Marvel Discovery Acquires Strategic Ground In Elliot Lake, ON

Rhea-AI Summary

Marvel Discovery has acquired 100% of the Pecors West property, expanding its holdings near Elliot Lake to 6,157 hectares. The new property has three potential mineralization styles: PGM-Ni-Cu, uranium, and rare-earth oxides, aligning with regional geologies. Historical drilling indicates significant PGM and uranium finds, while Radio Fuels’ adjacent project holds substantial U3O8 and REO resources. The acquisition cost Marvel $50,000 in cash, 500,000 shares, and 500,000 share purchase warrants. Regulatory approval from the TSX Venture Exchange is pending. The acquisition aligns with Marvel's strategy to enhance its resource base in critical metals.

Positive

• Marvel Discovery acquires 100% of Pecors West property, expanding land holdings to 6,157 hectares.
• The new property has potential for PGM-Ni-Cu mineralization, uranium, and rare-earth oxides.
• Historical drilling indicates significant uranium and PGM finds.
• Proximity to Radio Fuels’ Eco Ridge Project with substantial U3O8 and REO resources is advantageous.
• Acquisition cost is relatively low at $50,000 in cash, 500,000 shares, and 500,000 share purchase warrants.
• The transaction complements Marvel's existing East Bull property, potentially increasing its resource base.

Negative

• Historical resource estimates do not conform to current reporting requirements and are not verified.
• Potential expansion of the Pecors Channel resource needs further exploration work.
• The transaction depends on regulatory approval from the TSX Venture Exchange, adding uncertainty.
• The company must issue shares and warrants, leading to potential shareholder dilution.
• The vendors retain a 2% NSR with a buyback option, which could impact future profitability.

VANCOUVER, BC / ACCESSWIRE / May 23, 2024 / Marvel Discovery Corp. (TSX-V:MARV)(FRA:O4T)(OTCQB:MARVF) ("Marvel" or the "Company") is pleased to announce that it has acquired 100% of additional ground ("Pecors West") east of Elliot Lake to complement its East Bull Property. The additional land package of 805 hectares (ha) brings the land holdings in the area to a total of 6,157 ha. (Figure 1).

The Pecors West property has the potential to host three unique styles of mineralization under the critical metals criteria:

1. PGM-Ni-Cu magmatic style mineralization associated with the large Pecors regional magnetic anomaly.
2. Uranium mineralization typical of the Elliot Lake uranium camp within the Pecors Channel.
3. Uranium and rare-earth oxide (REO) mineralization similar to the contiguous Radio Fuels Eco Ridge Project.

"The Pecors West property is a dynamic piece of ground with significant potential for Ni-Cu-PGM mineralization and uranium and rare-earth oxide mineralization in two completely different geological settings", Mr. Karim Rayani, Chief Executive Officer, commented. "The new land acquisition puts Marvel contiguous to the Eco Ridge Project with almost 60 Mt of uranium and rare-earth oxide resources. Drilling by Five Nine Ventures intersected shallow uranium mineralization along the Pecors Channel in 2012, and in 2015 PGM+Ni+Cu mineralization was intersected by International Montoro within the extensive Pecors magnetic anomaly, now held by Power One Resources (SpinCo from Mavel). This land acquisition gives Marvel a sizeable area of influence in the camp."

The Pecors Channel (Figure 1) located next door to the new land acquisition contains an inferred resource of 20,000,000 tons grading 0.037% (0.74 lbs./t) U₃O₈ or 14,800,000 lbs. U₃O₈ (Rio Algom,

Figure1: Regional Location of the Pecors West Property and neighboring companies

1977). This resource estimated is based on limited drilling and there is potential to expand the Pecors Channel onto the Pecors West property. Uranium is hosted within the quartz-pebble conglomerate of the Matinenda Formation at shallow depths within the Pecors Channel. ‘Channels' within the Elliot Lake uranium camp were mined extensively in the 1950s where production grades averaged 0.100% U₃O₈. The resource estimate cited above predates and therefore does not conform to the more stringent reporting requirements of National Instrument 43-101 and should not be relied upon according to those standards. Marvel has not yet done exploration work to verify or classify the historical estimates as a current mineral resource, and the Company is not treating the historical estimates as a current mineral reserve or resource.

The Pecors West property also hosts the potential for significant PGM- Ni-Cu mineralization related to the Pecors Magnetic anomaly, a large regional magnetic high extending 18 km long and 4 km wide and largely hidden beneath Huronian sediments (Figure 2). The source of the magnetic anomaly has been confirmed to be at least partially comprised of lithologies of gabbroic affinity by International Montoro drilling in 2015. Hole P15-23 drilled by International Montoro intersected 0.33 g/t Pt+Pd+Au and 0.11% Cu and 0.04% Ni over 12m within contact style mafic intrusive mineralization. This style of mineralization appears similar to the East Bull PGM deposit to the east where Quest Critical Metals Inc., (formerly Canadian Palladium) reports a total indicated resources of 16.5 million tonnes at a grade of 0.93 g/t PdEq (see Quest Critical Metals news release dated February 22, 2023).

Figure 2. Pecors magnetic anomaly and inverted depth to surface. Location of 2015 drilling included.

The Pecors West property is contiguous to Radio Fuels Corp. (CSE:CAKE) Eco Ridge Project where indicated resources total 22.306 Mt grading 0.045% U₃O₈and 1,613 ppm REO (rare-earth oxides) and inferred resources total 36.955 Mt grading 0.046 % U₃O₈ and 1,560 ppm REO (https://radiofuels.ca/).

Transaction Terms

Marvel Discovery has signed an agreement with two vendors to purchase a 100% interest in 18 boundary cell mining claims and 35 single cell mining claims for $10,000 cash payable upon acceptance of the transaction by the TSX Venture Exchange (the "Effective Date") and an additional $40,000 cash payable within 6 months from the Effective Date. On the Effective Date, Marvel must also issue 500,000 common shares and 500,000 share purchase warrants exercisable for a 3-year period at $.05 per share. The vendors retains a 2% NSR with a buyback option from Marvel for 50% of the NSR for $1,000,000 cash. All terms are conditional upon regulatory approval from the TSX Venture Exchange.

Qualified Person

Mike Kilbourne, P. Geo, an independent qualified person ("QP") 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 has not completed sufficient work to verify the historic information on the properties comprising the Pecors property, particularly regarding historical exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration potential of the Pecors property but may not be representative of expected results.

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. 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.

View the original press release on accesswire.com

FAQ

What did Marvel Discovery acquire in Elliot Lake?

Marvel Discovery acquired 100% interest in the Pecors West property, expanding its total land holdings to 6,157 hectares.

What is the potential of the Pecors West property?

The Pecors West property has potential for PGM-Ni-Cu mineralization, uranium, and rare-earth oxides.

What are the historical findings on the Pecors West property?

Historical drilling on Pecors West indicates significant uranium and PGM mineralization.

What resources are near Pecors West?

The nearby Eco Ridge Project holds substantial U3O8 and rare-earth oxide resources.

What is the cost of the Pecors West acquisition?

The acquisition cost Marvel $50,000 in cash, 500,000 shares, and 500,000 share purchase warrants.

What regulatory approval is needed for the Pecors West acquisition?

The acquisition requires approval from the TSX Venture Exchange.

How might the Pecors West acquisition affect Marvel Discovery's stock?

The acquisition may enhance Marvel's resource base, but depends on successful exploration and regulatory approval.

What are the terms of the Pecors West acquisition?

The terms include $50,000 in cash, 500,000 shares, 500,000 share purchase warrants, and a 2% NSR retained by the vendors.