VANCOUVER, BC / ACCESSWIRE /September 23, 2022 / Marvel Discovery Corp.(TSXV:MARV)(Frankfurt:O4T)(OTCQB:MARVF), ("Marvel");and Falcon Gold Corp. (FG: TSX-V), (3FA: GR), (FGLDF: OTCQB), ("Falcon");and together (the "Alliance") are pleased to provide an update on their combined exploration focus for their Hope Brook Projects which are strategically located contiguous to Benton-Sokoman's Joint Venture, and First Mining's ground which was recently optioned to Big Ridge Exploration. The Alliance had originally planned to complete high resolution magnetic gradiometer surveys over the project area, a proven method to distinguish structural complexities in geological terranes. Start of the survey work has been delayed due to helicopter availability from forest fires in Central Newfoundland, a state of emergency was issued. Providing the Alliance an opportunity to conduct a geophysical review and structural interpretation over the Hope Brook project area in advance of the survey and surface work. The Alliance is pleased to announce that the geophysical review has identified kilometer-scale shear zone corridors, and a major fold closure, interpreted from the magnetic patterns, within the Hope Brook Property area. These will be the focus of prospecting and till sampling projects employed to verify the structures and determine their mineralization potential. With recent success in identifying anomalous gold, tungsten, silver, and copper reported by Falcon at their Gander North Property (September 15, 2022), the Alliance has shifted their exploration focus to the Gander district.
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 provides 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 Slip, Gander, Baie Verte 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 3.30 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold).
The Slip gold project is 10 kms west of New Found Gold’s (TSXV:NFG) Queensway project, the largest ever consolidation of property within the Central Newfoundland gold belt. Drill results at Queensway continue to 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 kms 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 g/t to 24.9 g/t gold and 18.6 g/t to 139.9 g/t silver.
Marvel Discovery acquired Victoria Lake Southwest, a 6,325 hectare land position contiguous to the Falcon Gold, Benton and Buchans Mineral land package. The acquisition includes 253 new gold claims near existing prolific deposits, such as Matador Mining’s Cape Ray deposits, which hosts 837,000 ounces of gold. Additionally, it’s positioned 40 kilometers west of the Valentine gold deposit that hosts 6.8 million ounces (Moz) of gold. Falcon has immediate plans to begin high-resolution magnetic surveys upon approval of exploration permits. Analytical results of the grab samples assayed between 1.65 g/t and 18.24 g/t gold and between 5.4 g/t and 87.1 g/t silver in subcrop samples.
The company also acquired a significant land position within the Hope Brook Area where it staked 763 claims over 19,075 hectares. It’s strategically located, and contiguous to, the First Mining Gold and the Sokoman Minerals-Benton joint venture. The new land position is hosted within the Exploits Subzone of the Central Newfoundland gold belt. The property is proximal to two major structures linked to significant gold prospects, namely Matador Mining’s Cape Ray project and First Mining’s Hope Brook project, both in Southern Newfoundland and Labrador.
Marvel Discovery’s projects also include four rare earth, nickel and uranium projects that span across the entire country. This diverse spread of assets includes the Serpent River, 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. Marvel Discovery recently received its first set of comments back from TSXV, an important step in listing Power One.
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 12 highly prospective properties covering lithium, uranium, gold, nickel, rare earth elements and titanium.
- Its portfolio offers excellent exposure and mineral diversity from the country’s most prolific mining jurisdictions, including Ontario, Quebec, British Columbia, Saskatchewan and Newfoundland.
- Marvel Discovery holds six highly prospective gold properties, including the high grade Blackfly tied onto Agnico Eagles Hammond Reef deposit in Ontario and is also one of the largest land holders of claims in Central Newfoundland tied on deposits Newfound Gold and Marathon Gold which is Northern Atlantic’s largest gold deposit. All projects prime the company for remarkable gold discovery and development possibilities.
- The Blackfly gold property is located in proximity to Agnico Eagle’s Hammond Reef gold deposit, which has an estimated open-pit mineral reserve of 3.3 million ounces of gold.
