Marvel Discovery acquires new ground in palladium-rich region of Ontario

Marvel Discovery Corp (CVE:MARV) (OTCPINK:IMTFF) announced that it has acquired a 100% interest in an Ontario property with proven palladium potential. The company said it has added 15 mining claims totaling just over 5,300 hectares known as the East Bull Lake Intrusive Complex, located near Elliot Lake, Ontario. East Bull Lake is part of the palladium-rich mafic intrusive East Bull Suite, which is home to the New Age Metals River Valley deposit that hosts measured and indicated resources of 99 million tons of 0.9 grams per ton (g/t) palladium equivalent and an additional inferred resource of 53 million tons grading 0.6 g/t palladium equivalent. READ: Marvel Discovery advances its spin-out of Serpent River/Pecors and Wicheeda North properties The area is known to host palladium. Drilling in the area by Grid Metals Corp returned intercepts of 77 metres grading 0.8 g/t palladium equivalent in April 2021, and Canadian Palladium’s project hosts a compliant resource of 11.1 million tons grading 1.5 g/t palladium equivalent. "We are excited to acquire such a strategic piece of ground in a proven palladium endowed mafic intrusive complex such as the East Bull,” Marvel CEO Karim Rayani said in a statement. "The rapid advancement and success of Grid Metals and Canadian Palladium on contiguous properties positions the Marvel acquisition as a property of high merit for the source of palladium and platinum mineralization.” Marvel paid C$10,000 cash upon signing and will pay another $10,000 in cash six months from the effective date to a private vendor. The firm will also issue 300,000 shares and 300,000 warrants priced at C$0.15 for the first year and $0.20 for the second year. The vendor retains a 2% net smelter return royalty. Marvel may buy back 50% of the royalty in exchange for $750,000 cash. Marvel is a Canadian resource company exploring for multiple commodities in several provinces. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas