TORONTO, ON – September 28, 2021 – Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) is pleased to report the latest drill assay results from the Valentine Gold Project in central Newfoundland (the ‘Project”; Figure 1). These latest results represent fire assay data from fifteen diamond drill holes completed as part of the ongoing in-fill drill campaign at the 1.5 kilometre long Berry Deposit. Highlights include:
• VL-21-1040 intersected 10.86 g/t Au over 2 metres, and 9.33 g/t Au over 2 metres including 12.33 g/t Au over 1 metre, and 7.67 g/t Au over 2 metres including 13.29 g/t Au over 1 metre, and 7.18 g/t Au over 2 metres including 12.92 g/t Au over 1 metre;
• VL-21-1042 intersected 4.16 g/t Au over 11 metres including 20.93 g/t Au over 1 metre and including 19.07 g/t Au over 1 metre;
• VL-21-1052 intersected 2.51 g/t Au over 13 metres including 25.33 g/t Au over 1 metre, and 1.03 g/t Au over 12 metres;
• VL-21-1050 intersected 7.64 g/t Au over 4 metres including 27.59 over 1 metre, and 1.24 g/t Au over 24 metres;
• VL-21-1041 intersected 1.99 g/t Au over 11 metres, and 0.90 g/t Au over 18 metres; and
• VL-21-1047 intersected 1.35 g/t Au over 14 metres;

All quoted intersections comprise uncut gold assays in core lengths. All significant assay intervals
are reported in Table 1.

Matt Manson, President and CEO, commented: “These latest drill results represent further in-fill drilling at Berry in two areas where positive results offer us the potential to expand the overall scope of the deposit. These are the hanging-wall area in the western portion of the Berry Deposit and the “saddle area” between the two conceptual pit shells used in the April 2021 Mineral Resource Estimate. The western hanging-wall area continues to reward us with strong intercepts of resource grade material and is bulking-up well, as illustrated in plan view in Figure 2 and in the long-section in Figure 3. The “saddle area” is showing mineralization at greater depths, within the scope of a large single pit shell for the whole deposit, as illustrated in the long-section view and in the cross sections of Figures 4 and 5.” Matt Manson continued: “We currently have four diamond drill rigs operating at Valentine as part of our 2021 exploration program: one rig at the Berry Deposit, two rigs at the Victory Deposit, and one rig at the Sprite Deposit. Of note, drilling at Victory has revealed strong areas of mineralization in previously untested areas adjacent to the Valentine Lake Shear Zone, with visible gold. We expect to be reporting results from our exploration drill programs on a regular basis through to the end of the year.”

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 (“VLSZ”; Figure 1). 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.

Figure 1: Location Map, Valentine Gold Project

The results released today are derived from six drillholes located on sections 13700E and 13800E
at the western end of the Berry Deposit, and nine drillholes located between sections 14300E and
14540E, close to, or within, the connecting “saddle area” between the two conceptual pit shells
utilized in the April 2021 Berry Mineral Resource Estimate (Figure 2).
Three of the fifteen holes were oriented on a southeast azimuth towards the footwall contact with
the VLSZ to test for mineralization at progressive distances into the Berry Deposit’s hanging-wall
rocks (VL-21-1039, 1043, 1045). Twelve of the fifteen holes were oriented steeply down to the
northwest testing for Main Zone type stacked QTP-Au mineralization, either close to the VLSZ
(VL-21-1040, 1042, 1046, 1048) or within the hanging-wall (VL-21-1041, 1044, 1047, 1049, 1050,
1051, 1052, 1053).
Thirteen of the fifteen drill holes returned “significant” drill intercepts of greater than 0.7 g/t Au
(Table 1), and all but one of the fifteen returned additional intercepts with gold grades above the
0.3 g/t Au cut-off used in the April 2021 Berry Mineral Resource Estimate.

Figure 2: Location of Berry Deposit Exploration Drill Hole Collars VL-21-1039 to VL-21-1053

Figure 3: Long Section of the Berry Deposit (View NW) Incorporating 84,448 meters of Drilling up to and Including VL-21-1053 and Assays Above 0.3 g/t Au.