- Marvel Discovery has a strong management team, which combines 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 Corp., a spin-off company for its uranium/nickel project, which recently received its first set of comments from TSXV.
- Marvel Discovery acquired 6,325 hectares, consisting of 253 claims in Victoria Southwest. The property sits 40 kilometers west of the Valentine gold deposit in Newfoundland and Labrador. The project is contiguous to significant land packages owned by Falcon Gold Corp, Benton Resources and Buchan Minerals Corp.
- Marvel Discovery acquired the KLR and Walker, two large claim groups that lie within the Wollaston-Mudjactic Transition Zone of the eastern Athabasca Basin.
- The company signed a joint venture agreement with Carmanah Minerals Corp., 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 Saskatchewan uranium property lies along the Key Lake fault adjoining both Cameco (TSX:CCO) and Fission’s (TSX:FCU) property boundaries. The company now owns a total of 16,763 hectares, following its acquisition of the KLR and Walker Claims covering 14,190 hectares along the east, north and northwestern directions.
- Diamond Drilling Pending Permit: Marvel has applied for the necessary permits to complete an inaugural diamond drilling program at the DD Zone within the KLR-Walker Uranium Project. The drill program will consist of 10 holes totaling 1,000 meters. Backpack drilling by EFU in 2015 discovered the Highway Zone, intersecting 1.96 percent uranium over 29 cm. Other highlights include 1.57 percent uranium over 4 cm 0.28 percent uranium over 44 cm, 0.20 percent uranium over 60 cm, 0.17 percent uranium over 41 cm, and 0.12 percent uranium over 24cm. The Highway Zone Discovery appears structurally related and an extension of the DD Zone.
- Encouraging Historical Production: Highway North Claims contain two known mineralizations. The Key Lake deposit has previously produced 4.2 million tonnes of product with an average grade of 2.1 percent. Additionally, only 21 drill holes have been drilled between 1980 and 2008, which verify the presence of uranium but leave 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.
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: Totaling 11,875 hectares located 25 kilometers due east of Newfound Gold’s Queensway Project. The new claims are contiguous to Sassy Resources’ Gander North Project. The Golden Brook is a joint venture between Marvel and Falcon Gold to explore prospective claims recently acquired in the Hope Brook and Baie Verte Brompton Districts.
- 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 has begun a surface reconnaissance exploration program at Gander East. Work is being completed toward further defining drill targets in preparation for Marvel's inaugural Phase 1 drill program planned for early 2023.
- 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 the Northern Atlantic’s largest gold deposit, hovering around 4.6 million ounces.
- 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.
- 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 km 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 3.0 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.
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 tonnes 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 m from 39.20 to 39.70 m and together with hole BF21-18, extends the Black Fly Northeast Zone by 130 m to the northeast.
- Black Fly Main Zone: Drill hole BF21-13 intersected 1.06 g/t gold over 9.3 m from 14.30 to 27.70 m. Drill hole BF21-16 intersected 0.79 g/t gold over 7.70 m from 7.30 to 15 m. Drill hole BF21-14 intersected a broad mineralized zone with 18.20 m grading 0.21 g/t gold, including 1.74 g/t gold over 1 m.
- Mosquito Zone: Drill hole BF21-15 intersected multiple gold domains, including 1.96 g/t gold over 0.30 m from 7.70 to 8 m, 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 m 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 m along a strike of 21.60 m and the northern shoot averaged 13.44 g/t gold over 0.27 m within a 32-m 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: In 2021, Marvel Discovery acquired a 100 percent interest on a property in the East Bull Lake Intrusive Complex contiguous to Grid Metals Corp. and Canadian Palladium 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 m grading 0.80 g/t palladium equivalent in April 2021, and Canadian Palladium’s project hosts a compliant resource of 11.10 million tons grading 1.50 g/t palladium equivalent.
- Serpent River Pecors Project: The Serpent River project is located in Elliot Lake, Ontario, and hosts a 20-million-tonne uranium historical resource. This geological profile is consistent with high levels of chromium and nickel as well. With established mining companies nearby, the company is hopeful Serpent River will demonstrate similar high-quality mineralization and development opportunities.
