Marvel Discovery Initiates Exploration Program at Gander East Adjacent to New Found Gold's Queensway Project

Rhea-AI Summary

Marvel Discovery Corp. (TSX-V:MARV, OTCQB:MARVF) has commenced its surface reconnaissance exploration program at the Gander East project, strategically located near New Found Gold's Queensway Project. Following a successful high-resolution magnetic survey and geophysical review, the company plans prospecting and till sampling to define drill targets for its inaugural drilling campaign in early 2023. The exploration program is supported by Newfoundland's Junior Exploration Assistance Program, which covers up to 75% of approved costs, aiding in the discovery of new mineral occurrences.

Positive

• Initiation of surface reconnaissance exploration at Gander East, enhancing potential for discovery.
• Approval of exploration program under Newfoundland's Junior Exploration Assistance Program, providing financial support covering 40-75% of costs up to $150,000.
• Proximity to New Found Gold's Queensway Project, indicating potential for high-grade mineralization.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 9, 2022 / Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to announce it has initiated its surface reconnaissance exploration program at the Gander East. The first phase of exploration at the property was reported on March 2, 2022, and included a high resolution, helicopter-borne magnetic survey over the Gander East project area. This was followed by a geophysical review and structural interpretation, released June 14, 2022, that identified several prominent shear and deformation zones within the property, and further identified prospective targets for follow up. Surface work will include prospecting over each of the priority target areas, with till sampling planned in areas where overburden is well developed. The work is being completed toward further defining drill targets in preparation for Marvel's inaugural Phase 1 drill program planned for early 2023. Marvel is pleased to announce that the exploration program at Gander East received approval under Newfoundland's Junior Exploration Assistance Program. The program's purpose is to provide assistance to explorers in the province toward the discovery of new mineral occurrences, prospects and deposits through the provision of financial support covering 40 to 75% of approved exploration costs up to a maximum of $150,000.

"We are excited to finally make preparation for our inaugural drill campaign at Gander East, the project is strategically located in the heart of the Grub Line. The airborne data combined with government data sets show structural features with potential for high grade mineralization and faulting with splays of the NFG's ground. This exploration phase combined with the airborne data received will vector the best priority drill targets. We Look forward to reporting back on the commencement of drill permits." stated Chief Executive Officer Karim Rayani

The Gander East Project consists of 274 claims totaling 6,850 hectares, which have been strategically positioned adjacent to New Found Gold's ("NFG") Queensway Project and along strike from both Exploits Discovery Middle Ridge Project and Sassy Resources Gander North Project (Figure 1). The Queensway Project is undergoing a 400,000 m drill campaign targeting 20 km of prospective strike along the regional scale Appleton and Dog Bay fault zones (Figure 2). NFG's most recent news release dated November 2, 2022, reported intercepting 33.8 g/t Au over 2.35m, 37.4 g/t over 2.10m, and 22.8 g/t Au over 2.20m at their Lotto North Vein situated within a brittle fault zone developed proximal to the Appleton Fault Zone (released November 2, 2022). Parallel structures to those hosting gold at the Queensway and Middle Ridge project areas intersect the Gander East Project, including a segment of the Gander River Ultrabasic Line (GRUB Line) that defines the easternmost bounding structure of the regionally prospective Exploits Subzone (Figure 3). Furthermore, the Gander East Project lies along strike to the south of a new regional gold trend defined by Sassy Resources as a part of their Gander North Project. The structure is integral to the numerous gold occurrences and drill intersections within the Exploits Subzone.

Figure 1. Location of Marvel's Gander East gold property proximal to New Found Gold's Queensway Property.

Figure 2. Comparison of high-resolution magnetic survey to existing regional magnetic government overage. A) Existing regional magnetic signature. B) Juxtaposition of New Found Gold Property and Marvel Gander East property over regional magnetics. C) Area of high-resolution magnetic survey by Marvel over regional government data D) Pronounced difference of high-resolution magnetic signature compared to pre-existing regional government data.

Figure 3. Preliminary structural interpretation of the high-resolution magnetic survey showing 2nd and 3rd order structures conducive for trapping gold-bearing hydrothermal fluids.

Qualified Person

The technical content of this news release has been reviewed and approved by Greg Robinson, 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:

• 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 is the recent development for Marvel Discovery Corp. (MARVF)?

Marvel Discovery Corp. has initiated its surface reconnaissance exploration program at Gander East.

How much financial support will Marvel Discovery receive for its exploration program?

Marvel's exploration program received approval for financial support covering 40-75% of costs, up to a maximum of $150,000.

When is Marvel Discovery's inaugural drilling campaign planned?

Marvel Discovery's inaugural drilling campaign is planned for early 2023.

What are the strategic advantages of the Gander East project?

The Gander East project is strategically located adjacent to New Found Gold's Queensway Project, enhancing its exploration potential.

What exploration activities are planned at the Gander East project?

The exploration activities include surface prospecting and till sampling to define priority drill targets.