Marvel Discovery Corp. (MARV: TSX.V), (O4T: GR), (MARVF: OTCQB); and Falcon Gold Corp. (FG: TSX.V), (3FA: GR), FGLDF: (OTCQB) together (the Alliance), hold 1,185 totaling 29,525 hectares located along the Baie Verte Brompton Line ("BVBL") in Central Newfoundland. Marvel and Falcon agreed to option their interests in the Property to Carmanah Minerals Corp., previously announced on July 8th 2023. Carmanah recently announced the acquisition of the Hare Hill Pluton Rare Earth Project covering 162 claims totaling 4,050 hectares in Western Newfoundland. The Property is directly contiguous to the recent "Bottom Brook Acquisition" by York Harbour Metals Inc., announced on December 21, 2022.
The transaction is considered a non-arm's length transaction as a result of the companies having directors and officers in common and is subject to TSX-V approval. As per TSX-V Policy, an NI 43-101 resource report and site visit has been completed pending final approval.
This transaction is beneficial for Marvel/Falcon. Having a large equity stake in Carmanah positions both companies favorably as exploration at the BVBL moves forward. Meanwhile, the option agreement enables Carmanah to develop a significant land position in the camp next to York Harbour's Bottom Brook Property. The Hare Hill granitic system is prospective for rare-earth mineralization, as recently reported by York Harbour Metals, whose grab rock samples returned total rare earth oxide grades (TREO) between 3.45% and 21.63% TREO. Previously, Kirrin Resources Inc. reported drilling results that included 4.47% TREO over 5.64m core lengths and 1.16% TREO over 15.3m core lengths on the Bottom Brook project in February 2011.
Carmanah will make cash payments totaling $155,000 over a 4-year period and issue 5 million common shares, and 5 million share purchase warrants exercisable at 10 cents per share for a period of 3 years from the date of issue. The distribution will be a 60/40 split in favor of Marvel, with 3,000,000 shares and $93,000 issued to Marvel, and 2,000,000 shares and $62,000 issued to Falcon.
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)
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.
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.
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
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 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
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.
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)
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
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
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."
Figure 1: Regional location of the Duhamel Property
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.
Figure 2: EM Anomaly Map of Houlier and Duhamel BlocksTable 1: Resume of the five (5) drill holes
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.
Figure 3: Massive sulfide band intersected in hole DH24-01 (69.8m - 70.1m)
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.
Figure 4: Massive sulfide band and cluster Intersected in Hole DH24-02 (43.1m - 43.7m)
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).
Figure 5: Massive chalcopyrite-pyrrhotite vein intersected infilled in brecciated pyroxenite in Hole DH24-04 (76.8m - 77.1m).
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.
Figure 6: Semi-massive and massive sulfide zone intersected in Hole DU24-05 (60.6 - 61.9m.)Figure 7: Semi-massive and massive sulfide zone intersected in Hole DH24-05 (145.9 - 146.7m).Figure 8: Massive sulfide zone intersected in Hole DH24-05 (124.6 -125.6m).
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 ).
Figure 9. Cu-Ni-Co and Fe-V-Ti-Cr mineral occurrences in Houliere-Duhamel property (Modified from SIGEOM, 2023)
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.
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
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 .
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.
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.
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.
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.
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, 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.)
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 .
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
Figure 1: Regional location of the Duhamel Property
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.
Figure 2: EM Anomaly Map of Houlier and Duhamel Blocks
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.
Figure 3: Massive Sulphide Band Intersected in Hole DH24-01 (69.8m - 70.1m)
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).
Figure 2. Cu-Ni-Co and Fe-V-Ti-Cr mineral occurrences in Houliere-Duhamel property (Modified from SIGEOM, 2023)
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.
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)
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.
The gold price has hit record levels in 2024, leaving investors wondering just how high it can go.
During a recent webinar presented by the Mining Network, host Simon Catt, asset management director at Arlington Group, was joined by a group of industry veterans who gave their thoughts on where gold and silver may be going.
The group was comprised of Eric Sprott, founder of Sprott Securities and Sprott Asset Management; Franco-Nevada (TSX:FNV,NYSE:FNV) founder and Chair Emeritus Pierre Lassonde; Ned Naylor-Leyland, gold and silver fund manager at Jupiter Asset Management; Luke Gromen, founder of macroeconomic research firm Forest for the Trees; and Michael Oliver, founder and CEO of technical research firm Momentum Structural Analysis.
Read on for an overview about what they said about the future of the yellow and white metals.
Historic precedent for gold price gains
2023 saw the gold price trading between support and resistance as investors kept to the sidelines and favored the high yields and safety of the bond market and interest-bearing assets.
This year, markets are on edge due a slew of factors, including a volatile macroeconomic situation, spiking sovereign debt, grinding conflicts in Eastern Europe and the Middle East and an upcoming election in the US that is all but guaranteed to create deeper divisions within the world’s largest economy.