- Marvel has spent upwards of C$300,000 in versatile time domain electromagnetics (VTEM) surveying across the property’s 6-km long and 3-km wide anomaly. This unique Pecor anomaly is a strong regional magnetic high that has never been drilled at depth.
- The project will be transferred to Power One following successful listing on TSXV.
British Columbia - Wicheeda Project
The Wicheeda North project is a rare earth element property that spans 1,444 hectares of claims in the Cariboo mining division in British Columbia. The asset has seven known occurrences of nickel-copper-cobalt and one known occurrence of titanium-vanadium-chromium. The asset will be transferred to Power One after successfully listing on the TSXV.
- Close Proximity to Producing Mines: The claim block adjoins the Defense Metals (TSXV:DEFN) Wicheeda rare earth mineral project, which hosts an indicated 4.9-million-tonne rare earth deposit in Prince George, British Columbia.
- 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-sq-km area. The property remains highly prospective for Marvel.
Management Team
Karim Rayani - CEO 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. Prior to 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.
Geoff Balderson - CFO
Geoff Balderson has more than 20 years of capital markets experience, having worked in public and private practice. Balderson is a senior officer and director of several TSXV-listed companies. He currently runs a private consulting practice, Harmony Corporate Services, providing corporate advisory, accounting, filing and secretarial services to many publicly traded companies. Before this, he was an investment advisor at Union Securities and Georgia Pacific Securities. Balderson is a University of British Columbia graduate in marketing and sales management.
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.
Marvel Provides Exploration Update At Its Hope Brook Project Contiguous To Benton-Sokoman JV, NFLD.
In the past year, Benton-Sokoman made headlines announcing the first High Grade Discovery of Lithium bearing pegmatites at their Golden Hope project. It is important to note this discovery is less than 1 km away from the combined ground held by Marvel and Falcon and appears to be the same structural corridor covered by the Alliance land tenure. The 35 grab and chip samples noted in the Benton-Sokoman NR (September 16th, 2021) were collected over a 2 km distance. Their sampling program confirmed the presence of lithium pegmatites, and the first significant occurrence of Lithium documented in the province of Newfoundland and Labrador, Canada.
Marvel and Falcon recently formed a strategic partnership (November 17, 2021) that combines both the Hope Brook and Baie Verte Brompton District properties covering a combined 115,170 hectares to be explored on a 50-50 Joint Venture basis. The Hope Brook Property is hosted within the Exploits subzone of the central Newfoundland gold belt. The property covers extensions of, or are proximal to, two major structures linked to several significant gold prospects (Cape Ray; Matador Mining) and deposits (Hope Brook; First Mining) in southern Newfoundland. Rock lithologies and structures on the property are also related to those associated with Marathon Gold's Valentine gold deposits, Sokoman's Moosehead gold project and New Found Gold's Queensway gold project. The combined land position straddles both the eastern and western extents of recent land acquisitions by the Benton-Sokoman's JV partnership, with the JV now controlling areas of considerable structural complexity marked by large-scale fold and fault structures, which provide important structural controls (traps) for gold mineralization within this area.
Within this immediate area, the most significant deposit is the Hope Brook Gold Mine, which was in production from 1987 to 1997, producing 752,163 ounces of gold. The Hope Brook deposit is now owned by Coastal Gold Corp., which has outlined an additional 6.33 million tonnes at an average grade of 4.68 grams per tonne gold for 954,000 ounces of gold in the indicated and inferred categories.
Qualified Person
The technical content of this news release has been reviewed and approved by Greg Robinson, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
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
"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 Discovery Corp.
