Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T1)(OTC PINK:IMTFF); ("Marvel" or the "Company") announces it has received its work permit and has commenced its 2021 exploration program on the Blackfly Gold Project. The permit issued by the Ontario Ministry of Northern Development and Mines enables Marvel to conduct its 2021 program of trenching, line cutting and diamond drilling. In advance of having "boots on the ground", the Company compiled all available historical data and remodeled the geophysical surveys including Marvel's 2020 airborne magnetic survey. The geophysical report offered a new interpretation of the structural geology of the project plus directed the Company's exploration team to several new gold mineralization targets
"We are excited to be commencing our activities on the Blackfly gold project." stated Mr. Karim Rayani, Marvel's President and Chief Executive Officer, "the property has a rich history dating back as early as 1898, geological mapping indicates alteration/mineralization for up to a 5km distance, grades at the historic shaft have been reported as high as 167g/t Au. With the benefit of our recent airborne geophysical surveys plus the results of all earlier exploration programs, Marvel's exploration team will be zeroing in on the highest priority targets."
During the first days of the field work, Marvel's geological team conducted mapping and sampling of surface exposures. The team noted the area containing the TerraX Mineral Inc.'s 2009 discovery was underlain by sheared and altered granodiorite and a northeast trending diorite dike. The dike appears to be the cause of the linear magnetic anomaly that was identified by Marvel's airborne geophysical survey reported in a news release dated, December 9, 2020.
The team also noted that the dike and granodiorite are variably altered to chlorite-ankerite-silica-sericite-pyrite. The most intense alteration comprises strongly bleached sericite-quartz-pyrite commonly within well-foliated shear zones and along quartz vein alteration halos.
Much of the observed mineralization on the property consists of narrow veins of quartz with ankerite and chlorite. The main sulphide mineral is pyrite occurring in vein seams and strongly bleached quartz - carbonate - sericite - pyrite alteration halos about the veins with locally up to 25% euhedral cubic pyrite. Some veins range up to 2m locally. Local fine-grained chalcopyrite was observed in several veins. At the northern extent of the area of mapping and sampling, a 10-40 cm quartz vein contains up to 5% coarse galena crystals and fine-grained pyrite and chalcopyrite within altered diorite.
The first 41 samples of Blackfly project field work have been delivered to the assay lab.
Marvel's Blackfly Gold Project
The Property is located in the developing Atikokan gold mining camp along and within the Marmion Lake Fault Zone, approximately 13.6 kilometers ("km") southwest along strike of Agnico Eagle's Hammond Reef Gold Deposit. The Measured and Indicated Mineral Resources at the Hammond Reef Gold Deposit is currently an estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold) mineral reserves, and 2.3 million ounces of measured and indicated mineral resources (133.4 million tonnes grading 0.54 g/t gold). The Hammond Reef gold property lies on the Hammond shear zone, which is a northeast-trending splay off of the Quetico Fault Zone ("QFZ") and intimately associated with gold mineralization.
Assessment file records indicate the original Blackfly gold discovery was made in 1897, making the occurrence one of the earliest found in the Atikokan gold mining camp. The project's 45-foot shaft was sunk in 1898 shortly after gold was discovered. Several companies have added to the database of the Property including: Rebair Gold Mines Ltd. (1945 to 1948), Steeprock Mines Ltd. (1949 and again in 1961), Aavdex Corporation (2004) and TerraX Minerals Inc. (2009 to 2012).
Highlights of the Blackfly Gold Project include:
- Grab samples taken near the historic shaft in 2010 ranged from 87 to 167 g/t Au;
- Blackfly Main Vein returned 1.07 m @ 15.1 g/t Au from hole BF10-04;
- Blackfly Northeast gold zone showed 2.0 m @ 10.96 g/t Au from hole BF11-11;
- Geological mapping indicated the structural lineament which hosts the Blackfly Vein and bears similar alteration/mineralization can be traced for up to 5 kilometers.
2021 Exploration Program
The 2021 exploration program on the Project is a continuation of the work initiated in 2020 that included a compilation of historical information and reports and completion of its high-resolution airborne magnetics and time-domain electromagnetic data collection over 203 line-kilometers at 100m spacing. Several geophysical anomalies were identified and targets for follow-up were recommended. Marvel's geological team has begun the initial program work of prospecting, bedrock mapping and rock sampling. Trenching is planned for further definition of the gold mineralization associated with the known anomalies and geological structures. Diamond drilling is planned for the summer field season with 16 drill holes.
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
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:
- Exploits Zone, Newfoundland (Slip and Victoria Lake - Au Prospects)
- Atikokan, Ontario (BlackFly - Au prospect)
- Red Lake, Ontario (Camping Lake - Au prospect)
- Elliot Lake, Ontario (Serpent River/Pecors - Ni-Cu-PGE discovery) & (Uranium - REE's)
- Quebec (Duhamel - Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium prospect)
- Prince George, British Columbia (Wicheeda North - Rare Earth Elements prospect)
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: k@r7.capital
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. 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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https://www.accesswire.com/645337/Marvel-Discovery-Receives-Permit-Commences-2021-Exploration-Program-on-the-Blackfly-Gold-Project-Atikokan-Ontario
Figure 1 - Cross Section GNDD-530
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