Marvel is pleased to announce it has entered into an option agreement to acquire the historical Blackfly Gold Property near Atikokan, ON. The Blackfly Gold Property consists of 64 unpatented mining claims totaling 1,296 hectares (“ha”) of land.
The Property is located along and within the Marmion Lake Fault Zone, approximately 13.6 kilometers (“km”) southwest along strike of Agnico Eagle’s Hammond Reef Gold Deposit. The Measured and Indicated Mineral Resources at the Hammond Reef are estimated at 208 million tonnes grading 0.67 grams/tonne gold (“g/t Au”) containing 4.5 million ounces of gold. It is believed that the recent resurgence of interest in the Atikokan gold mining camp is attributable to development of the Hammond Reef and Agnico Eagle’s recent efforts to stake or acquire mining lands proximal to its multimillion ounce deposit. Agnico Eagle reports that the massive Hammond Reef deposit is contained within a claims’ group presently amounting to 32,070 ha.
Assessment file records indicate the original Blackfly gold discovery was made in 1897, making the occurrence one of the earliest found in the Atikokan gold mining camp. The project’s 45-foot shaft was sunk in 1898 shortly after gold was discovered. Several companies have added to the database of the Property including: Rebair Gold Mines Ltd. (1945 to 1948), Steeprock Mines Ltd. (1949 and again in 1961), Aavdex Corporation (2004) and TerraX Minerals Inc. (2009 to 2012). Initial work documented by D.K. Burke in 1941 reported two gold vein shoots, a northern and a southern one. The southern shoot averaged 11.9 g/t Au over thickness of 0.33 m along a strike of 21.6 m and the northern shoot averaged 13.44 g/t Au over 0.27 m over 32 m strike length. The most recent reported work on the Property was conducted by Terra-X in 2010 to 2012 which included compilation of much of the historical reports and data, diamond drilling and surface geochemistry.
TerraX stated in its 2012 assessment report on the Blackfly gold property that, “The geology is dominated by a heterogeneous, predominantly felsic, intrusive complex, which varies from fine- to coarse-grained, and typically contains varying amounts of biotite, plagioclase and quartz. This rock was called granite in the field, although technically it is probably a tonalite. Locally, hornblende is present in significant quantities and the amount of quartz is less, so the rock is more of a quartz diorite. These rocks are interpreted to be part of the Marmion Batholith, and are intermixed with north-northeast trending, 0.25 to 100 m wide “bands” of mafic rock. Many of these “bands” are sheared on one or both margins, and it is not clear whether they have been emplaced structurally into the Marmion Batholith or whether they have intruded it (or a combination of the two). The mafic rocks vary from very fine-grained to fine/medium-grained, and from non-magnetic to strongly magnetic. Prospecting/reconnaissance of the property revealed at least four north-northeast trending lineaments with alteration/mineralization. Alteration/mineralization occurs in both granitic and mafic rocks, and at the contact between the two. Iron carbonate is the dominant alteration mineral, and can occur by itself or with variable amounts of sericite, chlorite, hematite or silicification. Pyrite may or may not be present-where pyrite is present in significant quantities, gold values tend to be higher. Zones of iron carbonatized rock can vary from 0.5 to 10 m in width. At the Blackfly shaft and for approximately 325 m to the southwest, one or more quartz±ankerite±pyrite veins occur, surrounded by strongly altered material (variably granite or mafic rock). Veins are subvertical to steeply east-dipping and may contain significant amounts of pyrite. Intense development of iron carbonate is common adjacent to the veins.
The lineament containing the Blackfly vein has alteration and mineralization traceable over a 4.4 km strike length on the property, as shown by the distribution of samples collected along it. The best gold values from this lineament occur in the area of historical work, where TerraX’s grab samples include results of 167 and 85.6 g/t Au.
To earn 100% interest in the property, International Montoro has agreed to make escalating payments totaling $65,000 in cash and 500,000 Marvel shares and an additional 500,000 warrants exercisable for 2 years at a price of $0.12. The Company must also spend a cumulative total of $153,600 in exploration on the property within the 4th anniversary of signing the agreement.