Marvel Discovery Corp. to Return to Blackfly Gold Project and Duhamel Nickel-Copper-Cobalt Projects; Evaluates Joint Venture Opportunities for Elliott Lake Uranium & Critical Element Assets

Rhea-AI Summary

Marvel Discovery Corp (MARVF) announces strategic refocus on its Blackfly Gold Project in Ontario and Duhamel Nickel-Copper-Cobalt Project in Quebec, while discontinuing Athabasca Basin uranium property options. The company will retain its Elliott Lake, Pecors West, and East Bull uranium assets in Ontario.

The Blackfly Gold Project, located near Atikokan, Ontario, is adjacent to Agnico Eagle's Hammond Reef Gold Deposit and has shown significant historical gold mineralization. The Duhamel Project in Quebec targets critical minerals including nickel, copper, and cobalt.

This strategic shift aims to streamline operations, reduce costs, and focus on advanced-stage projects with better infrastructure and lower operating costs. The company plans a second phase of drilling at both projects in early next year.

Positive

• Historical high-grade gold assays and visible gold in drill core at Blackfly Project
• Previous drill results at Duhamel showed 1.27% Ni, 0.33% Cu, and 0.12% Co over 3.0 meters
• Strategic location near Agnico Eagle's Hammond Reef Gold Deposit
• Cost reduction through streamlined operations and focus on advanced-stage projects

Negative

• Discontinuation of Athabasca Basin uranium property options
• Operating in challenging junior resource sector market conditions

VANCOUVER, BC / ACCESSWIRE / December 6, 2024 / Marvel Discovery Corp. (TSXV:MARV)(FSE:O4T)(OTCQB:MARVF) ("Marvel" or the "Company") is pleased to announce its return to both its Blackfly Gold Project in Ontario and its Duhamel Nickel-Copper-Cobalt Project in Quebec. As part of this realignment, Marvel will not proceed with its Athabasca Basin uranium property options but will retain its high-potential uranium assets, including Elliott Lake, Pecors West, and East Bull in Ontario. This will better enable the Company to shift resources to our more advanced stage projects where better infrastructure and lower operating costs are established to advance them.

Strategic Focus on Blackfly Gold and Duhamel Projects

The Blackfly Gold Project, located in the prolific gold mining region near Atikokan, Ontario, has demonstrated strong potential with significant historical gold mineralization. Meanwhile, the Duhamel Nickel-Copper-Cobalt Project in Quebec represents a promising critical mineral opportunity amid growing global demand for battery metals.

"The junior resource sector has experienced significant challenges over the past few years, and our focus is to streamline operations and target projects with the highest potential for success," said Karim Rayani, CEO of Marvel Discovery Corp. "Blackfly Gold and Duhamel offer exactly that - advanced-stage opportunities in regions where permitting is accessible and operational costs can be minimized, allowing us to deliver meaningful results efficiently."

Blackfly Gold Project Highlights:

• Located in a historically significant gold region near Atikokan, Ontario, adjacent to the Hammond Reef Gold Deposit held by Agnico Eagle.

• High-grade gold assays from prior work, with visible gold in drill core (Figure 1) .

• Proximity to infrastructure and established mining operations, historical exploration, and recent fieldwork.

Figure 1. Specks of visible gold in hole BF21-19 drilled at the Black Fly Northeast Zone. NQ core of a diameter of 47.6mm.

Duhamel Nickel-Copper-Cobalt Project Highlights:

• Situated in Quebec, a mining-friendly jurisdiction with robust infrastructure.

• Potential for critical minerals, including nickel, copper, and cobalt, crucial for the transition to a green economy.

• Historical and recently completed exploration by Marvel pointing to potential significant mineralization.

Refocusing to Drive Shareholder Value

By discontinuing the Athabasca Basin uranium projects, Marvel is redirecting its resources to high-impact exploration at Blackfly and Duhamel. This decision positions the Company to better navigate the challenging market environment and capitalize on emerging opportunities in gold and critical metals while reducing operating costs and reducing shareholder dilution.

Karim Rayani added: "This strategic pivot reflects Marvel's long-term vision of creating shareholder value through targeted exploration and disciplined project management. By focusing on projects with manageable costs and favorable permitting conditions, we are well-positioned to advance our portfolio and deliver results."

