Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T)(OTCQB:MARVF) ("Marvel" or the "Company") is pleased to announce that the Company is planning a till sampling exploration program at its Victoria Lake Property for Q2 2024. The project is being planned as a follow-up to reconnaissance till and soil sampling completed in 2023 that identified anomalous gold. The Victoria Lake Property is situated over more than 15 kilometres of the Victoria Lake Shear Zone (VLSZ), part of an extensive fault corridor within Central Newfoundland that Honsberger et al. (2022)1 identified as emerging as one of the most prospective orogenic gold domains in Atlantic Canada. The project will further follow up on the second highest regional gold-in-till sample identified by the Newfoundland Geoscience Atlas, which reported 785 ppb Au from a sample collected within Marvel's Victoria Lake project
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Gidji JV Exploration Update
Marvel Closes First Tranche of Private Placement
Marvel Discovery Corp.(TSXV:MARV),(Frankfurt:O4T),(OTCQB:MARVF); (the "Company") is pleased to announce that it has closed the first tranche of its non-brokered private placement (the "First Tranche") previously announced on November 17, 2023. In connection with the First Tranche, the Company raised total gross proceeds of $650,000 by issuing 12,000,000 flow-through units (the "FT Units") and issuing 1,250,000 non flow-through units (the "NFT Units").
Each FT Unit priced at $0.05 per FT Unit consisted of one flow-through share and one-half of one share purchase warrant; each whole warrant entitling the holder to purchase one non flow-through share at a price of $0.10 for a period of two years from the closing date.
Each NFT Unit priced at $0.04 per NFT Unit consisted of one non-flow through share and one share purchase warrant; each warrant entitling the holder to purchase one non flow-through share at a price of $0.075 for a period of five years from the closing date.
The gross proceeds from the sale of the FT Units will be used for exploration and development of the Company's projects in Quebec. The gross proceeds from the sale of the NFT Units will be used for general working capital purposes. None of the proceeds from the sale of the NFT Units will be used for payments to non-arm's length parties or persons conducting investor relations activities.
Finder's fees in the amount of $45,500 cash and 927,500 broker warrants will be paid to an arm's length party in connection with the First Tranche. Each broker's warrant is exercisable into one common share at a price of $0.075 per share for a period of two years from the closing date.
All securities issued in connection with the First Tranche will be subject to a statutory hold period expiring four months and one day after closing. Final acceptance is subject to TSX Venture approval.
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Marvel Discovery
Overview
Project diversity has become one of the resource industry’s best strategies for minimizing risks and maximizing exposure to exceptional discoveries in mineral exploration projects. Companies with a diversified portfolio covering battery metals, gold, energy and rare earth elements demonstrate that mining players don’t always have to put all their eggs in one basket.
Diversification across world-class mining countries, like Canada, presents even more exceptional economic upside. Investors can gain exposure from Ontario’s prolific multi-million-ounce gold camps while leveraging the country’s hottest iron and copper mines in Newfoundland and Labrador. With the right company, operating a broad portfolio can mitigate risk without foregoing the opportunity for serious growth.
Marvel Discovery (TSXV:MARV) is a Canadian mineral exploration company focused on generating, acquiring and exploring diverse mineral opportunities across Canada. The company holds a robust project portfolio covering gold, uranium, rare earth elements (REE), lithium, nickel, platinum group elements (PGE) and battery metals.
The company’s projects host mineral richness across a wide spectrum of metals and leverage lengthy histories of mining and exploration in prolific jurisdictions, of which many are seeing an exciting revitalization.
Marvel Discovery’s outstanding gold project portfolio gives the company even more upside potential. Leveraging advantageous positioning in two of Canada’s hottest gold mining provinces, the company has identified and acquired multiple promising gold assets. They include the Blackfly project in Ontario, and the Slip, Gander, Golden Brook and Victoria Lake gold projects in Newfoundland and Labrador. Its gold portfolio poses exceptional exploration and high-grade gold mineralization opportunities.
Marvel Discovery’s Blackfly gold property is located in the historic Atikokan district in Ontario. Blackfly is strategically positioned in one of the province’s earliest gold camps and in proximity to Agnico Eagle’s Hammond Reef gold deposit, which has an estimated open-pit mineral reserve of 3.3 million ounces (Moz) of gold (123.5 million tons grading 0.84 g/t gold).
The Slip Gold project is 10 kilometers west of Newfound Gold’s (TSXV:NFG) Queensway project, the largest-ever consolidation of property within the Central Newfoundland gold belt. Drill results at Queensway demonstrate its potential to be a significant high-grade gold discovery. Historic work at Slip Gold indicates that both Queensway and Slip Gold are hosted in similar structural settings.
The Victoria Lake gold projects, Victoria Lake and Victoria Lake Southwest, in Newfoundland further contribute to the company’s gold portfolio. Historic work at Victoria Lake has indicated it is hosted within similar structural settings to Marathon Gold’s (TSX:MOZ) Valentine Lake gold deposit, which is only 18 kilometers away. Valentine Lake is poised to be the largest gold mine in Atlantic Canada. Preliminary grab samples from Victoria Lake ranged in value from 15.5 grams per ton (g/t) to 24.9 g/t gold and 18.6 g/t to 139.9 g/t silver.
Marvel Discovery’s Victoria Lake Southwest project is a 6,325-hectare land position contiguous to the Falcon Gold, Benton Resources and Buchans Minerals land package. Victoria Lake Southwest includes 253 new gold claims near existing prolific deposits, such as Matador Mining’s Cape Ray deposits, which host 837,000 ounces of gold. Additionally, it’s positioned 40 kilometers west of the Valentine gold deposit which hosts 6.8 Moz of gold.
The company Marvel has formed a strategic partnership with Falcon Gold to explore prospective claims acquired in the Hope Brook and Baie Verte Brompton Districts. The combined total of both projects covers 115,170 hectares and will be explored together on a 50-50 joint venture basis. This alliance further empowers Marvel and Falcon to work together sharing in the potential upside of this impressive land package while reducing costs and capital.
Marvel Discovery’s projects also include four rare earths, nickel and uranium projects that span across the entire country. This diverse spread of assets includes the Wicheeda North, Duhamel, East Bull and Highway North properties. The projects offer the company excellent exposure to Canada’s most prospective base and battery metal mining jurisdictions, including Ontario, British Columbia, Quebec and Saskatchewan.
At the Duhamel project, time-domain electromagnetic (TDEM) surveys that were completed identified high-priority targets, which prompted Marvel to send in a field crew for follow-up.
Future plans for the company include listing Power One, a spin-off company and previous subsidiary, to take ownership of its Serpent Rivers Pecors uranium project and the Wicheeda REE property.
In March 2022, Marvel acquired two large claim groups, the KLR and Walker, which provided the company with a highly advantageous position along the Key Lake fault adjoining both Cameco and Fission's property boundaries. The two claim groups collectively cover 14,190 hectares along the east, north and northwestern directions.Company Highlights
- Marvel Discovery focuses on generating, acquiring and exploring opportunities in Canada. The company’s robust project portfolio includes 10 highly prospective properties covering lithium, uranium, gold, nickel, rare earth elements and titanium.
- The company's portfolio provides substantial exposure and mineral diversity, covering the most prolific mining jurisdictions in the country, which include Ontario, Quebec, British Columbia, Saskatchewan, and Newfoundland and Labrador.
- Marvel Discovery holds six highly prospective gold properties, including the high-grade Blackfly gold property, which is near Agnico Eagles' Hammond Reef deposit in Ontario, estimated to hold an open-pit mineral reserve of 3.3 million ounces of gold. The company is one of the largest landholders of claims in Central Newfoundland, which are tied to the deposits of New Found Gold and Marathon Gold. These projects position the company exceptionally well for significant gold discovery and development opportunities.
- Marvel Discovery boasts a robust management team with years of experience and a proven track record in corporate finance, project development and resource-based operations.
- Marvel Discovery is in the process of listing its equity holding Power One Resources, a spin-off company for its uranium/nickel project. Marvel has reserved the trading symbol PWRO, and generally stands ready to list on the TSXV once the listing application is accepted.
- Marvel Discovery is actively exploring the Highway North, KLR & Walker Claims properties that lie within the Wollaston-Mudjactic Transition Zone of the eastern Athabasca Basin. The properties adjoin both Cameco's and Fission's property boundaries.
- The company has a joint venture agreement with Carmanah Minerals to earn a 50-percent interest in the Walker Claims located in the Athabasca Basin, Saskatchewan. Marvel holds a considerable share position now in Carmanah and will be the operator.
Key Projects
Highway North, KLR & Walker Claims - Athabasca Basin
Marvel Discovery’s uranium property in Saskatchewan lies along the Key Lake fault adjoining both Cameco’s (TSX:CCO) and Fission’s (TSX:FCU) property boundaries. The company now owns a total of 17,612 hectares within the Wollaston-Mudjactic Transition Zone , following its acquisition of the KLR and Walker Claims covering 14,190 hectares along the east, north and northwestern directions.
- Diamond Drilling Program Completed: Marvel received the necessary permits to complete an inaugural diamond drilling program at the DD and Highway Zone within the KLR-Walker Uranium project. A total of 1,343 meters were completed through six diamond drill holes. Two holes were completed at the Highway Zone and four holes were completed at the DD Zone. Each drill hole has an average length of 224 meters.
- Encouraging Historical Production: Highway North Claims contain two known mineralizations. The Key Lake deposit has previously produced 4.2 Mt of product with an average grade of 2.1 percent U3O8. Additionally, only 21 drill holes have been drilled between 1980 and 2008, which verify the presence of uranium but left much of the asset unexplored.
- Walker Claims Indicate Additional Uranium: Collectively known as the Walker Claims, this claim group covers 10,595 hectares and is contiguous to the Fission 3.0 Hobo Lake uranium assets. This claim group hosts 10 uranium showings and several unexplored EM targets.
- Joint Venture with Carmanah Minerals: Marvel Discovery’s joint venture agreement with Carmanah Minerals. (CSE:CARM) allows it to earn a 50-percent interest in the Walker Claims. Marvel and Carmanah would each own 50 percent of the project with Carmanah funding $1.5 million in exploration expenditures, paying $400,000 in cash, and issuing 3.5 million shares and 3.5 million warrants.
- Costigan Lake Acquisition: Marvel has entered into an agreement to acquire the Costigan Lake Uranium project, which covers 5,518 hectares located on the eastern side of the Athabasca Basin. The acquisition enhances Marvel's land portfolio of uranium holdings at Key Lake, which is adjacent to Cameco, F3 Uranium, Skyharbour and Abasca Resources, and increases the company's footprint to four distinct projects covering more than 23,130 hectares.
Newfoundland and Labrador Gold Projects
Marvel Discovery has more than 115,000 hectares of gold assets throughout Newfoundland and Labrador. Its Golden Brook assets, which include Hope Brook and Baie Verte properties, are a joint venture partnership with Falcon Gold Corp. Its additional assets in the province are systematically being explored for high-grade gold deposits.
- Golden Brook JV (Marvel – Falcon) Gold:
- The Golden Brook is a large land package hosting crustal-scale structures. Falcon has formed a strategic partnership with Marvel Discovery Corp. with the goal of exploring prospective claims recently acquired in the Hope Brook and Baie Verte Brompton Districts. The combined total of both projects covers 115,170 hectares and will be explored together on a 50-50 joint venture basis.
- The Hope Brook Zone is 10 kilometers away from Sokoman-Benton’s new high-grade lithium discovery. The 35 grab and chip samples noted in the Sokoman-Benton NR were collected over a 2-kilometer distance. Initial permits for the first phase of exploration on the company’s Hope Brook project include high-resolution magnetic gradiometry surveys and prospecting crews to the area.
- The Baie Verte Zone is linked to more than 100 gold prospects and zones and is located near the Four Corners Project held by Triple Nine Resources. The Four Corners Project consists of iron-titanium-vanadium mineralized rock which has been outlined for 3,000 meters in strike with intercepts 200 meters wide and 600 meters vertically. The project contains sufficient tonnage and grades to warrant developing a world-class mineral resource.
- Assay results from the late spring, early summer 2023 exploration program conducted over the Gun Flap Hill project located in Southern Newfoundland covering the northwestern portion of the Golden Brook Property identified multiple anomalies from rock samples, including copper-tantalum-vanadium, gold, nickel-chromium, multiple critical and rare elements including lithium, tantalum, cerium, lanthanum and strontium.
