TSXV:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to announce it has completed a structural interpretation of the high-resolution magnetic survey at the Gander East Project, Central Newfoundland. Several prominent shear and deformation zones have been identified that require follow-up prospecting, mapping, and soil sampling. Results of the boots on the ground campaign together with the favourable structural features will aid Marvel in targeting those areas of high merit for its inaugural Phase I drilling program
The Gander East Project consists of 274 claims totaling 6,850 hectares, which have been strategically positioned adjacent to New Found Gold's ("NFG") Queensway Project and along strike from both Exploits Discovery Middle Ridge Project and Sassy Resources Gander North Project (Figure 1). The Queensway Project is undergoing a 400,000 m drill campaign targeting 20 km of prospective strike along the regional scale Appleton and Dog Bay fault zones (Figure 2). NFG's most recent news release dated June 6, 2022, reported 9.12 g/t Au over 8.2 m and 42.6 g/t Au over 11.75 m beginning at only 8.8 m downhole. Parallel structures to those hosting gold in the Queensway and Middle Ridge project areas intersect the Gander East Project including a segment of the Gander River Ultrabasic Line (GRUB Line) that defines the easternmost bounding structure of the regionally prospective Exploits Subzone. Furthermore, the Gander East Project lies along strike to the south of a new regional gold trend defined by Sassy Resources as a part of their Gander North Project. The Structure is integral to the numerous gold occurrences and drill intersections within the Exploits Subzone.
Figure 1: Gander East Location Map Showing Strategic Location Adjacent to New Found Gold.
Figure 2: Gander East Location Map Showing Strategic Location and major fault positions.
The high-resolution magnetic survey was an extremely effective tool that enhanced the magnetic signature of the Property (Figure 3).
Figure 3: Contrast of regional government magnetic data left with magnetic signatures of a high-resolution magnetic survey right.
Other magnetic products from the high-resolution survey define and enhance the various rock types and structural features consistent with orogenic gold occurrences and deposits of the Exploits Subzone (Figure 4).
Figure 4: Magnetic inversions left aid in defining discrete magnetic units and structural features with increased amplitude effects right defining various rock types by their magnetic intensity.
As a result of the study of the magnetic products from the high-resolution survey, a major sigmoidal shear is interpreted through the central part of the property. Six areas of high merit will be targeted for follow-up prospecting, mapping, and soil sampling. These areas are deemed to have a high rate of success for orogenic gold mineralization based on known mineralization and alteration styles adjacent to the Property, folded and sheared sediment rocks, predominant shear zones, and numerous minor faults. (Figure 5).
Figure 5: Interpreted location of the predominant shear zone in the central part of the Property, left, and the 6 areas of interest targeted for follow-up exploration, right.
"The Gander East Project is a strategic land position for Marvel within the Central Newfoundland gold belt. The effectiveness of the high-resolution magnetic survey defines structural features that we know have been integral to the success of New Found Golds Queensway Project and the high-grade Keats Zone. Our robust magnetic dataset clearly enhances our structural and lithological understanding of the Property and vectors our next exploration phase to those areas of high merit for gold mineralization. Once the results of this next phase are received, Marvel will initiate an inaugural drill campaign", stated Karim Rayani, President & Chief Executive Officer, Director.
Mr. Mike Kilbourne, 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.
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/
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 Discovery Corp.
View source version on accesswire.com: