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Marvel Acquires Option to Purchase Uranium Property – Key Lake, Athabasca Basin Saskatchewan

VANCOUVER, BC / ACCESSWIRE / November 22, 2021 / Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T1)(OTCQB:MARVF); (the "Company") is pleased to announce…

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VANCOUVER, BC / ACCESSWIRE / November 22, 2021 / Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T1)(OTCQB:MARVF); (the “Company“) is pleased to announce it has entered into an assignment and assumption agreement the (“Assignment Agreement”) with District 1 Exploration Corp. (“District 1”) pursuant to which District 1 has assigned all of its rights and obligations with respect to a property option agreement dated October 30, 2018, as amended November 23, 2020 (the “Option Agreement”) , whereby District 1 was granted sole and exclusive right and option to acquire a 100% interest (the “Option”) in the Highway North Property in the Athabasca region of Saskatchewan (the “Property”).

The Property is located 70km southwest of the former producing Key Lake Uranium Mine. Aptly named for its location along Highway 914, the Property consists of five contiguous claims totaling 2,573 hectares. The Key Lake Deposit, which is northeast of the Property, consisted of two mineralized zones which historically produced a total of 4.2 million tonnes of product at an average grade of 2.1% U3O8 (Harvey, 1999). Only 21 drill holes have been drilled on the Property thus far totaling 3,527m, between 1980 and 2008. Surface exploration and drilling have verified the presence of uranium mineralization along the Highway Zone, with grades up to 2.31% U3O8 over 0.29 m in KLR15-086.

The Company is not treating these historical results as current and has not completed sufficient work to verify such historical results. Further, the historical production from the Key Lake Deposit has not been verified independently by the Company. While the Company is not treating these historical results and numbers as accurate, it does believe the numbers to be reliable and may be of assistance to readers.

Regional Geology and Mineralization

The deposit model for exploration on the Highway North Property has been a basement-type unconformity-related uranium deposit, such as those found at the Eagle Point, Millennium, and the Gaertner and Deilmann (Key Lake). This deposit type belongs to the class of uranium deposits where mineralization is spatially associated with unconformities that separate Proterozoic conglomeratic sandstone basins and metamorphosed basement rocks (Jefferson et al., 2007). Although rocks of the Athabasca Group and the basal unconformity do not outcrop on the Property, they likely once overlaid the basement gneisses and metapelites which now do, as the current erosional edge of the Athabasca Basin, and potential outliers, is about 50 km north of the Property.

In Saskatchewan, uranium deposits have been discovered at, above, and up to 300 m below, the Athabasca Group unconformity within basement rocks. Mineralization can occur hundreds of meters into the basement or can be up to 100 m 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 1).

Figure 1. Representative sections of three well-known unconformity-related uranium deposits of the eastern Athabasca Basin showing the strong spatial association of the deposits with the intersection of basement-rooted fault zones and the unconformity surface. (A) Cigar Lake deposit, consisting of predominantly unconformity ore and perched ore in the overlying sandstone. (B) Deilmann pit, Key Lake deposit, including both basement hosted and unconformity ore, controlled by the Key Lake fault. (C) Eagle Point deposit, mostly basement-hosted ore, controlled by the Collins Bay thrust and Eagle Point fault.

The Highway Property straddles the Key Lake Fault Zone, an important corridor for structurally controlled Athabasca Basin type uranium deposits. Critical criteria on the Property for these type of uranium deposits include the presence of graphitic EM conductors within metasedimentary packages, major re-activated northeast-trending fault systems that have been disrupted by obliquely cross-cutting subsidiary structures and the presence of uranium-enriched source rocks (Figure 2). Exploration to date on the Property has been limited.

Figure 2: Regional geological and structural location of the Highway Property.

Commentary

Mr. Karim Rayani, President and Chief Executive Officer commented, “We are entirely pleased to have acquired the option on such a prominent land package on an important structural corridor in the Athabasca Uranium producing region of Saskatchewan. The Highway North Project is perfectly situated along the Key Lake Shear Zone with power, water, and road accessibility. The geological setting is perspective for structurally controlled basement hosted Uranium deposits such as the Millennium Zone and Key Lake deposits of Cameco. Marvel continues to present stakeholders a rare opportunity having exposure to multi commodity – critical element opportunities under one umbrella.”

