VANCOUVER, BC / ACCESSWIRE / March 9, 2022 /( ), (Frankfurt:O4T1), (MARVF:OTCQB); (the “Company”) is pleased to announce it has received preliminary results on a 6km ground magnetic survey on its Highway North Uranium Property (the “Property”). Early preliminary indications that there are targets that would benefit from diamond drilling along uranium-bearing structures that are common along the Key Lake Fault Zone.
“We are very excited with the preliminary results received from the ground magnetic survey. Preliminary results show that favorable structures exist within the Highway North Property that is common to Uranium hosted deposits along the Key Lake Fault Zone such as Eagle Point, Millennium, Gaertner and Deilmann (Key Lake). We eagerly await a full comprehensive interpretation of the magnetic survey to provide possible drill targets.” Stated Karim Rayani President & Chief Executive Officer.
Figure 1. Property Location Map, Athabasca Basin.
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 0.29m 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.
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 50km north of the Property.
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 1).
Figure 2. 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.
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.
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.
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.
View source version on accesswire.com:
Portofino Completes Agreement with REMSA for the First Lithium Project in Salta, Argentina
PORTOFINO RESOURCES INC. (TSX-V: POR) (OTCQB: PFFOF) (FSE: POTA) (“Portofino” or the “Company”) is pleased to announce the execution of a definitive collaboration agreement…
Canadian Junior Explorer Has Three Nevada Gold Projects Permitted & Ready to Drill
ARCTIC STAR: ZEROING-IN ON CANADA’S NEXT DIAMOND MINE?
Why Uranium Is Expected to Continue Its Bullish Run
The Top 5 Companies Operating in the Prolific Golden Horseshoe $BNCH.V $TAU.V $AHR.V $SKE.T $CG.T
Osisko Metals Update on Previously-Announced Option to Acquire Gaspé Copper Project
GSilver Closes Acquisition of Great Panther’s Mexican Mining Assets
SUPERIOR GOLD PROVIDES NOTICE OF SECOND QUARTER 2022 FINANCIAL AND OPERATING RESULTS AND CONFERENCE CALL
Mega Uranium Ltd. Acquires Securities of U308 Corp.
Centerra Gold Publishes 2021 Environmental, Social and Governance Report
Canagold names new CEO, director
Talisker Upsizes Financing Deal, Shares Rise 13%
S&P Global: Copper Demand Expected to Nearly Double by 2035
Energy & Critical Metals21 hours ago
US University Admits It May Have Broken Law In Contract With Wuhan Lab
Economics24 hours ago
Biden Wants China Hawks To ‘Put The Brakes’ On Bill Gutting 40 Years Of Taiwan Policy
Economics24 hours ago
“Deteriorating Situation” Shows Rent Growth “Collapsing” In Sunbelt Markets
Economics2 hours ago
The 7 Best Fidelity Funds for Retirees
Gold3 hours ago
Guy on Rocks: Could it be right place, right time for this ASX graphite junior as Chinese anode production booms?
Economics7 hours ago
The Great Recession: Facts Vs Denials
Economics5 hours ago
The Great Wall: Why China’s Central Planners Can’t Handle Bitcoin
Lithium3 hours ago
7 Stocks to Buy and Hold Forever