Marvel Discovery Corp. (TSX-V: MARV) (FSE: O4T) (OTCQB: MARVF) has acquired a uranium project in the Athabasca Basin spanning approximately 5,500 hectares, thereby gaining a significant land package in the Key Lake Corridor adjacent to major uranium companies.
On Thursday, the uranium miner announced the acquisition of the Costigan Lake uranium property, situated near mining operations being developed by Cameco Corporation (TSX: CCO) (NYSE: CCJ), Abasca Resources (TSX-V: ABA), F3 Uranium Corp (TSX-V: FUU) (OTCQB: FUUF) and Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF).
The company will be paying an unnamed vendor $1 million for the property and committing to $2 million worth of exploration activities at the project within five years. Additionally, the vendor will retain a 1 per cent net smelter royalty on the project which Marvel will have the option to purchase for $1.5 million.
Marvel now has a land package spanning over 23,000 hectares with four projects in the basin. The Costigan Lake property is located within the Wollaston-Mudjactic Transition Zone (WMTZ), which hosts some of the highest grade uranium mines on earth, and 25 kilometres southwest of Cameco’s Key Lake mine and mill.
“Marvel has completed an almost impossible task of acquiring key ground in the prolific Key Lake Corridor. The addition of the Costigan Lake property is within the WMTZ and the Key Lake shear zone, which represents tremendous opportunity,” said Marvel’s CEO Karim Rayani.
“We are active in the richest uranium belt in the basin and on trend with world class discoveries. Marvel’s approach is nothing short of marvelous: going after multi commodity- large scale projects that mimic the success of basement-hosted uranium deposits found on the western side of the Athabasca Basin, such as NexGen Energy Ltd.’s (TSX: NXE) Arrow deposit,” he added.
WMTZ map via Marvel Discovery
Read more: ATHA Energy performs largest multi-platform EM survey in the history of the Athabasca Basin
ATHA Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB: SASKF) is one of the other key uranium developers in the region. The company holds a 10 per cent stake on claims in the basin held by NextGen and is currently progressing the East Vista project located within a 30 kilometre radius of Cameco’s Key Lake mine.
ATHA’s land package is the largest in the Athabasca Basin, spanning a vast area of 3.4 million acres.
This summer, ATHA conducted the largest multi-platform electromagnetic survey in the history of the Athabasca Basin, which covered over 2,200 kilometres, including the WMTZ, and identified three high-priority targets.
A recent mining jurisdiction survey conducted by Canada’s Fraser Institute found that Saskatchewan sat in spot number three for overall investment attractiveness globally. The Athabasca Basin spans over 100,000 square kilometres throughout northern Saskatchewan and Alberta.
ATHA Energy shares are currently trading for $1.16 on the Canadian Securities Exchange. The company is solely concerned with the Athabasca Basin, one of the world’s highest grade uranium deposits which has produced over 900 million pounds of U308 since 1975. ATHA currently has a cash position of $25 million.
ATHA’s land package and exploration districts. Map via ATHA Energy
Read more: Uranium Energy acquires Athabasca Basin exploration projects from Rio Tinto for $1.5M
Read more: F3 Uranium finds new high grade intercepts at Athabasca drill program
ATHA Energy is a sponsor of Mugglehead news coverage
rowan@mugglehead.com