The Transaction

As consideration for the Option, the Company has agreed to issue 4,600,000 common shares to District 1 (the “Consideration Shares”) at a price of $0.09 per share. The Company will assume all obligations of District 1 under the Option Agreement to acquire the Property including, issuing a total of 1,250,000 Shares to the owner of the Property (the “Optionor”), paying a total of $115,000, and incur a total of $650,000 of expenditures on the Property, over time. It is expected that the Company and the Optionor will negotiate an amendment to the Option Agreement to better align with the business and operations of the Company rather than District 1. In addition, the Optionor will retain a 1 % (NSR) net smelter royalty.

Closing of the transaction is subject to conditions, including, but not limited to, (i) the Company conducting a private placement to raise minimum gross proceeds of $300,000, (ii) approval of the transaction by the TSX Venture Exchange, and (iii) approval of the transaction by the shareholders of District 1.

The transaction between the Company and District 1 can be considered as non-arm’s length, in that the companies share a common director.

Further details regarding the geology of the Property and the terms of fund raising will be disclosed as available.

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 properties comprising the Highway Property, 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.

Reference

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.

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 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.

SOURCE: Marvel Discovery Corp.

View source version on accesswire.com:
https://www.accesswire.com/674096/Marvel-Acquires-Option-to-Purchase-Uranium-Property–Key-Lake-Athabasca-Basin-Saskatchewan






Today’s News

Gold Terra Announces Completion of C$1.5M Strategic Investment by Newmont

Not for distribution to U.S. news wire services or dissemination in the United States.VANCOUVER, BC / ACCESSWIRE / December 3, 2021 / Gold Terra Resource…

Not for distribution to U.S. news wire services or dissemination in the United States.

VANCOUVER, BC / ACCESSWIRE / December 3, 2021 / Gold Terra Resource Corp. (TSXV:YGT)(FSE:TX0)(OTCQX:YGTFF) (“Gold Terra” or the “Company”) is pleased to announce that it has completed the previously announced strategic investment in the Company by Newmont Corporation (“Newmont”), issuing 7,142,857 common shares of the Company (the “Shares”) at a price of C$0.21 per share for gross proceeds of C$1.5 million, resulting in Newmont holding less than five percent (5%) of the issued and outstanding common shares of the Company. The proceeds from this investment are expected to be used primarily for exploration expenditures on the Con Mine property, recently optioned from Newmont (as announced on November 22, 2021). The Shares are subject to a statutory hold period expiring four months and one day from the closing, being April 4, 2022.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Gold Terra’s Yellowknife City Gold Project

The YCG project encompasses 800 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometres of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople.

The YCG lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that host the former-producing high-grade Con and Giant gold mines. The Company’s exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company’s objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

Visit our website at www.goldterracorp.com.

For more information, please contact:

David Suda, President and CEO
Phone: 604-928-3101 | Toll-Free: 1-855-737-2684
[email protected]

Mara Strazdins, Manager of Investor Relations
Phone: 1-778-897-1590 | 604-689-1749 ext. 102
[email protected]

Neither the 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.

Cautionary Note Regarding Forward-Looking Information

Certain statements made and information contained in this news release constitute “forward-looking information” within the meaning of applicable securities legislation (“forward-looking information“). Generally, this forward-looking information can, but not always, be identified by use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events, conditions or results “will”, “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotations thereof.

All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information regarding the expected use of proceeds and the Company’s objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the “Risk Factors” section in the Company’s most recent MD&A and annual information form available under the Company’s profile at www.sedar.com.

Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.