Oliver sees a situation starting to play out that is reminiscent of the gold bull markets that ran from 1979 to 1980 and 2010 to 2011. “I think we have the most interesting set of dynamics for this year that we’ve ever seen in markets compressed into a short-term period of time,” he said during the panel.
Like today, these were periods of high volatility. The end of the 1970s brought staggering growth in inflation, and central banks responded with skyrocketing interest rates; meanwhile, 2010 saw interest rates fall to near 0 percent on the back of a recession caused by an imploding housing market in the US.
In both cases, investors looked to hedge their portfolios with gold and drove the price to new highs.
What came after? Oliver said that both gold and silver prices saw huge gains. “During those times not only did gold and silver go vertical, but silver outpaced gold by double and triple," he noted.
He believes a similar situation is setting up in 2024 with instability in the financial system, geopolitical uncertainty and a reverberating sense of nervousness in the markets.
Lassonde also looked back to the 1970s, recalling an inflationary environment that bears similarities to today. He pointed to increasing US debt, with a US$2 trillion per year deficit and policies that are injecting more cash into the market.
“They’re printing money, and when you’re printing money, you’re going to create inflation and it’s going to be very, very sticky,” he told listeners during the online event.
De-dollarization boosting global gold demand
Gromen intimated that America's high debt load is reducing confidence in the US dollar as a global reserve currency and causing a reduction in foreign holdings. Instead, central banks are moving to gold as a means to diversify.
He pointed to China, which has been making bulk purchases of gold as a matter of national security as it attempts to limit its use of the US dollar and deals with a global distrust of the yuan for trading commodities like oil.
“Yuan oil demand is turning gold back into an oil currency, and on an annual dollar production basis the oil market is 12 to 15 times the size of the physical gold market,” Gromen said.
This sentiment was echoed by Lassonde when he spoke about the future of the greenback, noting that gold isn’t needed when the dollar performs its function as a reserve currency.
“But when it doesn’t, that’s when gold usually shines,” he said.
Lassonde also suggested that actions from the US have effectively weaponized the dollar.
Against that backdrop, some countries, like those in the BRICS bloc, have become frustrated with the US and are pursuing their own system. Lassonde sees this manifesting in strong central bank buying of gold, noting that more than 1,200 metric tons were accumulated in 2023, representing over a third of the 3,400 metric tons produced.
He also pointed to another entity in the over-the-counter market that has been driving the gold price, but said he doesn’t think it’s central banks. Simply calling it a "whale," Lassonde said he's seen moves in the market where calls have been bought at higher prices. “Is it Chinese interests that are doing this? I don’t know. Nobody knows. I’ve asked around, nobody knows, but it is a very interesting time in the gold space right now,” he said.
Is silver due to follow gold higher?
While there has been a lot of media attention surrounding gold as price records continue to be set, silver too has benefited, and may be poised for an even greater surge. As a monetary metal, silver is influenced by the same macroeconomic and geopolitical variables as gold, but it has an additional industrial component that is spiking demand.
While Gromen still sees silver as a monetary metal for the masses, he doesn’t see it being useful to central banks that are looking to deleverage their debt. He said if that happened it would drive the price of the white metal in ways that would ultimately collapse the economy, likening it to oil and copper.
“If you take oil up from US$80 a barrel to US$400, the global bond market is going to collapse, and the bottom half of the global population is going to starve. If you did so with corn, if you did so with wheat, if you did so with copper — same sort of dynamic. Those are very useful commodities,” Gromen said.
While bullish on silver, Sprott believes the market is manipulated and the price is suppressed.
“I look at what happened on the last day of March, and the price of silver looked like it wanted to go when it was being suppressed … I’m assuming that the guys who are short the 800 million ounces of silver on the COMEX didn’t want the price to explode for quarter end, which of course is very important to banking institutions. Needless to say, from that day on silver has basically gone straight up,” Sprott said. Silver surged above US$30 per ounce on May 17.
Sprott said that according to the Silver Institute, demand for silver is outstripping supply by 200 million ounces. A considerable portion of that demand is silver destined for India, which purchased 76 million ounces in February, representing nearly all the production of silver for the month, and another 32 million ounces in March.
In addition to Indian demand, Sprott spoke about how there is a push in China to invest in silver. “China has come out in advertisements on TV suggesting their citizens should buy silver rather than gold. Now, that is a rather dramatic thing when you’re thinking that 1.4 billion people over there are all buying silver when there is already a shortage,” he said.
Naylor-Leyland also touched on the theme of silver market tightness during the webinar, saying the market imbalance is favoring a rise in price based solely on industrial demand for the white metal.
He also suggested that a positive shift in investment could send the silver price soaring. “I think that the market at some point will have to understand that the silver is going to come from somewhere, and then I see that as the best, most obvious way that investors can benefit from a big rewriting of the mining equity space,” he said.
How high can gold and silver prices go?
Overall, the panelists see variables aligning to support a surge in prices for monetary metals.
