Marvel Discovery Corp. (TSX-V:MARV) announced that it has signed a joint venture (JV) agreement with Carmanah Minerals Corp to earn a 50% interest in the Walker Claims in Saskatchewan’s Athabasca Basin.
The emerging resource company said by completion of the earn-in by Carmanah, Marvel and Carmanah would each own 50% of the project, with Carmanah funding C$1.5 million in exploration expenditures, paying C$400,000 in cash payments and issuing of 3.5 million shares and 3.5 million warrants.
“This affords us the ability to work both the north and south claim blocks simultaneously, while further protecting our share capitalization,” Marvel Discovery CEO Karim Rayani said in a statement.
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“Marvel still holds a considerable area of influence and controls 100% of the KLR and Highway North Claims along the Key Lake Shear Zone which is home to some of the world’s highest grade uranium,” Rayani added.
Marvel Discovery noted the Highway North and KLR claims straddle the Key Lake fault zone, an important corridor for structurally controlled Athabasca-basin-type uranium deposits.
The Arrow deposit, owned by NexGen Energy and considered the largest undeveloped uranium deposit in Canada, lies along a similar structural corridor as the Marvel properties, the company added.
Marvel Discovery, listed on the TSX Venture Exchange for over 25 years, is a Canada-based emerging resource company.
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Contact Sean at sean@proactiveinvestors.com