Marvel Discovery Corp. (TSX-V:MARV) revealed that it has acquired, through staking, additional ground west of Valentine Lake, in the rich gold fields tucked away in the interiors of central Newfoundland.
The Vancouver-based resource company’s new land position called Victoria Southwest consists of 253 claims (6,325 hectares) and is contiguous to Falcon Gold Corp (TSX-V:FG, OTC:FGLDF), Benton Resources, Buchan Minerals Corp., and a significant land package staked by Shawn Ryan. The property lies 40 kilometers (km) west of Marathon’s principal asset, the Valentine gold deposit, which hosts 6.8 million ounces of gold, which is under development and 65km southwest of the town of Buchans.
In early 2011, Buchans Minerals and Benton Resources completed prospecting activities in the immediate vicinity that identified abundant mineralized quartz vein material containing trace to several percent sulphides. Marvel said that analytical results of the grab samples assayed between 1.65 to 18.24 grams per ton (g/t) gold (Au) and between 5.4 to 87.1 g/t silver (Ag) in subcrop samples.
In addition, grab samples from outcrop assayed up to 8.52 g/t Au and 30.7 g/t Ag. Of considerable interest within this immediate area are float samples consisting of angular boulders which assayed up to 106.4 g/t Au, and 364.3 g/t Ag, noted Marvel. It does not appear that any of the follow-up work within this area was able to determine the source of this high-grade sample.
In a statement, Marvel Discovery CEO Karim Rayani said: "Marvel’s timing into the camp could prove ideal as recent activity has started to highlight Buchans-Benton prospecting program from 2011. High-grade gold samples lie within 2.4 km of our claim boundary and the source of this boulder does not appear to have ever been found.”
He added: “Our in-house studies suggest that within this immediate area, structural controls on mineralization are poorly understood and we aim to fly the entire area with high-resolution magnetic surveys to be followed up with detailed litho-structural and target generation studies."
Marvel noted that the largest known gold deposit in Newfoundland occurs at Valentine Lake (Marathon Gold Corp) in the footwall of the Victoria Lake Shear Zone. To date, Marathon Gold has discovered five deposits along a 20km trend and together these represent the largest undeveloped resources in Atlantic Canada with reserves and resources of 6.8 Moz. Au. Also notable within the area is the Matador Mining Cape Ray deposit which hosts 837,000 oz of Au.
The resource company explained that recent structural interpretations of regional scale geophysical surveys led Marvel to the staking of the land package due to numerous interpreted oblique trends and tertiary splay zones which are considered “highly prospective” for gold mineralization.
Marvel is focused on exploring its extensive property positions in Newfoundland, Atikokan, BlackFly, Elliot Lake, Quebec and Prince George in British Columbia.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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