- Gander Zone (South, North, East) Gold: Composed of 28,950 hectares and contiguous to New Found Gold and Sassy Resources. Marvel is a major landholder within the central Newfoundland gold belt.
- The Gander South claims lie along the highly prospective northeast trending Dog Bay-Appleton-Grub Line fault system, where Newfound Gold’s (TSXV:NFG) Queensway Gold project is located.
- Gander completed a structural interpretation of the high-resolution magnetic survey at the 6,850-hectare Gander East strategically located in the Exploits Subzone and the Gander Zone and is contiguous to New Found Gold Corp’s Queensway Project.
- The company initiated a summer 2023 surface exploration program aimed to complete a till sampling program over a high-priority target associated with north-northeast-trending structures.
- Slip Gold Project: The Slip Gold project has similar structural settings to New Found Gold’s Queensway project. It is host to gold mineralization within altered intrusive rocks and quartz veins historically sampling up to 44.5 g/t gold on surface.
- The Slip Gold project spans approximately 3,700 hectares and leverages strategic positioning within the Exploits Subzone, a hotspot for a potential district-scale gold camp.
- It is tied to Marathon Gold, which is Northern Atlantic’s largest gold deposit, hovering around 4.6 Moz.
- Victoria Lake Gold Project: The Victoria Lake Gold Project is contiguous with Marathon Gold’s Valentine Lake 4-Moz gold deposit. Sampling and prospecting in 1995 from Vein #3 reported one grab sample assaying 162.7 g/t gold and 220.8 g/t silver and exhibiting similar-style gold-bearing veins within regional structural corridors. Assay results from reconnaissance till and soil sampling at the Victoria Lake Property identified multiple anomalies, including gold, barium, copper, zinc and tin. Soil geochemistry highlights include 21.7 percent of soil samples reported anomalous gold-in-soil, 16.7 percent of samples reported anomalous copper and 5 percent of samples reported anomalous zinc.
- Victoria Lake Southwest Project: This new land position, called Victoria Southwest, consists of 253 claims (6,325 hectares) and is contiguous to Falcon Gold and Benton Resources.
- The property is positioned 40 kilometers west of the Valentine gold deposit that hosts 6.8 Moz of gold. Falcon has immediate plans to begin high-resolution magnetic surveys upon approval of exploration permits.
- Benton Resources prospected the area, identifying abundant mineralized quartz vein material containing trace- to several-percent sulfides. Analysis of these grab samples assayed between 1.65 g/t to 18.2 g/t gold and between 5.4 g/t to 87.10 g/t silver in subcrop samples.
Quebec Battery Metals - Duhamel Property
The Duhamel property is located 200 kilometers northwest of the city of Saguenay, Quebec, in the Saguenay-Lac-Saint-Jean region currently containing seven occurrences of nickel-copper-cobalt sulphides and one titanium-vanadium-chromium occurrence.
- Promising Drill Results: Drill intercept highlights in the property include 1.27 percent nickel, 0.33 percent copper, and 0.12 percent cobalt over 3 meters by Virginia Gold Mines in 2000 that contained massive sulfides.
- Extended Holding Following TDEM Exploration: In 2022, Marvel received the heliborne magnetic and TDEM survey results over the Duhamel nickel-copper-cobalt and titanium-vanadium-chromium property, prompting the company to expand its land holding in the Saguenay-Lac-Saint-Jean Anorthosite Suite from 42 claims to 102 claims for a total of 5,300 hectares for staking costs.
- Follow-up Sampling Pending Results: The completed TDEM surveys highlighted high-priority targets, resulting in Marvel sending in a follow-up field crew. The crew used a portable XRF instrument to confirm ultramafic rocks containing nickel, cobalt and copper. Samples from the ground crew are presently awaiting lab analysis.
In 2022, the company applied for a drill program on the Duhamel nickel-copper-cobalt-platinum group property and a notice was sent to the Nitassinan de Mashteuiatsh First Nation for their review. Marvel Discovery received its first drill permit on Duhamel Ni-Cu-Co and Ti-V-Cr property. Following the interpretation of the TDEM and magnetic airborne survey, Marvel increased its land position in the Saguenay-Lac-Saint-Jean Anorthosite suite from 42 claims to 102 claims for a total of 5,300 hectares. The company intends to drill up to 15 holes totaling 2,000 meters targeting both the Houliere and Duhamel Zones.
Ontario Properties
Marvel Discovery’s Ontario properties include a variety of mineral deposits, including gold, nickel and PGEs. Many of the assets are in close proximity to existing known deposits and producing mines, indicating the potential of the company’s Ontario properties to become world-class mines.
- Blackfly Gold Property: The Blackfly gold property comprises 64 unpatented mining claims totaling 1,296 hectares near the historical Atikokan gold camp in Ontario, Canada. The company has already completed phase 1 drilling, with assays up to 50.6 g/t gold. The property is located along and within the Marmion Lake fault zone, approximately 13.6 kilometers southwest along the strike of Agnico Eagle’s Hammond Reef gold deposit, which has an estimated 208 million tons (Mt) grading 0.67 g/t gold containing 4.5 Moz of gold.
- Assays from phase 1 drilling indicate high-grade gold throughout the property, with assays including:
- Black Fly Northeast Zone: Drill hole BF21-19 intersected multiple gold domains, including 50.60 g/t gold over 0.50 meters from 39.20 to 39.70 meters and together with hole BF21-18, extends the Black Fly Northeast Zone by 130 meters to the northeast.
- Black Fly Main Zone: Drill hole BF21-13 intersected 1.06 g/t gold over 9.3 meters from 14.30 to 27.70 meters. Drill hole BF21-16 intersected 0.79 g/t gold over 7.70 meters from 7.30 to 15 meters. Drill hole BF21-14 intersected a broad mineralized zone with 18.20 meters grading 0.21 g/t gold, including 1.74 g/t gold over 1 meter.
- Mosquito Zone: Drill hole BF21-15 intersected multiple gold domains, including 1.96 g/t gold over 0.30 meters from 7.70 to 8 meters, corresponding to the 2021 discovery of up to 52.50 g/t gold in a grab sample. Visible gold was noted in this drill hole at 7.70 to 8 meters depth.
- Initial work documented by D.K. Burke in 1941 reported two gold vein shoots to the north and south of the property. The southern shoot averaged 11.90 g/t gold over a thickness of 0.33 meters along a strike of 21.60 meters and the northern shoot averaged 13.44 g/t gold over 0.27 meters within a 32-meter strike length.
- The project presents exciting exploration potential as a high-grade system that has never been drilled to depth. Marvel has the option to earn 100 percent in the project subject to cash and exploration conditions
- Assays from phase 1 drilling indicate high-grade gold throughout the property, with assays including:
- East Bull Property: Marvel has100-percent interest in the East Bull Property in the East Bull Lake Intrusive Complex, contiguous to Grid Metals’ and Canadian Palladium’s East Bull Lake Palladium Projects east of Elliot Lake, Ontario.
- The claim group consists of 15 mining claims totaling 5,352 hectares. Total magnetic intensity of regional OGS surveys indicates a northwest extension to the EBLI onto Marvel’s ground.
- Drilling in the area by Grid Metals Corp returned intercepts of 77 meters grading 0.80 g/t palladium equivalent in April 2021, and Canadian Palladium’s project hosts a compliant resource of 11.10 Mt grading 1.50 g/t palladium equivalent.
British Columbia – Wicheeda North Project
The Wicheeda North is a rare earth element property that consists of six mineral claims, which encompass 2135.6 ha. in the Cariboo mining division in British Columbia. The property is immediately northwest of the Wicheeda Property, which hosts the Wicheeda Carbonatite, currently being explored by Defense Metals.
- Close Proximity to Producing Mines: The claim block is in proximity of the Defense Metals (TSXV:DEFN) Wicheeda rare earth mineral project, which hosts 4.89 Mt at 3.02 percent light rare earth oxide (LREO) and an inferred resource of 12.1 Mt at 2.90 LREO using a cut off 1.5 percent total metal.
- Assays Indicate Highly Prospective Property: Past exploration on the property includes airborne geophysical surveying from 2010, which successfully mapped Wicheeda’s magnetic and conductive geological properties across a 29.4-square-kilometer area. The property remains highly prospective for Marvel.
Management Team
Karim Rayani - CEO, President and Director
For the past 15 years, Karim Rayani has focused on financing domestic and international mineral exploration and development. Most recently, Rayani was head of Bloomberry Capital, a Vancouver-based merchant bank and capital advisory firm. Before this, he worked independently as a management consultant and financier. Rayani is currently chair of R7 Capital Ventures, director of Fiber Crowne Manufacturing and chair of District 1 Exploration. Rayani has developed an extensive network of contacts throughout North America and Europe, focusing on corporate development and finance.
Brian Crawford - Chief Financial Officer and Director
Brian Crawford holds a B.Com. from the University of Toronto and brings extensive experience as a senior financial executive. He has held positions in both public and private companies and has served as a partner in a national firm of chartered professional accountants. Brian is a founder and/or co-founder of several companies currently listed on the TSXV (TSX Venture Exchange) or the CSE (Canadian Securities Exchange). Presently, Brian serves as a director, corporate secretary, and/or CFO of multiple TSXV or CSE listed companies, which include Colibri Resource Corporation, Searchlight Resources, CBLT, and Tempus Capital.
Fraser Rieche - Director
Fraser Rieche has a bachelor of arts in economics and has 25 years of experience in international project management, logistics planning and corporate finance. Rieche has worked with resource-based industries and financial institutions worldwide. He has helped develop and finance mining projects in both North America and South America, along with energy, oil and gas, fisheries and forestry projects in many different areas of the world.
Diana Alvarez - Corporate Secretary, Director
Diana Alvarez is a paralegal with 15 years of experience working in corporate and securities law. Having worked for some of the leading law firms in Vancouver, she is well-versed in corporate compliance, governance and administration of publicly traded companies. Alvarez has spent her career focused on resource issuers and has a diploma in paralegal studies.
Dr. Peter Born - Director
Dr. Peter Born is a registered geologist with the Professional Geoscientists of Ontario and a fellow of the Geological Association of Canada. Born completed his Ph.D. at Carleton University in Earth Sciences and holds a Master of Science (M.Sc.), geological and earth sciences, from Laurentian University
His extensive experience spans 35 years in exploration, modelling, and feasibility studies. He has held many senior geologist positions which include Western Mining, where he modeled mineralization on the 5-Moz Meliadine gold deposit in Nunavut. He was with Echo Bay Mines, contributing to the 1-Moz Aquarius gold deposit east of Timmins, Ontario. Dr. Born brings decades of experience from the Abitibi greenstone and gold belt in Ontario and Quebec, and in particular, the 80-Moz gold camp of Timmins in Northern Ontario, Canada.
Marvel Resumes Exploration of Gold Anomaly at Victoria Lake
Karim Rayani, Chief Executive Officer, commented; "Results from Marvel's 2023 reconnaissance till and soil sampling program were very exciting, and identified multiple gold anomalies within the western part of the property. The reconnaissance program was intended to investigate the potential for structures associated with the Cape Ray Fault Zone and Victoria Lake Shear Zone. Anomalous gold was identified in over 20% of the 2023 samples, and our 2024 program will follow up with more detailed sampling over anomalous zones. The project is located over an extensive fault and shear zone corridor which is host to numerous gold occurrences that include the nearby Valentine Gold Project. Recent news of the acquisition of the Valentine Gold Project, we believe, is a reaffirmation of our views that this entire area has immense potential for further discovery, and the reason Marvel acquired such a significant land holding. Marvel's substantial position in this camp is second only to Calibre (see Figure 1), and includes the crucial southwest extension of the Victoria Lake Shear Zone and fault corridor. In recent months we have announced a strategic reduction of some of Marvel's holdings in the Province of Newfoundland and Labrador, as we focus on our core holdings. The Victoria Lake Project is now regarded as one of our highest priority projects within the province. As gold prices surge and global uncertainties persist, our bullish outlook on gold has never been stronger, and we remain committed to and focused on the acquisition and exploration of Tier One Projects. Exploring a significant portion of one of Newfoundland's most prospective gold-bearing structures is not only thrilling but a discovery at Victoria Lake has the potential to transform Marvel and benefit our loyal shareholders."