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Marvel Provides Updates on Field Crew Activities on the Duhamel Ni-Cu-Co-PGE Property, Lac St. Jean, QC
Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ("Marvel" or the "Company")is pleased to report on findings from our most recent field campaign on the Duhamel Ni-Cu-Co-PGE and Ti-V-Cr property which is located 350 kilometres (km) north of Quebec City, QC (Figure 1
Figure 1. Regional location of the Duhamel Property
Following the recently completed interpretation of airborne magnetic and TDEM surveys which identified several high priority target areas, Marvel sent a prospecting field crew for ground follow-up. The field crew located a new showing within the Houliere Block coincident with a newly identified airborne EM anomaly. The field crew then utilized a Beep Mat to pinpoint the exact location of the near surface zone and utilized a portable XRF instrument to immediately determine the potential prospectivity of this new showing. The showing is characterized by weathered, ultramafic rocks which the prospectors have named the Rottenstone Showing. XRF analysis of select samples have shown highly anomalous copper, nickel and cobalt, typical components of a magmatic Ni-Cu sulphide system. Samples have been sent to the laboratory for a priority analysis.
Next steps include stripping and cleaning the mineralized zone followed by channel sampling to determine dimensions. In addition, prospecting will continue on the eastern Duhamel section of the property.
Mr. Karim Rayani, President and CEO commented, "We are absolutely thrilled with the results from our inaugural field prospecting program at Duhamel, and to find a new showing within the first week bodes very well for the remainder of our field campaign. While highly anomalous XRF readings from our new showing will need to be confirmed by laboratory analysis - if the stripping indicates that the new showing is more extensive than what is presently exposed, we will be immediately applying for drill permits while expanding our field prospecting program".
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. 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 largestanorthosite 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 2).
Qualified Person
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/
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 Discovery Corp.
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Marvel's Power One - Receives First Set of Comments Back From TSX.V for Listing of Power One
Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to update shareholders on Marvel's equity holding Power One Resources Corp., on its listing application. Power One was wholly owned subsidiary of Marvel Discovery and received its final approvals on the plan of arrangement (Spin-Out) dated April 23, 2021
As part of the transaction, Marvel Shareholders received 16 million common shares, with Marvel receiving 5 million common shares for transferring ownership of the Serpent River Pecors project (Elliot Lake Ont.), and the Wicheeda project (Prince George, B.C.), to Power One.
Chief Executive Officer Karim Rayani Comments; "We are thrilled to finally move forward on Power One, we believe these projects have tremendous potential. We are in the right place at the right time - the resurgence of Uranium as a clean energy and the growing demand and interest in green and critical elements for a cleaner future is not going away. We have oversubscribed our offering and look forward to reporting back on a final approval date".
Marvel has made great progress to date, and we are now finalizing the response back to TSX.V for listing of Power One's shares. We believe this to be highly advantageous situation for Marvel and its shareholder as this further protects our share capitalization without the expenditures needed to advance these projects. We still hold a sizeable equity stake in Power One and will remain as operator.
On January 1st, 2022, Power One arranged a non-brokered private placement to raise gross proceeds of up to $800,000. Power One closed that offering February 1st, 2022 and has since increased it taking in $ 1.1 million in subscriptions. Please see www.sedar.com for more information.
The Serpent River Pecors project (the "Project") is located 15 kilometres east of Elliot Lake, Ontario. Limited drilling by Rio Algom in 1974 at the Pecors East showing (MDI41J08NW00060) on the Project has reported a non-National Instrument 43-101 compliant historic resource of 20 million tonnes (Mt) averaging 0.037% uranium. Immediately west of the Serpent River Pecors Project is Pele Mountain's Eco Ridge uranium/rare earth element project. In July 2011, Pele Mountain announced the positive results of a preliminary economic assessment study outlining 34.6 Mt at grades of 0.040% U3O8 and 1,455 parts per million TREO (total rare earth oxides)1.
