it has entered into an option agreement to acquire two large claim groups the (“KLR” and “Walker”) from an arm’s length party. This positions Marvel in a highly advantageous position along the Key Lake fault adjoining both Cameco and Fission’s property boundaries. The two claim groups collectively cover 14,190 hectares along the East, North and Northwestern directions.
The project lies within the Wollaston-Mudjactic Transition Zone (“WMTZ”) of the eastern Athabasca Basin which is host to the highest-grade uranium mines in the world including:
- Cigar Lake1, 50% owned by Cameco, which hosts 152 million pounds (lbs) of U3O8 at 15.4% U3O8
- McArthur River2, 70% owned by Cameco which hosts 392 million lbs of U3O8 at 6.58% U3O8
- Wheeler Project3, 90% owned by Denison Mines which hosts 109 million lbs of U3O8 in two deposits averaging 11.23% U3O8
The KLR, first claim group consists of 3,595 hectares (ha) and is contiguous to the former producing Key Lake Uranium Mine. The Key Lake Deposit consisted of two mineralized zones which historically produced a total of 4.2 million tonnes of product at an average grade of 2.1% U3O8 (Harvey, 1999). The Key Lake Property is now host to the Key Lake Mill, owned, and operated by Cameco which processes ore from the McArthur River uranium deposit.
The Walker Property, second claim group covers an area of 10,595 ha and 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 easily accessible by highway. Exploration to date on the Properties has been limited.
These 2 claims groups are in addition to Marvel’s recent acquisition of the Highway North Project and are directly tied on to the North and South property boundaries within the same WMTZ corridor which covers an area of 2,573 ha (See Press Release Feb 28, 2022) Marvel now has a controlling interest in the camp totaling 16,763 ha.
“We are extremely fortunate to have acquired the KLR and Walker claim groups being directly tied on to the north and south of our recently acquired Highway North Project. This brings our new total to over 16,000 hectares along a trend that hosts some of the highest-grade uranium mines in the world. Being next door to the former Key Lake Uranium Mine and Cameco’s Key Lake Mill is highly strategic move as we advanced the project. This 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.” Mr. Karim Rayani, President & Chief Executive Officer Commented.
Regional Geology and Mineralization
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. Mineralization is also spatially associated with steeply-dipping, graphitic basement structures and may have been remobilized during successive structural reactivation events. Such structures can be important fluid pathways as well as structural or chemical traps for mineralization as reactivation events have likely introduced further uranium into mineralized zones and provided a means for remobilization (Jefferson, et al. 2007) (Figure 2).
Figure 2. Classic uranium deposits of the Athabasca Basin at the unconformity between the Athabasca sandstone and crystalline basement within the WMTZ. The Triple R, Eagle Point, Cluff Lake and Arrow deposits are found within basement rocks of the Crystalline Granulite Domain in the western Athabasca Basin. The KLR and Walker properties lie within the basement rocks just south of the former Key Lake Mine within the WMTZ. Source Searchlight Resources.
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.
As consideration for the Option, the Company has agreed to pay the vendor (the “Optionee”) a total of $550,000 over a 4-year period and incur $1,500,000 in exploration expenditures by the 3rd anniversary date of the signed agreement. In addition, the Optionee will retain a of a 1.0% net smelter royalty (“NSR”), of which Marvel will have the right to purchase 100% of the NSR for $1,000,000.
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. The QP has not completed sufficient work to verify the historic information on the Properties, particularly regarding historical exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.
Harvey, S.E. (1999): Structural geology of the Deilmann Orebody, Key Lake, Saskatchewan; in
Summary of Investigations 1999, Volume 2, Saskatchewan Geological Survey, Sask. Energy Mines,
Misc. Rep. 99-4.2.
Jefferson, C.W., Thomas, D.J., Gandhi, S.S., Ramaekers, P., Delaney, G., Brisbin, D., Cutts, C., Portella, P., and Olson, R.A. 2007. Unconformity-associated uranium deposits of the Athabasca Basin, Saskatchewan and Alberta. In EXTECH IV: Geology and Uranium Exploration Technology of the Proterozoic Athabasca Basin. Edited by C.W. Jefferson and G. Delaney. Geological Survey of Canada, Bulletin 588, pp. 23–68.
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: firstname.lastname@example.org
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
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