May 17, 2023. Vancouver, B.C. – Marvel Discovery Corp. (TSX-V: MARV), (Frankfurt: O4T), (OTCQB: MARVF); (“Marvel” or the “Company”) is pleased to announce the results for its inaugural diamond drill program at its wholly owned KLR (Key Lake Road) Uranium Project in northern Saskatchewan. The purpose of the program was to follow up on two targets zones: the DD Zone, which was first identified by Forum Uranium, and the Highway Zone, where surface drilling with Shaw portable drills provided an 29cm interval assaying 1.9% U3O8. Both Target Zones lie at the contact of the Wollaston and Mudjatic domains, which is the primary exploration corridor on the eastern side of the Athabasca Basin, and which hosts the Key Lake Mine, Cigar Lake Mine, and the McArthur River Mine.
The highest result was at the DD Zone in hole KLR23-06, which graded 841ppm U3O8 over 1.07m. Highlights of the results are provided in Table 1, below:
|Zone||Hole #||From (m)||Length (m)||U3O8 (ppm)|
Radiometric downhole readings were taken with a QL40-GRA-1000 ‘Quick Link’ Natural Gamma Probe. Numerous anomalous CPS readings were identified throughout each hole, generally associated with increased chlorite alteration and fracturing. The best intervals are summarized in Table 2.
|Hole #||Start (m)||End (m)||Length||Ave. Radioactivity (CPS)||Peak Radioactivity (CPS)|
The program was successful in verifying historical results and confirmed that anomalous surface radioactivity continues at depth. Preliminary evaluation suggests that the radioactive mineralization encountered in this program is in the form of vertical shoots, which increase in intensity with depth. Insitu gamma readings, derived through downhole probing, also suggest the potential of an enriched system at depth.
Radioactive intervals at the DD Zone consistently existed within a weak but pervasive chlorite alteration of psammite with patchy hematite staining. Radioactivity was most pervasive at or near fractures, and veining with massive chalcopyrite and pyrrotite.
Karim Rayani, Chief Executive Officer commented, “We are extremely pleased with the results of this program, which are comparable, if not better, to results of the shorthole programs conducted over Nexgen’s Arrow Deposit, where ore grades were generally encountered at depths exceeding 450m. At KLR, these early results suggest that we may be at the top of a larger system in the most fertile uranium corridor in the world.”
Marvel will continue to analyze the drill data, in conjunction with ground and airborne geophysical datasets, with the intention of designing a Phase 2 drilling program to investigate for mineralization at depth.
Four NQ2 holes (847m) were completed at the DD Zone and two NQ2 holes (496m) were completed at the Highway Zone, for a total of 1343m. The deepest hole drilled in the program was KLR23-01, which reached a depth of 390m. A total of 306 core samples were delivered to SRC Geoanalytical. 238 of these samples were assayed using ICP1 and Boron, while the remaining 68 samples were to be assayed using ICP1 and Boron, as well as a fire assay for gold.SRC Geoanalytical Labs in Saskatoon, SK. SRC Geoanalytical Laboratories’ management system operates in accordance with ISO/IEC 17025:2017. The quality control processes at the laboratory are continuously monitored by the SRC Quality Assurance Department.The predominant lithologies encountered were pelitic and psammo-pelitic gneisses, consistent with the Wollaston domain. Also encountered were psammitic meta-arkosic gneisses. Occasional units of intrusive K-Spar pegamatitic granite were also encountered across all holes.Qualified Person
The technical content of this news release has been reviewed and approved by Peter Born Ph.D., P.Geol., who is a Qualified Person as defined by National Instrument 43 -101, Standards of Disclosure for Mineral Projects
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
- Newfoundland (Slip, Gander North, Gander South, Victoria Lake, Baie Verte, and Hope Brook – Au Prospects)
- Atikokan, Ontario (BlackFly – Au Prospect)
- Elliot Lake, Ontario (East Bull – Ni-Cu-PGE Prospect)
- Quebec (Duhamel –Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)
- Prince George, British Columbia (Wicheeda North – Rare Earth Elements Prospect)
The Company’s website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: email@example.com
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.