Results from Marvel's spring 2023 program were reported on August 14, 2023 (see press release dated August 14, 2023). The 2023 exploration program conducted till sampling over two geological targets as part of the Company's investigation of the potential for structures associated with the Cape Ray Fault - Victoria Lake Shear Zone corridor. Marvel plans to complete an enhanced program of till sampling over the area in late spring-early summer 2024 and will follow up with additional sampling in areas where anomalous gold was identified. The second highest regional gold-in-till sample in the Newfoundland Geoscience Atlas database which reported 785 ppb Au was collected from within Marvel's Victoria Lake project, and the north survey grid for 2024 is intended to follow up on this historic high-grade anomaly.
Figure 1. Location of Marvel's Victoria Lake Property and Calibre Mining Corp's Valentine Gold Project in Central Newfoundland, Canada.
The Cape Ray Fault is an extensive fault corridor that is well recognized as being highly fertile for structural gold mineralization and is host to well-known gold occurrences that include the Cape Ray Deposit, the Valentine Gold Deposit, and the Wilding Lake Prospect. Marvel's Victoria Lake Property represents one of the largest land packages on strike and contiguous to Calibre Mining Corp.'s ("Calibre") Valentine Gold Project. The recent purchase of Marathon by Calibre (Calibre Mining Completes Acquisition of Marathon Gold - Junior Mining Network) marked a significant milestone for this entire area with their intention for an accelerated mine development phase. The Valentine Gold Project is anticipated to contribute an expected annual gold production of 195,000 ounces at a cost of USD$1,007 per ounce during the first 12 years of production starting in 2025. (https://calibremining.com/news/calibre-and-marathon-announce-combination-to-creat-6555/) The Valentine Lake shear zone plays a pivotal role in hosting gold mineralization within this entire camp with ongoing exploration and studies providing a greater understanding of this regional scale structure (https://journals.lib.unb.ca/index.php/ag/article/view/32972). Marvel's detailed studies of this area have demonstrated the potential for the continuation of this major structure to continue across the Victoria Lake Property (see Figure 2).
Figure 2. Total Magnetic Intensity Map of Victoria Lake Regional Area Showing Interpreted Location of Valentine Lake Shear Zone and Documented Gold Occurrences
Qualified Person
Greg Robinson, P.Geo., an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
The QP and the Company have not completed sufficient work to verify the historical information on the properties comprising the Victoria Lake Shear Zone, particularly regarding historical exploration, neighbouring companies, and government geological work. The QP and the Company further acknowledge that the presence of mineral occurrences within property adjacent to Marvel's Victoria Lake Property cannot be used as an indication for mineralization to occur within Marvel's property itself.
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for more than 25 years, is a Canadian-based emerging resource company. The Company is systematically exploring its extensive property positions in:
- Newfoundland (Gander East, 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
Website: www.marveldiscovery.ca
Twitter: @marveldcorp
Facebook: @marveldiscoverycorp
LinkedIn: @marveldiscoverycorp
Instagram: @marveldiscoverycorp
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements that 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: the 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.
1. Honsbergerm I.W. , Bleeker, W., Kamo, S.L., Sandeman, H.A.I., Evans, D.T.W., Rogers, N., van Staal, C.R., and
Dunning, G.R. (2022) Latest Silurian syntectonic sedimentation and magmatism and Early Devonian orogenic gold mineralization, central Newfoundland Appalachians, Canada: Setting, structure, lithogeochemistry, and high-precision U-Pb geochronology. Geological Society of America Bulletin, March 2022, 25 pages. http://pubs.geoscienceworld.org/gsa/gsabulletin/article-pdf/doi/10.1130/B36083.1/5557466/b36083.pdf
SOURCE:Marvel Discovery Corp.
View the original press release on accesswire.com
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Marvel Completes Drilling at Duhamel, Nickel-Copper-Cobalt Project, North of Quebec City
Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(MARVF:OTCQB); ( "Marvel " or the "Company" ) is pleased to report that the Company has completed drilling operations on its Ni-Cu-Co and Ti-V-Cr Duhamel property (the " Property ") located 350 kilometers (km) north of Quebec City, QC (Figure 1
Karim Rayani, Chief Executive Officer , states , "We are thrilled with the results of our inaugural drill campaign at our Duhamel project. Every hole was successful in intersecting our interpreted target horizons -intersecting disseminated, semi-massive and/or massive sulfide zones. At this state we have decided to pause our drilling operations and now will focus our efforts on both field and desktop studies to help us gain a better understanding of both the genesis and structural setting of these exciting massive sulfide zones. While we wait for assays on all holes, we will be conducting low frequency Borehole and Surface Time Domain Electromagnetics to assist with future targeting areas. Our field geologist is most excited with these initial results and seeing mineralized textures suggestive of these sulfides being part of a much larger sulfide pool, and we eagerly anticipate the Geophysical results to help us vector towards the higher conductance and thicker sulfide zones."
Phase 1 drilling consisted of 5 holes totaling 1,218m ( table 1 ), which targeted numerous priority airborne and ground EM conductors within the Houlière block (figure 2 ). Historical work within the Property and surrounding areas have shown these conductors are the primary target horizons.
Several sulfide-rich mineralization intervals were intersected on the five drillholes which drilled into mafic-ultramafic magmatic rocks suite located in the margin of a large anorthosite body named Saguenay Lac-Saint- Jean SLSJ Anorthosite Suite.
The first hole drilled, DU24-01, intersected a wide, 33.0m, interval of disseminated sulfide mineralization from a hole depth 69.0m- 102.0m and within this are semi-massive stringers and massive sulfide zones ranging from widths of 10cm-60cm hosted in mafic-ultramafic magmatic rocks. Other sulfide mineralization intervals were intersected in hole DU24-01 and they are at 120.5m (5.5m), at 134m (1.0m); at 143.0m (11.3m), at 159.1m (1.6m), at 172.2m (2.4m), at 204.5m (1.6m), at 226.6m (0.7m), at 239.8m (0.3m), at 244.3m (1.0m), at 258.6m (1.5m), and at 314.2m (2 cm wide). An example of one of these massive sulfide bands with shows tremendous potential for nickel, copper, and cobalt mineralization intersected in drillhole DU24-01 is highlighted in figure 3. Semi-massive and massive Fe-Ti oxide (MOX) bands ticking up to several meters in width were also intersected in this hole some of which contains sulfides clusters and stringers.
The second hole drilled, DU24-02, intersected a wide, 13.9m, interval of disseminated sulfides mineralization from a hole depth 7.5m- 21.4m and within this are semi-massive stringers and massive sulfide zones ranging from widths of 10cm-70cm. An example of one of these semi-massive sulfide bands with shows tremendous potential for nickel, copper, and cobalt mineralization intersected in drillhole DU24-02 is highlighted in figure 4. Other same disseminated sulfides intervals with semi-massive stringers and massive sulfide zones ranging from widths of 5cm-40cm were intersected at 32.0 (0.8m), at 37.8m (5.9m), at 99.8m (3.6m), at 135.8m (7.6m), at 169.8m (18.2m), and at 231.2m (5.7m). Semi-massive and massive Fe-Ti oxide (MOX) bands ticking up to several meters in width were also intersected in this hole some of which contains sulfides clusters and stringers.
Hole DU24-03, intersected a wide, 10.3m, interval of disseminated mineralization from a hole depth 88.6m - 98.9m and within this are semi-massive sulfide stringers and clusters zones ranging from widths of 10-50cm. Other same disseminated mineralized intervals with semi-massive stringers and massive sulfide zones ranging from widths of 5cm-80cm were intersected at 111.3m (2.5m), and at 121.5m (2.0m). Semi-massive and massive Fe-Ti oxide (MOX) bands ticking up to several meters in width were also intersected in this hole.
The Hole DU24-04 intersected a wide, 17.3m, interval of disseminated sulfides mineralization from a hole depth 21.7m - 39.0m and within this are semi-massive stringers zone 10cm-90cm. Noteworthy within hole DU24-04 is a significant vein of massive chalcopyrite with pyrrhotite mineralization over the interval of 79.7m - 80.1m which is highlighted in figure 5. Other same disseminated sulfide intervals with semi-massive stringers zones ranging from widths of 5cm-70cm were intersected at 71.9m (2.0m), at 76.0m (2.1m), at 89.2m (3.6m), and at 104m (1.3m).
The hole drilled, DU24-05, intersected a wide, 10.8m, interval of disseminated sulfides mineralization from a hole depth 115.0m - 125.8m and within this are semi-massive stringers and massive sulfide zones ranging from widths of 10cm-120cm. An example of these massive sulfide bands with shows a potential for nickel, copper, and cobalt mineralization intersected in drillhole DU24-05 is highlighted in figure 6 to 8. Other disseminated sulfides intervals with semi-massive stringers and massive sulfide zones ranging from widths of 5cm-120cm were intersected at 57.4m (4.4m), at 95.1m (5.6m), at 145.8m (6.4m), and at 197.2m (3.8m, open down hole). Fe-Ti oxide (MOX) mineralization as dissemination, as semi-massive and massive iticking up to dozen meters in width were intersected in this hole: at 10.0m (14.5m), at 33.0m (25.6m), at 74.7m (20.4m), and at 110.9m (10.4m). Those contains a potential for titanium and chromium.
Duhamel Project
For general information, the Duhamel Property currently contains seven (7) occurrences of Ni-Cu-Co sulfides and one (1) Fe-Ti-V iron oxide occurrence discovered between 1997 to 2001 by previous operators who defined a 13 km long mineralized rock corridor (Figure 4). Drill intercept highlights include 1.27% Ni, 0.33% Cu, and 0.12% Co over 3.0 meters by Virginia Gold Mines in 2000 that contained massive sulfides. The recalculation of 100% sulfides gave 2.42% Ni over 0.5m (hole 1279-2001-29 gave 1.4% Ni over 0.5m). Compilation of historic assessment reports to date reveals more than thirty (30) Ni-Cu (Co) and four (4) Fe-Ti (V, Cr) mineral occurrences which confirms this corridor to be highly prospective for new Ni-Cu-Co discoveries, as well as Fe-Ti (Cr, V) discoveries.
Further to the compilation of previously filed assessment reports Marvel recovered from historical data a grab sample (from massive Iron-Titanium Oxides), the result assaying 0.28% V 2 O 5 associated with 20.8% T i O 2 and 0.13%Cr 2 0 3 .
The Duhamel project is located between Chutes-des-Passes and Pipmuacan Reservoir deformation zones (or areas) included in central part of Proterozoic Grenville Geological Province (Figure 2). The Duhamel Property is characterized by the presence of large mafic to ultramafic intrusive rock bodies located in northern margin of the Saguenay‐Lac‐Saint‐Jean (SAGLSJ) Anorthosite Suite, one of the largest anorthosite intrusive bodies in the world. The Chute-des-Passes-Pipmuacan reservoir areas contains numerous massive sulfide and iron oxide mineralization occurrences recognized and documented by the Quebec government ( Sigeom, Figure 9 ).
Qualified Person
The technical information contained in this report has been reviewed by Jean-Paul Barrette Géo/ P.Geo , an independent project geologist and consultant. Mr. Barrette is a member of the Ordre des Géologues du Québec (OGQ, # 619). Mr. Barrette has sufficient experience (39 years) and relevant to the style of mineralization and the type of deposit under study and the activity undertaken to qualify as a competent person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Barrette carried out several geological reconnaissance works in the Houliere-Duhamel sector and recently made there a compilation of historical works.
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 (Gander East, Gander South, Victoria Lake, and Hope Brook, Au- LiProspects .)
- 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
SOURCE: Marvel DiscoveryView the original press release on accesswire.com
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Marvel Closes Final Tranche of Private Placement
Marvel Discovery Corp. (TSXV:MARV)(FSE:O4T)(OTCQB:MARVF) (the "Company") announces that it has closed the final tranche of its previously announced non-brokered private placement (the "Private Placement") by issuing 2,525,000 non flow-through units (the "NFT Units") at $0.04 per NFT Unit for gross proceeds of $101,000 (the "Final Tranche
Each NFT Unit consists of one non flow-through share (an "NFT Share") and one share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire an additional NFT Share at an exercise price of $0.075 per NFT Share for a period of five years.
Pursuant to the Private Placement, the Company issued an aggregate 12,000,000 flow-through units (the "FT Units") at $0.05 per FT Unit and 3,775,000 NFT Units at $0.04 per NFT Unit for aggregate gross proceeds of $751,000.
The gross proceeds from the Final Tranche will be used for general working capital purposes, more specifically for general and administrative expenses (50%) and for exploration and property maintenance (50%). None of the proceeds from the Final Tranche will be used for payments to non-arm's length parties or persons conducting investor relations activities.
All securities issued in connection with the Final Tranche will be subject to a statutory hold period expiring four months and one day after the issuance date. Final acceptance is subject to the TSX Venture Exchange.
