Canadian miner raises US$41M for gold project

Photo: Marathon Gold

Canada’s Marathon Gold has announced it secured a non-brokered C$50 million (US$41 million) private placement financing. The funds will be used to continue the advancement of the miner’s exploration and development activities at its Valentine gold project in central Newfoundland, Canada.


“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 miner said in a statement.


“The Project has estimated Proven Mineral Reserves of 1.40 Moz (29.68 Mt at 1.46 g/t) and Probable Mineral Reserves of 0.65 Moz (17.38 Mt at 1.17 g/t),” according to Marathon Gold. “Additional Inferred Mineral Resources are 1.64 Moz (29.59 Mt at 1.72 g/t Au).”


Based in Canada’s Toronto, Marathon Gold is listed on the Toronto Stock Exchange (TSX).