Lassonde believes one possible outcome is the ratio between gold and the Dow Jones Industrial Average (INDEXDJX:.DJI) becoming 1:1. Citing historical events to support this claim, he noted that it’s happened twice over the past 120 years.
The first instance was after the Great Depression, when the Dow lost 90 percent of its value between 1929 and 1934, going from 380 points to 36, matching the price of gold at the time.
The second was from 1979 to 1980. Lassonde explained that after it peaked at over 1,000 points in 1966, the Dow retreated to around 600 points by the mid-1970s. This came alongside the end of the gold standard in 1971, and the price of gold moved higher. By 1980, the Dow had recovered to 819 points and gold had soared to US$800 per ounce.
“Do I believe it’s going to go back to 1:1? Maybe, but maybe at that point the Dow is not 37,000, it may be half of that. Okay, so if you say it goes back to 2:1 and the Dow stays where it is, that’s still close to US$19,000 gold. And if the Dow goes back down to 20,000 and it goes to 1:1, you’re still looking at US$20,000 gold,” he commented.
Lassonde noted that the gap between the last two times for gold to reach parity with the Dow was 46 years, which he thinks would be a reasonable timeframe again — it could then occur in 2026 or 2027. On a more immediate timeline, he said the gold price could easily reach US$3,200 within the next 12 months.
He's also predicting that the gold-silver ratio will go to 70:1, taking silver to US$40 over the next 18 months.
Though Lassonde’s predictions may seem high, he wasn’t alone on the panel. Pointing to previous shifts from bear to bull markets, Oliver suggested a seven to eightfold price movement isn't out of line, which would lead to US$8,000 gold. He also suggested that silver could potentially rise to above US$200 in those circumstances.
Gromen anticipates similar gains, calling for a near-term gold price of US$3,000. He thinks it will move quickly and will rise more significantly in the longer term, basing his call on the gold price as a percent of US foreign-held treasuries.
From 1970 to 1989, the percentage was never less than 20 and averaged 40 percent; however, when the global economy was concerned about the US dollar in the late 1970s, it grew to 135 percent. Following the collapse of the Soviet Union, it declined to 5 percent and today it’s at 7 percent. Gromen said the low ratio, along with the debt crisis, suggests a three time price move to get to the historical low of 20 percent and six times to 40 percent.
“US$7,500 on the low end, and in a real dollar crisis you could go 100 percent, right? So you’d have to go up 10 times, 15 times," he explained, adding that his base case is US$7,000 to US$10,000 at the end of the cycle.
For his part, Naylor-Leyland opted not to provide a price prediction for gold, instead suggesting it is more about what happens with the US dollar and treasuries, and that gold is more useful when it comes to measuring the strength of local currencies. However, he did note that he could see pullbacks in the next 12 months.
When it comes to silver, Naylor-Leyland said he sees a narrowing gap in the gold-silver ratio. He predicts it will drop below 70:1, allowing the silver price to climb above the US$30 level.
Investor takeaway
While gold price predictions of US$7,500, US$10,000 or even US$20,000 might seem like wild theories, it's important to recognize that they are coming from respected industry veterans.
When asked for his opinion, Sprott said he could see them all playing out. However, he emphasized that investors can make money without gold making the incredible gains suggested by Lassonde, Oliver and Gromen.
“For people to profit immensely from where we are, I mean if it just went to US$3,000 I’m sure the gold stocks would probably go up 100 percent. So that’s probably more what I’d like to leave on the table — that you don’t need to go to any of those levels to be a very successful investor in the precious metals area,” he said.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Trojan Gold Inc. (CSE: TGII) (the "Company" or "Trojan") is pleased to announce a private placement financing consisting of the sale of up to 10,000,000 units (the "Units") and 5,000,000 flow-through units (the "FT Units") in the capital of the Company at a price of CDN$0.05 per Unit and CDN$0.10 per FT Unit for aggregate gross proceeds of a minimum of CDN$350,000 and a maximum of CDN$1,000,000 (the "Offering").
Each Unit will consist of one common share (a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Unit Warrant"). Each Unit Warrant will entitle the holder thereof to purchase one Common Share in the capital of the Company for a price of CDN$0.08 for a period of 24 months from the date of the closing, subject to acceleration of the expiry date upon the occurrence of certain events.
Each FT Unit will consist of one Common Share that will qualify as a "flow-through share" for the purposes of the Income Tax Act (Canada) and one-half of one common share purchase warrant (each whole common share purchase warrant, a "FTWarrant"). Each FT Warrant will the holder thereof to purchase one Common Share in the capital of the Company for a price of CDN$0.12 for a period of 24 months from the date of the closing.
The Unit Warrants and FT Warrants are subject to acceleration of the 24 month expiry date in the event that the Common Shares have a closing price on the Canadian Securities Exchange of $0.20 or greater for a period of five consecutive trading days at any time after the closing of the Offering and upon the Company giving 30 days' notice of acceleration.