SOURCE: Gold Terra Resource Corp

View source version on accesswire.com:
https://www.accesswire.com/676043/Gold-Terra-Announces-Completion-of-C15M-Strategic-Investment-by-Newmont




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Today’s News

Tanzanian Gold to Attend the John Tumazos Very Independent Research LLC December 2021 Virtual Conference

TORONTO, Dec. 03, 2021 (GLOBE NEWSWIRE) — Tanzanian Gold Corporation (TSX:TNX) (NYSE American:TRX) (TanGold or the Company)  announces that management will…

TORONTO, Dec. 03, 2021 (GLOBE NEWSWIRE) — Tanzanian Gold Corporation (TSX:TNX) (NYSE American:TRX) (TanGold or the Company) announces that management will present in the John Tumazos Very Independent Research LLC December 2021 Virtual Conference. 

Stephen Mullowney, TanGold Chief Executive Officer, together with Andrew Cheatle (COO) and Michael Leonard (CFO) will participate in a virtual presentation and discussion with John Tumazos on Tuesday, December 7th from 1:30 pm to 2:30 pm EST.

The webcast may be accessed through the Company’s website under the Investors/Events and Investors/Presentations pages.

Webcast link: https://attendee.gotowebinar.com/register/1339211078421324299

A replay of the presentation will be available following the live webcast using the same link.

About Tanzanian Gold Corporation
Tanzanian Gold Corporation along with its joint venture partner, STAMICO is building a significant gold project at Buckreef in Tanzania that is based on an expanded Mineral Resource base and the treatment of its mineable Mineral Reserves in two standalone plants. Measured Mineral Resource now stands at 19.98MT at 1.99g/t gold containing 1,281,161 ounces of gold and Indicated Mineral Resource now stand at 15.89MT at 1.48g/t gold containing 755,119 ounces of gold for a combined tonnage of 35.88MT at 1.77g/t gold containing 2,036,280 ounces of gold. The Buckreef Project also contains an Inferred Mineral Resource of 17.8MT at 1.11g/t gold for contained gold of 635,540 ounces of gold. The Company is actively investigating and assessing multiple exploration targets on its property. Please refer to the Company’s Updated Mineral Resources Estimate for Buckreef Gold Project, dated May 15, 2020, for more information.

Tanzanian Gold Corporation is advancing on three value-creation tracks:

  1. Strengthening its balance sheet by expanding near-term production to 15,000 – 20,000 oz. of gold per year from the expanded 1,000+ tpd plant.
  2. Advancing Sulphide Development that is substantially larger than previously modelled and targeting significant annual gold production.
  3. Continuing with a drilling program to further test the potential of its property, Exploration Targets and Mineral Resource base by: (i) infill drilling to upgrade Mineral Resources currently in the Inferred category in Buckreef Main; (ii) step-out drilling in the northeast extension of Buckreef Main; (iii) infill drilling program of Buckreef West; (iv) develop exploration program for the newly discovered Anfield Zone; (v) upgrade historical resources at Bingwa and Tembo; (vi) identification of new prospects at Buckreef Gold Project and in the region.

For further information, please contact Michael Martin, Investor Relations, [email protected], 860-248-0999, or visit the Company website at www.tangoldcorp.com.

The Toronto Stock Exchange and NYSE American have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

U.S. Investors are urged to consider closely the disclosure in our SEC filings. You can review and obtain copies of these filings from the SEC’s website at http://www.sec.gov/edgar.shtml.





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Today’s News

Tantalex Resources Corporation Provides Exploration and Corporate Update

 

Toronto, Ontario – TheNewswire – December 3, 2021 – Tantalex Resources Corporation (CSE:TTX) (CNSX:TTX.CN) (“Tantalex” or the “Corporation”),…

 

Toronto, Ontario – TheNewswire – December 3, 2021 – Tantalex Resources Corporation (CSE:TTX) (CNSX:TTX.CN) (“Tantalex” or the “Corporation”), is pleased to provide an update on its exploration and corporate activities.

Manono Lithium Tailings Project

 

Drilling on the Manono Lithium Tailings Project (the “Tailings Project”) is now completed with a total of 9,279m of aircore drilling and 980m of Cobra drilling. Sample preparation is ongoing and being sent to the ALS laboratory in Ireland for assaying. Initial batch of 1080 samples have arrived in Ireland since mid November but results are still pending due to extended delays in customs clearance.

