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Marquee Resources Limited (“Marquee” or “the Company”) (ASX:MQR) is pleased to provide an update on ongoing exploration works at the Redlings Rare Earth Element Project (“Redlings”), Leonora, Western Australia. Following the completion of a ground gravity survey at the Project (refer ASX release 04 October 2023) the Company has embarked on another auger soil sampling program to further define the extents of surficial REE anomalism interpreted to be related to the intrusion of REE-bearing carbonatite pipes. Historical exploration has focused on NW trending structures, however, the recently acquired gravity data highlighted that the interpreted carbonatite pipes have an NNE trending orientation and the exploration model has been refined accordingly. Company geologists have mapped REE-bearing dykes/veins with varying structural orientations which may represent late- stage carbonatite cone sheets or ring dykes. Drill planning is well advanced with the results of the auger program to provide critical information to best target future drill holes as the Company aims to fully test the potential of the Redlings Project to host an economic REE mineral resource.
Figure 1: Planned drillholes targeting interpreted carbonatite pipes.
Executive Chairman Comment:
Marquee Executive Chairman, Mr Charles Thomas, commented:
“With our significantly improved understanding of the Redlings REE Project we believe we have possibly identified the source of the surficial mineralisation that we have encountered at the Project and are honing our drill plans accordingly.”
“The auger program will be the final step in our data acquisition process before drilling that will be completed in Q1-2024. It’s an exciting phase for the Company and Project and we’re looking forward to completing deep, targeted drilling into the dense pipe-like structures we have identified. We have an exciting pipeline of new exploration activities over the next 12 months, and I look forward to updating all our shareholders and the wider market with further progress at this exciting Project.”
1,218 auger soil samples have been collected as part of a ~2,500 soil sampling program designed to test for surficial anomalism of new targets identified from a recently completed ground gravity survey at the Project. 3D modelling of the gravity data highlighted a complex structural architecture intruded by dense bodies, which are interpreted to represent carbonatite pipes, extending to significant depths. The gravity survey focused on a ~4.9 km x 1.2 km historical geochemical anomaly to assist in interpreting the primary controls on surficial mineralisation. Following the completion of the auger geochemistry program, drilling will be undertaken with holes up to 500m deep aimed to test the pipe like features. The Company aims to fully test the potential of the Project to host an economic REE mineral resource in 2024.
Figure 2: Auger soil sampling program
Figure 3: Gravity inversion model of the Redlings Project and potential carbonatite corridors.
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 3). 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 108km2 of tenure with historical rock-chip samples up to 7.8% TREO (see ASX release 18 May 2023).
The Redlings Project is situated over an 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 were targeted historically for REE bearing mafic dykes within the Project. This was due to the identification of the Redlings dyke identified during prior exploration activities. The Company has greatly enhanced the understanding of the Redlings Project through geophysics, geochemistry and drilling and carbonatite intrusions are now interpreted to strike NNE and the Company will use these recent advancements to identify targets for the discovery of additional REE bearing dykes.
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MQR:AU
Marquee Resources
Overview
Marquee Resources (ASX:MQR) is a fully funded junior exploration company focused on its battery metals assets in Western Australia and the United States. Its diversified portfolio includes assets containing lithium, copper and rare earth elements - essential metals for battery manufacturing - as well as gold.
Global demand for battery metals is projected to reach $20.5 billion by 2027, growing at a compounded annual growth rate of 8.2 percent from 2020 to 2027, according to Allied Market Research, This growth is attributed to the exponential growth of the electric vehicle (EV) market, with two million EVs sold worldwide just in the first quarter of 2022, up 75 percent compared to the same period in 2021, along with continued market demand for consumer electronic devices.
Many of Marquee Resources’ assets are in advanced exploration stages, with highly encouraging exploration results.
The company’s flagship project is the West Spargoville Lithium Project, located in the prolific Southern Yilgarn Lithium Belt in Western Australia, and contains hard-rock lithium deposits. Marquee Resources has partnered with Mineral Resources Limited (ASX: MIN) to explore and develop the project. Mineral Resources has extensive experience operating hard-rock lithium mines and brings technical and operational expertise to the project. The West Spargoville Lithium Project has already yielded encouraging exploration results.
Marquee’s other encouraging lithium assets include Clayton Valley Lithium and Kibby Basin Lithium projects, both containing lithium brine and building additional excitement for lithium potential. Results from the 2022 drill program at Kibby Basin have returned high levels of lithium-bearing sediments along with dissolved lithium in the groundwater, with up to 924 parts per million (ppm) lithium from the two exploration boreholes (KB 22-01 and KB 22- 02) that were completed.
The company’s additional projects target other critical battery metals such as rare earth elements and copper. Its Lone Star Copper-Gold project is currently undergoing a 6,000-meter diamond drilling program. Marquee’s 2022 drill campaign at Lone Star intersected a wide mineralised envelope of up to 150 meters at 0.5 percent copper, with high-grade mineralised zones up to 19.8 meters at 2 percent copper. As many zones in the deposit remain open and untested, there is significant potential for additional mineralization, combined with historical diamond and percussion drill hills indicating high-grade deposits of copper and gold.
In October 2022, Marquee announced its maiden mineral resource estimate for the Lone Star Copper-Gold Project containing indicated mineral resource of 9.7 Mt at 0.45 percent copper and 0.24 g/t gold, and inferred mineral resource of 3.5 Mt at 0.31 percent copper and 0.20 g/t gold.
Marquee Resources is led by strong management with experience in natural resources and corporate administration. Charles Thomas, executive chairman, has over 15 years of experience in capital markets and structuring corporate transactions. Dr. James Warren, chief technical officer, has worked in leadership roles managing technical operations. George Henderson, non-executive director, has extensive experience in equity capital markets dating back to 2004. Anna Mackintosh, company secretary, has 26 years of commercial experience in compliance and finance roles for natural resource companies.
Company Highlights
- Marquee Resources is an Australian fully funded exploration company targeting battery metals with multiple assets in advanced exploration stages.
- The company’s flagship project is the West Spargoville Lithium Project, which has already yielded encouraging exploration results.
- Marquee Resources is in partnership with Mineral Resources Limited (ASX: MIN) to explore and develop the West Spargoville Lithium Project, and the companies have accelerated this farm-In agreement with MinRes acquiring an initial 25 percent interest in the lithium rights at WSP by funding $4.8 million on exploration activities at the project in less than 12 months.
- The company’s Kibby Basin project is located near the only producing lithium mine in the United States and contains encouraging geologic properties that indicate the presence of lithium brine.
- The company has additional projects that target lithium and other battery metals, such as copper, gold, and rare earth elements. Historical and current exploration assays indicate high-grade deposits of target metals.
- A management team leads Marquee Resources with directly relevant experience in natural resource markets, corporate administration and corporate finance.
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