Table 1: Significant Assay Intervals from Drill Hole Collars VL-21-1039 to VL-21-1053, Berry Deposit, Valentine Gold Project

DDH	Section	Az	Dip	From	To	Core Length (m)	True Thickness (m)	Gold g/t	Gold g/t (cut)
VL-21-1039	14280E	164	-65	266	267	1	0.85	0.71
				301	302	1	0.85	0.74
VL-21-1040	14300E	345	-76	7.11	18	10.89	9.80	0.99
				25	26	1	0.90	1.18
				30	32	2	1.80	7.18
Including				30	31	1	0.90	12.92
				43	46	3	2.70	4.09
				63	65	2	1.80	2.51
				72	73	1	0.90	10.66
				102	103	1	0.90	0.77
				131	133	2	1.80	4.87
				160	162	2	1.80	4.20
				213	215	2	1.80	9.33
Including				214	215	1	0.90	12.33
				221	224	3	1.80	4.33
				248	258	10	9.00	0.85
				263	266	3	2.70	2.07
				270	271	1	0.90	1.25
				277	278	1	0.90	3.48
				300	301	1	0.90	8.87
				306	308	2	1.80	10.86
				324	326	2	1.80	7.67
Including				324	325	1	0.90	13.29
VL-21-1041	13720E	345	-77	38	40	2	1.80	4.37
				51	52	1	0.90	3.76
				60	64	4	3.60	1.37
				80	91	11	9.90	1.99
				98	100	2	1.80	0.76
				114	115	1	0.90	9.60
				124	126	2	1.80	2.69
				148	150	2	1.80	0.77
				174	175	1	0.90	0.77
				204	222	18	16.20	0.90
				233	235	2	1.80	0.82
				261	262	1	0.90	3.95
				267	268	1	0.90	0.94
				277	282	5	4.50	0.87
				294	299	5	4.50	3.74
VL-21-1042	14300E	341	-77	46	48	2	1.80	0.85
				50	51	1	0.90	0.78
				104	105	1	0.90	1.60
				108	109	1	0.90	2.35
				134	135	1	0.90	0.99
				151	152	1	0.90	0.86
				192	199	7	6.30	1.15

DDH	Section	Az	Dip	From	To	Core Length (m)	True Thickness (m)	Gold g/t	Gold g/t (cut)
				249	251	2	1.80	0.86
				257	261	4	3.60	0.81
				268	279	11	9.90	4.16
Including				270	271	1	0.90	20.93
Including				278	279	1	0.90	19.07
				284	288	4	3.60	1.28
				295	297	2	1.80	1.34
				313	315	2	1.80	1.20
				318	319	1	0.90	10.57
				324	326	2	1.80	0.93
				330	332	2	1.80	0.88
VL-21-1043	14400E	166	-70	28	29	1	0.85	2.53
				132	133	1	0.85	2.61
				140	141	1	0.85	3.16
				148	149	1	0.85	0.70
				288	290	2	1.70	1.49
				327	330	3	2.55	1.61
VL-21-1044	13720E	345	-75	103	107	4	3.60	0.71
				139	140	1	0.90	6.59
				212	214	2	1.80	2.07
				220	222	2	1.80	0.97
VL-21-1045	13700E	167	-70	170	171	1	0.85	1.49
				217	218	1	0.85	0.89
				223	228	5	4.25	2.29
				249	250	1	0.85	1.75
				259	260	1	0.85	1.35
				275	276	1	0.85	3.24
				302	303	1	0.85	4.89
				328	329	1	0.85	3.15
				353	355	2	1.70	7.64
VL-21-1046	14450E	338	-77	56	57	1	0.90	4.67
				59	60	1	0.90	1.89
				107	108	1	0.90	0.73
				118	120	2	1.80	1.70
				154	156	2	1.80	3.53
				172	176	4	3.60	3.21
				174	175	1	0.90	11.16
				196	197	1	0.90	8.07
				214	217	3	2.70	0.97
				223	224	1	0.90	1.91
VL-21-1047	14270E	342	-77	26	28	2	1.80	2.40
				149	155	6	5.40	1.12
				161	162	1	0.90	0.88
				176	177	1	0.90	1.47
				192	193	1	0.90	6.64
				247	248	1	0.90	2.32
				267	281	14	12.60	1.35
				295	296	1	0.90	0.95
VL-21-1048	14540E	346	-77	110	111	1	0.90	7.37
				273	274	1	0.90	5.27

