Marvel Discovery (MARV.V) moves forward on Power One Resources spinout

Marvel Discovery (MARV.V), a Canadian junior focused on the acquisition and development of mineral assets in Canada, announced today that it received its first set of comments back from the TSX Venture Exchange regarding the listing of Power One Resources.

Power One Resources is a wholly owned subsidiary of Marvel and received its final approvals for the plan of arrangement (spin out) dated April 23, 2021.

As part of the deal, Marvel shareholders received 16 million common shares, with Marvel receiving five million common shares for transferring ownership of the Serpent River Pecors Project, located near Elliot Lake, Ontario, and the Wicheeda Project located near Prince George, BC, to Power One.

Karim Rayani, Marvel CEO, commented, “We are thrilled to finally move forward on Power One, we believe these projects have tremendous potential. We are in the right place at the right time – the resurgence of Uranium as a clean energy and the growing demand and interest in green and critical elements for a cleaner future is not going away. We have oversubscribed our offering and look forward to reporting back on a final approval date.”

Rayani went on further to explain that this spin out puts Marvel into an advantageous position as it increases capital protection without the expenditures needed to advance Serpent River and Wicheeda.

Historical drilling at Serpent River, carried out by Rio Algom in 1974, indicated a historic resource of 20 million tonnes averaging 0.037% uranium. Serpent River is immediately west of Pele Mountain’s Eco Ridge uranium/rare earth element project.

Back in July 2011, Pele Mountain released a preliminary economic assessment for Eco Ridge which outlined 34.6 Mt at grades of 0.040% U3O8 and 1,455 ppm TREO (total rare earth oxides).

Drilling at Serpent River, carried out by Marvel in 2015, showed contact-style nickel-copper-plus-or-minus-platinum-group-element mineralization.

An airborne geophysical survey conducted over a portion of Wicheeda in 2010 by Aeroquest and soil geochemical sampling by Electric Metals on behalf of Montoro successfully mapped the magnetic and conductive properties of the geology.

Notes from Intrepid Geophysics assessment report included, “The electromagnetic data suggests that there may be an unmapped fault in the centre of the block. The magnetic data shows a subtle feature in the centre of the block, slightly offset from the interpreted fault. It is recommended that the airborne survey be followed up by a geochemical survey and property-scale mapping.”

In other news, Marvel announced back at the end of July that it had mobilized crews to its Duhamel nickel-copper-cobalt property located near Lac St. Jean, Quebec.

Earlier that month, it also announced that it had commenced initial exploration activities at its Gander North property located in Newfoundland, Canada.

Karim Rayani recently sat down with Jody Vance to talk about Marvel, its value proposition and its growth potential for investors.

Marvel currently trades at $0.11 CAD per share for a market cap of $11.14 million.