Marvel Discovery (MARV.V) announced that they have received the second of three rounds of assay results from their Blackfly Project.
Marvel received 62 assays for a total of 144 results so far, with the first results showing 40 of the 78 samples returned assays greater than 100 ppb gold and 15 samples in excess of 3.00 g/t of gold, of which 4 samples assayed greater than 10 g/t of gold.
The highlights for this round of assays include:
- 14 of the 62 samples returned anomalous assays greater than 50 ppb gold;
- 2 samples graded from 1.00 g/t and up to 2.99 g/t gold;
- 3 samples in excess of 3.00 g/t gold of which 2 samples assayed greater than 10 g/t gold;
- Identification of potential new gold zone southeast of the shaft area with a sample that returned 52.5 g/t gold representing a new drill target.
The best sample was W 1069770, which turned up 52.5 g/t gold, which also includes a 30 cm quartz vein with cubic pyrite and minor chalcopyrite, which they note could represent a new drill target.
The Blackfly Gold Project is located near Atikokan, ON, and consists of 64 unpatented mining claims totaling 1,296 hectares of land. The property is located along and within the Marmion Lake Fault Zone, ~13.6 km southwest along the strike of Agnico Eagle’s Hammond Reef Gold Deposit. Agnico Eagle’s deposit has 4.5 million ounces of gold measured or indicated. The property also borders Falcon Gold’s Central Canada Project.
“These results along the historic shaft correlate to the Blackfly’s tremendous potential, we have zoned in on a number of high-grade targets. With the sampling now completed we have started our next phase of exploration. We anticipate more exciting results with the drilling program now underway,” commented Karim Rayani, President and CEO of Marvel Discovery.
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 property has had explorers on it since the end of the 19th century when gold was first discovered on the property. One year after it began, the project’s 45-foot shaft sunk. The grades around the shaft were anywhere from 80 to 167 g/t of gold. Now, over 100 years later Marvel is taking up exploration in the area again, and they have a new target around the W 1069770 sample.
Following the news, MARV shares are 5 and a half cents, and are currently trading at $0.195. Today’s increase represents a 39% increase in share price.
Full disclosure: Marvel Discovery is an Equity Guru marketing client.