VANCOUVER, BC / ACCESSWIRE / June 2, 2022 /( )(FRA:O4T)(OTCQB:MARVF); (“Marvel” or the “Company”) is pleased to announce completion of an airborne fixed wing magnetic survey over the KLR and Walker Uranium Project (“the Property”) in the Athabasca Basin. Marvel entered into an option agreement to acquire two (“KLR” and “Walker”) large strategically located land packages within the Wollaston-Mudjactic Transition Zone (“WMTZ”) of the eastern Athabasca Basin (see press release dated March 29, 2022. The WMTZ hosts the highest-grade uranium mines in the world including (Figure 1):
- Cigar Lake1, 50% owned by Cameco, which hosts 152 million pounds (lbs) of U3O8 at 15.4% U3O8
- McArthur River2, 70% owned by Cameco which hosts 392 million lbs of U3O8 at 6.58% U3O8
- Wheeler Project3, 90% owned by which hosts 109 million lbs of U3O8 in two deposits averaging 11.23% U3O8
The Walker Creek claims straddle the Key Lake Fault Zone, an important corridor for structurally controlled Athabasca Basin type uranium deposits.
The airborne magnetic survey covered the former Walker Creek portion of the KLR Property which consists of 10,595 hectares. The survey covered 100m spacings in an east-west configuration for a total of 1,230 line-km. The purpose of the survey was to delineate and map subsurface features, identified in previous programs and which are associated with faulting, conductive lineaments, and radioactive occurrences. The Company has commissioned an interpretation of the survey, which will be integrated with historical datasets, with the intention of defining diamond drill targets.
The Walker portion of the KLR Uranium Project package is contiguous toHobo Lake uranium properties. Hosted within WMTZ, the Walker Property lies along the Key Lake Shear Zone and hosts 10 uranium showings and multiple unexplored EM targets (Figure 2). Both properties are easily accessible by highway. In addition, the Company has already completed 32.3 line-km of ground magnetics survey on the Highway North claim blocks within the Key Lake ground.
“We are now moving fast. We have done an extensive amount of work preparing for our next phase of exploration with boots on the ground to define drill targets. We have multiple unexplored uranium occurrences on the property intimately related to structure, and as we know structure plays an extremely important key role in providing uranium mineralization pathways and traps. The corridor along the Key Lake Shear Zone represents a tremendous opportunity in mimicking the success of basement-hosted uranium deposits found on the western side of the Athabasca Basin like‘s Arrow Deposit. We look forward to mobilizing crews shortly once datasets have been analyzed.” stated Karim Rayani, President & Chief Executive Officer, Director.
Figure 1. Location of the KLR Uranium Project in the WMTZ Zone.
Figure 2. Location of the KLR Uranium Project, neighbors, VTEM conductors, uranium occurrences, and airborne survey coverage.
Regional Geology and Mineralization
In Saskatchewan, uranium deposits have been discovered at, above, and up to 300m below, the Athabasca Group unconformity within basement rocks. Mineralization can occur hundreds of meters into the basement or can be up to 100m above, in Athabasca Group sandstone. Typically, uranium is present as uraninite/pitchblende that occurs as veins and semi-massive to massive replacement bodies. Mineralization is also spatially associated with steeply-dipping, graphitic basement structures and may have been remobilized during successive structural reactivation events. Such structures can be important fluid pathways as well as structural or chemical traps for mineralization as reactivation events have likely introduced further uranium into mineralized zones and provided a means for remobilization (Jefferson, et al. 2007) (Figure 3).
Figure 3. Classic uranium deposits of the Athabasca Basin at the unconformity between the Athabasca sandstone and crystalline basement within the WMTZ. The Triple R, Eagle Point, Cluff Lake and Arrow deposits are found within basement rocks of the Crystalline Granulite Domain in the western Athabasca Basin. The KLR and Walker properties lie within the basement rocks just south of the former Key Lake Mine within the WMTZ. Source.
Both Properties straddle the Key Lake Fault Zone, an important corridor for structurally controlled Athabasca Basin type uranium deposits. The Arrow Deposit, owned bylies along a similar structural corridor as the Marvel properties. The Arrow Deposit1, which has undergone a Positive Feasibility Study with robust economics contains Probable Reserves of 239.6 million lbs of U3O8 at an average of 2.37% U3O8 and Measured and Indicated Resources of 256.7 million lbs at an average grade of 3.1% U3O8. The Arrow Deposit is the largest undeveloped uranium deposit in Canada.
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 Properties, particularly regarding historical exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration potential of the property but may not be representative of expected results.
Harvey, S.E. (1999): Structural geology of the Deilmann Orebody, Key Lake, Saskatchewan; in
Summary of Investigations 1999, Volume 2, Saskatchewan Geological Survey, Sask. Energy Mines,
Misc. Rep. 99-4.2.
Jefferson, C.W., Thomas, D.J., Gandhi, S.S., Ramaekers, P., Delaney, G., Brisbin, D., Cutts, C., Portella, P., and Olson, R.A. 2007. Unconformity-associated uranium deposits of the Athabasca Basin, Saskatchewan, and Alberta. In EXTECH IV: Geology and Uranium Exploration Technology of the Proterozoic Athabasca Basin. Edited by C.W. Jefferson and G. Delaney. Geological Survey of Canada, Bulletin 588, pp. 23-68.
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
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: [email protected]
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.
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