Marvel Receives Assays at Victoria Lake, Identifies Gold Anomaly

Marvel Receives Assays at Victoria Lake, Identifies Gold Anomaly

Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(OTCQB:MARVF) ("Marvel" or the "Company") is pleased to announce that assay results have been received from reconnaissance till and soil sampling at its Victoria Lake Property located approximately 90 kilometers south of Deer Lake in western Newfoundland. Samples from the program have identified multiple anomalies, including gold, barium, copper, zinc, and tin

Surveys were conducted over two geological targets within the western part of the Victoria Lake Property, with sample stations identified on the basis of historic till sampling results, lithologic information, and a structural analysis completed by Marvel in 2022 that identified the potential for structures associated with the Cape Ray Fault within both survey areas. The Cape Ray Fault is well recognized as being highly fertile for structural gold mineralization, and is host to well-known gold occurrences including the Cape Ray Deposit, the Valentine Gold Deposit, and the Wilding Lake Prospect. Sample station locations are presented in Figure 1.

Soil Geochemistry Highlights include:

  • Highest gold-in-soil analysis returned 87 ppb
  • 21.7% of soil samples reported anomalous gold-in-soil
  • 16.7% of samples reported anomalous copper
  • 5.0% of samples reported anomalous zinc
  • A barium anomaly identified proximal to gold-in-soil showing returned out of limit >10,000 ppm. (Sample resubmitted for further analysis.)
  • Anomalous tin-in-soil (74 ppb) identified at one station associated with anomalous zinc

In May 2023, a total of 60 till and soil samples were collected from predetermined stations over two target areas at the Victoria Lake Property, with 250-meter sample intervals over the north target location, and at 500-meter sample intervals over south target location. Samples were collected from within the B-horizon, though in some locations ground conditions remained frozen, which prevented ideal sample collection. The survey was paused because of this reason and will be completed during Marvel's summer exploration program of this area. The highest regional gold-in-till sample in the Newfoundland Geoscience Atlas reports 785ppb Au, and the north survey grid was designed to follow up on this historic high-grade anomaly. Results from the Spring 2023 survey have identified an extensive zone of elevated gold within the vicinity of the historic gold-in-till anomaly, and have further identified a second area of anomalous gold in the south survey area. The sampling program also identified anomalous levels of copper and zinc. Marvel interprets the anomalous base metals (including copper, zinc and tin) to most likely be associated with the Long Lake Volcanic Belt which underlies the property, a geologic belt that is well regarded for its VMS potential. The Long Lake VMS Deposit is located approximately 20 km northwest of the property within similar geology, and the deposit hosts a 43-101 compliant resource consisting of Indicated resources of 407,000 tonnes at 7.82% Zn, 1.58% Pb, 0.97% Cu, 49.0 g/t Ag and 0.57 g/t Au and Inferred resources of 78,000 tonnes at 5.77% Zn, 1.24% Pb, 0.70% Cu, 34.0 g/t Ag & 0.48 g/t Au (Messina Minerals Inc., April 16, 2012). The anomalous barium is interpreted by Marvel to either be associated with the property's gold or VMS potential. Barite has been previously reported in association with VMS Deposits in the Province of Newfoundland (https://www.gov.nl.ca/iet/files/mines-investments-barite.pdf), though at this early stage the presence of anomalous barium remains to be explained.

Marvel Discovery Corp., Monday, August 14, 2023, Press release picture
Figure 1. Initial results from 2023 sampling stations at the Victoria Lake Property.

The exploration project being completed at the Victoria Lake Property is being executed as part of a two-phase project. The second phase of the program includes the completion of reconnaissance to explore the critical element potential in association with granite and pegmatites in the southern portion of the property. Preliminary reconnaissance prospecting and till sampling over the prospective areas in the southern portion of the Victoria Lake Property are planned for this second phase of exploration. Marvel has applied for financial assistance for the Victoria Lake project through Newfoundland's Junior Exploration Assistance (JEA) Program.

Marvel Discovery Corp., Monday, August 14, 2023, Press release picture
Figure 2. Location of Marvel's Victoria Lake Gold Project

"Our regional scale reconnaissance soil sampling program highlighted several areas which we regard as high priority target areas, and these have now been defined for detailed prospecting and soil sampling efforts as we commence our summer and fall exploration programs. To have discovered such a broad area of gold and base metal style mineralization in our inaugural exploration campaign holds tremendous promise for future success on this property and field crews will be dispatched promptly to perform follow-up investigations." Stated, Karim Rayani, Chief Executive Officer, "The current market environment has seen companies trade near 52-week lows Marvel is no different however the Company believes the current macro environment is setting up for a strong return to commodity prices."

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.

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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