DDH	Section	Az	Dip	From	To	Core Length (m)	True Thickness (m)	Gold g/t	Gold g/t (cut)
VL-21-1050	14200E	343	-81	17	18	1	0.95	1.51
				27	30	3	2.85	1.04
				43	44	1	0.95	4.59
				52	58	6	5.70	1.76
				71	75	4	3.80	2.00
				82	83	1	0.95	3.03
				85	89	4	3.80	7.64
Including				86	87	1	0.95	27.59
				124	125	1	0.95	0.95
				141	146	5	4.75	0.72
				160	161	1	0.95	3.56
				202	203	1	0.95	1.96
				212	236	24	22.80	1.24
				261	262	1	0.95	0.92
				288	289	1	0.95	1.84
				292	294	2	1.90	0.76
				310	319	9	8.55	1.05
				324	325	1	0.95	1.19
				328	330	2	1.90	0.90
VL-21-1051	13770E	347	-77	86	89	3	2.85	1.14
				108	114	6	5.70	0.83
				134	138	4	3.80	0.84
				230	231	1	0.95	1.16
VL-21-1052	14540E	346	-77	25	26	1	0.90	1.20
				35	38	3	2.70	1.42
				94	106	12	10.80	1.03
				111	124	13	11.70	2.51
Including				122	123	1	0.90	25.33
				143	150	7	6.30	0.91
				172	175	3	2.70	0.96
				248	249	1	0.90	0.95
				264	265	1	0.90	1.75

Notes on the Calculation of Assay Intervals

1. “Significant” assay intervals are defined as 1m core length or more of mineralization with an average fire assay result of greater than 0.7 g/t Au, representing the bottom cut-off for high-grade mill feed in the Marathon April 2021 Feasibility Study mine plan. Assay intervals with an average fire assay result of between 0.3 g/t Au and 0.7 g/t Au are above the cut-off used in the April 2021 Mineral Resource Estimate for the Berry Deposit but are not considered “significant” for the purposes of this news release.
2. Cut gold grades are calculated at 30 g/t Au.
3. No significant assays were returned in drill holes VL-21-1049 and VL-21-1053

Figure 4: Cross Section 14285E (View NE) with Significant (>0.7 g/t Au) Intercepts, Berry Deposit, Valentine Gold Project.

Qualified Person
Disclosure of a scientific or technical nature in this news release was prepared under the
supervision of Nicholas Capps, P.Geo. (NL), Manager of Exploration for Marathon Gold
Corporation. Exploration data quality assurance and control for Marathon is under the supervision
of Jessica Borysenko, P.Geo (NL), GIS Manager for Marathon Gold Corporation. Both Mr. Capps
and Ms. Borysenko are qualified persons under National Instrument (“NI”) 43-101.
Quality Assurance-Quality Control (“QA/QC”)

QA/QC protocols followed at the Valentine Gold Project include the insertion of blanks and
standards at regular intervals in each sample batch. Drill core is cut in half with one half retained
at site, the other half tagged and sent to Eastern Analytical Limited in Springdale, NL. All reported
core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.30 g/t
Au in economically interesting intervals are further assayed using metallic screen to mitigate the
presence of coarse gold. Significant mineralized intervals are reported in Table 1 as core lengths
and estimated true thickness (70 – 95% of core length), and reported with and without a top-cut
of 30 g/t Au applied.

