MARVEL DISCOVERY CORP. (:MARV) Marvel Updates Shareholders on Power One Spin-Out, Reserves the Share Symbol “PWRO”
Transparency directive : regulatory news
VANCOUVER, BC / ACCESSWIRE / October 18, 2023 / Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(MARVF:OTCQB); ( "Marvel " or the "Company" ) is pleased to report on the status of Power One Resources Corp., ("Power One"). Power One is a reporting issuer, formed by Marvel via a Plan of Arrangement in 2021 through the spin-out of Marvel's Wicheeda North and Serpent River properties. Power One has applied for listing on the TSX Venture Exchange ("TSXV").
Power One has received general comments from the TSXV requesting certain updates to its draft Listing Application. It has obtained auditor reviews of its interim financial statements, has raised sufficient funds to undertake an initial work program on the Serpent River property, has reserved trading symbol " PWRO ", and generally stands ready to list on the TSXV once the Listing Application has been accepted. Please see SEDAR, for Power One's most recent financial statements.
- Marvel holds a large equity stake in Power One, approximately 15%.
- Marvel and Power One are the largest landholders adjacent to Radio Fuels Energy Corp.'s (CSE: "CAKE") Pele Mountain deposit.
- Marvel and Power One's Wicheeda projects are adjacent to Defense Metals Corp.'s (TSXV: DEFN) project - One of the largest Rare Earth projects in Canada which comprises of 6.4 million tonne measured mineral resource averaging 2.86% (TREO), and 27.8 million tonne indicated mineral resource averaging 1.02 TRE, cut-off grade 0.5%TREO. 1
- Marvel holds a 2% NSR on both of Power One's mineral properties. Power One can purchase 50% of each NSR for the Serpent River project and the Wicheeda project for $1.5 million at any time and $1 million within a five-year period respectively.
The Serpent River project (the "Project") is located 15 kilometres east of Elliot Lake, Ontario. Limited drilling by Rio Algom in 1974 at the Pecors East showing on the Project reported a non-National Instrument 43-101 compliant historic resource of 20 million tonnes (Mt) averaging 0.037% uranium 3 . Immediately west of the Serpent River Project is Pele Mountain's Eco Ridge uranium/rare earth element project which is now owned by Radio Fuels. 2 In July 2011, Pele Mountain announced the positive results of a preliminary economic assessment study outlining 34.6 Mt at grades of 0.040% U 3 O 8 and 1,455 parts per million TREO (total rare earth oxides) 3 .
Contact-style nickel-copper-plus-or-minus-platinum-group-element mineralization on the Project is supported by drilling in 2015 by Marvel. Hole P15-23 intersected 0.33 gram per tonne palladium plus platinum plus gold (g/t Pt-Pd-Au), 0.11% Cu and 0.04% Ni over 12 metres (m). This style of mineralization was intersected in gabbroic rocks within the Pecors anomaly. The Pecors anomaly is a strong regional magnetic high that extends for 18 kilometres (km) southeast-northwest and up to 4 km wide. The anomaly is located 15 km west of the East Bull intrusive suite, where recent drilling by Grid Metals Corp. (TSXV: GRDM) intersected 14.0 m of 1.2 g/t palladium equivalent (Pd_Eq) in hole EBL21-10 including a 1.0 m interval of 7.0 g/t Pd_Eq (see press release dated June 17, 2021). Canadian Palladium Resources Inc's (CSE: BULL) recent drilling results (see press release dated Sept. 22, 2021) reported a 19 m intersection grading 1.77 g/t Pd_Eq from its East Bull property. This result appears to be an extension to its NI 43-101 compliant inferred resource estimate of 11.1 million tonnes grading 1.46 g/t Pd_Eq 4 .
The Wicheeda property is located approximately 80 km northeast of the city of Prince George and approximately 50 km east of the community of Bear Lake, B.C. The property is readily accessible by all-weather gravel roads and is close to major infrastructure, including power transmission lines, railway, and major highways. Geologically, the project is situated in the Foreland belt and within the Rocky Mountain trench, a major continental geologic feature. The Foreland belt contains part of a large alkaline igneous province stretching from the Canadian Cordillera to the southwestern United States and hosts several carbonatite and alkaline complexes. These include the Aley (niobium), Rock Canyon rare earth element mineral and Wicheeda (REE) alkaline complexes which contain the high concentrations of REE's.
In 2010, an airborne geophysical survey was conducted by Aeroquest and soil geochemical sampling by Electric Metals on behalf of Marvel was completed over a portion of the Wicheeda claims. The airborne geophysical program consisted of 654-line km of AeroTEM helicopter-borne, time-domain electromagnetic, plus radiometric surveying flown at high-resolution 50-metre line spacing. The survey covered a 29.4-square-kilometre area and was successful in mapping the magnetic and conductive properties of the geology. Within the assessment report from 2010 (No. 32361), comments from key observations and notes from Intrepid Geophysics include: "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."
References
- www.defensemetals.com
- www.radiofuels.ca
- Technical Report on the Eco Ridge Mine Project, Elliot Lake, Ontario, Canada for Pele Mountain Resources by Roscoe Postle Associates Ltd., effective date June 20, 2012.
- Technical Report and Initial Mineral Resource Estimate on the East Bull Platinum Group Metals Property, Gerow Township, Sudbury Mining Division, Ontario for 21C Metals Inc by PGE Mining Consultants Inc., effective date April 15, 2019.
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP has not completed sufficient work to verify the historic information on the additional acquired ground particularly regarding historical exploration, neighbouring companies, and government geological work.
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
- Newfoundland (Slip, Gander North, Gander South, Victoria Lake, Baie Verte, and Hope Brook - Au Prospects )
- Atikokan, Ontario (BlackFly - Au Prospect )
- Elliot Lake, Ontario (East Bull - Ni-Cu-PGE Prospect)
- Quebec (Duhamel - Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)
- Prince George, British Columbia (Wicheeda North - Rare Earth Elements Prospect)
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716-1036 email: k@r7.capital
Disclaimer for Forward-Looking Information:Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
SOURCE: Marvel Discovery Corp.
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