February 10th, 2023. Vancouver, B.C. – Marvel Discovery Corp. (TSX-V: MARV), (Frankfurt: O4T), (MARVF: OTCQB); (“Marvel” or the “Company”) is pleased to announce that it has received the necessary permits to complete an inaugural diamond drilling program at the DD and Highway Zone within the KLR-Walker Uranium Project (“the Property”) in the Athabasca Basin. The drill program will consist of 10 holes totaling 1,000m. We will be reporting back on the estimated start date for drilling shortly.
A list of drill holes is tabled below:
The objectives of the drill program will be to drill across structures at the DD Zone that have been featured by the recently completed airborne magnetic survey while utilizing previous backpack drill results to aid in vectoring drill hole targets. Structure hosting the DD Zone will be investigated south towards the Highway Zone also (Figure 2).
The DD Zone remains an area of high merit based on:
- Drilling during the 1970’s intersected U values of 0.125%
- Backpack drilling by EFU in 2015 discovered the Highway Zone, intersecting 1.96% U over 29cm Other highlights include 1.57% U over 4 cm 0.279% U over 44cm, 0.20% U over 60cm, 0.175% U over 41cm, and 0.124% U over 24cm. The Highway Zone Discovery appears structurally related and an extension of the DD Zone.
- A distinct correlation with high U values and strong magnetic gradients.
- The Property is located within the Wollaston-Mudjactic Transition Zone (“WMTZ”) of the eastern Athabasca Basin. The WMTZ hosts the highest-grade uranium mines in the world (Figure 2).
- The DD Zone further straddles the Key Lake Shear Zone, an important fault for structurally controlled Athabasca Basin type uranium deposits.
“We are thrilled to move towards our inaugural drill phase at the KLR-Walker Uranium Project. The DD and Highway Zones represent tremendous opportunity, after careful study, compilation, and interpretation, we have outlined 10 drill holes to test favorable structurally related uranium, a key ingredient in large Uranium deposits of the Basin. We will be reporting back shortly on the start date of exploration drilling.” stated Karim Rayani President & Chief Executive Officer, Director.
The DD Zone
The DD Zone is proximal and along strike to Fission 3.0 Hobo Lake uranium properties. Hosted within WMTZ, the DD Zone lies along the Key Lake Shear Zone and hosts 10 uranium showings and multiple unexplored EM targets (Figure 2).
Like its neighbor to the west, the Arrow Deposit, owned by NexGen Energy lies along a similar structural corridor as the Marvel properties. The Arrow Deposit1, which has undergone a Positive Feasibility Study with robust economics contains Probable Reserves of 239.6 million lbs of U3O8 at an average of 2.37% U3O8 and Measured and Indicated Resources of 256.7 million lbs at an average grade of 3.1% U3O8. The Arrow Deposit is the largest undeveloped uranium deposit in Canada.
The Company has also appointed Brian Crawford as its new Chief Financial Officer effective immediately. Mr. Crawford is a Chartered Professional Accountant “CPA” and has extensive experience as a senior financial executive. Mr. Crawford replaces Geoff Balderson.
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
References
Arrow Deposit1 https://www.nexgenenergy.ca/rook-1-project/default.aspx#feasibility-study
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
- Newfoundland (Slip, Gander North, Gander South, Victoria Lake, Baie Verte, and Hope Brook – Au Prospects)
- Atikokan, Ontario (BlackFly – Au Prospect)
- Elliot Lake, Ontario (East Bull – Ni-Cu-PGE Prospect)
- Quebec (Duhamel –Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)
- Prince George, British Columbia (Wicheeda North – Rare Earth Elements Prospect)
The Company’s website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
“Karim Rayani”
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: k@r7.capital
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law
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