Proactive Investors - Marvel Discovery Corp. (TSXV:MARV) has announced that its joint venture (JV) partner, Falcon Gold Corp has applied for drill permits to carry out activities on their Golden Brook prospects within the Hope Brook Property in southern Newfoundland.
Two permit applications have been submitted by Falcon Gold (TSXV:FG), one for portable drilling across the property that will expand current prospecting permits and allow for portable drill-testing of targets across the entire property, and a second permit was submitted to diamond drill test prospects within the Kraken-Hydra trend.
The portable drill permit application provides the opportunity to enhance the preliminary reconnaissance prospecting project completed in late spring and early summer, which identified the potential for pegmatites from the nearby Kraken pegmatite field to extend into the adjacent tenure held by Falcon.
Though bedrock exposure in the area is limited, initial reconnaissance prospecting has resulted in the discovery of a new and previously unrecognized swarm of pegmatite and aplite dykes, and assay results from the sampling project are anticipated by early August.
The diamond drill permit application includes six drill pad locations with 1,000 meters of drilling planned for 12 drill holes. The inaugural drill program will test for potential lithium, tantalum, and cesium-bearing pegmatites along the Kraken-Hydra trend.
In a statement, Karim Rayani, Marvel Discovery's chief executive officer, commented: "An extreme fire season in Nfld last summer coupled with helicopter availability shortages meant delaying our inaugural exploration campaign until the spring of this year, and we took advantage of this current program to conduct regional scale prospecting and soil sampling efforts and eagerly await results from the assay lab.
"We have always been keen on our Lithium prospect, which we staked prior to the Lithium and Cesium discoveries by Sokoman and where our desktop studies showed high potential for the continuation of trends onto our ground. To have found a new swarm of pegmatite dykes is extremely encouraging and we are now gearing up for detailed soil sampling and portable drill testing to further define anomalous areas in advance of our inaugural diamond drilling campaign."
Marvel and Falcon formed a strategic alliance on November 17, 2021, that combines both companies' Hope Brook District properties covering a combined 63,450 hectares to be explored on a 50-50 JV basis.
The Hope Brook Property is hosted within the Exploits subzone of the central Newfoundland gold belt. The property covers extensions of, or are proximal to, two major structures linked to several significant gold prospects (Cape Ray; Matador Mining) and deposits (Hope Brook; First Mining) in southern Newfoundland. Rock lithologies and structures on the property are also related to those associated with Marathon Gold's Valentine gold deposits, Sokoman's Moosehead gold project and New Found Gold's Queensway gold project.
The combined land position straddles both the eastern and western extents of recent land acquisitions by the Benton/Sokoman JV partnership, with the JV now controlling areas of considerable structural complexity marked by large-scale fold and fault structures, which provide important structural controls (traps) for gold mineralization within this area.
The Hope Brook Property covers a key central portion of the structural corridor along which the Kraken and Killick pegmatite dykes, Li-Ta soil anomalies, and Hydra Cesium Pegmatite Dyke have all been reported by Sokoman. Falcon Gold has applied for financial assistance for the Hope Brook project through Newfoundland's Junior Exploration Assistance (JEA) Program.