Gold project developer Marathon Gold is considering the opportunities offered by the updated mineral resource estimate (MRE) for the Valentine project, in central Newfoundland.

The Marathon project’s total measured and indicated mineral resources increased to 4-million ounces (64.6-million tonnes at 1.90 g/t), which is 26% up in ounces, a 14% increase in tonnes and a 10% increase in grade compared with the previous estimate.

The high-grade openpit measured and indicated resource of 3.4-million ounces of gold (38.6-million tonnes at 2.73 g/t) is an 28% increase in ounces, 22% in tonnes and 5% in grade compared with the previous estimate.

Additional inferred resources of 1.1-million ounces (20.8-million tonnes at 1.65 g/t) were reported.

The newly defined Berry deposit has been confirmed as a major contributor to the project’s mineral resources. Berry has measured and indicated resources of 1.1-million ounces (17.2-million tonnes at 1.97 g/t) and an inferred resource of 0.25-million ounces (5.33-million tonnes at 1.49 g/t.)

“This updated mineral resource estimate is the largest in quantity, the highest in grade, and the best in quality that has ever been produced for the Valentine gold project,” said CEO Matt Manson.

The estimate incorporated two years of exploration drilling at the Berry deposit, which had been confirmed to be comparable in scale and gold content to the nearby Leprechaun deposit.

Berry is located immediately adjacent to the proposed site of the project’s gold mine.

Manson said that, in parallel with the permitting and engineering work, a study was under way to consider the opportunities offered by the 2022 MRE on the project’s mineral reserves, production profile and mine life.

The results of this study would be incorporated into a new National Instrument 43-101 technical report, which would constitute an updated feasibility study for the Valentine project, he said, adding that the work would be completed in the fourth quarter.