/t milled) CAD  ......  Subscription required
G&A ($/t milled) CAD  ......  Subscription required
Total operating costs ($/t milled) CAD  ......  Subscription required
* According to 2022 study.
Subscription required - Subscription is required.

2022 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M CAD  ......  Subscription required
Expansion CapEx $M CAD  ......  Subscription required
Sustaining CapEx $M CAD  ......  Subscription required
Closure costs $M CAD  ......  Subscription required
Total CapEx $M CAD  ......  Subscription required
OP OpEx $M CAD  ......  Subscription required
Processing OpEx $M CAD 857
Refining and transportation $M CAD  ......  Subscription required
G&A costs $M CAD 361
Total OpEx $M CAD  ......  Subscription required
Mining Taxes $M CAD  ......  Subscription required
Income Taxes $M CAD  ......  Subscription required
Total Taxes $M CAD  ......  Subscription required
Royalty payments $M CAD  ......  Subscription required
Net revenue (LOM) $M CAD  ......  Subscription required
EBITDA (LOM) $M CAD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M CAD  ......  Subscription required
After-tax Cash Flow (LOM) $M CAD  ......  Subscription required
Pre-tax NPV @ 5% $M CAD  ......  Subscription required
Pre-tax NPV @ 10% $M CAD  ......  Subscription required
Pre-tax NPV @ 8% $M CAD  ......  Subscription required
After-tax NPV @ 5% $M CAD  ......  Subscription required
After-tax NPV @ 10% $M CAD  ......  Subscription required
After-tax NPV @ 8% $M CAD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
After-tax payback period, years  ......  Subscription required
Subscription required - Subscription is required.

Proposed Heavy Mobile Equipment as of November 30, 2022:
HME TypeSizeQuantityLeased or
Contractor
Crane 36 t ....................... Subscription required Leased
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jan 23, 2023
....................... Subscription required ....................... Subscription required Subscription required Jan 23, 2023
....................... Subscription required ....................... Subscription required Subscription required Nov 30, 2022
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....................... Subscription required ....................... Subscription required Subscription required Jan 23, 2023
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....................... Subscription required ....................... Subscription required Subscription required Jan 23, 2023
Subscription required - Subscription is required.

Staff:

EmployeesTotal WorkforceYear
Subscription required 2022
Subscription required 2020

Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
Corporate Presentation 2022
Feasibility Study Report 2022
Press Release 2022
Press Release 2022
Press Release 2022
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
Corporate Presentation 2018
Corporate Presentation 2018
Preliminary Economic Assessment 2018
Subscription required - Subscription is required.

News:

NewsDate
Marathon Gold Upsized, Amended and Restated US$225M Credit Facility for the Valentine Gold Project January 25, 2023
Marathon Gold Reports Additional Positive Infill Drill Results at Berry Deposit, Valentine Gold Project January 12, 2023
Marathon Gold Provides Update on Project Financing Arrangements December 22, 2022
Marathon Gold Files Technical Report for the Valentine Gold Project December 21, 2022

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