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Marathon Gold raises $41m for Valentine project, shares up

According to the company a single institutional investor, Pierre Lassonde and Trinity Capital Partners Corporation and Affiliates had subscribed for the offering.

The Valentine project comprises a series of five mineralized deposits along a 20-kilometre system.

An April 2021 Feasibility Study outlined an open-pit mining and conventional milling operation over a thirteen-year mine life with a 31.5% after-tax rate of return.

The project has estimated Proven Mineral Reserves of 1.40 Moz (29.68 million tonnes at 1.46 g/t) and Probable Mineral Reserves of 0.65 Moz (17.38 million tonnes at 1.17 g/t).

Marathon sees potential to pour first gold by October 2023.

Memorandum of understanding

Marathon has also concluded a Memorandum of Understanding (MOU) with the Miawpukek First Nation relating to the Environmental Assessment and development of the Valentine project.

The MOUs includes 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 Socio-Economic Agreement.

Midday Friday, Marathon’s stock was up nearly 9% on the TSX. The company has a C$596 million market capitalization.

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