Marvel Discovery Corp (CVE:MARV) (OTCQB:IMTFF) (FRA:O4T1) said it has acquired a significant land position within the Hope Brook area of Newfoundland.
The package includes 763 claims for a total of 19,075 hectares which are strategically located and contiguous to First Mining Gold (TSE:FF) and to the Sokoman Minerals (CVE:SIC) and Benton Resources (CVE:BEX) joint venture.
Marvel’s stakes are also near the past-producing Hope Brook gold mine which had an output of 752,163 ounces of gold plus a copper concentrate between 1987-1997.
READ: Marvel Discovery acquires additional 274 claims within highly prospective Gander Zone area of Newfoundland
Prior to Marvel’s acquisition of Coastal Gold Corp in 2015, the latter outlined an additional 6.33 million tons of gold at an average grade of 4.68 grams per ton, for 954,000 ounces of gold in the indicated and inferred categories.
Marvel's new land position is contained within the Exploits Subzone of the central Newfoundland gold belt, and is flanked by several explorers and miners with promising deposits and prospects in various stages of development.
"The Hope Brook and surrounding area has been the focus of increased activity notably led by First Mining Gold and Sokoman Minerals over the last few months, this highly prospective and strategic land package covers 19,075 hectares and is directly tied on to both,” Karim Rayani CEO of Marvel said in a statement.
Rayani went on to say: “This positions Marvel in three of the key exploration and development areas within the Island, comprising Victoria Lake, Gander Zone and Hope Brook areas. Much of the area has already been covered with extremely high quality and high-resolution magnetic surveys, we have started our first phase of applying litho-structural analysis and interpretive techniques across this highly prospective area. This brings our total land holdings to approximately 50,000 hectares with the objective of reaching a total of 100,000 in what I consider the three most important areas."
Aside from the new land package in Newfoundland, the Canadian explorer has several prospects in the Atlantic province. Marvel Discovery also has operations in Ontario, British Columbia and Quebec.
Contact the writer at georgia@proactiveinvestors.com
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