Marvel Discovery Corp (CVE:MARV) (FRA:O4T1) (OTCPINK:IMTFF) revealed that it has struck a purchase agreement for two promising claim groups, located around 85 kilometers (km) northeast of Prince George, in British Columbia.
The Vancouver-based emerging resource company said the properties are located within a 40km-long belt of carbonatite and related rocks, including the Wicheeda Carbonatite rare earth element (REE) project, and the Cap Carbonatite rare metal (RM) project.
In a statement, Marvel Discovery CEO Karim Rayani said: "We are very excited to have acquired two separate property groups, each with potential to host rare metal mineralization, at a time when the world's need for green energy metals is growing at an ever-increasing rate.”
READ: Marvel Discovery exploring for diverse metals deposits throughout Canada
“Coupled with our existing holdings, Marvel is now one of the largest landholders in the Wicheeda Rare Metal Belt," he added.
The Wicheeda Rare Metal Belt (WRMB) covers a multitude of rare earth element and rare metal-bearing carbonatites and syenites. “No carbonatite occurrences have been documented on the company's properties to date,” said the company. “However, the geology is considered favourable to host such mineralization styles associated with carbonatites.”
Carbonatite-related rocks are rare, with less than 700 complexes known worldwide, noted the company, and they host rare metals, such as niobium and tantalum, and rare earth elements. They are also known to host concentrations of copper, gold and base metals.
The world's largest niobium mine, Araxa in Brazil, and several of the world's largest REE deposits, including Lynas Corporation's Mt. Weld deposit in Australia and MP Material's Mountain Pass Deposit in the US, are all hosted by carbonatites.
The Wicheeda North Property, the main property of interest, consists of six mineral claims on 2135.6 hectares, immediately northwest of the Wicheeda property, which hosts the Wicheeda Carbonatite, currently being explored by Defense Metals Corp.
“This brings the company's total land holdings within the Wicheeda Rare Metal Belt to just over 4,423.8 hectares across a total of 18 claims,” noted the company.
The Wicheeda Carbonatite Deposit, held by Defense Metals Corp, is host to an indicated resource of 4.89 million tonnes (Mt) at 3.02% light rare earth oxide (LREO) and an inferred resource of 12.1 Mt at 2.90% LREO, using a cut-off grade of 1.5% total metal.
Two additional claims totaling 113 hectares, are located within the south-central parts of the WRMB, said the company. The projects were acquired from Zimtu Capital Corp and prospecting associates for a one-time cash payment of $22,500 for a 100% interest.
Meanwhile, US President Joe Biden has sought to build public support for his $2 trillion green infrastructure spending plan, which involves funding to install half a million EV charging stations across the country by 2030, incentives for Americans to buy EVs and boost the domestic supply of materials. “A dramatic surge in demand for green energy metals and minerals will take place,” noted the company. “Marvel Discovery is actively positioning itself to ensure it is well placed to capitalize on this growing market,” it added.
Marvel has 10 projects currently and is looking for gold, nickel, copper, cobalt and vanadium in Ontario, Quebec, and Newfoundland, while also being on the hunt for rare earth elements and uranium in British Columbia.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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