Marvel Discovery Corp said it has formed a strategic partnership with Falcon Gold Corp with the goal of exploring prospective claims recently acquired in the Hope Brook and Baie Verte Brompton districts in Newfoundland.
The combined total of both projects covers more than 115,000 hectares and will be explored together on a 50-50 joint-venture basis.
Marvel said the alliance will further empower it and Falcon to work together sharing in the potential upside of this impressive land package while reducing costs and capital. And the Hope Brook Project will be renamed the Golden Brook JV.
READ: Marvel Discovery intersects high-grade gold in Phase 1 drilling at its Black Fly project in Ontario
“This alliance between Marvel and Falcon provides numerous upside potential to both companies,” said Marvel CEO Karim Rayani in a statement. “Synergies of shared capital, administration costs and common goals utilizing various exploration and vectoring tools won’t be hampered by a property boundary line. This will enable the partnership to systematically explore this ground with a common goal of a Tier 1 discovery.”
The Golden Brook JV lies at the northern western edge of the Hermitage Flexure, a predominant geological feature of the south Newfoundland Appalachians. The Hope Brook now owned by First Mining has since been optioned to Big Ridge Exploration which has outlined an additional 6.33 million tonnes at an average grade of 4.68 grams per ton (g/t) gold for 954,000 ounces of gold in the indicated and inferred categories.
Marvel said the newly formed JV also controls strategic ground 13 kilometers (km) southwest of the Glover Island (GI) trend, an 11km mineralized corridor host to 17 base metal and polymetallic mineral prospects as well as numerous gold showings and anomalies.
The GI trend also hosts the Lunch Pond South Extension deposit (LPSE) owned by Mountain Lake Resources. The LPSE hosts indicated and inferred resources of 120,000 ounces of gold. The GI trend and new property lies adjacent to the BVBL, while the GI trend hosts numerous gold anomalies that crosscut several rock types.
The new land alliance is also proximal to the Four Corners project held by Triple Nine Resources. The Four Corners project consists of iron-titanium-vanadium-mineralized rock which has been outlined for 3,000 meters (m) in strike with intercepts 200m wide and 600m vertically.
www.ferroalloynet.com
