Mining
Friday, October 13th, 2023 1:54 pm EDT
Key Points
- Acquisition of Costigan Lake Uranium Project: Marvel Discovery Corp. has entered into an agreement to acquire the Costigan Lake uranium project, which covers 5,518 hectares (ha) in the eastern side of the Athabasca Basin. This acquisition expands Marvel’s uranium holdings in the Key Lake area, near other notable companies like Cameco, F3 Uranium, Skyharbour, and Abasca Resources. Marvel now holds four distinct projects, totaling over 23,130 ha, in line with its aggressive approach to project generation and exploration.
- Strategic Location and Geological Setting: The Costigan Lake project is strategically located 25km southwest of Cameco’s Key Lake Mine and mill complex, situated along the Wollaston-Mudjactic Transition Zone (“WMTZ”), known for hosting some of the world’s highest-grade uranium mines. The property is close to Highway 914, offering infrastructure accessibility.
- Exploration Potential: The property presents several high-merit exploration targets, including subsurface conductors within a magnetic low within the “WMTZ” and anomalous radioactive boulder trains. Limited modern-day exploration on the property indicates blue sky potential. Marvel aims to explore this uranium-rich area during the winter season.
Marvel Discovery Corp. has entered into an agreement to acquire the Costigan Lake uranium project, which covers 5,518 hectares (ha) located on the eastern side of the Athabasca basin. The acquisition enhances Marvel’s land portfolio of uranium holdings at Key Lake, which is adjacent to Cameco, F3 Uranium, Skyharbour, and Abasca Resources. This acquisition increases the Company’s footprint to 4 distinct projects covering over 23,130ha and is in line with Marvel’s aggressive approach to project generation and exploration. The company is utilizing the same innovative techniques that have led to some of the largest discoveries in the Athabasca Basin including radon surveys, ground geophysics, underwater spectrometer analysis, and airborne radiometric surveys.
Costigan Lake HighlightsStrategically located 25km southwest of Cameco’s Key Lake Mine and mill complex and is perfectly situated along the Wollaston-Mudjactic Transition Zone (“WMTZ”), which hosts the highest-grade uranium mines in the world.Infrastructure: proximal to or within 8kms to the Highway 914 – a primary year-round maintained road servicing the operational Key Lake Mill.Prospective Geological Setting: within the “WMTZ” Zone – the same basement rocks that host all of the major uranium deposits on the east side of the Athabasca Basin.On trend with some of the world’s largest Uranium Mines: Key Lake, Cigar Lake and McArthur River.Adjoins F3 Uranium’s (TSXV:FUU) Hobo Project who just announced a $15 million investment from Denison Mines (see press release dated Oct 6, 2023).Adjoins Abasca Resources (TSXV:ABA) Key Lake South Project, who just completed a 4,959 m drill program with 9 of the 11 holes intersecting anomalous uranium (see press release dated May 24, 2023)Several high-merit exploration targets: over 16 km of subsurface conductors lying within a magnetic low within the “WMTZ”.Additional targets include anomalous radioactive boulder trains, first discovered in 1978 by Rainbow Oil Limited.The Property has limited systematic modern-day exploration, which presents blue sky potential.
Mr. Karim Rayani, Chief Executive Officer, commented, “Marvel has completed an almost impossible task of acquiring key ground in the prolific Key Lake Corridor. The addition of the Costigan Lake Property is within the WMTZ and the Key Lake Shear Zone, which represents tremendous opportunity. We are active in the richest uranium belt in the Basin and on trend with world class discoveries. Marvel’s approach is nothing short of Marvelous: going after multi commodity- large scale projects that mimic the success of basement-hosted uranium deposits found on the western side of the Athabasca Basin, such as NexGen Energy’s Arrow Deposit. We look forward to a very busy winter season of exploration in the Basin.”Figure 1. Marvel’s Costigan Lake Project location along the Key Lake Fault in the eastern Athabasca Basin. Figure 2. Location of Marvel’s Costigan Lake, Walker, KLR and Highway Uranium Projects in the “WMTZ” Zone, host to the highest-grade uranium deposits in the world.
The Transaction
As consideration, the Company has agreed to pay the vendor a total of $1,000,000 and complete $2,000,000 in exploration expenditures over a 5-year period. In addition, the Optionee will retain a 1.0% net smelter royalty, which Marvel can purchase for $1,500,000.
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. The QP has not completed sufficient work to verify the historic information on the additional acquired ground particularly regarding historical exploration, neighbouring companies, and government geological work.
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)