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Chief Executive Officer, Director
Tel: 604 716 1036
Email: info@marveldiscovery.ca
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. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Marvel Discovery Corp.
View the original press release on accesswire.com
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Marvel's CEO Issues Corporate Update Letter to Shareholders
VANCOUVER, BC / ACCESSWIRE/ February 7, 2024 / Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(MARVF:OTCQB); ( "Marvel " or the "Company" ) is pleased to report a corporate update letter in an address to shareholders from its Chief Executive Officer, Karim Rayani.
Dear Shareholders ,
As we embark on a new year, fueled by unwavering determination and a shared vision, we eagerly anticipate not only continuing our ambitious plan of furthering collaborative partnerships but to continue to look for value generation prospects. In the midst of this persistently challenging market landscape, timing remains paramount. The macro environment for precious metals and energy presents unprecedented opportunities, yet a perplexing disparity persists for companies despite the favorable backdrop.
Marvel's core and long-term philosophy remains the same. We are a versatile multi-commodity enterprise, spanning a wide array of valuable resources-from battery metals and energy to precious metals, and this diverse portfolio positions us strategically for future success as demand returns. We continue to strengthen the value proposition, with a strategic focus on both advancement and acquisition. Our portfolio spans a diverse range which makes us a unique proposition compared to our peers, especially in our market capitalization.
Notably, we've recently expanded our land holdings at the KLR-Walker Uranium Project in the Athabasca Basin , an area renowned for hosting the world's highest-grade uranium mines. This expansion positions us alongside industry giants such as Cameco and Fission , underscoring our commitment to unlocking the immense potential of uranium. Additionally, our presence in the Wollaston-Mudjactic Transition Zone aligns us with the success stories of basement-hosted uranium deposits, exemplified by NexGen Energy's Arrow Deposit -the largest undeveloped uranium deposit in Canada. Marvel is also uniquely positioned having one of the largest land positions next door to Atlantic's largest gold deposit - Valentine deposit, previously held by Marathon Gold, now purchased by Caliber Mining (January 24, 2024). As we continue to explore and develop our mineral assets, we remain steadfast in our pursuit of excellence and growth. This combined with our Nickel, Cobalt and Copper prospects in Quebec, Rare Earth projects in BC, and Gold Projects throughout Newfoundland and Ontario, make us uniquely positioned.
Highlights of our recent work include:
- Marvel Acquires Costigan Lake Uranium Prospect, at Key Lake, adjacent to F3 Uranium, receives a strategic investment from Denison Mines of 15 million.
- Advanced the KLR and Highway Uranium project , completing 1800 meters of successful drilling. Phase 2 being planned for 2024.
- Duhamel Project, Nickel, Cobalt, and Copper prospect - Drilling is currently still ongoing. Where one historical drill hole drilled in 2000 intersected .064 Ni, .029 Cu, .06 Co over 4m., approx. 2.56 m (true width) which included 0.90 Ni, 0.40 Cu, and .08 Co over 2.66 m (1.71 m true width) and also included 1.55% Ni, 0.31 Cu and 0,14 Co over 0.64 true width from hole 1279-00-01 (from 21m to 25m) along a 400m wide target (See press release dated 2024-01-23).
- Marvel holds one of the largest contiguous claim groups to Defense Metals Rare Earth project near Prince George, BC.
- Marvel creates spin off Power One Resources Corp., Battery Metals Focus (Nickel near Elliott Lake Ontario, Symbol PWRO.V.
- Marvel sells BVBL (Newfoundland) to Carmanah Minerals Corp. (CSE: CARM).
- Completes first Phase Exploration at Hope Brook, adjacent to Benton - Sokoman's Lithium Discovery.
Marvel has that decided it will not be proceeding with its green fields prospects in Newfoundland, the Valentine South West, Slip, and Gander area prospects to enable the Company to focus resources on its more advanced prospects at Hope Brook, where Piedmont Lithium recently acquired a sizable interest in the neighboring project from Benton Resources, and its Victoria Lake Project adjacent to Caliber Mining's recent purchase of Marathon's Golds Valentine Deposit.
Marvel is opportunistically positioned in the Battery Metals, Rare Earth, Gold and Energy (Uranium) sectors.
Current Joint Ventures and Asset Sale
- Marvel Joint Ventures Walker Creek Claims to Carmanah Minerals Corp. (CSE: CARM), Marvel holds a significant position in Carmanah Minerals.
- Marvel sells its BVBL- Baie Verte Brompton projects to Carmanah Minerals Corp.
- Marvel/ Falcon form Joint Alliance at Hope Brook (Golden Brook Project) to share in exploration expenditures.
Marvel Project Portfolio
- Blackfly Gold Project Adjacent to Agnico Eagle Hammond Reef Deposit, Ontario.
- Wicheeda Project, Rare Earth Elements , Prince George B.C., adjacent to Defence Metals REE project.
- Duhamel Project Quebec, Nickel Cobalt Copper - Exploration On-Going.
- East Bull, Nickel PGE's, Ontario Contiguous to Grid Metals and Power One Marvel Spin-Off.
- Hope Brook, Joint Alliance with Falcon Gold, adjacent to First Mining and Matador Deposits, recent work identified the Kraken Zone adjacent to Benton Lithium Discovery.
- KLR and Walker Uranium Projects, tied to Cameco's Key Lake Mine and Mill Complex., optioned the Walker Creek to Carmanah Minerals on a 50-50 joint venture once the earn in has been achieved.
- Highway Zone Uranium project, Key Lake. Adjacent to KLR.
- Victoria Lake Project, adjacent to Caliber Mining recent acquisition of Marathon's Valentine Gold Deposit.
Joint Ventures, Plan of Arrangement, Subsidiaries
- Power One Resources Corp. Previously wholly owned subsidiary of Marvel (Spin-Off) Listed for trading January 18, 2024. (Marvel holds approximately 15 % of Power One).
- Marvel Creates New Marvel Energy and New Marvel Gold subsidiaries .
- Marvel Joint Ventures Walker Uranium Claims to Carmanah Minerals Corp., 50-50 Joint Venture .
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, ( Victoria Lake, and Hope Brook, Au- LiProspects.)
- Saskatchewan, (KLR, Highway, Walker Claims Uranium 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: 604 716-1036 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. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
SOURCE: Marvel Discovery Corp.
View the original press release on accesswire.com
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Marvel Completes 3 Holes at Duhamel, Nickel-Copper-Cobalt Project North of Quebec City
Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to report that the Company has partly completed drilling operations on its Ni-Cu-Co and Ti-V-Cr Duhamel property (the "Property") located 350 kilometers (km) north of Quebec City, QC (Figure 1). The Company previously announced on December 04, 2023,that crews were being mobilized, but due to warmer temperatures an increase in water levels caused extreme flooding in nearby creeks and rivers causing the Company to pause drill operations before the Christmas season
To date, three (3) drill holes have been completed (813m done for total of 1,200m) which are targeting numerous priority airborne and ground EM conductors within the Houlière block (figure 2). Historical work within the Property and surrounding areas have shown these conductors are the primary target horizons.
Within the first target area, one historical hole drilled in 2000, within this 1km long x 400m wide target zone, intersected 0.64% Ni, 0.29% Cu and 0.06% Co over 4m (~2.56m true width) which included 0.90% Ni and 0.40% Cu and 0.08% over 2.66m (1.71m true width and also included 1.55% Ni, 0.31% Cu and 0.14% Co over 1.0 m (0.64 m t.w.) from hole 1279-00-01 (from 21.00 to 25.00 m).
The first hole drilled, DU24-01, intersected a wide, 28.6m, interval of disseminated mineralization from a hole depth 67.8m- 96.8m and within this are semi-massive stringers and massive sulphide zones ranging from widths of 15cm-60cm. An example of one of these massive sulfide bands with shows tremendous potential for nickel, copper, and cobalt mineralization intersected in drillhole DU24-01 is highlighted in figure 3.
Duhamel Project
For general information, the Duhamel Property currently contains seven (7) occurrences of Ni-Cu-Co sulphides and one (1) Fe-Ti-V iron oxide occurrence discovered between 1997 to 2001 by previous operators who defined a 13 km long mineralized rock corridor (Figure 4). Drill intercept highlights include 1.27% Ni, 0.33% Cu, and 0.12% Co over 3.0 meters by Virginia Gold Mines in 2000 that contained massive sulfides. The recalculation of 100% sulfides from gave 2.42% Ni over 0.5m (hole 1279-2001-29 gave 1.4% Ni over 0.5m). Compilation of historic assessment reports to date reveals more than thirty (30) Ni-Cu (Co) and four (4) Fe-Ti (V, Cr) mineral occurrences which confirms this corridor to be highly prospective for new Ni-Cu-Co discoveries, as well as Fe-Ti (Cr, V) discoveries.
Further to the compilation of previously filed assessment reports Marvel recovered from historical data a grab sample (from massive Iron-Titanium Oxides), the result assaying 0.28% V2O5 associated with 20.8% TiO2 and 0.13% Cr203.
The Duhamel project is located between Chutes-des-Passes and Pipmuacan Reservoir deformation zones (or areas) included in central part of Proterozoic Grenville Geological Province (Figure 2). The Duhamel Property is characterized by the presence of large mafic to ultramafic intrusive rock bodies located in northern margin of the Saguenay‐Lac‐Saint‐Jean (SAGLSJ) Anorthosite Suite, one of the largest anorthosite intrusive bodies in the world. The Chute-des-Passes-Pipmuacan reservoir areas contains numerous massive sulfide and iron oxide mineralization occurrences recognized and documented by the Quebec government (Sigeom, Figure 3).
Karim Rayani, Chief Executive Officer, states, "Drilling results planned for late 2023 were delayed due to weather events, however we're pleased with the progress made so early in 2024. All holes to date have intersected our target areas and to see these wide intervals of sulphide mineralization in our first drill-hole is a very good sign. There remains a plethora of Airborne anomalies to follow-up on this project, and we anticipate a very busy exploration season as we follow these up with low frequency TDEM surface surveys. Moving forward we are immediately planning low frequency BHEM surveys on all holes we drill, something never completed in any of the previous exploration campaigns. This will enable us to leave no rock unturned while giving us a greater chance of success by expanding our exploration radius. We remain bullish on Nickel and Copper prices as supply shortages loom, and demand returns as the push towards electrification and greening of our cities accelerates."
Qualified Person
The technical information contained in this report has been reviewed also by Jean-Paul Barrette Géo/ P.Geo, an independent project geologist and consultant. Mr. Barrette is a member of the Ordre des Géologues du Québec (OGQ, # 619). Mr. Barrette has sufficient experience (39 years) and relevant to the style of mineralization and the type of deposit under study and the activity undertaken to qualify as a competent person as defined by NATIONAL INSTRUMENT 43-101, Standards of Disclosure for Mineral Projects. Mr. Barrette carried out several geological reconnaissance works in the Houliere-Duhamel sector and recently made there a compilation of historical works.
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, (Gander East, Gander South, Victoria Lake, and Hope Brook, Au- LiProspects.)
- 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) 716-1036 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. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE:Marvel Discovery Corp.
View the original press release on accesswire.com
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Pan American Makes US$295M Deal to Sell La Arena Mine
Pan American Silver (TSX:PAAS,NASDAQ:PAAS) has announced the sale of its 100 percent interest in La Arena, including the La Arena gold mine and the La Arena II project in Peru, to Singapore’s Jinteng Mining, a subsidiary of Zijin Mining Group (OTC Pink:ZIJMF,SHA:601899)
Zijin will pay US$245 million cash upfront and grant Pan American a life-of-mine gold net smelter return royalty of 1.5 percent for the La Arena II project upon the deal closing. Additionally, upon the commencement of commercial production from the La Arena II project, an additional contingent payment of US$50 million in cash will be made.
The transaction marks a pivotal moment for both Pan American Silver and Zijin in the sector. Pan American expects the deal to be finalized in the third quarter of 2024.
"With the sale of La Arena, we continue to deliver on our strategy to optimize our portfolio, following the Yamana transaction, while maintaining future upside through the retention of royalties," Pan American President and CEO Michael Steinmann stated. "Proceeds from the transaction will further strengthen our financial position and allow us to deliver on our capital allocation priorities of investing in high-quality assets, debt reduction and returning capital to our shareholders."
The La Arena property, situated in the La Libertad province of Peru, has seen significant development under Pan American's ownership since its acquisition of previous owner Tahoe Resources in 2019.
