Marvel Announces Phase II Drilling Follow-up at the KLR-Walker Uranium Project, Athabasca Basin

VANCOUVER, BC / ACCESSWIRE / June 22, 2023 / Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to announce a Phase II follow-up drilling program at the DD and Highway Zone within the KLR-Walker Uranium Project ("the Property") in the Athabasca Basin (Figure 1). The Phase II drill program would consist of 4 holes totaling approximately 2,400 m. The start date of the program has yet to be determined. A total of 1,343 m was completed through 6 diamond drill holes in the spring of 2023 which intersected 841 ppm U₃O₈ over 1.07 m at the DD Zone and 553 ppm U₃O₈ over 1.89 m at the Highway Zone (see press release dated May 17, 2023).

About the forthcoming program, Karim Rayani, Chief Executive Officer, commented, "The Company is extremely excited about the 2023 Phase II program. We have successfully followed up on historical surface and backpack uranium mineralization along key structures with Phase I. Our Phase II program is to test these structures and associated uranium mineralization at depth to unlock the potential presence of a Tier I uranium discovery."

Foto: Accesswire

Figure 1. Highway North, Walker and KLR claim groups along the Key Lake Fault with prominent VTEM conductor trends.

Figure 1. Highway North, Walker and KLR claim groups along the Key Lake Fault with prominent VTEM conductor trends.

All uranium mineralization encountered in the Phase I drill program consisted of stringer mineralization coincident with a regional scale fault, the Key Lake Shear Zone. The Key Lake Shear is part of the Wollaston-Mudjactic Transition Zone ("WMTZ") of the eastern Athabasca Basin. The WMTZ hosts the highest-grade uranium mines in the world (Figure 2). Drilling during the Phase II program will target uranium mineralization down dip within the fault zones. Like its neighbor to the west, the Arrow Deposit, owned by NexGen Energy lies 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.