Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T1)(MARVF:OTCQB); ("Marvel" or the "Company") is pleased to announce the recent acquisition of an additional 53 mining claims totaling 1,325 hectares of land to add to the Company's existing land position on its Victoria Lake Gold Project. The claims were acquired through an option agreement with a vendor and increases Marvel's land holdings in the area to 7,650 hectares. This new acquisition is located along the Exploits Subzone and covers a large highly prospective structural zone proximal to the Valentine Lake Shear Zone which hosts Marathon Gold's (MOZ) Valentine Gold Project with resources of 4M oz. of gold (www.marathon-gold.com) (Figure 1
Figure 1: Regional geological and structural location of the Victoria Lake Gold Project.
Victoria Lake Gold Project
The Victoria Lake Gold Project is contiguous with Marathon Gold's Valentine Lake 4M oz. gold deposit (Figure 2). Sampling and prospecting in 1995 from Vein #3 reported one grab sample assaying 162.7 g/t Au and 220.8 g/t Ag and exhibits similar style gold-bearing veins within regional structural corridors. Preliminary work on the project located serval quartz-arsenopyrite veins returning grab samples:
- 15.5 to 24.9 g/t gold
- 18.6 g/t to 139.9 g/t silver
(See press release dated September 23, 2020). Grab samples are selected samples and not necessarily representative of the mineralization hosted on the property.
Figure 2. Location of Marvel's Victoria Lake Gold Project
The newly acquired claims contain the highest regional gold-in-till sample in the Newfoundland Geoscience Atlas reporting 785ppb Au. There were no subsequent exploration efforts to follow-up on this extremely high gold-in-till sample. Till samples exceeding 70 ppb Au are considered highly anomalous (Roland Quinlan, personal communication).
Regional gold-in-till samples have increasingly been successful in the Central Newfoundland Gold Belt in vectoring exploration efforts to those areas of high merit leading to an increase in new gold showing discoveries. The Victoria Lake Gold Project is host to interpreted extensions of the Valentine Lake Shear Zone and two major thrust faults, a wide structural corridor interpreted to play an integral part in the Marathon Gold Deposit.
Mr. Karim Rayani, President and Chief Executive Officer commented, "These claim additions were a strategic move, not only in expanding the size and potential, but tying up ground with the highest gold till-in-soil samples in the province of Newfoundland. This shows we are in the right place for a potential discovery adjacent to what will likely become Newfoundland's next and largest gold mine. We now have 7,650 hectares tied on to Northern Atlantic's largest gold deposit. In addition, our prospecting work will be carried out by Roland Quinlan, Roland was responsible for selling part of the Queensway project to New Found Gold. He is the vendor of these claims - I could not be happier to have him apart of the Marvel Story."
The option agreement signed July 23, 2021 (the "Effective Date") for a 100% right to the 53 mining claims pays to the vendor:
- $15,000 within 15 days of the Effective Date (completed).
- Issuance of 300,000 shares of Marvel within 15 days of the Effective Date (completed).
- Issuance of 300,000 warrants valued at $0.25 per share within 15 days of the Effective Date (completed).
- $40,000 in cash and the issuance of 200,000 shares within 3 years of the Effective Date.
- Paying a pre-NSR fee of $10,000 within 5 years pf the Effective Date.
Marvel agrees to spend a minimum of $60,000 in exploration expenditures before 3 years of the Effective Date. The vendor retains a 2% NSR which Marvel has the right of first refusal to purchase 1% for $1,500,000.
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP has not completed sufficient work to verify the historic information on the properties comprising the Victoria Lake Gold Project, particularly regarding historical exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.
The Company also reports that is has mutually cancelled the Camping Lake Option with Falcon Gold Corp. previously announced on December 9th 2019.
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
- Newfoundland (Slip, Gander North, Gander South, Victoria Lake, Baie Verte, and Hope Brook - Au Prospects)
- Atikokan, Ontario (BlackFly - Au Prospect)
- Elliot Lake, Ontario (East Bull - Ni-Cu-PGE Prospect)
- Quebec (Duhamel -Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)
- Prince George, British Columbia (Wicheeda North - Rare Earth Elements Prospect)
The Company's website is: https://marveldiscovery.ca/
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. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE:Marvel Discovery Corp.
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