Marvel Discovery Corp (CVE:MARV) (FRA:O4T1) (OTCQB:MARVF) said it has acquired property through staking 478 claims, totaling 11,875 hectares (29344 acres), located 25 kilometers (km) due east of New Found Gold’s (CVE:NFG) (OTCMKTS:NFGFF) high-grade Queensway gold project in Newfoundland, Canada.
The Canadian emerging resource company said the new claims are contiguous to Sassy Resources Corporation’s (CSE:SASY) (OTCQB:SSYRF) (FRA:4E7) Gander North project, which has industry veteran Shawn Ryan on its management team. Marvel noted that Ryan is a global authority in his field, and his “prospecting instincts” have led to new multimillion-dollar gold deposits, triggering gold rushes in both the Yukon and Newfoundland.
Marvel said the property lies proximal to the Dog Bay-Appleton-Grub Line fault system, a “crustal scale fault zone” that extends from the north coast of Newfoundland, 200km southwest through Gander structural corridors in central Newfoundland, and is “intimately associated with recent gold discoveries,” including Marathon Gold’s Valentine Gold Project which hosts six million ounces of gold.
Northeast trending structural lineaments first recognized by Sassy Resources to the immediate southeast are interpreted to continue onto the property.
“An interpretation of the regional magnetics shows NNE trending, ophiolite bearing thrust faults are cross-cut by a series of brittle NE trending fault-fractures, which indicate a regional setting similar to that to the highly prospective eastern Exploits Subzone,” said Marvel. Gold mineralization models along the Exploits Subzone are based on analogous structural settings to those at Fosterville in Victoria, Australia, added the company.
In a statement, Marvel Discovery CEO Karim Rayani said: “Newfoundland is on the verge of becoming one of the great mining jurisdictions on a global scale, with recent drill intercepts by New Found Gold. The perfect opportunity is here for numerous discoveries.
“Marvel offers what I feel is one of the best value propositions. Marvel continues its aggressive approach acquiring lands that have been overlooked by larger companies. The Gander North Property marks an exciting addition to our portfolio bringing our total holdings to 29,300 hectares in the Gander District alone, not counting our other land holdings on the island. This brings our new total to approximately 60,000 hectares.”
The Marvel boss noted that the company was looking forward to “performing high-resolution magnetic surveys over our entire property and integrating mineralization trends and historical results to vector exploration efforts to those areas of high merit.”
Marvel has some 10 projects currently and is looking for gold, nickel, copper, cobalt and vanadium in Ontario, Quebec, and Newfoundland, while also being on the hunt for rare earth elements (REE) and uranium in British Columbia.
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