Marvel Announces Phase II Drilling Follow-up at the KLR-Walker Uranium Project, Athabasca Basin
VANCOUVER, June 22, 2023 - Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to announce a Phase II follow-up drilling program at the DD and Highway Zone within the KLR-Walker Uranium Project ("the Property") in the Athabasca Basin (Figure 1). The Phase II drill program would consist of 4 holes totaling approximately 2,400 m. The start date of the program has yet to be determined. A total of 1,343 m was completed through 6 diamond drill holes in the spring of 2023 which intersected 841 ppm U3O8 over 1.07 m at the DD Zone and 553 ppm U3O8 over 1.89 m at the Highway Zone (see press release dated May 17, 2023).
About the forthcoming program, Karim Rayani, Chief Executive Officer, commented, "The Company is extremely excited about the 2023 Phase II program. We have successfully followed up on historical surface and backpack uranium mineralization along key structures with Phase I. Our Phase II program is to test these structures and associated uranium mineralization at depth to unlock the potential presence of a Tier I uranium discovery."
Figure 1. Highway North, Walker and KLR claim groups along the Key Lake Fault with prominent VTEM conductor trends.
All uranium mineralization encountered in the Phase I drill program consisted of stringer mineralization coincident with a regional scale fault, the Key Lake Shear Zone. The Key Lake Shear is part of the Wollaston-Mudjactic Transition Zone ("WMTZ") of the eastern Athabasca Basin. The WMTZ hosts the highest-grade uranium mines in the world (Figure 2). Drilling during the Phase II program will target uranium mineralization down dip within the fault zones. 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.
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.
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.
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: firstname.lastname@example.org
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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