Marvel Discovery Corp. (TSX-V:MARV) has told investors that preliminary results from a 6-kilometre (km) ground magnetic survey on its Highway North uranium property in the Athabasca Basin have revealed targets that would benefit from diamond drilling along uranium-bearing structures.
The property is located 70 km southwest of the former producing Key Lake Uranium Mine. Aptly named for its location along Highway 914, Marvel said the property consists of five contiguous claims totaling 2,573 hectares.
"We are very excited with the preliminary results received from the ground magnetic survey,” president and CEO Karim Rayani said in a statement. “Preliminary results show that favorable structures exist within the Highway North property that is common to uranium hosted deposits along the Key Lake Fault Zone such as Eagle Point, Millennium, Gaertner and Deilmann (Key Lake).”
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Marvel noted that 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.
Only 21 drill holes have so far been drilled on the property, totaling 3,527 metres (m), between 1980 and 2008. Surface exploration and drilling have verified the presence of uranium mineralization along the Highway Zone, with grades up to 2.31% U3O8 over 0.29m in KLR15-086, the company added.
Marvel cautioned that it is not treating these historical results as current and has not completed sufficient work to verify such historical results. Further, it said the historical production from the Key Lake Deposit has not been verified independently by the company.
“While the company is not treating these historical results and numbers as accurate, it does believe the numbers to be reliable and may be of assistance to readers,” the company said.
The Highway property straddles the Key Lake Fault Zone, an important corridor for structurally controlled Athabasca Basin type uranium deposits, Marvel said. Critical criteria on the property for these types of uranium deposits include the presence of graphitic electromagnetic (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. Exploration to date on the property has been limited, Marvel added.
“We eagerly await a full comprehensive interpretation of the magnetic survey to provide possible drill targets,” Rayani concluded.
Contact the author at stephen.gunnion@proactiveinvestors.com