Marvel Discovery Corp. (MARV.V), a Canadian-based junior explorer, is a multi-commodity resource company engaged in the acquisition, exploration, and development of diverse metal assets in Canada.
Today, the Company announced it is planning a till sampling exploration program at its Victoria Lake Property for Q2 2024. The project is being planned as a follow-up to reconnaissance till and soil sampling completed in 2023 that identified anomalous gold. The project will further follow up on the second highest regional gold-in-till sample identified by the Newfoundland Geoscience Atlas, which reported 785 ppb Au from a sample collected within Marvel’s Victoria Lake project.
Karim Rayani, Chief Executive Officer, commented;
“Results from Marvel’s 2023 reconnaissance till and soil sampling program were very exciting, and identified multiple gold anomalies within the western part of the property. The reconnaissance program was intended to investigate the potential for structures associated with the Cape Ray Fault Zone and Victoria Lake Shear Zone. Anomalous gold was identified in over 20% of the 2023 samples, and our 2024 program will follow up with more detailed sampling over anomalous zones. The project is located over an extensive fault and shear zone corridor which is host to numerous gold occurrences that include the nearby Valentine Gold Project. Recent news of the acquisition of the Valentine Gold Project, we believe, is a reaffirmation of our views that this entire area has immense potential for further discovery, and the reason Marvel acquired such a significant land holding. Marvel’s substantial position in this camp is second only to Calibre (see Figure 1), and includes the crucial southwest extension of the Victoria Lake Shear Zone and fault corridor. In recent months we have announced a strategic reduction of some of Marvel’s holdings in the Province of Newfoundland and Labrador, as we focus on our core holdings. The Victoria Lake Project is now regarded as one of our highest priority projects within the province. As gold prices surge and global uncertainties persist, our bullish outlook on gold has never been stronger, and we remain committed to and focused on the acquisition and exploration of Tier One Projects. Exploring a significant portion of one of Newfoundland’s most prospective gold-bearing structures is not only thrilling but a discovery at Victoria Lake has the potential to transform Marvel and benefit our loyal shareholders.”
The 2023 exploration program conducted till sampling over two geological targets as part of the Company’s investigation of the potential for structures associated with the Cape Ray Fault – Victoria Lake Shear Zone corridor. Marvel plans to complete an enhanced program of till sampling over the area in late spring-early summer 2024 and will follow up with additional sampling in areas where anomalous gold was identified. The second highest regional gold-in-till sample in the Newfoundland Geoscience Atlas database which reported 785 ppb Au was collected from within Marvel’s Victoria Lake project, and the north survey grid for 2024 is intended to follow up on this historic high-grade anomaly.
The Cape Ray Fault is an extensive fault corridor that is well recognized as being highly fertile for structural gold mineralization and is host to well-known gold occurrences that include the Cape Ray Deposit, the Valentine Gold Deposit, and the Wilding Lake Prospect. Marvel’s Victoria Lake Property represents one of the largest land packages on strike and contiguous to Calibre Mining Corp.’s Valentine Gold Project.
The Valentine Gold Project is anticipated to contribute an expected annual gold production of 195,000 ounces at a cost of USD$1,007 per ounce during the first 12 years of production starting in 2025.
The stock recently printed new all time record lows, however today’s price action is seeing a recovery above the broken support level at $0.03. A close above this zone will help in seeing the stock build some support. Ideally, larger volume to establish a strong support level would be helpful.
