Marvel Signs Joint Venture Agreement With Carmanah Minerals on Its Walker Uranium Claims in the Athabasca Basin

Rhea-AI Summary

Marvel Discovery Corp. has entered into a joint venture agreement with Carmanah Minerals Corp. to acquire a 50% interest in the Walker Claims located in the Athabasca Basin, Saskatchewan. Carmanah will invest $1.5 million in exploration, along with a $400,000 cash payment, 3.5 million shares, and 3.5 million warrants. This partnership allows both companies to explore simultaneously while Marvel retains 100% control of other significant claims in the area, potentially leading to major uranium discoveries.

Positive

• Joint venture with Carmanah enhances exploration capacity.
• Carmanah to invest $1.5 million into the project.
• Marvel retains full control of the KLR and Highway North Claims.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / October 5, 2022 / Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to announce that it has signed a joint venture ("JV") agreement with Carmanah Minerals Corp., ("Carmanah") (CSE: CARM) to earn a 50% interest in the Walker Claims (the "Property") located in the Athabasca Basin, Saskatchewan (Figure 1). By completion of the earn-in by Carmanah, Marvel and Carmanah would each own 50% of the project with Carmanah funding $1.5 million in exploration expenditures, paying $ 400,000 in cash payments and the issuance of 3.5 million shares and 3.5 million warrants.

" We are very pleased to have reached a Joint Venture agreement with Carmanah Minerals, after careful consideration this transaction made the most sense long-term for Marvel shareholders. This affords us the ability to work both the north and south claim blocks simultaneously, while further protecting our share capitalization. Marvel still holds a considerable area of influence and controls 100% of the KLR and Highway North Claims along the Key Lake Shear Zone which is home to some of the worlds highest grade uranium. This corridor represents tremendous opportunity in mimicking the success of basement-hosted uranium deposits found on the western side of the Basin like NexGen Energy's Arrow Deposit. We look forward to working with the team at Carmanah with the common goal of a Tier 1 Discovery." stated Chief Executive Officer Karim Rayani

The Walker and KLR Properties lie within the Wollaston-Mudjactic transition zone (WMTZ) of the eastern Athabasca basin, which is host to the highest-grade uranium mines in the world, including:

The WMTZ hosts the highest-grade uranium mines in the world including (Figure 1):

• Cigar Lake¹, 50% owned by Cameco, which hosts reserves of 221.6 million pounds (lbs.) of U₃O₈ at 16.7% U₃O₈
• McArthur River², 70% owned by Cameco which hosts reserves of 392 million lbs. of U₃O₈ at 6.91% U₃O₈
• Wheeler Project³, 90% owned by Denison Mines which hosts reserves of 109 million lbs. of U₃O₈ in two deposits averaging 11.23% U₃O₈.

Figure 1. Location of the Walker- KLR Uranium Project in the WMTZ Zone host to the highest-grade uranium deposits in the world.

Regional Geology and Mineralization

In Saskatchewan, uranium deposits have been discovered at, above and up to 300 metres below the Athabasca group unconformity within basement rocks. Mineralization can occur hundreds of metres into the basement or can be up to 100 metres above in Athabasca group sandstone. Typically, uranium is present as uraninite/pitchblende that occurs as veins and semi-massive to massive replacement bodies. Mineralization is also spatially associated with steeply dipping, graphitic basement structures and may have been remobilized during successive structural reactivation events. Such structures can be important fluid pathways as well as structural or chemical traps for mineralization as reactivation events have likely introduced further uranium into mineralized zones and provided a means for remobilization (Jefferson, et al. 2007) (Figure 2).

Figure 2. Classic uranium deposits of the Athabasca Basin at the unconformity between the Athabasca sandstone and crystalline basement within the WMTZ. The Triple R, Eagle Point, Cluff Lake and Arrow deposits are found within basement rocks of the Crystalline Granulite Domain in the western Athabasca Basin. The KLR and Walker properties lie within the basement rocks just south of the former Key Lake Mine within the WMTZ. Source Searchlight Resources.

Marvel still controls 100% of the Highway North and KLR claims (Figure 3). These claim groups straddle the Key Lake fault zone, an important corridor for structurally controlled Athabasca-basin-type uranium deposits. The Arrow deposit⁴, owned by NexGen Energy, lies along a similar structural corridor as the Marvel properties. The Arrow deposit, which has undergone a positive feasibility study with robust economics contains probable reserves of 239.6 million pounds of U₃O₈ at an average of 2.37% U₃O₈ and measured and indicated resources of 256.7 million pounds at an average grade of 3.1% U₃O₈. The Arrow deposit is the largest undeveloped uranium deposit in Canada.

Figure 3. Location of Walker JV and the Highway North and KLR claim groups along the Key Lake Fault with prominent VTEM conductor trends.

Qualified Person

Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.

References

Jefferson, C.W., Thomas, D.J., Gandhi, S.S., Ramaekers, P., Delaney, G., Brisbin, D., Cutts, C., Portella, P., and Olson, R.A. 2007. Unconformity-associated uranium deposits of the Athabasca Basin, Saskatchewan and Alberta. In EXTECH IV: Geology and Uranium Exploration Technology of the Proterozoic Athabasca Basin. Edited by C.W. Jefferson and G. Delaney. Geological Survey of Canada, Bulletin 588, pp. 23-68.

Cigar Lake¹ : Cigar Lake Operation, Northern Saskatchewan, Canada, Report date March 29, 2016, Prepared by C. Scott Bishop, P.Eng., Alain G. Mainville, P.Geo. and Leslie D. Yesnik, P.Eng.

McArthur River² : McArthur River Operation, Northern Saskatchewan, Canada, Report date March 29, 2019, Prepared by Linda Bray, P.Eng., Gregory M. Murdoch, P.Eng. and Alain D. Renault, P.Eng.

Wheeler Project³ : Prefeasibility Study Report for the Wheeler River Uranium Project, Saskatchewan, Canada, Effective date September 24, 2018, prepared by SRK Consulting.

Arrow Deposit⁴ : Arrow Deposit, Rook I Project, Saskatchewan, NI 43-101 Technical Report on Feasibility Study, Effective date February 22, 2021, prepared by Stantec, Wood and RPA.

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 joint venture agreement involving MARVF?

Marvel Discovery Corp. (MARVF) has signed a joint venture agreement with Carmanah Minerals Corp. to earn a 50% interest in the Walker Claims in the Athabasca Basin.

How much is Carmanah investing in the MARVF joint venture?

Carmanah will invest $1.5 million in exploration expenditures, alongside cash payments and share issuances.

What are the potential benefits of the JV for MARVF shareholders?

The joint venture allows for simultaneous exploration of multiple claim blocks, potentially increasing the chances for a successful uranium discovery.

Where are the Walker Claims located?

The Walker Claims are located in the Athabasca Basin, Saskatchewan, which is known for hosting some of the highest-grade uranium mines in the world.

What previous discoveries are associated with the area of MARVF's claims?

The region includes notable uranium deposits like Cigar Lake and McArthur River, contributing to its high exploration potential.