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Marvel Discovery Acquires Ground in the East Bull Lake Intrusive

04.05.2021  |  Accesswire

VANCOUVER, May 4, 2021 - Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T1)(OTC PINK:IMTFF); ("Marvel" or the "Company") is pleased to announce it has acquired a 100% interest on a property in the East Bull Lake Intrusive Complex contiguous to Grid Metals Corp. and Canadian Palladium East Bull Lake Palladium Projects east of Elliot Lake, Ontario. The claim group consists of 15 mining claims totaling 5,352 hectares (Figure 1).


Figure 1. East Bull Lake Intrusive area property holders.

The East Bull Lake Intrusive Complex

The East Bull Lake Intrusive (EBLI) is part of the palladium-rich mafic intrusive East Bull Suite that occurs in the Sudbury region. It is host to the New Age Metals River Valley deposit hosting Measured and Indicated resources of 99Mt of 0.90 gpt Pd_Eq and an additional Inferred resource of 53Mt grading 0.63 gpt Pd_Eq located east of Sudbury, Ontario (https://newagemetals.com/wp-content/uploads/NAM-River-Valley-PEA-by-PE-August-7-2019.pdf). West of Sudbury, the East Bull Lake Intrusive hosts the drilling efforts by Grid Metals Corp, which announced 77m grading 0.81 gpt Pd_Eq from EBL20-13 (Grid Metals press release dated April 9, 2021). Further adding to the palladium endowment of the EBLI is Canadian Palladiums project which hosts a compliant resource of 11.1Mt grading 1.46 gpt Pd-Eq (https://canadianpalladium.com/project/bull-project).

Marvel Discovery Claims

The recent acquisition of the Marvel Discovery East Bull property hosts a possible extension of the Folson Intrusive block, part of the EBLI. Total magnetic intensity of regional OGS surveys indicate a northwest extension to the EBLI onto Marvel's ground. The Pecors Anomaly located to the west of the Marvel Discovery ground has been long recognized as a large 25km long by 6km wide magnetic anomaly lying beneath Huronian Supergroup sediment cover. Drilling by International Montoro (now Power One Resources) has confirmed that part of the Pecors Anomaly is at least partially attributable to rocks of a gabbroic affinity as drilling in 2015 intersected 0.224 gpt Pt+Pd+Au over 22.45m beneath the overlying sediments. A regional magnetic feature between the Pecors Anomaly and the EBLI to the east may suggest these two mafic intrusive suites are connected. This connector and the southeast extension of the Pecors Anomaly is hosted within the Marvel Discovery claims (Figure 2).


Figure 2. Location of the Marvel Discovery claim acquisition relative to the Pecors Anomaly and the East Bull Lake Intrusive. Magnetic intensity sourced from OGS.

Commentary

"We are excited to acquire such a strategic piece of ground in a proven palladium endowed mafic intrusive complex such as the East Bull", said Karin Rayani, CEO of Marvel Discovery Corp. "The rapid advancement and success of Grid Metals and Canadian Palladium on contiguous properties positions the Marvel acquisition as a property of high merit for the source of palladium and platinum mineralization".

Transaction Terms

Marvel Discovery has signed an agreement with a private vendor dated April 26, 2021 (the "Effective Date") to purchase 100% in 15 mining claims as per Figure 1 for $10,000 cash upon signing and an additional $10,000 in cash 6 months from the Effective Date. Marvel must also issue 300,000 common shares and 300,000 warrants at price of $0.15 per share for the first year and at $0.20 per share for the second year, 15 days from the Effective Date. The vendor retains a 2% NSR with a buyback option from Marvel for 50% of the NSR for $750,000 cash. All terms are conditional upon regulatory approval from the TSX.

Qualified Person

Mr. 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.

The QP has not completed sufficient work to verify the historic information on the properties comprising the East Bull property, particularly regarding historical exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration potential of the East Bull property but may not be representative of expected results.

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:

  • Exploits Zone, Newfoundland (Slip and Victoria Lake - Au Prospects)
  • Atikokan, Ontario (BlackFly - Au prospect)
  • Red Lake, Ontario (Camping Lake - Au prospect)
  • Elliot Lake, Ontario (Serpent River/Pecors - Ni-Cu-PGE discovery) & (Uranium - REE's)
  • 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. 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/644351/Marvel-Discovery-Acquires-Ground-in-the-East-Bull-Lake-Intrusive


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