Contact-style nickel-copper-plus-or-minus-platinum-group-element mineralization on the Project is supported by drilling in 2015 by Marvel Discovery. Hole P15-23 intersected 0.33 gram per tonne palladium plus platinum plus gold (g/t Pt-Pd-Au), 0.11% Cu and 0.04% Ni over 12 metres (m). This style of mineralization was intersected in gabbroic rocks within the Pecors anomaly. The Pecors anomaly is a strong regional magnetic high that extends for 18 kilometres (km) southeast-northwest and up to 4 km wide. The anomaly is located 15 km west of the East Bull intrusive suite, where recent drilling by Grid Metals Corp. (CNX:GRDM) intersected 14.0 m of 1.2 g/t palladium equivalent (Pd_Eq) in hole EBL21-10 including a 1.0 m interval of 7.0 g/t Pd_Eq (see press release dated June 17, 2021). Canadian Palladium (CNX:BULL) Canadian Palladium's recent drilling results (see press release dated Sept. 22, 2021) reported a 19 m intersection grading 1.77 g/t Pd_Eq from its East Bull property. This result appears to be an extension to its NI 43-101 compliant inferred resource estimate of 11.1 million tonnes grading 1.46 g/t Pd_Eq2.
The Wicheeda property is located approximately 80 km northeast of the city of Prince George and approximately 50 km east of the community of Bear Lake, B.C. The property is readily accessible by all-weather gravel roads and is close to major infrastructure, including power transmission lines, railway, and major highways. Geologically, the project is situated in the Foreland belt and within the Rocky Mountain trench, a major continental geologic feature. The Foreland belt contains part of a large alkaline igneous province stretching from the Canadian Cordillera to the southwestern United States and hosts several carbonatite and alkaline complexes. These include the Aley (niobium), Rock Canyon rare earth element minerals (REE), and Wicheeda (REE) alkaline complexes which contain the high concentrations of REE's.
In 2010, an airborne geophysical survey was conducted by Aeroquest and soil geochemical sampling by Electric Metals on behalf of Montoro was completed over a portion of the Wicheeda claims. The airborne geophysical program consisted of 654-line km of AeroTEM helicopter-borne, time-domain electromagnetic, plus radiometric surveying flown at high-resolution 50-metre line spacing. The survey covered a 29.4-square-kilometre area and was successful in mapping the magnetic and conductive properties of the geology. Within the assessment report from 2010 (No. 32361), comments from key observations and notes from Intrepid Geophysics include: "The electromagnetic data suggests that there may be an unmapped fault in the centre of the block. The magnetic data shows a subtle feature in the centre of the block, slightly offset from the interpreted fault. It is recommended that the airborne survey be followed up by a geochemical survey and property-scale mapping."
Qualified Person
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.
References
- Technical Report on the Eco Ridge Mine Project, Elliot Lake, Ontario, Canada for Pele Mountain Resources by Roscoe Postle Associates Ltd., effective date June 20, 2012.
- Technical Report and Initial Mineral Resource Estimate on the East Bull Platinum Group Metals Property, Gerow Township, Sudbury Mining Division, Ontario for 21C Metals Inc by PGE Mining Consultants Inc., effective date April 15, 2019.
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.
SOURCE: Marvel Discovery Corp.
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Marvel Mobilizes Crews to Duhamel, Nickel-Copper-Cobalt Property, Lac St. Jean, QC
Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to report that a field crew has been mobilized to the Duhamel Ni-Cu-Co and Ti-V-Cr property (the ‘Property') located 350 kilometres (km) north of Quebec City, QC (Figure 1). 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 (see press release dated February 15, 2022
Figure 1. Regional location of the Duhamel Property
Late-off time TDEM response anomalies have outlined 7 linear target trends (A through G) that strike northwest-southeast for several kilometres.
Figure 2. Late-off time TDEM response anomalies on the Duhamel Ni-Cu-Co Property.
These Late-off time TDEM responses coincide well with the edges of magnetic highs, making them targets of high merit for massive sulphides (Figure 3).
Figure 3. Late-off time TDEM response anomalies over tilt angle derivative magnetics.
Compilation of historical drilling and mineralized showings reveal remarkable coincidence of these 7 trends with recorded Ni-Cu-Co bearing massive to semi-massive sulphides (Figure 4).
Figure 4. TDEM-magnetic trends coincident with recorded Ni-Cu-Co mineralization and Fe-Ti (V, Cr) mineralization. True widths of mineralization is not yet known.
