Marvel Discovery Corp CEO Karim Rayani told shareholders that the resource company has had a “very successful 2021” and is gearing up for a busy exploration year.
In a letter to shareholders, Rayani noted that the company, which rebranded from International Montoro to Marvel in February last year, is positioning itself to serve as an “incubator” of prime projects.
“It has entered the uranium space at Key Lake, Saskatchewan within one of the highest-grade uranium producing regions in the world, the Athabasca Basin,” Rayani said in the letter.
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In late 2020, Marvel acquired its first claims in central Newfoundland called the Slip and Victoria Lake projects. “This set-in motion a chain of events that have led us to where we are today as one of the largest landholders in Newfoundland contiguous to projects with defined resources,” said Rayani.
The Marvel boss recapped significant land acquisitions Marvel had made in the Central Newfoundland gold belt.
Marvel’s Newfoundland acquisitions:
The Slip Project: It has 149 claims totaling 3,725 hectares. The property lies 17.5 kilometers (km) northwest of New Found Golds Queensway project and lies on the Dog Bay line and shows similar gold mineralization characteristics of the area.
Victoria Lake Gold-Silver: At Victoria Lake, Marvel has expanded its holdings to 11,000 hectares. The property is 18kms west of Marathon Golds Valentine Lake which hosts 4 million ounces of gold. Preliminary work on Marvel's ground has identified several veins ranging from 15.5 to 24.9 grams per ton (g/t) gold (Au) and 18.6 to 139.9 g/t silver. The property was expanded by an additional 53 claims toting up 1,350 hectares to its size.
Gander South: It has 420 claims totaling 10,250 hectares and the claims are 45 km south of Gander proximal to the Exploits subzone and the Gander Zone, 10 km east of New Founds Queensway project.
Gander East: It has 274 claims totaling 6,850 hectares, contiguous to New Found Gold's Queensway project, which lies along the prospective northeast-trending Dog Bay/Appleton/Grub Line fault system.
Golden Brook: It has 763 claims 19,075 hectares has since been optioned to Big Ridge Exploration.
Gander North: It has 478 claims toting 11,875 hectares and is contiguous to Sassy Resources (CSE:SASY, OTCQB:SSYRF).
Baie Verte Brompton Line: It has 857 claims totaling 21,425 hectares. Anaconda Mining's Point Rousse and Rambler producing mines, along with past producers, such as the Terra Nova mine, are in proximity to the Baie Verte Brompton Line. Marvel has acquired ground over a 70-kilometer corridor along the BVBL.
Sandy Pond project: It has 515 claims totaling 12,875 hectares strategically located between the Red Indian Line and the BVBL. Claims area is characterized by regional northwest trending major faults.
Cape Ray North Project: It has 264 claims totaling 6,600 hectares and high- resolution magnetic surveys have been done. Preliminary results show numerous folds, major faults and tertiary shear zones which are considered favourable for gold mineralization.
Quebec project:
Duhamel nickel-copper-cobalt-titanium property: In May last year, Marvel completed a heliborne survey over the 2,300-hectare land position which lies 350 km north of Quebec City. Marvel recovered from historical data a grab sample from massive iron-titanium oxides, with results assaying 0.28% vanadium pentoxide (V2O5) associated with 20.8% titanium dioxide (TiO2) and 0.13% chromium oxide (Cr203).
Ontario projects:
Blackfly gold property: Marvel has completed 9 diamond drill holes for a total of 1,116.25 meters. The Blackfly project is directly tied onto Agnico Eagle's Hammond Reef deposit which boasts 5.6 million ounces of gold in all resource categories. Drilling at Blackfly was deemed successful with visible gold noted in BF21-15. This hole targeted a newly discovered zone (Mosquito zone) 100 meters southwest of the main Blackfly zone.
East Bull Project: In May, Marvel acquired a 100% interest in ground along the East Bull Lake Intrusive. The claim group consists of 15 mining claims totalling 5,352 hectares.
Marvel said it has put together an “impressive portfolio” in Central Newfoundland and is looking forward to finalizing exploration permits to start inaugural drilling.
“The recent acquisitions in Newfoundland which is witnessing the largest exploration boom and discoveries is a testament to Marvel recognizing where opportunities for success are the highest,” concluded Rayani.
Investors can read the full shareholder lettter here.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive