Marvel Receives Drill Permit, Key Lake – Highway Zone Athabasca Basin Saskatchewan
Marvel Discovery Corp. has announced the receipt of permits for its inaugural diamond drilling program at the KLR-Walker Uranium Project located in the Athabasca Basin. This program will consist of 10 drill holes totaling 1,000 meters. The drilling aims to target structures identified in an airborne magnetic survey and is expected to commence shortly. Historically, the DD Zone has shown promising uranium values, with significant intersections reported from previous drilling efforts. Additionally, Marvel has appointed Brian Crawford as the new Chief Financial Officer, bringing extensive financial experience to the role.
- Receipt of permits for 1,000m inaugural diamond drilling program at KLR-Walker Uranium Project.
- Historical drilling results show significant uranium values, enhancing potential for discovery.
- Appointment of Brian Crawford as CFO, providing extensive financial expertise.
- None.
VANCOUVER, BC / ACCESSWIRE / February 10, 2023 / Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(MARVF:OTCQB); ("Marvel" or the "Company") is pleased to announce that it has received the necessary permits to complete an inaugural diamond drilling program at the DD and Highway Zone within the KLR-Walker Uranium Project ("the Property") in the Athabasca Basin. The drill program will consist of 10 holes totaling 1,000m. We will be reporting back on the estimated start date for drilling shortly.
Figure 1. Highway North, Walker and KLR claim groups along the Key Lake Fault with prominent VTEM conductor trends.
A list of drill holes is tabled below:
Table 1. Planned drill hole statistics for the KLR-Walker Uranium Project.
The objectives of the drill program will be to drill across structures at the DD Zone that have been featured by the recently completed airborne magnetic survey while utilizing previous backpack drill results to aid in vectoring drill hole targets. Structure hosting the DD Zone will be investigated south towards the Highway Zone also (Figure 2).
Figure 2. Planned drill locations at the DD Zone over total magnetic intensity coincident with VTEM conductors and highlighted historical results on the KLR-Walker Uranium Project.
The DD Zone remains an area of high merit based on:
- Drilling during the 1970's intersected U values of
0.125% - Backpack drilling by EFU in 2015 discovered the Highway Zone, intersecting
1.96% U over 29cm Other highlights include1.57% U over 4 cm0.279% U over 44cm,0.20% U over 60cm,0.175% U over 41cm, and0.124% U over 24cm. The Highway Zone Discovery appears structurally related and an extension of the DD Zone. - A distinct correlation with high U values and strong magnetic gradients.
- 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 further straddles the Key Lake Shear Zone, an important fault for structurally controlled Athabasca Basin type uranium deposits.
"We are thrilled to move towards our inaugural drill phase at the KLR-Walker Uranium Project. The DD and Highway Zones represent tremendous opportunity, after careful study, compilation, and interpretation, we have outlined 10 drill holes to test favorable structurally related uranium, a key ingredient in large Uranium deposits of the Basin. We will be reporting back shortly on the start date of exploration drilling." stated Karim Rayani President & Chief Executive Officer, Director.
The DD Zone
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 (Figure 2).
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
The Company has also appointed Brian Crawford as its new Chief Financial Officer effective immediately. Mr. Crawford is a Chartered Professional Accountant "CPA" and has extensive experience as a senior financial executive. Mr. Crawford replaces Geoff Balderson.
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/738976/Marvel-Receives-Drill-Permit-Key-Lake-Highway-Zone-Athabasca-Basin-Saskatchewan
FAQ
What is the significance of the drilling program at the KLR-Walker Uranium Project for MARVF?
When is the drilling expected to start for MARVF?
What are the historical uranium findings at the DD Zone of MARVF?
Who has been appointed as the new CFO of Marvel Discovery Corp. (MARVF)?
