Marvel Discovery (MARV.V) received the first assay results from their 2021 exploration program at their Blackfly project.
Marvel’s geological team has conducted the initial prospecting, field mapping and sampling, and has now received 78 assays, and will eventually receive results for another 180 samples they submitted for analysis at the Actlabs in Thunder Bay, ON.
40 of the 78 samples returned assays greater than 100 ppb gold
7 samples graded from 1.00 g/t and up to 2.99 g/t gold
15 samples in excess of 3.00 g/t gold of which 4 samples assayed greater than 10 g/t gold with coarse visible gold noted in sample W1069699 that assayed 24.3 g/t gold
Identification of potential new drill targets outside area of shaft veins
Marvel’s 2021 exploration plans for the Blackfly project include up to 2,000m of drilling and they hope to use the historical data at the site to make the most of their exploration efforts. The Blackfly Gold Project is located near Atikokan, ON, and consists of 64 unpatented mining claims totaling 1,296 hectares of land.
“These grab samples show the presence of high-grade gold, visible gold and the potential for both vein-hosted and broad disseminated / stringer mineralization. We are very pleased to finally prepare for our summer drill program to be commenced within weeks,” commented Karim Rayani, President and CEO of Marvel Discovery.
Marvel Discovery also recently completed a $300,000 private placement. The private placement consisted of 2.4 million units which were sold for $0.125. Each unit consisted of one MARV flow-through share and half of a MARV purchase warrant. Each full warrant entitles its holder to purchase a MARV share for $0.25 cents, and is exercisable for up to 24 months.
As per TSX Venture policy, the shares and warrants are subject to a four-month hold.
People involved in this private placement obviously see Marvel’s share price making big gains in a relatively short time period, considering the short exercise length of the warrants, their exercise price being more than double the share price at the time of the offer, and the fact you need to purchase two units per warrant. The company’s share price has not been over 25 cents since 2015, but investors obviously see hope that it will eclipse this mark in less than two years from now.
Following today’s news, Marvel Discovery’s share price is down 1 cent and is currently trading at $0.10.
Full disclosure: Marvel Discovery is an Equity Guru marketing client.