Marvel Discovery Corp reports it has acquired 1185 claims along the Baie Verte Brompton Line in the Central Newfoundland Belt.
The additional land totaling 29,525 hectares was obtained through staking and via two separate option agreements.
The new stakes are in Newfoundland’s only current gold producing region, with two operating mines as well as several past producers in close proximity to the Baie Verte Brompton Line.
According to Marvel, the area houses more than 100 gold prospects and zones, many of which are orogenic-style, related to major splays and second-order structures linked to the Baie Verte Brompton Line.
READ: Marvel completes heliborne survey on Duhamel nickel-copper-cobalt property in Quebec City
As the statement points out, the new claims are also 13 kilometers southwest of the Lunch Pond South Extension Deposit on Glover Island owned by Mountain Lake Resources.
The Glover Island Trend hosts 17 gold, base metal, nickel and polymetallic mineral prospects in addition to numerous gold anomalies.
"We are extremely pleased to have acquired such a large land package covering 70kms of strike along a trend of defined deposits,” Karim Rayani, Chief Executive Officer at Marvel said in the release.
“This adds to our impressive portfolio of holdings getting us nearer our objective of making Marvel one of the predominant holders of lands in Newfoundland along major continental-scale structures. We look forward to performing high resolution magnetic surveys over our entire property position and integrating mineralization trends and historical results to vector exploration efforts to those areas of high merit."
Marvel also disclosed the terms of the two options agreements.
For the Sandy Pond claims Marvel will pay to the vendor $25,000 within 15 days, issue 400,000 common shares in the Company within 15 days, issue 200,000 warrants valued at $0.25 per share exercisable for a period of two years, and pay $25,000 within 60 days.
For the Baie Verte claims Marvel has agreed to pay $30,000 within 15 days and issue 200,000 common shares in the same time frame.
In addition to Newfoundland, Marvel has property in Quebec, Ontario and British Columbia.
Contact the writer at georgia@proactiveinvestors.com
Follow her on Twitter @MissInformd