Marvel Discovery Corp said it has commenced the 2022 exploration program at the company's 100%-owned Gander North Property in June, with initial prospecting returning numerous evidence of quartz veins, including outcrop and float.
Surface samples collected to-date have been submitted for assay, with results pending, the British Columbia-based emerging resource company said.
"We are excited about our initial exploration program and pending results of our sampling,” Marvel CEO Karim Rayani said in a statement. “Initial evidence from prospecting and mapping suggests a geological environment conducive to orogenic gold deposits and occurrences of the Central Newfoundland gold belt."
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Publicly-available datasets have returned multiple northeast trending magnetic linear features, with associated fold closures, which suggest a continuation of trends from the nearby Gander Gold Project area where soil in gold anomalies up to 756.1 parts per billion (ppb) have been identified, Marvel said.
The company has planned high-resolution geophysical surveys for the area, which will help to better define and delineate the magnetic trends, and together with surface prospecting and mapping, will be the focus of a drill program to commence in the fall, it added.
"This unexplored property provides high chances of success with a strategic location near the high-grade gold discoveries made by New Found Gold,” Marvel CEO Rayani added. “We look forward to compiling our efforts and success by integrating mineralization trends, historical results and geophysical attributes to vector exploration drilling efforts to those areas of high merit.”
The Gander North Property, located northeast of Gander, Newfoundland, is comprised of 478 contiguous claims covering 11,785 hectares. The property occurs within the Gander Zone proximal to the Dog Bay-Appleton-Grub fault system, a crustal-scale zone that extends southwest from the north coast of Newfoundland for nearly 200 kilometres (km) to Gander.
Structural corridors in central Newfoundland have shown to be intimately associated with recent gold discoveries, including New Found Gold's Queensway project located about 20 km from Marvel's project.
Additionally, northeast trending structural lineaments first recognized by Sassy Gold, which holds property to the immediate southeast, are interpreted to continue onto the Gander North Property, the company noted.
Marvel is engaged in the acquisition, exploration, and development of diverse metal deposits throughout the country.
Contact the author at jon.hopkins@proactiveinvestors.com