- Carmanah Minerals Corp. (CARM) has signed a joint venture agreement with Marvel Discovery Corp. (MARV) to earn a 50 per cent interest for the Walker Claims
- Carmanah will fund $1.5 million in exploration expenditures, a $400,000 cash payment, and issue 3.5 million shares and 3.5 million warrants over a three-year period
- The claims are within a zone with some of the highest-grade uranium mines in the world
- Carmanah Minerals Corp. (CARM) is unchanged, trading at $0.13 per share as of 11:49 a.m. ET
- Marvel Discovery Corp. (MARV) is down 11.11 per cent, trading at $0.08 per share as of 2:24 p.m. ET
Carmanah Minerals Corp. (CARM) has signed a joint venture agreement with Marvel Discovery (MARV).
Under the joint venture (JV), Carmanah will earn a 50 per cent interest for the Walker Claims in Saskatchewan.
After the earn-in has been completed, Marvel and Carmanah would evenly split the project, with Carmanah funding $1.5 million in exploration expenditures, a $400,000 cash payment, and issuing 3.5 million shares and 3.5 million warrants over a three-year period.
Latika Prasad, CEO of Carmanah, stated,
“We are very excited to have reached an agreement with Marvel Discovery on this project, it is ideally situated along the Key Lake fault, which is home to some of the highest-grade Uranium in the world… This corridor represents a tremendous opportunity in mimicking the success of basement-hosted uranium deposits found on the western side of the Athabasca Basin like NexGen Energy’s Arrow Deposit.”
The included Walker and KLR properties are within the Wollaston-Mudjactic transition zone of the eastern Athabasca basin, which has some of the highest-grade uranium mines in the world.
Marvel still controls the Highway North and KLR claims. These claim groups connect the Key Lake fault zone, an important corridor for structurally controlled Athabasca basin-type uranium deposits.
Carmanah Minerals Corp. (CARM) is unchanged, trading at $0.13 per share as of 11:49 a.m. ET.
Marvel Discovery Corp. (MARV) is down 11.11 per cent, trading at $0.08 per share as of 2:24 p.m. ET.