Marvel has acquired 100% interest in the Slip Gold Project consisting of approximately 3,700 hectares of land. The Slip lies within the Exploits Subzone which is potentially becoming a district scale gold camp. Historic work has indicated the projects are hosted in similar structural settings to New Found Gold’s Queensway project.
Figure 1: Project Location Maps of the Slip Gold Project
The Slip Gold Project is within the Exploits Subzone and hosts gold mineralization within altered intrusive rocks and quartz veins historically sampling up to 44.5 g/t Au on surface. The project is located 17.5 kilometers northwest of New Found Gold’s Queensway Gold Project which boasts historic drill intercepts of 92.96 g/t Au over 19 meters and a high-grade historic gold resource based on 14,325 m of drilling by Noranda in the 1980’s totaling 78,000 ounces of gold averaging 10.3 g/t. The project lies along a major regional structural thrust feature known as the Dog Bay Line and displays similar characteristics and gold values as the aforementioned historic values and recent lithological and structural data has identified possible orogenic epizonal-type deposits.
Marvel plans to immediately mobilize an exploration crew to site to conduct the first phase of prospecting along the gold bearing trends. Based on the findings the company will utilize soil and rock geochemistry, and structural mapping to select the most prospective grids for airborne magnetic and TDEM geophysical surveys. The data collected in the initial phase of exploration will provide the company with potential drill targets for late fall and early 2021.
Mr. Karim Rayani, Chief Executive Officer commented, “This acquisition gives the company a tremendous land package next to two major players in Newfoundland’s hottest gold camp making Montoro a significant land holder in both regions with two projects that boast high-grade gold and silver mineralization of up to 44.5 g/t gold and 139.9 g/t silver. The 2,900-hectare Victoria Lake project is located along similar structural and geological settings as Marathon Gold’s Valentine Lake deposit, which is Atlantic Canada’s largest undeveloped gold resource. We are looking forward to the moving these projects forward as we continue to watch the excitement of current developments at both Marathon Gold and New Found Gold”.