Marvel Discovery (MARV.V) applies for drill permits at uranium project in Athabasca Basin

Marvel Discovery (MARV.V), a Canadian mineral explorer, announced today that it had submitted its application for all necessary permits to commence its maiden diamond drill program at the DD Zone within the KLR-Walker uranium project in the storied Athabasca Basin.

KLR-Walker consists of 3,595 hectares and is contiguous to the former producing Key Lake Uranium Mine which historically produced a total of 4.2 million tonnes of material at an average grade of 2.1% U3O8.

The Walker portion of the KLR uranium project package is known to host 10 uranium showing and multiple unexplored EM targets. An airborne magnetic survey completed at the beginning of June helped to define the proposed DD Zone drill targets.

The DD Zone was drilled during the 1970s intersected uranium values of 0.125%. Later in 2015, backpack drilling by EFU discovered the Highway Zone, intersecting 1.96% uranium over 29 centimetres. Other results included 1.57% uranium over four centimetres, 0.279% uranium over 44 centimetres and 0.20% uranium over 60 centimetres.

KLR-Walker is neighboured to the west by the renowned Arrow Deposit, owned by NexGen Energy. Arrow contains probable reserves of 239.6 million pounds at an average of 2.37% U3O8 and measured and indicated resources of 256.7 million pounds of material at an average grade of 3.1% U3O8. KLR-Walker lies along a similar structural corridor as Arrow.

The proposed DD Zone diamond drill program will consist of 10 holes with a total aggregate depth of 1,000. Marvel will update the public on the intended start date when the applicable permits have been received.

Karim Rayani, Marvel president, CEO, and director, commented, “We have made great progress in a short period of time planning our inaugural drill campaign on the KLR-Walker uranium project. The DD zone represents a target area of the high merit and potential for success. After careful study, compilation, and interpretation, we have planned 10 drill holes to test favourable structurally related uranium, a key ingredient to the large uranium deposits of the Athabasca basin. We look forward to organizing drill crews once the necessary drill permits are received.”

Marvel’s project portfolio also contains diverse mineral assets in Newfoundland, Ontario, Quebec, and British Columbia.

In other news, back in the middle of June, the junior explorer announced it had completed a structural interpretation of the high-resolution magnetic survey of the Gander East Gold Project, Central Newfoundland.

The program identified several prominent shear and deformation zones that merit follow-up exploration activities. Results of the program combined with favorable structural features warrant an inaugural Phase 1 drill program at the property.

Currently the company trades at $0.09 CAD per share for a market cap of $8.43 million.