ACCESSWIRE
14 Mar 2023, 23:08 GMT+10
VANCOUVER, BC / ACCESSWIRE / March 14, 2023 / Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ('Marvel' or the 'Company') is pleased to provide an update on the inaugural diamond drilling program at the DD and Highway Zone within the KLR-Walker Uranium Project ('the Property') in the Athabasca Basin (Figure 1). The drill program was originally planned for 1,000m and has since been expanded to 1,400m. To date, 3 drill holes have been completed for a total of 684m.
Holes KLR23-01 and KLR23-02 targeted a previous 2015 backpack drill hole that intersected 1.96% U over 29cm at the Highway Zone. Hole KLR23-01 recorded a peak of 12,000 cps over a 4 m interval of anomalous gamma-ray readings (Figure 2). Drill hole KLR23-03 was drilled at the DD Zone 1.5 km north of the Highway Zone targeting historic drill holes DD-03, DD-16, and DD-21 where in 2015 a backpack drill hole intersected 1.57% U over 4 cm. The DD Zone was first explored and outlined via surface trenching in 1970.
Commentary
'We are very excited with the progress to date; the first indications are pointing to success after only 3 drill holes. We have expanded the current drill program from 1,000 meters to 1,400 meters and look forward to reporting on the results. Further detection from Gama Probe surveys also shows positive detection readings,' stated Karim Rayani, President, Chief Executive Officer and Director.
The KLR-Walker Property
The Property is located within the Wollaston-Mudjactic Transition Zone ('WMTZ') of the eastern Athabasca Basin. The WMTZ hosts the highest-grade uranium mines in the world (Figure 3). The DD Zone within the Highway Project straddles the Key Lake Shear Zone, an important fault for structurally controlled Athabasca Basin type uranium deposits.
The DD Zone is proximal and along strike to Fission 3.0 Hobo Lake uranium properties. Hosted within WMTZ, the DD Zone lies along the Key Lake Shear Zone and hosts 10 uranium showings and multiple unexplored EM targets.
Like its neighbor to the west, 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.
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
References
Arrow Deposit1 https://www.nexgenenergy.ca/rook-1-project/default.aspx#feasibility-study
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:
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
'Karim Rayani'
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: k@r7.capital
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.
SOURCE: Marvel Discovery Corp.
Get a daily dose of BC Post news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to BC Post.
More InformationWASHINGTON D.C.: After several high-profile near collision incidents, the US Federal Aviation Administration (FAA) has issued a safety alerts to ...
PHNOM PENH, Cambodia: Two Cambodian opposition figures--- Yim Sinorn and Hun Kosal--- have been charged under the country's rarely used ...
WASHINGTON D.C.: The US Supreme Court has ruled that a deaf student in Michigan can sue his public school district, ...
MANILA, Philippines: Under a defense agreement with the U.S., four new military bases will be located in various parts of ...
WASHINGTON D.C.: The US Centers for Disease Control and Prevention (CDC) has reported that infections by the potentially deadly fungus ...
WASHINGTON D.C.: The US Supreme Court will hear a trademark dispute over a dog toy shaped like a Jack Daniel's ...
Atlanta Braves right-hander Kyle Wright will begin the season on the injured list, a move that will allow left-handers Jared ...
Though the Buffalo Sabres may fall short of ending their lengthy playoff drought, they continue to push. Meanwhile, the Montreal ...
Washington Wizards guards Bradley Beal and Monte Morris and forward Kyle Kuzma have all been ruled out for Sunday's game ...
New Delhi [India], March 26 (ANI): Prime Minister Narendra Modi on Sunday congratulated Indian boxers Nikhat Zareen and Lovlina Borgohain ...
Outfielder Kole Calhoun is back on the free agent market after opting out of his minor league deal with the ...
Liverpool [United Kingdom], March 26 (ANI): Liverpool Legends went toe to toe against Celtic Legends and ended up with a ...