The Units and FT Units will be offered for sale to purchasers resident in Canada (except Quebec) and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions (the "Listed Issuer Financing Exemption"). The securities issued pursuant to the Offering will not be subject to any statutory hold period in accordance with applicable Canadian securities laws.
There is an offering document related to the Listed Issuer Financing Exemption that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at https://www.trojangold.com. Prospective investors should read this offering document before subscribing for any securities issued in connection with the Offering.
The proceeds from the FT Units sold pursuant to the Offering will be used by the Company to fulfill the cost requirements relating to the proposed exploration program of the Helmo South Property, as well as to conduct exploration at the Paulpic/Adair-Wascanna Properties and the Watershed Property. The proceeds from the Units sold pursuant to the Offering will be used for general working capital and may also be used to fund further exploration.
Trojan is an active Ontario-based prospect generator junior exploration company, led by a team of professionals having exploration, engineering, project financing and permitting experience. Trojan has accumulated land positions in the Hemlo Gold Camp and Shebandowan Greenstone Belt which in management's view represent mineral exploration potential. For further information on the Company, please visit www.trojangold.com. Trojan is listed on the Canadian Securities Exchange under the symbol (CSE: TGII), on the OTC Pink Market under the ticker symbol TRJGF and on the Frankfurt Exchange under the symbol KC1.
For further information, please contact: Charles J. Elbourne, President & CEO Trojan Gold Inc. 82 Richmond St. East, Suite 401 Toronto, Ontario M5C 1P1 Telephone: 416-315-6490 Email: elbourne007@gmail.com Website: www.trojangold.com
Further Information
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. Forward-looking information contained in this press release includes, but is not limited to, statements relating to the terms and timing of the private placement described in this press release and the anticipated uses of the proceeds raised from such private placement.
Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that: the Company will receive all necessary approvals required in order to complete the issuance of the securities pursuant to the private placement described in in this press release; that there will be sufficient interest from potential investors in order to complete the private placement on the terms as described herein or at all; and that the Company will have the necessary resources to be able to use the funds raised in the private placement for exploration expenses as anticipated.
However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to: the potential that the Company will not be able to proceed with the issuance of securities on the terms described in this press release or at all; the risk that the Company will not have the ability to conduct exploration activities on its current mineral properties as anticipated; and other risks (including but not limited to risks faced by issuers in the mining industry generally) as described in the Company's public disclosure record at www.sedarplus.ca.
Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. The Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.
Montage Gold Corp. ("Montage" or the "Company") (TSXV: MAU) (OTCQX: MAUTF) announces that it will hold its Annual General and Special Meeting (the "Meeting") on Friday, June 7, 2024 . The Notice of Meeting and Management Information Circular relating to the meeting has been mailed to shareholders and has been filed under the Company's profile at www.sedarplus.ca .
The proposed slate of director nominees will consist of six individuals: Ron Hochstein , Richard P. Clark , Anu Dhir, David Field , Alessandro Bitelli and Martino De Ciccio . If elected, Ron Hochstein will be proposed as the Chair of the Board replacing Peter Mitchell who is not standing for re-election. In addition, Sasha Bukacheva and Hugh Stuart will not be standing for re-election as directors. With the successful transition of the previously announced new management team complete, Hugh Stuart , Kevin Ross , and Adam Spencer will be stepping down from their executive positions over the coming weeks.
Ron Hochstein , proposed Chair of the Board commented: "I would like to thank Peter Mitchell for his contributions and leadership during his time as Chair of the Board. I would also like to thank Sasha and Hugh for their contributions to the board during their tenure as directors. I also extend my gratitude to Hugh, Kevin, and Adam for their assistance during this transition phase for the Company as well as their significant contributions to the success of Montage over the years."
Shareholders as of the record date of April 26, 2024 , will be eligible to vote at the Meeting. Shareholders are encouraged to vote by proxy, which must be received by Endeavor Trust by 10:00 a.m. , Vancouver Time on Wednesday, June 5, 2024 .
