The latest highlights from drilling at Leprechaun's Main Zone corridor included 126m at 4.27g/t gold; 153m at 3.02g/t and 42m at 4.11g/t.
President and CEO Phillip Walford said the results were expected to increase the Leprechaun resource and had increased the true width of the Main Zone corridor from 20-30m to 30-80m, with a strike length of more than 270m.
Walford announced two weeks ago he'd retire once a successor was hired, saying it was the "ideal time" to step aside but would continue to serve as a director.
The company is focused on "developing the largest gold deposit in Atlantic Canada".
Leprechaun and Marathon are the two main deposits of the four at the project, which have a combined 2.7 million ounce indicated resource and an inferred 1.5Moz.
An updated preliminary economic assessment last year outlined a 12-year mine producing 225,100oz a year at an all-in sustaining cost of US$666/oz, for an initial capex of $355 million, with an after-tax NPV (5%) of $493 million and an IRR of 30%.
The company has a treasury of about C$20 million (US$15 million), according to a presentation last month, having sold a 2% NSR over Valentine Lake to Franco-Nevada in February for $18 million (US$13.6 million).
Marathon Gold's shares were worth more than $1 a year ago but fell as low as 65c in November.
They last traded at 83c, capitalising it about $134 million.
