Marvel Discovery (MARV.V), a Canadian junior explorer focused on the acquisition, exploration and development of mineral assets in Canada, announced that it had started exploration at its 100%-owned Gander North property.
Gander North is located northeast of Gander, Newfoundland. The property consists of 478 contiguous claims covering 11,875 hectares approximately 25 kilometres due east of New Found Gold’s Queensway Project. Queensway massive prospective nature attracted the attention of mining investment icon, Eric Sprott, who bought $125.9 million worth of New Found Gold shares back in April for a piece of the action.
Marvel’s 2022 exploration program commenced in June and preliminary prospecting identified numerous evidence for quartz veins, including outcrop and float.
Surface samples collected to date have been submitted for assay. Results are pending. The company will define targets of interest for additional prospecting and geological mapping from the resulting data.
Publicly available data on Gander North has helped the junior explorer identify multiple northeast trending magnetic linear features which suggest a continuation of trends from the nearby Gander Gold Project where soil anomalies of up to 756.1 ppb have been identified.
Marvel has planned high resolution geophysical surveys of the area to better define and delineate these magnetic trends and together with surface prospecting and mapping will be the focus of a drill program to commence in the fall.
Karim Rayani, Marvel CEO, commented, “We are excited about our initial exploration program and pending results of our sampling. Initial evidence from prospecting and mapping suggests a geological environment conducive to orogenic gold deposits and occurrences of the Central Newfoundland gold belt. This unexplored Property provides high chances of success with a strategic location near the high-grade gold discoveries made by New Found Gold. We look forward to compiling our efforts and success by integrating mineralization trends, historical results, and geophysical attributes to vector exploration drilling efforts to those areas of high merit.”
The price for gold has popped back above $1,700 USD as jobless claims in the US rose for the seventh consecutive week to 250K, missing expectations. Even though the initial claim rate remains volatile, economists are paying closer attention to continuing claims. If this jobless trend continues or remains at the current rate, gold prices could be set up for another bump.
In other news, the company recently announced that it had applied for permits to enable its proposed diamond drill program at Marvel’s Walker and KLR uranium project in the Athabasca Basin.
Currently, Marvel trades at $0.095 CAD per share for a market cap of $9.34 million.