Blackfly Atikokan Ontario, The Property is located in the developing Atikokan gold mining camp along and within the Marmion Fault Zone, approximately 13.6 kilometers ("km") southwest of Agnico Eagle's Hammond Reef Gold Deposit.

The Blackfly Main Zone area and the Blackfly Northeast Zone occur in areas of magnetic lows along a property-wide, strong, linear northeast trending magnetic high that corresponds with a magnetic mafic dike. Gold is associated with strong silica-sericite-ankerite-pyrite ± chlorite alteration hosted within aquartz-veined granodiorite that has undergone shearing and deformation. Accessory sulphide phases include galena, chalcopyrite and bornite. Surface sampling, mapping and interpretation of magnetic data by Marvel has resulted in better defined and wider gold intervals than drilling by TerraX between 2009 and 2012.

Assessment file records indicate that 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).

Blackfly Drill Result from 2021 Drill Program

Please see press release dated November 10, 2021.Vancouver, B.C Marvel Reports Up To 50.6 G/t Gold Over 0.5m, 2021 Phase One Drilling On The Black Fly Gold Project, Atikokan, Ontario - Marvel Discovery Corp. - Marvel Discovery Corp.

Duhamel Nickel Copper Cobalt - Project Quebec:

Located 350 km north of Quebec City, the Duhamel Ni-Cu-Co project lies between two prominent deformation zones in the central part of the 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 2).

Figure 2. Ni-Cu-Co and Fe-Ti-P-V mineral occurrences on the Chute-des-Passes and Pipmuacan Areas (modified from Hebert et Cadieux, 2002)

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 3). 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. 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.

Figure 3. Regional geology, structure, and mineral occurrences of the Duhamel property, included significant mineralized intervals of 2000 and 2001 diamond drilling programs (Ref. SIGEOM-MERNQ)

Compilation of historical data by Marvel uncovered a grab sample from massive iron-titanium oxides that returned 0.28% V₂O₅ associated with 20.8% TiO₂ and 0.13% Cr₂0₃.

Pecors West property,

Located in the heart of the Elliott Lake Ontario historical uranium camp 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 strategically located next door to an inferred resource of 20,000,000 tons grading 0.037% (0.74 lbs./t) U₃O₈ or 14,800,000 lbs. U₃O₈ defined by limited drilling by Rio Algom in1977) . This uranium mineralization is hosted within the Pecors Channel now held by Power One Resources (a spinout from Marvel Discovery).

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 Company is currently reviewing all historical and data from its most recent exploration programs to define its second phase of drilling both at the Blackfly and Duhamel Projects planned for early next year.

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.

About Marvel Discovery Corp.

Marvel Discovery Corp. is a Canadian resource company focused on generating and developing mineral exploration projects in gold, base metals, critical minerals, and uranium. With a diversified portfolio across Canada, Marvel remains committed to sustainable exploration practices and creating long-term shareholder value.

• Atikokan, Ontario (Blackfly - Au Prospect)

• Elliot Lake, Ontario (Pecors West & East Bull Ontario - Ni-Cu-PGE Prospect)

• Quebec, (Duhamel -Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)

• Newfoundland, (Hope Brook Critical Elements & Lithium Prospect, and Victoria Lake 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 Corporation

View the original press release on accesswire.com

FAQ

What are Marvel Discovery's (MARVF) main focus projects after the strategic shift?

After the strategic shift, Marvel Discovery is focusing on the Blackfly Gold Project in Ontario and the Duhamel Nickel-Copper-Cobalt Project in Quebec.

What were the historical drill results at Marvel Discovery's (MARVF) Duhamel Project?

Historical drill results at the Duhamel Project included intercepts of 1.27% Ni, 0.33% Cu, and 0.12% Co over 3.0 meters from drilling by Virginia Gold Mines in 2000.

Which uranium assets is Marvel Discovery (MARVF) retaining?

Marvel Discovery is retaining its Elliott Lake, Pecors West, and East Bull uranium assets in Ontario while discontinuing Athabasca Basin uranium property options.