November 22, 2021
November 22, 2021. Vancouver, B.C. – Marvel Discovery Corp. (TSX-V: MARV), (Frankfurt: O4T1), (MARVF: OTCQB); (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 “OptionAgreement”) , 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.