Despite the sale of La Arena, Pan American Silver retains a strong foothold in the sector, with interests in exploration and development projects across the region. The company is currently planning expansions at its Huarón silver mine, also in Peru.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Far Northern Resources: Newly Listed Australia-based Gold, Copper Explorer
Far Northern Resources (ASX:FNR) focuses on three gold and base metals projects – two based in Northern Queensland (Empire and Rocks Reef) and one in the Northern Territories (Bridge Creek). Far Northern Resources debuted on the ASX on April 12, 2024, and secured AU$6 million in funding.
The company's Empire Project is located 34 kilometres west of Chillagoe in North Queensland covering 252 hectares, on granted mining lease 20380. The claims boast a rich exploration history, marked by substantial drilling conducted across various phases. This culminated in the determination of a 2019 mineral resource estimate of 22,505 oz of gold on the Empire Stockworks gold deposit.
Far Northern is planning a 20,000-meter drilling program over the next two years, which will consist: of 5,000+ meters for Empire; 2,500 to 5,000 meters for Bridge Creek; and 2,500 meters planned at Rocks Reef in the China Wall prospect.
Company Highlights
- Far Northern Resources (FNR) is a newly listed Australia-based gold and base metals exploration company. The company was listed on the ASX on April 12, 2024, following the completion of its IPO in which it raised AU$4 million.
- The company has three projects across Northern Queensland and the Northern Territories – Empire, Bridge Creek and Rocks Reef. Empire and Bridge Creek are significantly advanced, drill-ready with JORC-compliant resources.
- The flagship project Empire has undergone extensive exploration work culminating in a 2019 mineral resource estimate of 22,500 oz gold. The company intends to undertake 5,000 meters of drilling at Empire over the next two years which should lead to further expansion of the resource base.
- At Bridge Creek, FNR is planning a 2,500- to 5,000-meter drilling program, which aims to enhance inferred resources to indicated status, as well as extend the mineralization both along the strike and at depth.
- The Rock Reefs property presents a prospective upside for FNR with historical exploration confirming the presence of a mineralized vein system at the China Wall prospect. FNR is planning a 2,500-meter drill program at the China Wall prospect.
- The presence in relatively attractive mining jurisdictions in Australia positions the company to capitalize on opportunities in Australia's resource sector and deliver superior returns to its shareholders.
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Brunswick Exploration
Overview
Brunswick Exploration (TSXV:BRW,OTCQB:BRWXF) is among the only public companies aggressively and systematically conducting grassroots exploration for lithium in Canada and Greenland using state-of-the-art exploration technology to identify high-potential targets. Specifically, our team has staked major under explored pegmatite fields across Quebec, Newfoundland and Labrador, Nova Scotia, New Brunswick, Ontario, Manitoba, Saskatchewan and Greenland.
Our team of geologists begins by compiling available data and conducting research to identify locations where they believe the potential for minerals of interest might be found. Our technical field team is dispatched to conduct a prospecting program by gathering robust observational data using tried-and-true field geology techniques. The goal of the program is to reveal the presence of mineralization that may predict the presence of an unknown mineral deposit.
The company's exploration team is led by Robert Wares, co-founder of the Osisko Group of Companies. Wares is an established and award-winning professional geologist with over 35 years of experience in mineral exploration and development.
Brunswick Exploration has identified five high-priority projects in the Eeyou Istchee-James Bay region of Quebec: Mirage, Elrond, Anatacau, PLEX and Mythril. In 2023, grassroots lithium discoveries were made at Mirage, Elrond and Anatacau, which are currently the focus of drilling.
Company Highlights
- Brunswick Exploration Inc. (BRW) is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium in Canada and Greenland, a critical metal necessary to global decarbonization and energy transition.
- This has generated one of the largest grassroots lithium portfolios globally.
- BRW's board includes Robert Wares, one of the founders of Osisko Mining.
- BRW was recognized as one of the Top 50 TSX Venture listed companies in 2023.
- The company has staked hundreds of untested prospective pegmatites measuring a minimum strike length of 500 meters and within 50 kilometers of infrastructure.
- In 2023, three discoveries were made in the Eeyou Istchee-James Bay region of Quebec at the Mirage, Anatacau Main and Elrond projects.
- In 2023, BRW completed a maiden 3,712-meter drill program at the Anatacau West project in Quebe that generated up to 26.5 metres at 1.51% Li2O.
- BRW completed 2 drill programs at the Mirage project, located in the Eeyou Istchee-James Bay region of Quebec. Intercepts include up to 58.1 metres at 1.59% Li2O.
- The company also completed a maiden drill program in early 2024 at the Elrond project to test the Arwen pegmatite discovered in 2023. Results are pending.
- The company will launch a Maiden drill program at the Anatacau Main project in the Eeyou Istchee-James Bay region of Quebec to test the Anais showing in H2 2024.
- Sirios Resources signed an agreement with Brunswick Exploration granting it the right to purchase a 0.5 percent net smelter return (NSR) held by Sirios on eight claims that are part of Brunswick Exploration's Mirage lithium property located in Eeyou Istchee James Bay.
Key Projects
Mirage Project
The Mirage Project comprises 427 claims with a total surface area of 21,230 hectares (staked and optioned claims), located roughly 40 kilometers south of the Trans-Taiga Highway in Quebec’s James Bay region. Fruitful discussions with a geologist that worked the area twenty-five years ago for gold exploration led to the staking of the BRW claims, as he recorded the presence of several angular pegmatitic glacial boulders hosting well-defined, decimetric spodumene crystals. The largest observed boulder measured 8 meters by 4 meters by 3 meters. In the fall of 2023, BRW discovered several high grade spodumene outcrops over a 2.5 kilometer trend as well as an adjacent 3.0 kilometer spodumene boulder train that has different minerology than the discovered outcrops.
In 2023, BRW completed a 5,000-meters drill program at the Mirage Project. The phase 1, 26-hole program, aimed to test the continuity and widths of the six widest spodumene-bearing pegmatite dykes that have been discovered to date on the property over a total cumulative strike length of 2,500 meters. Final drill results from the 2023 program at the Mirage project have outlined two new spodumene mineralized dykes (MR-5 and MR-6) with significant thickness and grade, all within the Central Zone. MR-23-28 intersected high-grade mineralization of 1.80 percent Li2O over 37.2 meters starting from surface in newly discovered dyke MR-6 located 500 metres northeast of MR-3. Evidence of potential stacking of dykes in Central Zone where MR-23-35 intercepted 11.5 meters grading 1.1 percent Li2O approximately 100 meters south of MR-3 in new dyke MR-5.
In H1 2024, a Phase II drilling campaign, containing 35 holes was completed at the Mirage project by targeting the extensions of known pegmatite dykes (MR-1 to MR-6) while new prospective outcrops have yet to be drill-tested. Results have generated up to 58.10 meters of 1.59% Li2O. Final results will be released when available.
In 2024, Brunswick Exploration signed an agreement with Sirios Resources to repurchase an existing 0.5 percent NSR on certain claims within the Mirage projectElrond Project
The Elrond Project comprises 136 claims with a total area of 7,048 hectares, located roughly 12 kilometers east of the Billy Diamond Highway in Quebec’s James Bay region. Elrond is part of the Mythril option agreement with Midland Exploration whereby BRW can earn a maximum of 85 percent interest in the project.
In the fall of 2023, BRW uncovered a new, undocumented spodumene-bearing pegmatite, known as the Arwen showing, that is exposed over a surface area measuring approximately 250 meters by 100 meters, dipping very shallowly to the north. The pegmatite remains open in all directions.
The Arwen outcrop is well mineralized in spodumene throughout the showing with an apparent higher-grade zone, containing up to 30 percent spodumene, which has a visible extent of approximately 75 by 15 meters. The spodumene crystals are well formed and up to 30 centimeters in length with an off-white color and were confirmed through LIBS analysis and UV light.
In early 2024, the company completed a maiden drilling campaign at the Elrond project to test the Arwen spodumene-bearing pegmatite. The Arwen pegmatite is well mineralized and three representative grab samples returned values between 1 and 3 percent Li2O. A high-resolution airborne magnetic survey was flown in the fall of 2023 and suggests that the Arwen showing is emplaced in a favorable structural corridor that is 4 kilometers long and 500 meters wide. The target area is proximal to infrastructure, located approximately 12 kilometers from the Billy-Diamond Highway and drilling activities will be ground supported via a winter road.
Results will be released when available.
Anatacau
Comprising the Anatacau Main and Anatacau West projects, these assets are under an option agreement with Osisko GP, a subsidiary of Osisko Development, under which Brunswick Resources can earn a 90 percent interest in the projects. The Anatacau property is located just east of Allkem’s (TSX:AKE) James Bay Lithium deposit (previously known as the Cyr deposit), which has a total mineral resource of 110.2 million tons (Mt) at 1.30 percent lithium oxide and a total ore reserve of 37.3 Mt at 1.27 percent lithium oxide.
BRW completed a maiden drill program at the Anatacau west property totalling 3,712 meters. 17 of the 18 drilled holes intersected spodumene mineralization that generated up to 26.5 metres at 1.51% Li2O
In the summer of 2023, Brunswick discovered a significant lithium pegmatite outcrop, measuring at least 100 meters long by 15 meters wide known as the Anais showing in Anatacau Main. The outcrop is within a larger cluster of pegmatite dykes all of which contain high-grade lithium mineralization.
This discovery is located 22 kilometers east of Anatacau West and Allkem’s James Bay Project along a large-scale E-W deformation corridor which is host to the known lithium-bearing pegmatite dykes in the region. This structure runs through both the Anatacau West and Anatacau Main properties over a total of 15.5 kilometers, all of which has never been explored for lithium.
BRW is planning a maiden drill program in 2024 to test the Anais pegmatite as well as a property wide prospecting and geochemical program.
Management Team
Robert Wares - Executive Chairman
Robert Wares is a professional geologist with more than 35 years of experience in mineral exploration and development. He was responsible for discovering the Canadian Malartic bulk tonnage gold mine, which was subsequently developed by Osisko Mining into one of Canada's largest gold producers. Wares was a co-winner of the Prospectors and Developers Association of Canada's "Prospector of the Year Award" for 2007. He was also named one of the"Mining Men of the Year" for 2009 by the Northern Miner. Wares will remain at Osisko Metals in an advisory capacity. He has a bachelor of science and an honorary doctorate in Earth sciences from McGill University.
Killian Charles - President and CEO
From 2017 to 2021, Killian Charles worked as VP of corporate development for Osisko Metals. Charles was previously the manager of corporate development at Integra Gold Corp, which was an advanced-stage gold development company until it was acquired by Eldorado Gold in July 2017. He worked as a mining analyst at Industrial Alliance Securities and Laurentian Bank Securities. Charles covered small and mid-cap exploration and production companies as a mining analyst. Charles holds a bachelor of science with a major in Earth and planetary sciences from McGill University.
Anthony Glavac - CFO
Anthony Glavac has more than 17 years of experience in financial reporting, including over 12 years in the mining industry. Since August 2017, Glavac has served as vice-president, and corporate controller for Falco Resources, and previously served as director, financial reporting and internal controls at Dynacor Gold Mines. Glavac spent 10 years at KPMG, working with both public and private companies, providing audit, taxation, strategic advisory and public offering services. Glavac is also involved with other public companies in the mining industry.
François Goulet - Exploration Manager, Quebec
François Goulet holds a master’s degree in structural geology from the Université du Québec à Montréal (UQÀM). In recent years he was president and CEO of Harfang Exploration, a gold project generator in the James Bay region. He has extensive experience working in the James Bay region of Quebec as well as international experience in a variety of exploration projects. Goulet has worked for Virginia Mines, Unigold, Maya Gold and Silver, the Canadian Malartic Partnership, Glencore Canada and several other junior companies. He is a member of the board of directors of l’Association de l’exploration minière du Québec (AEMQ) and a registered geologist with the Ordre des géologues du Québec since January 2011.
Charles Kodors - Exploration Manager, Atlantic Canada
Mr. Kodors is the Manager, Atlantic Canada at Brunswick Exploration Inc. and has been with the company since January 2021. Having 15 years of experience in the mining and exploration industry, he most recently served as an Exploration Manager for Osisko Metals and a Senior Exploration Geologist for Kirkland Lake Gold. Mr. Kodors received his B.Sc. from Brock University and is a registered Professional Geologist within the provinces of New Brunswick, Newfoundland, Nova Scotia, Ontario, Quebec, Manitoba and Saskatchewan.