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Montage Gold Corp. (TSXV: MAU) is a Canadian-listed company focused on becoming a premier multi-asset African gold producer, with its flagship Koné project, located in Côte d'Ivoire, at the forefront. Based on the Feasibility Study published in 2024, the Koné project ranks as one of the highest quality gold projects in Africa with a long 16-year mine life, low AISC of $998 /oz over its life of mine, and sizeable annual production of +300koz of gold over the first 8 years. Over the course of 2024, the Montage management team will be leveraging their extensive track record in developing projects in Africa to progress the Koné project towards an investment decision, thereby unlocking significant value for all its stakeholders.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities legislation (collectively, "Forward-looking Statements"). All statements, other than statements of historical fact, constitute Forward-looking Statements. Words such as "will", "intends", "proposed" and "expects" or similar expressions are intended to identify Forward-looking Statements. Forward looking Statements in this press release include statements related to the use of proceeds from the Offering; the final acceptance of the TSX Venture Exchange; the Company's mineral reserve and mineral resource estimates; the timing and amount of future production from the Koné project; expectations with respect AISC of the Koné project; anticipated mine life of the Koné project; and expected recoveries and grades of the Koné project. Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. 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. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties inherent in the preparation of mineral reserve and resource estimates and definitive feasibility studies such as the Mineral Reserve Estimate and the UFS, including but not limited to, assumptions underlying the production estimates not being realized, incorrect cost assumptions, unexpected variations in quantity of mineralized material, grade or recovery rates, unexpected changes to geotechnical or hydrogeological considerations, unexpected failures of plant, equipment or processes, unexpected changes to availability of power or the power rates, failure to maintain permits and licenses, higher than expected interest or tax rates, adverse changes in project parameters, unanticipated delays and costs of consulting and accommodating rights of local communities, environmental risks inherent in the Côte d'Ivoire, title risks, including failure to renew concessions, unanticipated commodity price and exchange rate fluctuations, risks relating to COVID-19, delays in or failure to receive access agreements or amended permits, and other risk factors set forth in the Company's 2023 AIF under the heading "Risk Factors". The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Montage to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
NON-GAAP MEASURES
This press release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including cash costs and AISC (or "all-in sustaining costs") per payable ounce of gold sold and per tonne processed and mining, processing and operating costs reported on a unit basis. Non-GAAP measures do not have any standardized meaning prescribed under IFRS and, therefore, they may not be comparable to similar measures employed by other companies. The Company discloses "cash costs" and "all-in sustaining costs" and other unit costs because it understands that certain investors use this information to determine the Company's ability to generate earnings and cash flows for use in investing and other activities. The Company believes that conventional measures of performance prepared in accordance with IFRS, do not fully illustrate the ability of mines to generate cash flows. The measures, as determined under IFRS, are not necessarily indicative of operating profit or cash flows from operating activities. The measures cash costs and all-in sustaining costs and unit costs are considered to be key indicators of a project's ability to generate operating earnings and cash flows. Non-GAAP financial measures should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating profit or cash flows presented under IFRS. Readers should also refer to our management's discussion and analysis, available under our corporate profile at www.sedarplus.ca for a more detailed discussion of how we calculate such measures.
Impact Minerals Limited (ASX:IPT) (Company) is pleased to advise that it has received firm commitments from sophisticated investors for a strategic placement (Placement) to raise A$3,000,000 (before costs) via the issue of 150,000,000 fully paid ordinary shares (Placement Shares) in the capital of the Company (Shares) at an issue price of A$0.02 per Placement Share. For every three Placement Shares subscribed for, one free-attaching option will be issued with an exercise price of $0.027 per option and an expiry date that is 15 months after the date of issue (Placement Options).
Strategic A$3 million placement mostly supported by major shareholders to be issued under the Company's existing available placement capacity under ASX Listing Rule 7.1.
In addition, funds being received from exercise of listed options (IPTOB) into shares.
Anticipated Research and Development Rebate of $395,000 due shortly.
Major shareholders strongly supported the placement, an endorsement of the Company's future strategic plans.
Impact Minerals’ Managing Director Dr Mike Jones, said, “We are now very well-funded to complete the Pre-Feasibility Study on our unique Lake Hope High Purity Alumina Project located here in Western Australia by the end of this year. We have deliberately placed most of the shares to our major shareholders which is a strong endorsement of our plan to move forward as quickly as possible with Lake Hope and we thank them for their support.
We would also like to thank those new shareholders who have recently exercised our listed IPTOB 2 cent per share options I would like to encourage other holders of IPTOB to consider doing the same before the expiry date of June 2nd. As well as the Lake Hope project we will also be able to progress our Arkun battery and strategic metals project for which we recently received up to $180,000 in co-funding from the WA Governments Exploration Incentive Scheme for drilling of our exciting Caligula copper target”.
The proposed use of funds of the placement funds is as follows:
Notes: The above table is a statement of the Company’s intentions as at the date of this Announcement. As with any budget, the allocation of funds set out in the above table may change depending on a number of factors, including development of new opportunities, market factors and general business and economic conditions. As such, actual expenditure levels may differ significantly from the above estimates.
Evolution Capital and Barclay Pearce Capital acted as the Joint Lead Managers to the Placement (Broker) and will be issued a cumulative total of 15,000,000 options exercisable at A$0.027 each with an expiry date 15 months after the date of issue (Broker Options). The Broker Options will be split equally between the Joint Lead Managers.
In addition to the Broker Options, the Brokers will receive a Management fee of 2% of Proceeds from the Offer and a Selling Fee of 4% of Proceeds from the Offer excluding the Chairman’s List.
The Placement Shares, Placement Options and Broker Options will be issued under the Company’s existing available placement capacity under ASX Listing Rule 7.1. The issue price of the Placement Shares represents a 5.6% discount to the volume weighted average price for the 15 days immediately before 15 May 2024 being $0.0211.
All Placement Shares and Shares issued upon exercise of the Placement Options and Broker Options will rank equally with the Company’s existing Shares on issue.
