Marvel Acquires Ground Along the Baie Verte Brompton Line, Central Newfoundland Belt

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Marvel Acquires Ground Along the Baie Verte Brompton Line, Central Newfoundland Belt

Canada NewsWire

MARV: TSX-V
O4T1: GR
MARVF: OTCQB

VANCOUVER, BC, Aug. 11, 2021 /CNW/ - Marvel Discovery Corp. (TSXV: MARV), (Frankfurt: O4T1), (OTCQB: MARVF); ("Marvel" or the "Company") is pleased to announce it has acquired through staking and via 2 separate option agreements 1185 claims (the "Property") totaling 29,525 hectares located along the Baie Verte Brompton Line, Central Newfoundland Belt. Currently, all of Newfoundland's gold production comes from Anaconda Mining Inc.'s Point Rousse and Rambler Metals Mining Operations on the Baie Verte Peninsula.  These two producing mines along with past producers such as the Terra Nova Mine, and deposits of the Rambler Mining Camp, are in close proximity to the Baie Verte Brompton Line (BVBL). There are more than 100 gold prospects and zones, many of which are orogenic-style, related to major splays and related second-order structures linked to the Baie Verte Brompton Line. Marvel has acquired ground over a 70km corridor along the BVBL.

Figure 1. Location of the Marvel Discovery along the BVBL. (CNW Group/Marvel Discovery Corp.)

The new claims are also 13km southwest of the Lunch Pond South Extension Deposit ("LPSE") on Glover Island owned by Mountain Lake Resources. The LPSE deposit is located at the south-western portion of an 11km mineralized corridor known as the Glover Island Trend ("GI Trend"). The GI Trend is host to 17 gold, base metal, nickel and polymetallic mineral prospects in addition to numerous gold anomalies. The GI Trend and new Property lies adjacent to the BVBL a major crustal scale suture which separates the Humber Zone Terrane to the west from the central Newfoundland Dunnage Zone to the east. The GI Trend hosts numerous gold anomalies that cross-cut several rock types. The LPSE hosts indicated and inferred resources of 120,000 ounces of gold (P&E Mining Consultants Technical Report, June 2017).

The new land acquisition is also proximal to the Four Corners Project held by Triple Nine Resources (Figure 2). The Four Corners Project consists of iron-titanium-vanadium-mineralized rock which has been outlined for 3,000 metres in strike with intercepts 200 metres wide and 600m vertically. The project contains sufficient tonnage and grades to warrant developing a world-class mineral resource (https://triplenineresources.com/2020/10/triple-nine-updates-new-initiatives-on-the-four-corners-project/).

Figure 2. Location of the Marvel acquisition along the BVBL. (CNW Group/Marvel Discovery Corp.)

Karim Rayani Chief Executive Officer commented, "We are extremely pleased to have acquired such a large land package covering 70kms of strike along a trend of defined deposits. This adds to our impressive portfolio of holdings getting us nearer our objective of making Marvel one of the predominant holders of lands in Newfoundland along major continental-scale structures. We look forward to performing high resolution magnetic surveys over our entire property position and integrating mineralization trends and historical results to vector exploration efforts to those areas of high merit."

TERMS OF THE TWO OPTION AGREEMENT

1. Sandy Pond Claims

The Company shall pay to the Vendor as follows:

(a) Paying $25,000 within fifteen (15) days of the Effective Date;
(b) issue 400,000 common shares in the Company within fifteen (15) days of the Effective Date;
(c) issue 200,000 warrants valued at $0.25 per share exercisable for a period of two years, within fifteen (15) days of the Effective Date.
(d) Paying $25,000 within 60 days of the Effective Date.

The Purchaser shall pay $600,000 CDN upon completion of a bankable feasibility study to the Vendor. Upon completion of this payment the Vendor shall return all (100%) of the 0.5% NSR Royalty to the Company at no additional cost to the Company. This $600,000 CDN payment may be paid in cash or common shares, or combination of both at the discretion of the Company.

2. Baie Verte Claims

The Company shall pay to the Vendor as follows:

(a) Paying $30,000 within fifteen (15) days of the Effective Date;
(b) issue 200,000 common shares in the Company within fifteen (15) days of the Effective Date.

There is no NSR Royalty on the Baie Verte claims.

Qualified Person

Mr. Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.

The QP has not completed sufficient work to verify the historic information on the properties comprising the Baie Verte Line property, particularly regarding historical exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration potential of the Baie Verte Line property but may not be representative of expected results.

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 and Hope BrookAu Prospects)
  • Atikokan, Ontario (BlackFly – Au Prospect)
  • Red Lake, Ontario (Camping Lake – Au Prospect)
  • Elliot Lake, Ontario (Serpent River/Pecors -Ni-Cu-PGE Discovery) & (Uranium- REE's)
  • 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.
"Karim Rayani"
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: [email protected]

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. 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.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/marvel-acquires-ground-along-the-baie-verte-brompton-line-central-newfoundland-belt-301353439.html

SOURCE Marvel Discovery Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2021/11/c7454.html

Copyright CNW Group 2021

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