Marvel has acquired, via staking an additional 274 claims totaling 6,850 hectares within the highly prospective Gander Zone area. These new claims are located 10km north of the recently announced Gander South claim group (see press release dated June 8th, 2021). This new acquisition now comprises 17,100 hectares and collectively termed the Gander South Project (the “Property”). The Gander South Project now positions Marvel as a major land holder within the central Newfoundland gold belt. The new ground is contiguous to New Found Gold Corp’s Queensway Project that lies along the highly prospective northeast trending Dog Bay-Appleton-Grub Line fault system. The Queensway Gold Project is currently undergoing a 200,000m drill program by New Found Gold with recent drill results of 146.2 gpt Au over 25.6m (TSXV: NFG, see press release dated May 21, 2021).
Dog Bay-Appleton-Grub Line Fault System
The Property lies along the Dog Bay-Appleton-Grub Line fault system, a crustal scale fault zone that extends from the north coast of Newfoundland 200km southwest through Gander. Structural corridors in the central Newfoundland are intimately associated with recent gold discoveries including the Marathon Gold’s Valentine Gold Project which hosts 6.0 million ounces of gold (https://marathon-gold.com/valentine-gold-project/).
The South Gander Project lies within the Gander Zone northeast along strike from the Exploits Subzone boundary where gold mineralization models are based on analogous structural settings to those at Fosterville in Victoria, Australia (https://exploitsdiscovery.com/projects/). The Property lies within a domain of ambiguous geophysical signature that suggests the zone boundaries may be more complicated than regional maps indicate (Figure 2). Preliminary structural interpretation shows the area is characterized by major northeast-trending structures, which parallel the Dog Bay-Appleton-Grub Line fault system and can be traced for approximately 35 km to the southwest and 60 km to the northeast where historical gold occurrences (e.g. Star Track, West Tower, Wing Pond) are observed in proximity to regional-scale granites of the Gander Zone.
Figure 1. Location of the Marvel Discovery claim acquisition relative to the Gander-Exploits Sub-zone boundary.
Karim Rayani, President and Chief Executive Officer commented, “Marvel is a rare opportunity that offers shareholders a broad exposure to gold, rare earths and battery metals. We continue to increase shareholder value by acquiring quality assets in mining friendly jurisdictions. These claims add 6,850 hectares to our Gander South project increasing our holding to 17,100 hectares adjacent to New Found Gold.”