Toronto-listed Marathon Gold has signed a memorandum of understanding (MoU) with the Miawpukek First Nation, relating to the environmental assessment and development of the Valentine gold project, in central Newfoundland.
Signed by Marathon president Matt Manson and Miawpukek chief Mi’sel Joe, the MoU provides for a process of ongoing engagement and consultation between the parties. This will include, among other things, the completion of a traditional knowledge/traditional land and resource use study, funding for a community-based liaison officer, and the commencement of negotiations towards a socioeconomic agreement.
An April 2021 feasibility study for Valentine outlined an openpit mining and conventional milling operation over a 13-year mine life with a 31.5% after-tax rate of return. The project has estimated proven mineral reserves of 1.40-million ounces (29.68-million tonnes at 1.46 g/t) and probable mineral reserves of 0.65-million ounces (17.38-million tonnes at 1.17 g/t). Total measured resources comprise 1.92-million ounces, with indicated resources of 1.22-million ounces.