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Marvel Discovery Corp. (TSX-V:MARV) has announced a joint venture (JV) agreement to expand its land position within the Rocky Mountain Rare Metal Belt.
The explorer said the JV with private company Eagle Bay Resources gives it the right to earn a 50% interest in the 507 hectare (ha) claim block upon completion of at least two drill holes. The block is immediately adjacent to the west of Defense Metals Corp’s Wicheeda project.
“We are very excited with the current developments coming out of the Wicheeda Camp,” Marvel president and CEO Karim Rayani said in a statement. “Marvel is in a great position now as we control a sizeable area of influence, and we look forward to working with our new partner Eagle Bay Resources to explore this new territory.”
READ: Marvel Discovery raises over $400,000 for exploration at its Canadian mineral properties
Marvel noted that Defense Metals has recently been expanding the value of its Wicheeda project through deposit definition drilling. Results announced in April 2022 include 3.81% TREO (total rare-earth oxide) over 116.8 metres (m), including two separate higher-grade intervals averaging 4.33% TREO over 38.8m, and 4.87% TREO over 37.5m.
However, the company cautioned that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on its property.
Marvel’s original Wicheeda North Property consists of two mineral claims, encompassing 2,023 ha. It said the new JV brings the company’s total land holdings within the Wicheeda Rare Earth Metal Belt to 2,530 ha covering a total of four claims.
The Defense Metals Wicheeda rare earth elements (REE) property is located in the Foreland Belt of the Canadian Cordillera, within the structurally dominant northwest-trending Rocky Mountain Trench.
The Rocky Mountain Trench is recognized for the occurrence of several Paleozoic carbonatite-syenite intrusion-related complexes that were geologically deformed, tilted, and transported to the east in thrust panels.
Based in Canada, Marvel is engaged in the acquisition, exploration, and development of diverse metal deposits throughout the country.
Contact the author at stephen.gunnion@proactiveinvestors.com
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