 

Exploration on Pegmatite Corridor

 

Tantalex would also like to confirm that road and drill pad preparation to begin drilling on the near surface pegmatite occurrences along the Corridor are completed and that drilling is expected to commence in the coming days.

 

The objective with this drill program is to test near surface pegmatites in areas of known tin and tantalum occurrences for potential lithium content.

 

As indicated in our press release of November 1st, the pegmatite corridor is downstrike from the historical Manono Kitotolo mine where AVZ Minerals have recently published a 400M ton resource report with average Li2O grades of 1,65%. (AVZ Minerals, Definitive Feasibility Study, Manono Lithium & Tin Project, April 21,2020).

 

The Manono region is set to become an important tier one supplier of lithium with AVZ Minerals recently announcing an investment of USD $240 million dollars for a 24% stake in their Manono Lithium project from CATH, a private investment entity jointly owned by Mr. Pei Zhenhua and Contemporary Amperex Technology Co. Limited (“CATL”),

  

MOU with XIMEI

 

Tantalex is also pleased to announce that it is currently in ongoing discussions with Ximei Resources Holding Ltd. (“Ximei”) to enter into a definitive agreement that will replace and supersede the memorandum of understanding (the “MOU”) previously announced on February 18, 2021. Completion of such negotiation shall be subject to XIMEI’s formal confirmation and public announcement. The definitive agreement will provide the framework for a strategic partnership between Tantalex and Ximei, whereby the parties will collaborate in conducting a feasibility study and ultimately establish a tantalum refining plant in the Manono region, Tangyanika Province, in the Democratic Republic of Congo (the “Region”) should all underlying requirements set forth in the definitive agreement be fulfilled. The refining plant will be intended to treat the tantalum concentrate produced by Tantalex and other local cooperatives in the Region with whom Tantalex has established business partnerships.

 

The Region is richly endowed with coltan and cassiterite, which is often closely associated to the numerous lithium pegmatites. Based on Tantalex’s exploration and resource definition activities on the Tailings Project and along the Pegmatite Corridor, Tantalex considers that an annual production of 50-80t of net metal is achievable on its concessions. Given the eluvial and alluvial nature of the coltan and cassiterite, semi-industrial production of tantalum and tin concentrate could potentially start as early as Q3 2022 on Tantalex’s concessions.

 

Corporate update

 

Tantalex is pleased to announce that it intends to amend its articles of incorporation to give effect to a name change of the Corporation to “Tantalex Lithium Resources Corp.”, which will allow for an accurate reflection of the nature of its lithium exploration and development objectives and short-term endeavours. The name change and the amendment of the Corporation’s articles of incorporation will be subject to the approval of the shareholders and will be a matter to be voted upon during the Corporation’s next annual general and special shareholders meeting set to occur no later than as of the 3rd week of January 2022.  

 

The company also confirms that AfriMet Resources has fully exercised their 50,000,000 warrants and, as a result, their current shareholding in Tantalex stands at 28%.

 

An additional 5,000,000 warrants have been exercised and a $100,000 convertible debenture issued in 2018 in consideration of a loan has been converted into 2,520,000 common shares of the Corporation at a per-share price of $0.05, the whole in accordance with Canadian Securities Exchange guidelines.  

 

Qualified Person

 

The scientific and technical content of this news release has been reviewed and approved by Mr. Gary Pearse MSc, P. Eng, who is a “Qualified Person” as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).

 

Cautionary Note Regarding Forward Looking Statements

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although TANTALEX believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, TANTALEX disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.

ON BEHALF OF THE BOARD

Eric Allard

President and Chief Executive Officer

 

For more information, please contact:  

Eric Allard

President & CEO

Email: [email protected]

Website: www.tantalex.ca

Tel.: 1-581-996-3007

 

Copyright (c) 2021 TheNewswire – All rights reserved.







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