Marvel Discovery Corp told investors it was looking forward to kicking off inaugural exploration at its Wicheeda North property in the Rocky Mountain rare-earth metal belt of British Columbia, which sits just 5km from Defence Metals' Wicheeda rare earth project.
As reported in April this year, resource group Marvel struck a purchase agreement for two promising claim groups, which sit around 85 kilometers (km) northeast of Prince George.
The Defence Metals asset already hosts a higher confidence indicated resource of 4.89 million tonnes averaging 3.02% LREO (Light Rare Elements) and an inferred resource of 12.1 million tonnes averaging 2.90 LREO and Defence Metals has just announced a second drill is being mobilized to expediate resource expansion, noted Marvel.
"Geophysical studies show the Wicheeda North shares similar geology and structures as our neighbor Defence Metals," said Marvel CEO Karim Rayani in a statement.
"Defence is aggressively working to expand their resource - we are well positioned in the area and look forward to commencing our inaugural exploration program once we have reviewed all our newly acquired datasets," he added.
READ: Marvel Discovery files permits to begin exploration on its Hope Brook project in Newfoundland
"Our exploration plans include new high-resolution aeromagnetic surveys and to utilize AI (artificial intelligence) algorithms to assist with the prioritization of target areas. We are thrilled to be involved in the REE sector, including what I like to call Space Metals. This further solidifies Marvel as a multi-commodity resource company."
Marvel's Wicheeda North property comprises six mineral claims, which encompass 2,135 hectares (Ha), and sit immediately northwest of the Defense Metals property, which hosts the Wicheeda Carbonatite. In all, Marvel's total footprint within the Wicheeda Rare Earth Metal Belt is 4,423 ha covering 18 claims.
Along with Power One Resources - one of Marvel's equity holdings - the company controls one of the largest land packages next to Defence Metals ground.
Marvel Discovery said it was positioning itself to ensure it is well placed to capitalize on the rapidly-growing market for green energy metals, such as light rare earth elements neodymium and praseodymium (used in the creation of permanent magnets), niobium, and copper.
So-called Space metals, and various rare earth metals such as niobium are known for their high melting point withstanding extreme heat and have direct applications in nuclear and space flight.
Contact the author at giles@proactiveinvestors.com