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East Bull Property

Ni - PGE Prospect

East Bull Lake is part of the palladium-rich mafic intrusive East Bull Suite, which is home to the New Age Metals River Valley deposit that hosts:

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
The Mineral Resource Estimate is based on US$ metal prices of $1,850/oz Pd, $900/oz Pt, $1,600/oz Au, $3.00/lb Cu, $16/lb Co, $6.50/lb Ni, $8,000/oz Rh, $18.50/oz Ag. The US$:CDN$ exchange rate used was 0.75.
The NSR estimates use flotation recoveries of 80% for Pd, 80% for Pt, 80% for Au, 85% for Cu, 25% for Co, 90% for Ni, 80% for Rh and 65% for Ag and smelter payables of 80% for Pd, 80% for Pt, 85% for Au, 85% for Cu, 50% for Co, 90% for Ni, 80% for Rh and 65% for Ag.
The pit optimization used a mining cost of $2.25/t mined, combined processing and G&A costs of CDN$15/t, and pit slopes of 50º. The out-of-pit Mineral Resources used underground mining, processing and G&A cost of CDN$50/t.
Out-of-pit Mineral Resources were determined to be potentially extractable with the longhole mining method.

The mineralization reported on the adjacent properties may not be indicative of the mineralization on the Property.

East Bull - Highlights

Size: 5,352 hectares.
Contiguous to Canadian Palladium and Grid Metals Corp.
Total magnetic intensity of regional OGS surveys indicate a northwest extension to the EBLI onto Marvel’s ground.
Total magnetic intensity of regional OGS surveys indicate a northwest extension to the EBLI onto Marvel’s ground.
Drilling in the area by Grid Metals Corp returned intercepts of 77 metres grading 0.8 g/t palladium equivalent in April 2021, and Canadian Palladium’s project hosts a compliant resource of 11.1 million tons grading 1.5 g/t palladium equivalent.

Pd Eq is the palladium equivalent grade expressed in grams per tonne that is calculated using the following long-term consensus price forecasts ($US) sourced from S&P Global Metals and Mining Research and dated October 30, 2020: Pd – $1,813.90/oz; Pt – $955.55/oz; Au – $1,832.01/oz; Cu – $2.96/lb; Ni – $6.87/lb.

At Quest Critical Metals Inc. project in the East Bull intrusive a 2022 updated Mineral Resource Estimate includes total Indicated Mineral Resources of 16.5 million tonnes at a grade of 0.93 g/t PdEq for 492,100 ozs PdEq and total Inferred Mineral Resources of 16.3 million tonnes at a grade of 0.99 g/t PdEq for 519,600 ozs PdEq. These totals include Pit-Constrained Mineral Resources at a C$15/t net smelter return (NSR) cut-off and Out-of-Pit Mineral Resources at a C$50/t NSR cut-off. Estimated Mineral Resource classifications for the East Bull Palladium Deposit are shown in Table 1.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

East Bull Claims

The East Bull property hosts a possible extension of the Folson Intrusive block, part of the EBLI. Total magnetic intensity of regional OGS surveys indicate a northwest extension to the EBLI onto Marvel’s ground. The Pecors Anomaly located to the west of the Marvel Discovery ground has been long recognized as a large 25km long by 6km wide magnetic anomaly lying beneath Huronian Supergroup sediment cover. Drilling by International Montoro (now Power One Resources) has confirmed that part of the Pecors Anomaly is at least partially attributable to rocks of a gabbroic affinity as drilling in 2015 intersected 0.224 gpt Pt+Pd+Au over 22.45m beneath the overlying sediments. A regional magnetic feature between the Pecors Anomaly and the EBLI to the east may suggest these two mafic intrusive suites are connected. This connector and the southeast extension of the Pecors Anomaly is hosted within the Marvel Discovery claims

Location of the Marvel Discovery claim acquisition relative to the Pecors Anomaly and the East Bull Lake Intrusive. Magnetic intensity sourced from OGS.