Marvel Completes Drill Program at KLR-Walker Uranium Project, Athabasca Basin

Rhea-AI Summary

Marvel Discovery Corp. has completed its inaugural diamond drilling program at the KLR-Walker Uranium Project in the Athabasca Basin. The program consisted of 1,343 meters across six diamond drill holes, with an average length of 224 meters. Notably, all drilled holes exhibited anomalous radiation, with 303 samples sent for assay. CEO Karim Rayani expressed optimism regarding the results, highlighting the significance of encountering impressive downhole peak probe values. The KLR-Walker Property is situated within the Wollaston-Mudjactic Transition Zone, known for hosting high-grade uranium mines. This area is structurally related to significant deposits like the Arrow Deposit, which contains substantial measured and indicated resources. Marvel has been actively exploring various prospects across Canada, including uranium and precious metal sites.

Positive

• Completion of the inaugural diamond drilling program at KLR-Walker Project.
• Anomalous radiation detected in every drill hole.
• 303 samples sent for assay indicating potential further findings.
• The project is located within a high-grade uranium mining area.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / April 19, 2023 / Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T)(MARVF:OTCQB); ("Marvel" or the "Company") is pleased to report the completion of its inaugural diamond drilling program at the DD and Highway Zone within the KLR-Walker Uranium Project ("the Property") in the Athabasca Basin (Figure 1). A total of 1,343 m was completed through 6 diamond drill holes. Two holes were completed at the Highway Zone and four holes were completed at the DD Zone. The average length of the drill holes was 224 m.

Figure 1. Highway North, Walker and KLR claim groups along the Key Lake Fault with prominent VTEM conductor trends.

Anomalous radiation was intersected in every hole documented by a downhole probe and along core. A total of 303 samples have been sent for assay. A summary table of downhole probe and core results is presented in Table 1.

Table 1. Downhole core and probe CPS values (counts per second) in the recently completed KLR-Walker drill program.

Commentary

"Marvel is pleased to report on the completion of our inaugural drill program on the Walker-KLR Uranium Project. Anomalous CPS values were encountered in every hole with impressive downhole peak probe values. We look forward to receiving assays along this favourable structurally related uranium trend, a key ingredient to the large uranium deposits of the Athabasca Basin." stated Karim Rayani, President & Chief Executive Officer, Director.

The KLR-Walker Property

The Property is located within the Wollaston-Mudjactic Transition Zone ("WMTZ") of the eastern Athabasca Basin. The WMTZ hosts the highest-grade uranium mines in the world (Figure 2). The DD Zone within the Highway Project straddles the Key Lake Shear Zone, an important fault for structurally controlled Athabasca Basin type uranium deposits.

Figure 2. Location of the Walker- KLR Uranium Project in the WMTZ Zone host to the highest-grade uranium deposits in the world.

The DD Zone is proximal and along strike to Fission 3.0 Hobo Lake uranium properties. Hosted within WMTZ, the DD Zone lies along the Key Lake Shear Zone and hosts 10 uranium showings and multiple unexplored EM targets.

Like its neighbor to the west, the Arrow Deposit, owned by NexGen Energy lies along a similar structural corridor as the Marvel properties. The Arrow Deposit¹, which has undergone a Positive Feasibility Study with robust economics contains Probable Reserves of 239.6 million lbs of U₃O₈ at an average of 2.37% U₃O₈ and Measured and Indicated Resources of 256.7 million lbs at an average grade of 3.1% U₃O₈. The Arrow Deposit is the largest undeveloped uranium deposit in Canada.

Qualified Person

The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

References

Arrow Deposit¹ https://www.nexgenenergy.ca/rook-1-project/default.aspx#feasibility-study

About Marvel Discovery Corp.

Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:

• Newfoundland (Slip, Gander North, Gander South, Victoria Lake, Baie Verte, and Hope Brook - Au Prospects)
• Atikokan, Ontario (BlackFly - Au Prospect)
• Elliot Lake, Ontario (East Bull - Ni-Cu-PGE Prospect)
• Quebec (Duhamel -Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)
• Prince George, British Columbia (Wicheeda North - Rare Earth Elements Prospect)

The Company's website is: https://marveldiscovery.ca/

ON BEHALF OF THE BOARD
Marvel Discovery Corp.

"Karim Rayani"

Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: k@r7.capital

Disclaimer for Forward-Looking Information:

Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Marvel Discovery Corp.

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FAQ

What are the results from Marvel Discovery's diamond drilling program at the KLR-Walker Uranium Project?

Marvel Discovery reported that all six diamond drill holes encountered anomalous radiation, and 303 samples have been sent for assay.

When was the diamond drilling program at the KLR-Walker Uranium Project completed?

The diamond drilling program was completed on April 19, 2023.

How many meters were drilled in the KLR-Walker Uranium Project's inaugural program?

A total of 1,343 meters were drilled across six diamond drill holes.

What is the significance of the KLR-Walker Uranium Project location?

The project is located within the Wollaston-Mudjactic Transition Zone, known for hosting high-grade uranium deposits.

What is the average length of the drill holes in the KLR-Walker Uranium Project?

The average length of the drill holes was 224 meters.