7,503ppm TREO Identified At Redlings REE Project

Marquee Resources Limited (“Marquee” or “Company”) (ASX:MQR) is pleased to report the results from auger sampling recently completed at the Redlings Rare-Earth Element Project. Results have identified significant and wide spread zones of surficial rare-earth element (“REE”) anomalism related to the intrusion of REE-bearing carbonatitic dykes.

• Surficial values up to 7,503ppm TREO associated with previously unrecognised REE-bearing dykes.
• Auger geochemistry highlights a 4.9 km x 1.2 km zone of anomalism.
• Ground gravity survey to be completed to test for source of surficial anomalism and to refine drill targets planned for Q3 2023.

2,439 auger holes were completed over previously untested areas with results highlighting a ~4.9 km x 1.2 km discontinuous zone of anomalism (Figure 1). During the field program, Company geologists mapped REE-bearing dykes/veins with varying structural orientations which may represent late-stage carbonatite cone sheets or ring dykes. The Company is planning to complete a ground gravity survey to test for possible deep-seated intrusion(s) for follow-up drill testing in Q3 2023. In conjunction to the gravity survey further mapping and auger geochemistry is being planned to further understand the potential of the Project to host an economic REE mineral resource.

Auger Geochemistry Results & Forward Work Plan

Following completion of slim-line RC drilling (refer MQR ASX Release 18^th Aug 2021), the Company embarked on a 1,292 auger program in April 2022 (refer MQR ASX Release 26^th April 2022) and has recently completed a further 2,439 auger holes. The auger program was designed to target possible dyke-bearing structures which ran parallel to the NW-striking Redlings Dyke. During the auger program, multiple orientations of REE-bearing dykes were observed and there is no specific orientation to the observed geochemical anomalism. Company geologists interpret the mapped REE-bearing dykes/veins may represent late-stage carbonatite cone sheets or ring dykes. The Company is planning to complete a ground gravity survey shortly to test for possible deep-seated intrusion(s) for follow-up drill testing in Q3 2023. In conjunction to the gravity survey further mapping and auger geochemistry is also being planned to further understand the potential of the Project to host an economic REE mineral resource.

At Redlings, REE mineralisation is related to carbonatitic intrusions or dykes and associated fenitic alteration, which are elevated in REE compared to background. Economic mineralisation intersected in RC drilling was constrained to the laterite profile where supergene REE enrichment of the underlying carbonatite has occurred, not dissimilar to the mineralisation style encountered at the Mount Weld (LYC) and Yangibana (HAS) deposits. The potential for REE-bearing dykes to host economic fresh-rock mineralisation requires further assessment, however early results suggest there is the potential to define economic supergene REE mineralisation (0-20m vertical depth). Individual REE bearing dykes are often part of a larger dyke swarm and the Company will continue to identify additional REE- bearing dykes by systematically testing numerous, analogous geophysical targets.

Figure 1: Redlings REE auger geochemistry results.

Executive Chairman Comment:

Marquee Executive Chairman, Mr Charles Thomas, commented:

“These extremely positive results provide further evidence of the prospectivity and potential scale of rare earth mineralisation at our Redlings REE Project.”

“Given the substantial size of the geochemical soil anomaly that we have now uncovered, the Company plans to conduct a ground gravity survey and further auger drilling, before following up in Q3 2023 with further RC drilling.”

“We are very excited by these latest results and I look forward to updating our shareholders and the wider market as we systematically progress this exciting Project throughout the rest of 2023.”

The Redlings Rare Earth Element Project

The Redlings Project (formerly called Jungle Well) is 100% owned by Marquee and comprises exploration licences E 37/1311 and E 37/1376 (Figure 2). The Project is located approximately 40km west of Leonora, and 77km north of Menzies. Lynas Corporation’s Mt Weld Project lies approximately 150km east of the project. The Redlings Project covers an area of approximately 108 square kilometres of tenure with historical rock-chip samples up to 7.8% TREO.

The Redlings Project is situated over a NNW trending high magnetic biotite-hornblende monzogranite granite that has intruded into the surrounding granite pluton. A series of NW trending faults run obliquely through the granite and are interpreted to be the controlling structures on the emplacement of REE bearing mafic dykes within the Project. Currently, only the Redlings dyke has been identified during prior exploration activities, however numerous parallel structures are observed in the magnetics data and form prospective structural targets for the discovery of additional REE bearing dykes.

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