Simon Hébert - Vice-president, Development
Simon Hébert is a professional geologist with over 13 years in the mining exploration industry. He began his career with Virginia Mines and Osisko Mining. Hébert has worked on several metallogenic projects and in various environments, mainly in the Baie-James territory, Nunavik and the Northwest Territories. He was a mining director in April 2019 where he participated in the formation of NQ Mining Investment, where he subsequently became general manager in 2023. Hébert is a registered professional geologist and a member of the Ordre des Géologues du Quebec since 2012. He has sat on the AEMQ board of directors since 2019, serving as vice-president. He is president of the board of directors of the Table Jamésienne de concertation minière. Hébert holds a bachelor’s degree in geology from Université Laval.
Gold, Silver See Gains as Fed Continues to Maintain Rates
The United States Federal Reserve announced on Wednesday (May 1) that it would hold its benchmark rate at 5.25 percent to 5.5 percent following its two-day Federal Open Market Committee (FOMC) meeting.
In his press conference following the meeting, Federal Reserve Chairman Jerome Powell largely echoed statements from previous sessions, suggesting the committee would continue to hold rates until it had more confidence that the inflation rate was on a sustainable path to the 2 percent target set by the central bank.
This was in line with analyst expectations prior to the meeting based on recent data from various government agencies.
Higher-than-expected personal consumption expenditures index (PCE) data released by the US Bureau of Economic Analysis (BEA) on April 26 showed that inflation rates were remaining stubborn. The key indicator posted a 2.7 percent annualized growth in March, 0.2 percent higher than February’s 2.5 percent growth rate. A day earlier, the BEA released an advance estimate of Q1 2024 gross domestic product data, which reported that real GDP increased 1.6 percent on an annual basis in the first quarter, down from 3.4 percent annual growth in Q4 2023.
Further muddying the waters for the Fed was a release from the Bureau of Labor Statistics on April 30, coinciding with the first day of the FOMC’s meeting, that reported a 1.2 percent increase in labor costs through the first quarter of 2024. While this data is not a key indicator for the Fed, the increase continues to show the effects of inflation within the labor market, making the situation more challenging for the central bank.Data suggests higher-for-longer interest rates
Powell said the data released since the last meeting in February had given the FOMC some uncertainty, but they were committed to restoring price stability to the economy. While the agency is continuing to pause changes to its rate, Powell did say the Federal Reserve would also continue to reduce its security holdings, with the pace slowing in June.
The committee came to its decision based on the stalling of inflation rates over the past several months as well as a tight labor market that, while becoming more balanced, continues to see demand exceed supply.
Although much of the data pushed the agency towards a higher-for-longer policy on its rates, Powell suggested there were some bright spots in the economy, including supply and demand conditions returning to balance along with unemployment remaining relatively low at 3.8 percent.
While Powell noted he doesn’t expect another rate hike, he was unwilling to state when rate cuts could be expected, suggesting that having the confidence to make cuts will take longer than expected.
After the release of the policy decision, markets were mixed, with the S&P and Nasdaq falling off 0.34 percent and 0.7 percent respectively by the end of the trading day, while the Dow had a slight gain of 0.23 percent. Meanwhile, the US dollar index saw a decline, losing 0.64 percent.
However, the gold price and silver price both saw gains, with gold climbing from US$2,299 in morning trading to a session high of US$2,327 and silver moving from US$26.43 to US$26.90, although both withdrew slightly. Gold has continued to trade at all-time highs in 2024, and set its latest record in early April when the gold price climbed to US$2,392. Silver has also performed strongly this year, and breached the US$29 level in the middle of last month.
The next meeting for the Federal Reserve’s FOMC will take place June 11 to 12.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Franco-Nevada Reports Q1 2024 Results
Gold Prices Fuel Margin Expansion
(in U.S. dollars unless otherwise noted)
"Our diversified portfolio performed well and production for the quarter met expectations. Elevated gold prices translated directly into some of our highest ever margins," stated Paul Brink CEO. "Salares Norte commenced production during the quarter and Greenstone and Tocantinzinho are on track for first production in the coming months. Alamos' planned acquisition of Argonaut will help realize the full potential of the Magino and Island Gold deposits. While Cobre Panama remains on preservation and safe management, we are hopeful that the issues can be resolved. Franco- Nevada has no debt, $2.3B in available capital and has an active deal pipeline."
Q1 2024 | |||||
Q1 2024 results | vs | ||||
Q1 2023 | |||||
Total GEOs 1 sold | 122,897 GEOs | -15 % | |||
Precious Metal GEOs 1 sold | 93,018 GEOs | -16 % | |||
Revenue | $256.8 million | -7 % | |||
Net income | $144.5 million ($0.75/share) | -8 % | |||
Adjusted Net Income 2 | $146.0 million ($0.76/share) | -4 % | |||
Adjusted Net Income Margin 2 | 56.9 % | +3 % | |||
Adjusted EBITDA 2 | $216.1 million ($1.12/share) | -6 % | |||
Adjusted EBITDA Margin 2 | 84.2 % | +1.4 % |
Strong Financial Position
- No debt and $2.3 billion in available capital as at March 31, 2024
- Operating cash flow of $178.6 million in Q1 2024
- Quarterly dividend increased 5.88% to $0.36 /share effective Q1 2024
Sector-Leading ESG
- Rated #1 precious metals company and #1 gold company by Sustainalytics, AA by MSCI and Prime by ISS ESG
- Committed to the World Gold Council's Responsible Gold Mining Principles
- Partnering with our operators on community and ESG initiatives
- 40% diverse representation at the Board and top leadership levels as a group
Diverse, Long-Life Portfolio
- Most diverse royalty and streaming portfolio by asset, operator and country
- Attractive mix of long-life streams and high optionality royalties
- Long-life mineral resources and mineral reserves
Growth and Optionality
- Mine expansions and new mines driving 5-year growth profile
- Long-term optionality in gold, copper and nickel and exposure to some of the world's great mineral endowments
- Strong pipeline of precious metal and diversified opportunities
Quarterly revenue and GEOs sold by commodity | |||||||||||
Q1 2024 | Q1 2023 | ||||||||||
GEOs Sold | Revenue | GEOs Sold | Revenue | ||||||||
# | (in millions) | # | (in millions) | ||||||||
PRECIOUS METALS | |||||||||||
Gold | 77,563 | $ | 160.9 | 90,722 | $ | 172.2 | |||||
Silver | 11,688 | 25.0 | 14,813 | 28.6 | |||||||
PGM | 3,767 | 8.1 | 5,703 | 11.4 | |||||||
93,018 | $ | 194.0 | 111,238 | $ | 212.2 | ||||||
DIVERSIFIED | |||||||||||
Iron ore | 7,301 | $ | 14.8 | 7,074 | $ | 13.1 | |||||
Other mining assets | 1,496 | 3.0 | 1,067 | 2.0 | |||||||
Oil | 13,883 | 26.1 | 14,170 | 27.1 | |||||||
Gas | 4,865 | 12.3 | 9,118 | 16.9 | |||||||
NGL | 2,334 | 5.4 | 2,664 | 5.0 | |||||||
29,879 | $ | 61.6 | 34,093 | $ | 64.1 | ||||||
Revenue from royalty, stream and working interests | 122,897 | $ | 255.6 | 145,331 | $ | 276.3 | |||||
Interest revenue and other interest income | — | $ | 1.2 | — | $ | — | |||||
Total revenue | 122,897 | $ | 256.8 | 145,331 | $ | 276.3 |
In Q1 2024, we recognized $256.8 million in revenue, down 7.1% from Q1 2023. While we benefited from the rally in gold prices during the quarter, we sold fewer GEOs than in the prior year period as Cobre Panama remains in preservation and safe management. GEOs sold during the quarter do not fully reflect production for the quarter as 3,036 GEOs from Condestable were held in inventory at March 31, 2024 and sold subsequent to quarter-end. Precious Metal revenue accounted for 75.5% of our revenue (62.7% gold, 9.7% silver, 3.1% PGM). Revenue was sourced 82.8% from the Americas (39.2% South America , 9.7% Central America & Mexico , 18.2% U.S. and 15.7% Canada ). Revenue includes interest revenue and other interest income related to loans provided as part of our financing packages. For the three months ended March 31, 2024 , we recognized $1.2 million in revenue related to the G Mining Ventures Term Loan and Skeena Convertible Debenture.
Environmental, Social and Governance (ESG) Updates
During the quarter, we published our 2024 ESG Report that, among other things, highlights our key focuses for ESG due diligence, increased community contributions, progression of diversity goals and initiatives, and the adoption of reduction targets in respect of our corporate emissions. We also renewed our partnership with Perpetua Resources to support social capacity building at the Stibnite Gold Project. In furtherance of our goal to have diversity at the Board level on grounds broader than gender diversity, we made a firm commitment to appoint a racially or ethnically diverse director by no later than our annual general shareholder meeting in 2025. We continue to rank highly with leading ESG rating agencies.
Portfolio Additions
- Financing package with Scottie Resources: Subsequent to quarter-end, on April 15, 2024 , we acquired a 2.0% gross production royalty on all minerals produced on Scottie Resources Corp.'s ("Scottie") claims in the Stewart Mining Camp in the Golden Triangle in British Columbia, Canada , for a purchase price of $5.9 million ( C$8.1 million ). Additionally, we acquired 5,422,994 common shares of Scottie for an aggregate of $0.7 million ( C$1.0 million ).
- Amendment of Condestable Stream – Peru : On March 27, 2024 , we amended our Condestable precious metal stream agreement to increase the Phase 2 variable deliveries from 25% of gold and silver produced to 37.5%, by paying an additional $10.0 million deposit.
- Acquisition of Silver Royalty on the Stibnite Gold Project – U.S. : On March 21, 2024 , we acquired a NSR interest covering all of the payable silver production from the Stibnite Gold project in Idaho for a purchase price of $8.5 million .
- Funding of G Mining Ventures Term Loan: On January 29, 2024 , we funded $42.0 million under our term loan commitment to G Mining Ventures. Subsequent to quarter-end, on April 19, 2024 , we funded the remaining $33.0 million , thereby fulfilling our term loan commitment. The term loan is part of a financing package we provided to G Mining Ventures in July 2022 in connection with the Tocantinzinho gold project, in Brazil .
- Acquisition of Royalties on Pascua-Lama Project – Chile : On January 3, 2024 , we acquired an additional interest in the Chilean portion of Barrick Gold Corporation's Pascua-Lama project for a purchase price of $6.7 million . Including the interest we acquired in August 2023 , at gold prices exceeding $800 /ounce, we now hold a 2.941% NSR (gold) and a 0.588% NSR (copper) on the property.
- Acquisition of Additional Natural Gas Royalty in the Haynesville – U.S.: As previously announced, on November 21, 2023 , we agreed to acquire a royalty portfolio in the Haynesville gas play in Louisiana and Texas for $125.0 million and funded an initial deposit of $12.5 million . The transaction closed on January 2, 2024 , and we funded the remainder of the purchase price of $112.5 million .
Q1 2024 Portfolio Updates
Precious Metal assets: GEOs sold from our Precious Metal assets were 93,018, compared to 111,238 GEOs in Q1 2023. Higher contributions from Antapaccay, Guadalupe-Palmarejo and Subika (Ahafo) were more than offset by lower deliveries from Cobre Panama and Antamina.
South America :
- Candelaria (gold and silver stream) – GEOs delivered and sold in Q1 2024 were relatively in line with Q1 2023. In February 2024 , Lundin Mining reported an overall increase in Mineral Resources at Candelaria , reflecting additional drilling at La Espanola and Santos offset by lower underground Mineral Resources due to changes to underground mining regulations.
- Antapaccay (gold and silver stream) – GEOs delivered and sold were higher in Q1 2024 compared to Q1 2023. Operations were temporarily suspended as a result of socio-political tensions in early 2023.
- Antamina (22.5% silver stream) – GEOs delivered and sold were lower in Q1 2024 compared to Q1 2023. Silver production at the mine was lower than in the prior year period due to a decrease in average silver grades as anticipated based on the life of mine plan.
- Condestable (gold and silver stream) – We received 3,036 GEOs in Q1 2024, consistent with deliveries in Q1 2023. However, ounces were sold subsequent to quarter-end and remained in inventory as at March 31, 2024 .
- Tocantinzinho (gold stream) – G Mining Ventures reported the physical construction of the Tocantinzinho project was 89% complete as of the end of March 2024 and remains on track for commercial production in H2 2024. According to the 2022 feasibility study, the project is expected to produce an average of 196,000 ounces of gold annually for the first five years.
