Marvel Drills Three Holes, Expands Drill Program to 1,400 Meters at KLR-Walker Uranium Project, Athabasca Basin

Rhea-AI Summary

Marvel Discovery Corp. announced an update on its inaugural diamond drilling program at the KLR-Walker Uranium Project in the Athabasca Basin. The drill program has been expanded from 1,000 meters to 1,400 meters, with three holes completed so far, totaling 684 meters. Notably, drill hole KLR23-01 showed a peak of 12,000 cps over a 4-meter interval of gamma-ray readings. The KLR-Walker Property is strategically located within the Wollaston-Mudjactic Transition Zone, known for hosting high-grade uranium deposits, and is close to significant projects like the Arrow Deposit.

Positive

• Expanded drill program from 1,000m to 1,400m indicates increased exploration commitment.
• Initial drilling results show promising gamma-ray readings, with a peak of 12,000 cps.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / March 14, 2023 / Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to provide an update on the inaugural diamond drilling program at the DD and Highway Zone within the KLR-Walker Uranium Project ("the Property") in the Athabasca Basin (Figure 1). The drill program was originally planned for 1,000m and has since been expanded to 1,400m. To date, 3 drill holes have been completed for a total of 684m.

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

Holes KLR23-01 and KLR23-02 targeted a previous 2015 backpack drill hole that intersected 1.96% U over 29cm at the Highway Zone. Hole KLR23-01 recorded a peak of 12,000 cps over a 4 m interval of anomalous gamma-ray readings (Figure 2). Drill hole KLR23-03 was drilled at the DD Zone 1.5 km north of the Highway Zone targeting historic drill holes DD-03, DD-16, and DD-21 where in 2015 a backpack drill hole intersected 1.57% U over 4 cm. The DD Zone was first explored and outlined via surface trenching in 1970.

Commentary

"We are very excited with the progress to date; the first indications are pointing to success after only 3 drill holes. We have expanded the current drill program from 1,000 meters to 1,400 meters and look forward to reporting on the results. Further detection from Gama Probe surveys also shows positive detection readings," stated Karim Rayani, President, Chief Executive Officer and Director.

Figure 2. Gamma-ray probe results of hole KLR23-01 and KLR23-02.

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 3). 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 3. 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.

View source version on accesswire.com:
https://www.accesswire.com/743599/Marvel-Drills-Three-Holes-Expands-Drill-Program-to-1400-Meters-at-KLR-Walker-Uranium-Project-Athabasca-Basin

FAQ

What are the recent drilling results for Marvel Discovery Corp (MARVF)?

Marvel Discovery Corp. reported positive initial results from its drilling program at the KLR-Walker Uranium Project, including a peak gamma-ray reading of 12,000 cps.

How much has Marvel Discovery Corp expanded its drilling program?

The drilling program at the KLR-Walker Uranium Project has been expanded from 1,000 meters to 1,400 meters.

Where is the KLR-Walker Uranium Project located?

The KLR-Walker Uranium Project is located in the Athabasca Basin, within the Wollaston-Mudjactic Transition Zone.

What significance do the drill holes KLR23-01 and KLR23-02 have?

Drill holes KLR23-01 and KLR23-02 targeted historical drill locations and showed high uranium concentrations.