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.
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.
"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.
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.
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.
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.
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: [email protected]
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.