- Salares Norte (1- 2% royalties) – Gold Fields announced that production at the Salares Norte mine started with the pouring of its first gold-silver doré on March 28, 2024 . Ramp-up of the mine to steady state production is progressing with gold equivalent production of 250,000 ounces expected for 2024. Once steady state production is reached, production is expected to increase to 580,000 gold equivalent ounces in 2025.
- Posse ( Mara Rosa ) (1% royalty) – Hochschild Mining announced that the first gold pour took place on February 20, 2024 , with commercial production expected in Q2 2024. Mara Rosa is expected to produce between 83,000 to 93,000 gold ounces in 2024 and has reported expected average annual production of approximately 80,000 gold ounces over an initial mine life of 10 years, with approximately 100,000 gold ounces annually over the first four years.
- Cascabel (1% royalty) – In February 2024 , SolGold announced the completion of a new pre-feasibility study, which outlined reduced initial capital costs and a 28-year mine plan containing 3.2 million tonnes of copper, 9.4 million ounces of gold, and 28 million ounces of silver (540 million tonnes grading 0.60% copper, 0.54 g/t gold, and 1.62 g/t silver).
Central America & Mexico :
- Cobre Panama (gold and silver stream) – Production at Cobre Panama has been halted since November 2023 with mining activities currently on preservation and safe management.
- Guadalupe-Palmarejo (50% gold stream) – GEOs sold from Guadalupe-Palmarejo increased in Q1 2024 compared to the same quarter in 2023, reflecting increased production at the mine due to better head grade and recoveries.
U.S.:
- Stillwater (5% royalty) – GEOs from our Stillwater royalty decreased in Q1 2024 compared to Q1 2023 as the decline in PGM prices more than offset higher production at the mine. Sibanye-Stillwater is repositioning its U.S. PGM operations in light of the lower palladium price environment.
- Bald Mountain (0.875-5% royalties) – GEOs from our Bald Mountain royalties were higher in Q1 2024 than in Q1 2023 due to mine sequencing.
- Marigold (0.5-5% royalties) – GEOs from our Marigold royalties were lower in Q1 2024 than in Q1 2023 as production is taking place on ground that carries a lower royalty rate. Production is anticipated to progress to higher royalty rate ground in 2027 through the end of the current mine life.
- Stibnite Gold (gold and silver royalties) – Perpetua Resources received a letter of interest from the Export-Import Bank of the United States for potential debt financing of up to $1.8 billion .
Canada :
- Detour Lake (2% royalty) – Agnico Eagle reported it expects the mill to reach a throughput of 28.0 million tonnes per annum by the end of 2024 and continues to evaluate underground mining scenarios. Agnico Eagle expects to provide an update on the project, mill optimization efforts and ongoing exploration results in Q2 2024. Exploration drilling focussed on infill drilling the West Pit Extension, west of the West Pit mineral resources and near the potential underground exploration ramp.
- Hemlo (3% royalty & 50% NPI) – GEOs from our Hemlo royalties were lower than in Q1 2023 reflecting higher underground mining costs. Barrick anticipates production at Hemlo to improve relative to 2023, where production was impacted by interruptions to the underground operations.
- Brucejack (1.2% royalty) – GEOs from our Brucejack royalty were lower in Q1 2024 than in Q1 2023. Newmont, which acquired Brucejack through its acquisition of Newcrest Mining in November 2023 , anticipates an increase in production in 2024 compared to 2023.
- Macassa ( Kirkland Lake ) (1.5-5.5% royalty & 20% NPI) – Agnico Eagle reported that commissioning of the ventilation system upgrade at Macassa was completed in Q1 2024. Production from long hole stopes in the Near Surface deposit continued in Q1 2024, and development of the AK deposit progressed for initial production in Q4 2024.
- Magino (3% royalty) and Island Gold ( 0.62% royalty) – Argonaut and Alamos announced a definitive agreement whereby Alamos will acquire all of the issued and outstanding shares of Argonaut. The combination is expected to create one of Canada's largest, lowest cost and most profitable gold mines. The transaction is expected to result in substantial synergies through shared infrastructure between the adjacent Magino and Island Gold mines. Alamos has noted potential longer-term upside through a single optimized milling complex at Magino with an expansion of between 15,000 and 20,000 tonnes per day.
- Canadian Malartic (1.5% royalty) – Agnico Eagle reported that ramp development reached the first production level of East Gouldie in February 2024 . Exploration drilling continued to return positive results to the east of the East Gouldie mineral resources, demonstrating the potential to add inferred mineral resources.
- Greenstone (3% royalty) – Equinox Gold announced that ore was introduced into the grinding circuit on April 6, 2024 , with first gold pour expected in May 2024 and commercial production targeted for Q3 2024. Equinox Gold also announced that it had entered into an agreement to consolidate its ownership interest to 100% of the Greenstone project. On a 100% basis, Greenstone is expected to produce between approximately 175,000 and 208,000 gold ounces in 2024, and average annual production of approximately 400,000 gold ounces over an initial mine life of 14 years.
- Valentine Gold (3% royalty) – Production at Valentine Gold continues to be anticipated in H1 2025. The project is now owned by Calibre Mining, which acquired Marathon Gold in January 2024 . Average annual production of approximately 195,000 gold ounces is expected, over an initial mine life of 12 years.
Rest of World:
- MWS (25% stream) – GEOs delivered and sold from our MWS stream were higher than in Q1 2023 due to higher production.
- Tasiast (2% royalty) – GEOs from our Tasiast royalty were higher than in Q1 2023 as a result of strong grades, higher recoveries and record throughput following the completion of the Tasiast 24k project.
- Subika (Ahafo) (2% royalty) – GEOs from our Subika (Ahafo) royalty were higher than in Q1 2023 as production at Subika increased due to higher open pit grade and stronger underground mining rates.
- Séguéla (0.6% royalty) – On March 30, 2024 , Fortuna Silver Mines exercised its option to buy-back 0.6% of the 1.2% NSR by paying $6.5 million ( A$10 million ) to Franco-Nevada, such that our NSR on the Séguéla mine is now 0.6%.
Diversified assets: Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $61.6 million in revenue, down from $64.1 million in Q1 2023.
Iron Ore:
- Vale Royalty (iron ore royalty) – Revenue from the Vale royalty increased compared to Q1 2023. The increase is due to a higher than anticipated royalty payment reflecting higher attributable iron ore sales during the H2 2023 period. For the Q1 2024 period, production was in line compared to Q1 2023 in the Northern System. Higher production from the Southeastern System, where the royalty is not yet payable, was driven by increases at Itabira and Brucutu.
- LIORC – LIORC declared a cash dividend of C$0.45 per common share in the current period, compared to C$0.50 in Q1 2023. LIORC reported production at IOC for Q1 2024 of 4.5 million tonnes, up from 4.3 million tonnes in Q1 2023, and confirmed 2024 production guidance remains unchanged at 16.7 million tonnes to 19.6 million tonnes.
- Caserones (0.517% effective NSR) – GEOs from our interest in Caserones were higher than in Q1 2023. On January 19, 2024 , EMX Royalty Corp. exercised an option to acquire a portion of our interest for a sale price of $4.7 million , such that our effective NSR on Caserones is now 0.517%.
Energy:
- U.S. (various royalty rates) – Revenue from our U.S. Energy interests decreased compared to Q1 2023. While revenue from our oil assets was consistent with the prior year, overall revenues declined due to lower revenue from our gas assets. Contribution from our new Haynesville gas acquisition was offset by lower realized gas prices and volumes at our existing Haynesville assets.
- Canada (various royalty rates) – Revenue from our Canadian Energy interests was slightly lower than in Q1 2023. Higher production and revenues from our Orion asset were offset by lower revenue from the Weyburn NRI, due to prior period adjustments.
Dividend Declaration
Franco- Nevada is pleased to announce that its Board of Directors has declared a quarterly dividend of US$0.36 per share. The dividend will be paid on June 27, 2024 , to shareholders of record on June 13, 2024 (the "Record Date"). The dividend has been declared in U.S. dollars and the Canadian dollar equivalent will be determined based on the daily average rate posted by the Bank of Canada on the Record Date. Under Canadian tax legislation, Canadian resident individuals who receive "eligible dividends" are entitled to an enhanced gross-up and dividend tax credit on such dividends.
The Company has a Dividend Reinvestment Plan (the "DRIP") which allows shareholders of Franco-Nevada to reinvest dividends to purchase additional common shares at the Average Market Price, as defined in the DRIP, subject to a discount from the Average Market Price in the case of treasury acquisitions. The Company will issue additional common shares through treasury at a 1% discount to the Average Market Price. The Company may, from time to time, in its discretion, change or eliminate the discount applicable to treasury acquisitions or direct that such common shares be purchased in market acquisitions at the prevailing market price, any of which would be publicly announced. Participation in the DRIP is optional. The DRIP and enrollment forms are available on the Company's website at www.franco-nevada.com . Canadian and U.S. registered shareholders may also enroll in the DRIP online through the plan agent's self-service web portal at www.investorcentre.com/franco-nevada . Canadian and U.S. beneficial shareholders should contact their financial intermediary to arrange enrollment. Non-Canadian and non-U.S. shareholders may potentially participate in the DRIP, subject to the satisfaction of certain conditions. Non-Canadian and non-U.S. shareholders should contact the Company to determine whether they satisfy the necessary conditions to participate in the DRIP.
This press release is not an offer to sell or a solicitation of an offer for securities. A registration statement relating to the DRIP has been filed with the U.S. Securities and Exchange Commission and may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at www.sec.gov .
Shareholder Information
The complete Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis can be found on our website at www.franco-nevada.com , on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov .
We will host a conference call to review our Q1 2024 results. Interested investors are invited to participate as follows:
Conference Call and Webcast: | May 2 nd 10:00 am ET |
Dial‑in Numbers: | Toll‑Free: 1‑888‑390‑0546 International: 416‑764‑8688 |
Conference Call URL (This allows participants to join | |
Webcast: | |
Replay (available until May 9 th ): | Toll‑Free: 1‑888‑390‑0541 International: 416‑764‑8677 Pass code: 644762 # |
Corporate Summary
Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco- Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges.
Forward- Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding Franco-Nevada's growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, audits being conducted by the Canada Revenue Agency ("CRA"), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panama mine and related arbitration proceedings. In addition, statements relating to mineral resources and mineral reserves, GEOs or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso, and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; the adoption of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained herein are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of the ongoing audit by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panama mine or the outcome of any related arbitration proceedings. Franco- Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.
For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov . The forward-looking statements herein are made as of the date hereof only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.
ENDNOTES:
- GEOs: Gold equivalent ounces ("GEOs") include Franco-Nevada's attributable share of production from our Mining and Energy assets after applicable recovery and payability factors. GEOs are estimated on a gross basis for NSRs and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Silver, platinum, palladium, iron ore, oil, gas and other commodities are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The price used in the computation of GEOs varies depending on the royalty or stream agreement of each particular asset, which may make reference to the market price realized by the operator, or the average price for the month, quarter, or year in which the commodity was produced or sold. For Q1 2024, the average commodity prices were as follows: $2,072 /oz gold (Q1 2023 - $1,889 ), $23.36 /oz silver (Q1 2023 - $22.56 ), $910 /oz platinum (Q1 2023 - $994 ) and $978 /oz palladium (Q1 2023 - $1,567 ), $126 /t Fe 62% CFR China (Q1 2023 - $124 ), $76.96 /bbl WTI oil (Q1 2023 - $76.13 ) and $2.09 /mcf Henry Hub natural gas (Q1 2023 - $2.76 ).
- NON-GAAP FINANCIAL MEASURES: Adjusted Net Income and Adjusted Net Income per share, Adjusted Net Income Margin, Adjusted EBITDA and Adjusted EBITDA per share, and Adjusted EBITDA Margin are non-GAAP financial measures with no standardized meaning under International Financial Reporting Standards ("IFRS Accounting Standards") and might not be comparable to similar financial measures disclosed by other issuers. For a quantitative reconciliation of each non-GAAP financial measure to the most directly comparable financial measure under IFRS Accounting Standards, refer to the following tables. Further information relating to these Non-GAAP financial measures is incorporated by reference from the "Non-GAAP Financial Measures" section of Franco-Nevada's MD&A for the three months ended March 31, 2024 dated May 1, 2024 filed with the Canadian securities regulatory authorities on SEDAR+ available at www.sedarplus.com and with the U.S. Securities and Exchange Commission available on EDGAR at www.sec.gov .
