Marvel Discovery Corp told investors it has recently completed a high-resolution airborne magnetic survey over the Gander East project, which is next to New Found Gold's Queensway project, where high gold grades have been hit with drilling.
East Gander comprises 274 claims totaling 6,850 hectares (Ha) and, like Queensway, lies along the highly prospective, northeast-trending Dog Bay-Appleton-Grub line fault system.
"The Gander East project is a strategic land position for Marvel - New Found's Gold project is directly tied on and the Grub line runs right along our ground," said Karim Rayani, CEO of Marvel Discovery, in a statement.
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"We are thrilled with the data sets received, the structural features are consistent with high grade mineralization with major faulting and splays off the Grub Line.
"Our team has quietly staked some of the most prospective, under-explored land positions along and adjacent to the major continental structures in Newfoundland and we feel this is just the beginning, as everyone now is starting to appreciate and understand the importance of these major crustal fault and shear zones.
"We were not the first to come to the party, but we did position ourselves as a dominant force of strategic ground tied on some of the islands largest defined assets."
The Dog Bay-Appleton-Grub Line fault system sits within Central Newfoundland and is closely associated with recent high-grade gold discoveries and with existing deposits such as Marathon Gold's Valentine gold project which hosts 4.78 million ounces of gold.
Contact the writer at giles@proactiveinvestors.com