Provided all the requirements under the ASX Listing Rules have been met, the Company intends to seek quotation of the Placement Options and Broker Options, and to issue the Placement Options and Broker Options under a prospectus.
This article includes content from Impact Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
John Feneck, partner and portfolio manager at Feneck Consulting, shared his thoughts on gold, silver, copper and uranium, outlining his outlook for these commodities and stocks he's currently watching.
Starting with gold, he said he thinks it's proven itself as a safe-haven asset, with more "smart money" now getting involved. At the same time, he sees gold-mining companies starting to put on positive performances.
"We're off to the races in gold producers in terms of doing well at the earnings level, and that gets the attention of big money ... (and) that's what's needed to generate more interest in the space," Feneck said.
In terms of silver, he's encouraged to see it getting close to the crucial US$30 per ounce level after last year's rangebound trading. Moving forward, it's possible US$25 to US$26 may become support instead of resistance.
Precious metals stocks on his radar at the moment include Newmont Mining (TSX:NGT,NYSE:NEM), Dakota Gold (NYSEAMERICAN:DC), Golden Cariboo Resources (CSE:GCC,OTC Pink:GCCFF), PTX Metals (CSE:PTX,OTCQB:PANXF), Guanajuato Silver Company (TSXV:GSVR,OTCQX:GSVRF) and Silver X Mining (TSXV:AGX,OTCQB:AGXPF).
Copper prices have also rising in 2024, and Feneck is looking at small- and mid-cap companies that haven't moved yet. Among those are NevGold (TSXV:NAU,OTCQX:NAUFF) and Vortex Metals (TSXV:VMS,OTCQB:VMSSF).
Moving over to uranium, Feneck remains bullish and is interested in juniors. He mentioned F3 Uranium (TSXV:FUU,OTCQB:FUUFF) and Standard Uranium (TSXV:STND,OTCQB:STTDF) as companies on his list.
Watch the interview above for more from Feneck on the resource sector and the companies he's eyeing.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
ALX Resources (TSXV:AL,FWB:6LLN,OTC:ALXEF) is dedicated to providing shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties, which include uranium, lithium, nickel–copper–cobalt and gold.
Using the latest technologies, ALX plans and executes well-designed exploration programs and holds over 240,000 hectares of prospective properties in Saskatchewan, Quebec and Ontario, Canada.
Having operations in stable Canadian jurisdictions strategically positions ALX Resources in key exploration areas with strong potential for economic base metals deposits, producing gold mines and the richest uranium deposits in the world. This includes the Firebird nickel (formerly Falcon Nickel) and Flying Vee nickel-copper-cobalt projects, and the Sceptre gold project, all located in Northern Saskatchewan.
ALX is planning a 2024 summer exploration program at its Hydra Lithium Project in the James Bay region of Quebec, a joint venture with Forrestania Resources Ltd., which includes a prospecting and geological mapping program to locate pegmatite bodies in the field as a follow-up to ALX's 2023 exploration activities.
ALX also holds interests in several uranium exploration properties in Northern Saskatchewan, including the Gibbons Creek uranium project comprising eight claims covering 13,864 hectares. The company has completed its 2024 winter drilling program that consisted of five holes totaling 905.4 meters. Four of the five holes have uranium mineralization at or near the unconformity, based upon hand-held scintillometer readings on the drill core, downhole gamma probe results, and visual observation of uranium minerals. Analytical results are pending.
“Walking Mag” survey technique at the Gibbons Creek Uranium Project in 2023
ALX has a 20 percent interest in the Hook-Carter Uranium Project in which Denison Mines (NYSE:DNN) owns 80 percent. Denison has funded approximately $7 million in exploration to date. The property is subject to certain royalties held by underlying vendors. The 2023 Hook-Carter airborne Z-Axis Tipper electromagnetic survey successfully outlined historical conductors present at Hook-Carter and resolved new conductors in deeper terrain that were not identified by previous geophysical surveys.
The company also completed a surface prospecting program in October 2023 at its 100 percent-owned McKenzie Lake uranium project located in the southeastern Athabasca Basin area of northern Saskatchewan.
Along with ALX’s rich portfolio of diverse assets in world-renowned jurisdictions, identifying undervalued and underexplored assets is the company’s strong suit. As early adopters of new methods of exploration, the company embodies innovation with its willingness to utilize new geochemical and geophysical technologies. This includes artificial intelligence recognition methods and other emerging science-focused exploration tools.
ALX has a world-class management team led by chairman and CEO Warren Stanyer who has more than 27 years of experience in the mineral exploration industry, focused mostly on uranium exploration in Saskatchewan.
Company Highlights
Uses the latest technologies to execute well-designed exploration programs in their primary projects located in the stable jurisdictions of Saskatchewan, Quebec and Ontario.
Acts as a prospect generator to explore and develop mineral properties for option.
In October 2019, high grade nickel was located on surface from the company’s first site visit to the Firebird nickel project in Saskatchewan with the additional presence of copper anomalies.
Owns and gold exploration properties within the Red Lake Mining District, a region that has produced over 28 million ounces of gold since mines began production in 1925.
Acquired by staking in 2021 the 100 percent-owned Sabre, McKenzie Lake and Javelin uranium projects in northern Saskatchewan, Canada with no underlying royalties.
ALX Resources recently completed a drilling program at the Gibbons Creek Uranium project in the Northern Athabasca Basin, comprising approximately 905.4 meters, at the site of untested geochemical anomalies.
Acquired the Hydra Lithium Project in a world-class lithium exploration district in the James Bay region of northern Quebec, Canada. The project consists of 306 mineral claims in eight sub-projects totalling 29,262 hectares (72,306 acres).
ALX Resources acquired by staking the 31,808-hectare (78,598 acres) Anchor Lithium Project within the Meguma Terrane of central and western Nova Scotia, Canada.
ALX Resources purchased the Reindeer Lithium project and staked the Crystal Lithium Project in Saskatchewan, each of which ALX believes to be underexplored for lithium-bearing pegmatites in the modern era.
Key Projects
Hydra Lithium Project
ALX Resources owns a 50 percent interest in the Hydra Lithium Project in the James Bay region of Quebec, Canada. The remaining 50 percent interest is owned by Forrestania Resources (ASX:FRS). The project comprises eight sub-projects totaling 29,262 hectares. Hydra’s sub-projects include Volta (4,751 hectares), Echo (5,566 hectares), Nike (2,462 hectares), Sprite (3,437 hectares), Cobra (4,249 hectares), Viper (1,280 hectares), Python East (3,218 hectares) and Python West (4,298 hectares), Hydra is located in a world-class lithium exploration district that hosts several significant lithium-cesium-tantalum (LCT) type pegmatites.
2024 Summer Exploration Program
Planning for 2024 summer exploration at the Hydra lithium project is underway which includes a prospecting and geological mapping program, designed to locate pegmatite bodies in the field as a follow-up to ALX's 2023 exploration activities at Hydra which highlights the following:
Python West: 30 samples collected with sample #F435054 taken from a pegmatite boulder returned 278 parts per million (ppm) lithium, 575 ppm cesium and 865 ppm rubidium. Positive geochemical ratios were calculated and are interpreted as pathfinders for LCT pegmatites: K/Rb (17.1), K/Cs (26) and Nb/Ta (2.1);
Python East: 15 samples collected and sample #F435156 taken from a pegmatite boulder returned 387 ppm lithium, 24.5 ppm cesium and 326 ppm rubidium;
Sprite: 27 samples collected. Two samples collected from granitic and paragneiss outcrops samples returned lithium and rubidium values over 100 ppm;
Volta: 21 samples collected. Biotite crystals were described in one outcrop sample that also showed orange luminescence under ultraviolet light that may suggest a fertile environment for LCT pegmatites. Follow-up in 2024 is planned.
Echo: 1 sample collected. Prospecting in 2023 was impeded by fires, weather conditions and schedule constraints. Follow-up on first-priority targets detected by remote sensing is planned for 2024.
Cobra: 10 samples collected. Follow-up on second-priority targets is planned for 2024.
Nike: 2 samples were collected. Follow-up on second-priority targets is planned for 2024.
Viper: No samples were collected. An airborne reconnaissance survey was carried out. Follow-up on second-priority targets is planned for 2024.
2023 Pegmatite sample from Python West
Gibbons Creek Uranium Project
ALX Resources completed a diamond drilling program in the winter of 2022 in the Northern Athabasca Basin, near Stony Rapids, Saskatchewan. The program comprised three holes, completed for a total of approximately 1,240 meters, atop two previously untested anomalies.
Drill hole GC22-01, along the southwestern portion of the Zinger Conductor, intersected high in the sandstone column, mineral alteration including pyrite, siderite, and bleaching, and low angle to core axis fracture zones that suggest a steep-dipping structure may project to the sub-Athabasca unconformity at an approximate downhole depth of 345 meters.
Drill hole GC22-02 tested the northeast section of the Zinger trend. It revealed discrete elevated gamma probe peaks that occur between 293.7 and 300.9 meters. Geochemical analysis of the samples collected over these horizons will help to determine the significance of these peaks.
ALX has completed its 2024 winter drilling program at Gibbons Creek which aimed to test for continuity of uranium mineralization first discovered in 1979 by Eldorado Nuclear and ALX in 2015. Five holes totaling 905.4 meters were completed with four of the five holes intersecting uranium mineralization at or near the unconformity. Mineralization found in the 2024 drilling was intersected in two areas located 500 meters apart within a target area that ALX defined in late 2023 through a high-resolution magnetic survey and a soil gas hydrocarbon survey.
Close-up of uranium mineralization in core sample from hole GC24-04 - peak radioactivity (8,662 cps) at 107.87 meters.