- Adjusted Net Income and Adjusted Net Income per share are non-GAAP financial measures, which exclude the following from net income and earnings per share ("EPS"): impairment losses and reversal related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests and investments; impairment losses and expected credit losses related to investments, loans receivable and other financial instruments, changes in fair value of investments, loans receivable and other financial instruments, foreign exchange gains/losses and other income/expenses; unusual non-recurring items; and the impact of income taxes on these items.
- Adjusted Net Income Margin is a non-GAAP financial measure which is defined by the Company as Adjusted Net Income divided by revenue.
- Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial measures, which exclude the following from net income and EPS: income tax expense/recovery; finance expenses and finance income; depletion and depreciation; impairment charges and reversals related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests and investments; impairment losses and expected credit losses related to investments, loans receivable and other financial instruments, changes in fair value of investment, loans receivable and other financial instruments, foreign exchange gains/losses and other income/expenses; and unusual non-recurring items.
- Adjusted EBITDA Margin is a non-GAAP financial measure which is defined by the Company as Adjusted EBITDA divided by revenue.
Reconciliation of Non-GAAP Financial Measures:
For the three months ended | ||||||||
March 31, | ||||||||
(expressed in millions, except per share amounts) | 2024 | 2023 | ||||||
Net income | $ | 144.5 | $ | 156.5 | ||||
Gain on disposal of royalty interests | (0.3) | (3.7) | ||||||
Foreign exchange loss (gain) and other expenses (income) | 1.6 | (2.2) | ||||||
Tax effect of adjustments | 0.2 | 1.6 | ||||||
Adjusted Net Income | $ | 146.0 | $ | 152.2 | ||||
Basic weighted average shares outstanding | 192.2 | 191.9 | ||||||
Adjusted Net Income per share | $ | 0.76 | $ | 0.79 |
For the three months ended | ||||||||
March 31, | ||||||||
(expressed in millions, except Adjusted Net Income Margin) | 2024 | 2023 | ||||||
Adjusted Net Income | $ | 146.0 | $ | 152.2 | ||||
Revenue | 256.8 | 276.3 | ||||||
Adjusted Net Income Margin | 56.9 | % | 55.1 | % |
For the three months ended | ||||||||||
March 31, | ||||||||||
(expressed in millions, except per share amounts) | 2024 | 2023 | ||||||||
Net income | $ | 144.5 | $ | 156.5 | ||||||
Income tax expense | 27.5 | 27.6 | ||||||||
Finance expenses | 0.6 | 0.7 | ||||||||
Finance income | (16.0) | (10.5) | ||||||||
Depletion and depreciation | 58.2 | 61.0 | ||||||||
Gain on disposal of royalty interests | (0.3) | (3.7) | ||||||||
Foreign exchange loss (gain) and other expenses (income) | 1.6 | (2.2) | ||||||||
Adjusted EBITDA | $ | 216.1 | $ | 229.4 | ||||||
Basic weighted average shares outstanding | 192.2 | 191.9 | ||||||||
Adjusted EBITDA per share | $ | 1.12 | $ | 1.20 |
For the three months ended | |||||||||
March 31, | |||||||||
(expressed in millions, except Adjusted EBITDA Margin) | 2024 | 2023 | |||||||
Adjusted EBITDA | $ | 216.1 | $ | 229.4 | |||||
Revenue | 256.8 | 276.3 | |||||||
Adjusted EBITDA Margin | 84.2 | % | 83.0 | % |
FRANCO- NEVADA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions of U.S. dollars)
At March 31, | At December 31, | |||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
Cash and Cash equivalents | $ | 1,352.0 | $ | 1,421.9 | ||||
Receivables | 126.7 | 111.0 | ||||||
Gold bullion, prepaid expenses and other current assets | 91.5 | 82.4 | ||||||
Current assets | $ | 1,570.2 | $ | 1,615.3 | ||||
Royalty, stream and working interests, net | $ | 4,078.7 | $ | 4,027.1 | ||||
Investments | 257.2 | 254.5 | ||||||
Loans receivable | 65.4 | 24.8 | ||||||
Deferred income tax assets | 35.1 | 37.0 | ||||||
Other assets | 52.7 | 35.4 | ||||||
Total assets | $ | 6,059.3 | $ | 5,994.1 | ||||
LIABILITIES | ||||||||
Accounts payable and accrued liabilities | $ | 41.8 | $ | 30.9 | ||||
Current income tax liabilities | 11.6 | 8.3 | ||||||
Current liabilities | $ | 53.4 | $ | 39.2 | ||||
Deferred income tax liabilities | $ | 181.6 | $ | 180.1 | ||||
Other liabilities | 4.8 | 5.7 | ||||||
Total liabilities | $ | 239.8 | $ | 225.0 | ||||
SHAREHOLDERS' EQUITY | ||||||||
Share capital | $ | 5,742.2 | $ | 5,728.2 | ||||
Contributed surplus | 19.3 | 20.6 | ||||||
Retained earnings | 283.7 | 212.3 | ||||||
Accumulated other comprehensive loss | (225.7) | (192.0) | ||||||
Total shareholders' equity | $ | 5,819.5 | $ | 5,769.1 | ||||
Total liabilities and shareholders' equity | $ | 6,059.3 | $ | 5,994.1 | ||||
The unaudited condensed consolidated interim financial statements and accompanying notes can be found in our Q1 2024 Quarterly Report available on our website |
FRANCO- NEVADA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME
(in millions of U.S. dollars and shares, except per share amounts)
For the three months ended | |||||||
March 31, | |||||||
2024 | 2023 | ||||||
Revenue | |||||||
Revenue from royalty, streams and working interests | $ | 255.6 | $ | 276.3 | |||
Interest revenue | 0.9 | — | |||||
Other interest income | 0.3 | — | |||||
Total revenue | $ | 256.8 | $ | 276.3 | |||
Costs of sales | |||||||
Costs of sales | $ | 33.6 | $ | 38.2 | |||
Depletion and depreciation | 58.2 | 61.0 | |||||
Total costs of sales | $ | 91.8 | $ | 99.2 | |||
Gross profit | $ | 165.0 | $ | 177.1 | |||
Other operating expenses (income) | |||||||
General and administrative expenses | $ | 5.7 | $ | 6.2 | |||
Share-based compensation expenses | 2.8 | 3.2 | |||||
Gain on disposal of royalty interests | (0.3) | (3.7) | |||||
Gain on sale of gold bullion | (1.4) | (0.7) | |||||
Total other operating expenses | $ | 6.8 | $ | 5.0 | |||
Operating income | $ | 158.2 | $ | 172.1 | |||
Foreign exchange (loss) gain and other (expenses) income | $ | (1.6) | $ | 2.2 | |||
Income before finance items and income taxes | $ | 156.6 | $ | 174.3 | |||
Finance items | |||||||
Finance income | $ | 16.0 | $ | 10.5 | |||
Finance expenses | (0.6) | (0.7) | |||||
Net income before income taxes | $ | 172.0 | $ | 184.1 | |||
Income tax expense | 27.5 | 27.6 | |||||
Net income | $ | 144.5 | $ | 156.5 | |||
Other comprehensive (loss) income, net of taxes | |||||||
Items that may be reclassified subsequently to profit and loss: | |||||||
Currency translation adjustment | $ | (39.2) | $ | (0.4) | |||
Items that will not be reclassified subsequently to profit and loss: | |||||||
Gain on changes in the fair value of equity investments | |||||||
at fair value through other comprehensive income ("FVTOCI"), | |||||||
net of income tax | 1.8 | 6.8 | |||||
Other comprehensive (loss) income, net of taxes | $ | (37.4) | $ | 6.4 | |||
Comprehensive income | $ | 107.1 | $ | 162.9 | |||
Earnings per share | |||||||
Basic | $ | 0.75 | $ | 0.82 | |||
Diluted | $ | 0.75 | $ | 0.81 | |||
Weighted average number of shares outstanding | |||||||
Basic | 192.2 | 191.9 | |||||
Diluted | 192.4 | 192.2 | |||||
The unaudited condensed consolidated interim financial statements and accompanying notes can be found in our Q1 2024 Quarterly Report available on our website |
FRANCO- NEVADA CORPORATION
CONDENSE CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of U.S. dollars)
For the three months ended | ||||||||
March 31, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 144.5 | $ | 156.5 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Interest revenue | (0.9) | — | ||||||
Other interest income | (0.3) | — | ||||||
Depletion and depreciation | 58.2 | 61.0 | ||||||
Share-based compensation expenses | 1.4 | 1.5 | ||||||
Gain on disposal of royalty interests | (0.3) | (3.7) | ||||||
Unrealized foreign exchange loss (gain) | 1.1 | (2.1) | ||||||
Deferred income tax expense | 5.4 | 8.1 | ||||||
Other non-cash items | (0.8) | (0.7) | ||||||
Acquisition of gold bullion | (15.9) | (4.8) | ||||||
Proceeds from sale of gold bullion | 10.7 | 8.5 | ||||||
Changes in other assets | (17.4) | — | ||||||
Operating cash flows before changes in non-cash working capital | $ | 185.7 | $ | 224.3 | ||||
Changes in non-cash working capital: | ||||||||
Increase in receivables | $ | (15.7) | $ | (16.1) | ||||
Decrease in prepaid expenses and other | 0.7 | 2.1 | ||||||
Increase (decrease) in current liabilities | 7.9 | (0.5) | ||||||
Net cash provided by operating activities | $ | 178.6 | $ | 209.8 | ||||
Cash flows used in investing activities | ||||||||
Acquisition of royalty, stream and working interests | $ | (146.9) | $ | (109.3) | ||||
Investment in loan receivable | (41.2) | — | ||||||
Acquisition of investments | (6.7) | — | ||||||
Acquisition of energy well equipment | (0.3) | (0.3) | ||||||
Acquisition of property and equipment | (0.1) | — | ||||||
Proceeds from sale of royalty interests | 4.7 | 7.0 | ||||||
Net cash used in investing activities | $ | (190.5) | $ | (102.6) | ||||
Cash flows used in financing activities | ||||||||
Payment of dividends | $ | (58.9) | $ | (57.8) | ||||
Proceeds from exercise of stock options | 0.8 | 1.2 | ||||||
Net cash used in financing activities | $ | (58.1) | $ | (56.6) | ||||
Effect of exchange rate changes on cash and cash equivalents | $ | 0.1 | $ | 1.3 | ||||
Net change in cash and cash equivalents | $ | (69.9) | $ | 51.9 | ||||
Cash and cash equivalents at beginning of period | $ | 1,421.9 | $ | 1,196.5 | ||||
Cash and cash equivalents at end of period | $ | 1,352.0 | $ | 1,248.4 | ||||
Supplemental cash flow information: | ||||||||
Income taxes paid | $ | 7.4 | $ | 23.9 | ||||
Dividend income received | $ | 2.1 | $ | 3.9 | ||||
Interest and standby fees paid | $ | 0.4 | $ | 0.6 |
The unaudited condensed consolidated interim financial statements and accompanying notes can be found in our Q1 2024 Quarterly Report available on our website |
View original content: https://www.prnewswire.com/news-releases/franco-nevada-reports-q1-2024-results-302133634.html
SOURCE Franco-Nevada Corporation
View original content: http://www.newswire.ca/en/releases/archive/May2024/01/c1560.html
News Provided by Canada Newswire via QuoteMedia
Rio Silver Announces Grant of Stock Options
Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO) (OTC: RYOOF) The company announces that it has granted an aggregate of 2 million incentive stock options to directors, officers and consultants of the company, exercisable at a price of five cents with the following exercise periods: (i) one year as to 600,000 options; (ii) two years as to 400,000 options; and (iii) five years as to 1 million options, from the date of grant. The grant of these options is subject to the approval of the exchange.
About Rio Silver Inc.
Rio Silver is a resource development company that has been selectively identifying and acquiring precious metal assets that afford the best possible leverage and returns in anticipation of an increasingly more favorable precious metals bull market. Our Peruvian precious metal assets are wholly owned with no royalty obligations. The Ninobamba area Au/Ag targets are economically attractive as the mineralization suggests near surface, bulk mineable open pit targets.
Rio Silver is pleased with our host country as the Government continues to support mining policies ensuring continued growth and opportunity throughout Peru.
ON BEHALF OF THE BOARD OF DIRECTORS OF RIO SILVER INC.
“Chris Verrico”
Christopher Verrico
604-762-4448
Chris.verrico@riosilverinc.com
Director, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.
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