Additional Berry Infill Drill Results

TORONTO - Marathon Gold Corporation reported the latest drill assay results from the Valentine Gold Project in central Newfoundland. These latest results represent fire assay data from the latest fifteen diamond drill holes completed as part of the ongoing in-fill drill campaign at the 1.5 kilometer long Berry Deposit, and the last Berry drill results to be received from the assay laboratory prior to the year-end. Highlights include: VL-21-1083 intersected 7.77 g/t Au over 8 meters including 28.68 g/t Au over 1 meter; VL-21-1088 intersected 83.07 g/t over 1 meter, and 22.13 g/t Au over 1 meter, and 2.27 g/t Au over 10 meters; VL-21-1075 intersected 1.57 g/t Au over 39 meters including 10.06 g/t Au over 1 meter and including 11.93 g/t Au over 1 meter, and 4.21 g/t Au over 3 meters including 11.64 g/t Au over 1 meter;VL-21-1081 intersected 2.19 g/t Au over 17 meters including 15.95 over 1 meter, and 21.28 g/t Au over 1 meter; and VL-21-1076 intersected 2.05 g/t Au over 8 meters, and 3.74 g/t Au over 4 meters including 13.36 g/t Au over 1 meter.

Matt Manson, President and CEO, said, “We continue to see the steady bulking-up of this important new discovery over its full 1.5 kilometer length. These results represent the last batch of Berry sample assays expected to be received prior to the year end. We are awaiting results from an additional 80 drill holes from Berry completed as part of the 2021 drill program. These will be released in the new year as they are received, along with 44 drill holes completed in 2021 at the Sprite and Victory Deposits. As a reminder, the initial Berry Mineral Resource estimate published in April 2021 comprised 0.64 Moz classified as Inferred Mineral Resources in 11.33 Mtonnes at 1.75 g/t Au. This estimate was based on 42,000 meters of Berry drilling completed as of November 2020. The next Berry estimate will be based on over 100,000 meters of drilling completed to the end of November 2021, and is expected to be completed in the second quarter of next year. Guidance on our 2022 exploration program at the Valentine Gold Project will be provided in January upon its approval by the Board of Directors, but we expect another vigorous year of drilling focussed on both Mineral Resource growth and new discovery.”

Gold mineralization at the Valentine Gold Project is contained predominantly within shallowly southwest dipping, en-echelon stacked Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) veins. At the Leprechaun, Marathon and Berry Deposits, these QTP-Au veins form densely stacked and northwest plunging “Main Zone” envelopes within intrusive host rocks on the hanging wall (northwest) side of the Valentine Lake Shear Zone. The extent of mineralization appears related to the size and frequency of sheared mafic dykes which extend northeast-southwest within the hanging wall, parallel to the shear zone.

The results are derived from fifteen drill holes located broadly between section 13750E within the western conceptual pit shell utilized in the April 2021 Berry Mineral Resource estimate and section 14680E within the eastern conceptual put shell.  All fifteen holes were oriented steeply down to the northwest testing for Main Zone-type stacked QTP-Au mineralization in “Set 1” vein orientations progressively further out into Berry’s hanging wall rocks. All of the fifteen drill holes returned “significant” drill intercepts of greater than 0.7 g/t Au, and all returned additional intercepts with gold grades above the 0.3 g/t Au cut-off used in the April 2021 Berry Mineral Resource estimate.