Crews have been mobilized to the property to confirm historic drill holes that contain highly anomalous Ni-Cu-Co intersections, confirm the nature and significance of Ni-Cu-Co showings, survey those areas of high merit with a Beep Mat and prospect the newly interpreted TDEM trends for new Ni-Cu-Co mineralization. If the historical drill holes can be located, low frequency downhole surveys will be performed to assist with future targeting efforts.
Commentary
"Exploration crews are now mobilized at the Duhamel Ni-Cu-Co Property, we are extremely pleased with the results of the heliborne survey in generating targets. The Duhamel Property is a fertile host for Ni-Cu-Co massive sulphides and iron Ti-V-Cr mineralization demonstrated by historical exploration. We remain confident that our field crews will not only confirm historical showings, but also find new Ni-Cu-Co-occurrences along these trends. We are very keen to determine if the historic drill collars can be located, and if it is possible to conduct low frequency BHEM downhole surveys on these holes. It is common that the higher conductivity representing Ni-Cu bearing massive sulphides are missed by previous operators and these lenses of mineralization are located just off-hole. The results of the field work will enable us to define and select our best targets for diamond drilling." stated Karim Rayani - President & Chief Executive Officer, Director.
The Duhamel Property
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 largestanorthosite 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 5).
Figure 5. Ni‐Cu‐Co and Fe‐Ti‐P‐V mineral occurrences on the Chute-des-Passes and Pipmuacan Areas (modified from Hébert et Cadieux, 2002)
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. 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.
Qualified Person
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/
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 Discovery Corp.
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Marvel Applies for Permit for Its Diamond Drill Program, KLR-Walker Uranium Project-Athabasca Basin
Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to announce that it has applied for the necessary permits to complete an inaugural diamond drilling program at the DD Zone within the KLR-Walker Uranium Project ("the Property") in the Athabasca Basin. The drill program will consist of 10 holes totaling 1,000m, the Company will report back on an estimated start date once all necessary permits are received
A list of drill holes is tabled below:
Table 1. Planned drill hole statistics for the KLR-Walker Uranium Project.
The objectives of the drill program will be to drill across structures at the DD Zone that have been featured by the recently completed airborne magnetic survey while utilizing previous backpack drill results to aid in vectoring drill hole targets. Structure hosting the DD Zone will investigated south towards the Highway Zone also (Figure 1).
Figure 1. Planned drill locations at the DD Zone over total magnetic intensity coincident with VTEM conductors and highlighted historical results on the KLR-Walker Uranium Project.
The DD Zone remains an area of high merit based on:
- Drilling during the 1970's intersected U values of 0.125%
- Backpack drilling by EFU in 2015 discovered the Highway Zone, intersecting 1.96% U over 29cm Other highlights include 1.57% U over 4 cm 0.279% U over 44cm, 0.20% U over 60cm, 0.175% U over 41cm, and 0.124% U over 24cm. The Highway Zone Discovery appears structurally related and an extension of the DD Zone.
- A distinct correlation with high U values and strong magnetic gradients.
- The Property is located within the Wollaston-Mudjactic Transition Zone ("WMTZ") of the eastern Athabasca Basin. The WMTZ hosts the highest-grade uranium mines in the world (Figure 2).
- The DD Zone further straddles the Key Lake Shear Zone, an important fault for structurally controlled Athabasca Basin type uranium deposits.
Commentary
"We have made great progress in a short period of time planning our inaugural drill campaign on the KLR-Walker Uranium Project. The DD Zone represents a target area of the high merit and potential for success. After careful study, compilation, and interpretation, we have planned 10 drill holes to test favorable structurally related uranium, a key ingredient to the large uranium deposits of the Athabasca Basin. We look forward to organizing drill crews once the necessary drill permits are received," stated Karim Rayani President & Chief Executive Officer, Director.
Figure 2. Location of the KLR-Walker Uranium Project in the WMTZ Zone host to the highest-grade uranium deposits in the world.
