Marvel Discovery Corp. (TSX-V:MARV) said it has commissioned KRM Resources Group to fly a fixed-wing airborne magnetic survey over the KLR and Walker Uranium Project in Saskatchewan's Athabasca Basin.
As previously announced, Marvel had entered into an option agreement to acquire two large land packages within the Wollaston-Mudjactic Transition Zone (WMTZ) of the eastern Athabasca Basin, an area that hosts the highest-grade uranium mines in the world.
"This is our first step in our exploration strategy for the newly acquired claim groups, the KLR & Walker. Both projects straddle the Key Lake fault and are contiguous to Cameco and Fissions ground, said Karim Rayani, president and CEO of Marvel, in a statement.
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“We have multiple unexplored uranium occurrences on the property related to structure. We know structure plays an extremely important key role in providing uranium mineralization pathways and traps. The corridor along the Key Lake Shear Zone represents tremendous opportunity in mimicking the success of basement-hosted uranium deposits found on the western side of the Athabasca Basin like NexGen Energy's Arrow Deposit. We look forward to receiving the final products generated from the survey."
The company said the airborne magnetic survey will cover the former Walker Creek portion of the KLR Property, which consists of 10,595 hectares. The survey will be flown at 100 meter (m) spacings in an east-west configuration for a total line-kilometer of 1,209 kilometers with 215 line-km of control lines.
It added that the Walker portion of the KLR Uranium Project package is contiguous to Fission 3.0 Hobo Lake uranium properties. Hosted within WMTZ, the Walker Property lies along the Key Lake Shear Zone and hosts 10 uranium showings and multiple unexplored EM targets. Both properties are accessible by highway. The company has already completed 32.3-line kilometer ground magnetic survey on the Highway North claim blocks within the Key Lake ground. The geophysical data in this survey, which dovetails with other recently acquired datasets, will be interpreted and used to refine prospective drilling targets.
In Saskatchewan, uranium deposits have been discovered at, above, and up to 300m below the Athabasca Group unconformity within basement rocks. Mineralization can occur hundreds of meters into the basement or can be up to 100m above, in Athabasca Group sandstone. Typically, uranium is present as uraninite/pitchblende that occurs as veins and semi-massive to massive replacement bodies, Marvel said.
Both properties straddle the Key Lake Fault Zone, an important corridor for structurally controlled Athabasca Basin-type uranium deposits. The Arrow Deposit, owned by NexGen Energy lies along a similar structural corridor as the Marvel properties. The Arrow Deposit1, which has undergone a Positive Feasibility Study with robust economics contains Probable Reserves of 239.6 million lbs of U3O8 at an average of 2.37% U3O8 and Measured and Indicated Resources of 256.7 million lbs at an average grade of 3.1% U3O8. The Arrow Deposit is the largest undeveloped uranium deposit in Canada.
Contact the author at jon.hopkins@proactiveinvestors.com