Cautionary Statement Regarding Forward-Looking Information
Certain information contained in this news release, constitutes forward-looking information within the meaning of
Canadian securities laws (“forward-looking statements”). All statements in this news release, other than statements of
historical fact, which address events, results, outcomes or developments that Marathon expects to occur are forwardlooking statements. Forward-looking statements include statements that are predictive in nature, depend upon or refer
to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”,
“considers”, “intends”, “targets”, or negative versions thereof and other similar expressions, or future or conditional
verbs such as “may”, “will”, “should”, “would” and “could”. We provide forward-looking statements for the purpose of
conveying information about our current expectations and plans relating to the future, and readers are cautioned that
such statements may not be appropriate for other purposes. More particularly and without restriction, this news release
contains forward-looking statements and information about the FS and the results therefrom (including IRR, NPV5%,
Capex, FCF, AISC and other financial metrics), the realization of mineral reserve and mineral resource estimates, the
future financial or operating performance of the Company and the Project, capital and operating costs, the ability of the
Company to obtain all government approvals, permits and third-party consents in connection with the Company’s
exploration, development and operating activities, the potential impact of COVID-19 on the Company, the Company’s
ability to successfully advance the Project and anticipated benefits thereof, economic analyses for the Valentine Gold
Project, processing and recovery estimates and strategies, future exploration and mine plans, objectives and
expectations and corporate planning of Marathon, future environmental impact statements and the timetable for
completion and content thereof and statements as to management’s expectations with respect to, among other things,
the matters and activities contemplated in this news release.
Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual
results and future events could differ materially from those expressed or implied in such statements. You are hence
cautioned not to place undue reliance on forward-looking statements. In respect of the forward-looking statements
concerning the interpretation of exploration results and the impact on the Project’s mineral resource estimate, the
Company has provided such statements in reliance on certain assumptions it believes are reasonable at this time,
including assumptions as to the continuity of mineralization between drill holes. A mineral resource that is classified as
“inferred” or “indicated” has a great amount of uncertainty as to its existence and economic and legal feasibility. It
cannot be assumed that any or part of an “indicated mineral resource” or “inferred mineral resource” will ever be
upgraded to a higher category of mineral resource. Investors are cautioned not to assume that all or any part of mineral
deposits in these categories will ever be converted into proven and probable mineral reserves.
By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which
give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be
accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved.
Factors that could cause future results or events to differ materially from current expectations expressed or implied by
the forward-looking statements include risks and uncertainties relating to the interpretation of drill results, the geology,
grade and continuity of mineral deposits and conclusions of economic evaluations; uncertainty as to estimation of
mineral resources; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and
recoverability of mineral resources); the potential for delays or changes in plans in exploration or development projects
or capital expenditures, or the completion of feasibility studies due to changes in logistical, technical or other factors;
the possibility that future exploration, development, construction or mining results will not be consistent with the
Company’s expectations; risks related to the ability of the current exploration program to identify and expand mineral
resources; risks relating to possible variations in grade, planned mining dilution and ore loss, or recovery rates and
changes in project parameters as plans continue to be refined; operational mining and development risks, including
risks related to accidents, equipment breakdowns, labour disputes (including work stoppages and strikes) or other
unanticipated difficulties with or interruptions in exploration and development; risks related to the inherent uncertainty
of production and cost estimates and the potential for unexpected costs and expenses; risks related to commodity and
power prices, foreign exchange rate fluctuations and changes in interest rates; the uncertainty of profitability based
upon the cyclical nature of the mining industry; risks related to failure to obtain adequate financing on a timely basis
and on acceptable terms or delays in obtaining governmental or other stakeholder approvals or in the completion of
development or construction activities; risks related to environmental regulation and liability, government regulation and
permitting; risks relating to the Company’s ability to attract and retain skilled staff; risks relating to the timing of the
receipt of regulatory and governmental approvals for continued operations and future development projects; political
and regulatory risks associated with mining and exploration; risks relating to the potential impacts of the COVID-19
pandemic on the Company and the mining industry; changes in general economic conditions or conditions in the
financial markets; and other risks described in Marathon’s documents filed with Canadian securities regulatory
authorities, including the Annual Information Form for the year ended December 31, 2020.
You can find further information with respect to these and other risks in Marathon’s Amended and Restated Annual
Information Form for the year ended December 31, 2020 and other filings made with Canadian securities regulatory
authorities available at www.sedar.com. Other than as specifically required by law, Marathon undertakes no obligation
to update any forward-looking statement to reflect events or circumstances after the date on which such statement is
made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or
results otherwise.