The DD Zone
The DD Zone is proximal and along strike to Fission 3.0 Hobo Lake uranium properties. Hosted within WMTZ, the DD Zone lies along the Key Lake Shear Zone and hosts 10 uranium showings and multiple unexplored EM targets (Figure 3).
Figure 3. Location of the DD Zone, neighbors, VTEM conductors, uranium occurrences along the Key Lake Shear Zone.
Like its neighbor to the west, the Arrow Deposit, owned by NexGen Energy lies along a similar structural corridor as the Marvel properties. The Arrow Deposit1, which has undergone a Positive Feasibility Study with robust economics contains Probable Reserves of 239.6 million lbs of U3O8 at an average of 2.37% U3O8 and Measured and Indicated Resources of 256.7 million lbs at an average grade of 3.1% U3O8. The Arrow Deposit is the largest undeveloped uranium deposit in Canada.
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
References
Arrow Deposit1 https://www.nexgenenergy.ca/rook-1-project/default.aspx#feasibility-study
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
- Newfoundland (Slip, Gander North, Gander South, Victoria Lake, Baie Verte, and Hope Brook - Au Prospects)
- Atikokan, Ontario (BlackFly - Au Prospect)
- Elliot Lake, Ontario (East Bull - Ni-Cu-PGE Prospect)
- Quebec (Duhamel -Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)
- Prince George, British Columbia (Wicheeda North - Rare Earth Elements Prospect)
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: k@r7.capital
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law
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.
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Barrick makes initial payment of $3 million to Balochistan
All amounts expressed in US Dollars
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has paid the first US$3 million (approximately 750 million Pakistani rupees) to the Balochistan provincial government as part of the new Reko Diq partnership. After the signing of definitive agreements and completion of legal process last month, Barrick and the Government of Balochistan recently agreed upon the timetable for the disbursement of committed funds to the province.
Reko Diq Pakistan Country Manager Ali E. Rind handed over the cheque for $3 million to Secretary, Mines and Minerals Development Department, Mr. Saidal Khan Luni.
The new Reko Diq agreement ensures that benefits from the project start accruing to the people of Balochistan well before the mine goes into production through advance royalties and social development funds.
During peak construction the project is expected to employ approximately 7,500 people and once in production it will create around 4,000 long-term jobs. Barrick's policy of prioritizing local employment and suppliers will have a positive impact on the local economy. Barrick is working to set up community development committees to identify priority projects focused on food security, environmental management and access to education, healthcare and potable water.
The company plans to finish the Reko Diq feasibility study update by the end of 2024, with 2028 targeted for first production.
Subject to the updated feasibility study, Reko Diq is envisaged as a conventional open pit and milling operation, producing a high-quality copper-gold concentrate. It will be constructed in two phases, starting with a plant that will be able to process approximately 40 million tonnes of ore per annum which could be doubled in five years following first production from phase one. With its unique combination of large scale, low strip and good grade, Reko Diq will be a multi-generational mine with a life of at least 40 years.
Enquiries:
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "target", "plans", "will", "would", "expect", "ensure", "provide", "is working", "future", "commitment" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the planned updating of the historical Reko Diq feasibility study; the future construction, development and operation of the Reko Diq project, including the anticipated timeline for construction and first production; the contemplated life of mine of the Reko Diq project; the anticipated sharing of the benefits from the Reko Diq project with Barrick's host governments and communities including social development and public health programs, future community development committees and priority projects focused on food security, environmental management and access to education, healthcare and potable water; and expectations regarding financial performance and other outlook or guidance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by Barrick as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; risks associated with projects in the early stages of evaluation and development and for which additional technical, engineering and other analysis is required; disruption of supply routes which may cause delays in development, construction and mining activities; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; the failure to obtain key licenses by governmental authorities; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in the Islamic Republic of Pakistan or the Province of Balochistan; timing of receipt of, or failure to comply with, necessary permits and approvals; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; damage to Barrick's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Barrick's handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with Barrick's expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, Barrick; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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