Marvel Discovery Corp announced that it has acquired Highway North Property in the Athabasca region of Saskatchewan, in an agreement with District 1 Exploration Corp.
The company said that the property is located 70 kilometers southwest of the former producing Key Lake Uranium Mine. The Highway North property consists of five contiguous claims of 2,573 hectares.
The Key Lake Deposit, which is northeast of the property, consisted of two mineralized zones which historically produced a total of 4.2 million tonnes of product at an average grade of 2.1% triuranium octoxide (U3O8), a compound of uranium, the release said. Only 21 drill holes have been drilled on the property thus far totaling 3,527m, between 1980 and 2008.
The Vancouver, British Columbia-based company said that surface exploration and drilling have verified the presence of uranium mineralization along the Highway Zone, with grades up to 2.31% U3O8 over 0.29 m in KLR15-086.
However, the company is working to verify the historical results from previous years.
"We are entirely pleased to have acquired the option on such a prominent land package on an important structural corridor in the Athabasca Uranium (TSX-V:UAX) producing region of Saskatchewan,” said Karim Rayani, CEO, in a statement.
He noted that the Highway North Project is “perfectly situated along the Key Lake Shear Zone with power, water, and road accessibility.”
“The geological setting is perspective for structurally controlled basement hosted Uranium deposits such as the Millennium Zone and Key Lake deposits of Cameco. Marvel continues to present stakeholders a rare opportunity having exposure to multi-commodity, critical element opportunities under one umbrella," Rayani added.
Regional geological and structural location of the Highway Property
The company said that the Highway Property straddles the Key Lake Fault Zone, an important corridor for structurally controlled Athabasca Basin-type uranium deposits.
Critical criteria on the property for these types of uranium deposits include the presence of graphitic EM conductors within metasedimentary packages, major re-activated northeast-trending fault systems that have been disrupted by obliquely cross-cutting subsidiary structures, and the presence of uranium-enriched source rocks.
Contact Ritika at ritika@proactiveinvestors.com