Hook Carter Project
The Hook-Carter project consists of eleven claims covering 25,115 hectares in the southwest corner of the Athabasca Basin. The project has excellent potential to host economic uranium deposits. Hook-Carter is interpreted to host the northeastern strike extension of the Patterson Lake Corridor, which hosts Nexgen Energy's Arrow uranium deposit, Fission Uranium's Triple R uranium deposit and Purepoint Uranium’s Spitfire, Hornet and Dragon zones, which are in a joint venture with Cameco Corporation and Orano Canada. Hook-Carter also overlies the interpreted strike extension of the Carter and Derksen corridors, each highly prospective, under-explored corridor in which significant uranium mineralization may exist.
The 2023 ZTEM survey successfully outlined historical conductors at Hook-Carter and resolved new conductors in deeper terrain that were not identified by previous geophysical surveys.
Management Team
Warren Stanyer - Chairman and CEO
Warren Stanyer has over 27 years of experience in the mineral exploration industry, focused mostly on uranium in the Athabasca Basin. Stanyer began his career with Pioneer Metals, a diverse explorer for gold, base metals, and uranium, with properties in New Mexico, British Columbia, Manitoba, and Saskatchewan. After gaining over a decade of experience, Stanyer accepted the role of president and CEO of Northern Continental Resources, a junior exploration company focused on uranium in the Athabasca Basin. He steered the successful sale of the company in 2009 to Hathor Exploration, in competition with Denison Mines.
Stanyer became chairman of Guyana Frontier Mining in December 2010; and, during his tenure, served as president and CEO. As a director of Alpha Minerals, a predecessor company of ALX, and following the Patterson Lake uranium discovery in 2012, Stanyer served as chairman of the special committee in 2013 during the acquisition of the company by Fission Uranium, subsequently serving as a director of Fission until 2014. Stanyer serves as president, CEO, and director of Nevada Sunrise Gold, a junior exploration company focused on gold, copper, cobalt, and lithium in Nevada. He is also a director of New Moon Minerals, a private mineral exploration company.
Patrick Groening - CFO and Director
Patrick Groening’s previous roles with public companies include more than nine combined years serving as CFO for both Strathmore Minerals and Fission Energy. He filled the same role for Jalna Minerals, Sernova, and Papuan Precious Metals, and performed dual roles of CFO and corporate secretary For Wolf Capital and Pacific Asia China Energy.
David Miller - Director
David Miller is a businessman, professional economic geologist, and has served as an elected member of the Wyoming Legislature. Miller was CEO of Strathmore Minerals prior to its merger with Energy Fuels in 2013.
Jean-Jacques Gautrot - Director
Jean-Jacques Gautrot of Paris, France, is a former chairman of the World Nuclear Association and serves as an ambassador of the WNA to promote the nuclear industry worldwide. He has had a productive career in the nuclear energy business.
Howard Haugom - Director
Howard Haugom is co-owner of Quilts Etc., a national linen retail chain and a partner at Burkehill Capital Corp., a Vancouver-based private equity firm. He has taught at Simon Fraser University in B.C., worked for both the private and public sectors as an economist, and has been a consultant to the gold resource sector.
Charles Roy - Chairman, Technical Committee
Charles Roy brings a rare depth of experience and success in uranium exploration from a professional career largely with the world’s leading uranium mining company, Cameco Corporation. Roy was involved in the discovery of seven uranium deposits.
Jody Dahrouge, - Technical Advisor
Jody Dahrouge is a professional geologist with 25 years of experience in Canada and internationally, and has a successful background in uranium and lithium exploration and project generation within the Athabasca Basin of Saskatchewan, Quebec, and the USA.
R. Sierd Eriks - Technical Advisor
R. Sierd Eriks has worked in mineral exploration for over thirty-five years with a focus on uranium exploration for over the past two decades. Eriks acted as president and chief geologist for ALX until he retired from full-time work in 2022.
Dave Quirt - Technical Advisor
Dave Quirt is a consulting geoscientist residing in Saskatchewan with 45 years of geological, mineral exploration, and research and development experience, both in the consulting sector and within the mineral exploration industry.
Ken Wasyliuk - Technical Advisor
Mr. Wasyliuk has worked in mineral exploration for over 30 years with a focus on geochemistry and clay mineralogy in uranium exploration. During his career, Mr. Wasyliuk became an expert on geochemical and clay alteration patterns associated with uranium deposits in the Athabasca Basin.
Dr. Larry Hulbert - Technical Advisor
Dr. Hulbert is a Registered Professional Geoscientist in Saskatchewan and Ontario. From 1984 to 2007, Larry worked as a Research Scientist for the Geological Survey of Canada where he analyzed most of the significant nickel-copper-PGE deposits in Canada, including those at ALX’s Firebird Nickel Project.
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Notes: The above table is a statement of the Company’s intentions as at the date of this Announcement. As with any budget, the allocation of funds set out in the above table may change depending on a number of factors, including development of new opportunities, market factors and general business and economic conditions. As such, actual expenditure levels may differ significantly from the above estimates.
