VANCOUVER, BC / ACCESSWIRE / June 8, 2023 / (MARV:TSX.V)(O4T:GR)(MARVF:OTCQB); and Falcon Gold Corp. (FG:TSX.V)(3FA:GR)(FGLDF:OTCQB) together (the Alliance), jointly hold 1402 claims (the "Property") totaling 35,050 hectares located along the Baie Verte Brompton Line ("BVBL") in Central Newfoundland. Marvel and Falcon have agreed to option their interests in the Property to Carmanah Minerals Corp. ("Carmanah"). Carmanah recently announced the acquisition of the Hare Hill Pluton Rare Earth Project covering 162 claims totaling 4,050 hectares in Western Newfoundland. The property is directly contiguous to the recent "Bottom Brook Acquisition" by York Harbour Metals Inc. announced December 21, 2022.
The Hare Hill granitic system is prospective for Rare-earth mineralization, as recently reported by York Harbour Metals whose grab rock samples returned total rare earth oxide grades (TREO) grades between 3.45% and 21.63% TREO. Previously, Kirrin Resources Inc. reported drilling results that included 4.47% TREO over 5.64m core lengths and 1.16% TREO over 15.3m core lengths on the Bottom Brook project in February 2011.
Carmanah will make cash payments totaling $155,000 over a 4-year period and issue 5 million common shares, and 5 million share purchase warrants exercisable at 10 cents per share for a period of 3 years from the date of issue. (3,000,000 shares issued to Marvel and $93,000), (2,000,000 shares issued to Falcon and $62,000) 60/40split in favor of Marvel. Marvel and Falcon's properties will be subject to a 2.5% NSR (Net Smelter Royalty) Carmanah can purchase 1% for $1,000,000 cash payment.
This transaction is beneficial for Marvel and Falcon, having a large equity stake in Carmanah positions both companies very well as exploration at the BVBL moves forward, while the option agreement assists Carmanah to develop a significant portfolio of prospective properties. The BVBL acquisition will allow Carmanah to become a dominant new player with ground next to York Harbour's Bottom Brook Property which has recently announced an aggressive exploration program.
Karim Rayani, Chief Executive Officer, commented, "We are very pleased to have been able to work an option deal with Carmanah Minerals, Carmanah presents a great opportunity for all companies while allowing us to share in the success of potentially a new district scale discovery. Marvel currently has approximately 90,000 hectares of prospective ground - tied to major structures in Gander, Hope Brook, and the Victoria Lake Area. We look forward to new developments coming out of the BVBL as the area is quickly becoming known for its rare earth potential."
The transaction is considered a non-arm's length as a result of the companies having directors and officers in common and is subject to TSX-V approval.
Qualified Person
Greg Robinson, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
About Marvel Discovery Corp.
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
Marvel Discovery Corp.
"Karim Rayani"
Karim Rayani
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.
SOURCE: Marvel Discovery Corp.
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