Marvel has acquired 100% interest in the Victoria Lake Gold Project consisting of approximately 2,900 hectares of land. This project lies within the Exploits Subzone which is potentially becoming a district scale gold camp. Historic work has indicated the project is hosted within similar structural settings to Marathon Gold’s Valentine Lake gold deposit.
Figure 1: Project Location Maps of the Victoria Lake Project
The Victoria Lake Gold-Silver project lies 18 kilometers west of Marathon Gold’s Valentine Lake >4 million-ounce gold deposit and exhibits similar style gold bearing veins and larger regional structures related to Cambrian to Ordovician, in age, altered mafic volcanics. Preliminary work on the project located serval quartz-arsenopyrite veins returning grab samples ranging in value from 15.5 to 24.9 g/t gold and 18.6 g/t to 139.9 g/t silver.
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 Marvel 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”.