Marvel Discovery Corp announced that it has entered into an option agreement to acquire two large claim groups in Saskatchewan’s Athabasca Basin, known as KLR and Walker, from an arm’s length party.
The company said the claims create a highly-advantageous position along the Key Lake fault adjoining both Cameco and Fission’s property boundaries.
“We are extremely fortunate to have acquired the KLR and Walker claim groups being directly tied on to the north and south of our recently acquired Highway North Project,” Marvel Discovery CEO Karim Rayani said in a statement.
“This brings our new total to over 16,000 hectares (ha) along a trend that hosts some of the highest-grade uranium mines in the world,” Rayani added.
Marvel noted KLR, the first claim group, consists of 3,595 ha and is contiguous to the former-producing Key Lake Uranium Mine, while the Walker property covers an area of 10,595 ha and is contiguous to Fission 3.0 Hobo Lake uranium properties.
It added that the Walker property lies within the Wollaston-Mudjactic Transition Zone (WMTZ) of the eastern Athabasca Basin, which is host to the highest-grade uranium mines in the world including Cigar Lake, McArthur River, and Wheeler Project.
As consideration for the option, the company said it has agreed to pay the vendor a total of C$550,000 over a four-year period and incur C$1.5 million in exploration expenditures by the third anniversary date of the signed agreement.
In addition, the vendor will retain a 1.0% net smelter royalty (NSR), of which Marvel will have the right to purchase 100% of the NSR for C$1 million.
Marvel Discovery 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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