Marvel Discovery Corp. (TSXV: MARV | Frankfurt: O4T | MARVF: OTCQB) on the status of Power One Resources Corp., a reporting issuer, formed by Marvel via a plan of arrangement in 2021 through the spin-out of Marvel’s Wicheeda North and Serpent River properties. Power One has applied for listing on the TSX Venture Exchange (TSXV).
Power One has received comments from the TSXV requesting updates to its draft listing application. It has obtained auditor reviews of its financial statements, raised sufficient funds to undertake an initial work programme on the Serpent River property, has reserved trading symbol “PWRO”, and generally stands ready to list on the TSXV once the application has been accepted. Marvel holds a large equity stake of approximately 15% in Power One.
Marvel and Power One are the largest landholders adjacent to Radio Fuels Energy Corp.’s (CSE: CAKE) Pele Mountain deposit.
Marvel and Power One’s Wicheeda projects are adjacent to Defense Metals Corp.’s (TSXV: DEFN) project – One of the largest Rare Earth projects in Canada which comprises of 6.4Mt measured mineral resource averaging 2.86% (TREO), and 27.8Mt indicated mineral resource averaging 1.02 TRE, cut-off grade 0.5%TREO.
Marvel holds a 2% NSR on both of Power One’s mineral properties. Power One can purchase 50% of each NSR for the Serpent River project and the Wicheeda project for C$1.5M on at any time and C$1M within a five-year period respectively.
The Serpent River project is located 15km east of Elliot Lake, Ontario. Limited drilling in 1974 on the Project reported a non-National Instrument 43-101 compliant historic resource of 20Mt averaging 0.037% uranium. Immediately west of the Serpent River Project is Pele Mountain’s Eco Ridge uranium/rare earth element project which is now owned by Radio Fuels. In July 2011, Pele Mountain announced the positive results of a preliminary economic assessment study outlining 34.6Mt at grades of 0.040% U3O8 and 1,455ppm TREO.
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