Exploration Update - Redlings REE Project

Marquee Resources Limited (“Marquee” or “the Company”) (ASX:MQR) is pleased to update the market on the ongoing exploration activities at its Redlings REE Project. The Company has received the final results of a 2,228- sample geochemical sampling campaign whilst the current RC drilling programme continues to progress. The current drilling program is planned to consist of ~1,500m RC drilling to target dense pipe-like bodies at the Redlings REE Project. These pipe-like structures are interpreted to represent carbonatite intrusions, extending to significant depths. The interpreted deep-seated carbonatite intrusions are inferred to represent the potential source of surficial rare earth element (REE) anomalism of up to 7.8% TREO previously encountered at the Project. The drilling forms part of the Company’s aggressive exploration strategy to fully test the potential of the Project to host an economic REE mineral resource.

• Final results from regional geochemistry campaign refine targets for ongoing drilling.
• Up to 7,675ppm TREO assay results received from the latest auger programme.
• Significant surficial REE anomalism spatially associated with interpreted carbonatites and the primary source of surficial REE mineralisation identified at Redlings.
• The first drill hole (MQRC167) was completed to a depth of 500m with samples now sent to the laboratory.
• Drill holes MQRC168 and MQRC169 were completed to 386m and 248m, respectively, and intersected interpreted carbonatite intrusions with associated fenitic alteration.
• The final drill hole, MQRC170, has commenced and is expected to take 1 week to complete.

Marquee Executive Chairman, Mr Charles Thomas, commented:

“Drilling continues to progress at Redlings, as we systematically test the shallowest gravity anomalies over the Project extents.”

“The first batch of samples have now arrived at the lab and the second batch are being sent as we speak. We look forward to updating the market once we receive the assays from this campaign.”

“We are further buoyed by the encouraging results from our latest auger programme, which identified up to 7,675ppm TREO at Redlings.”

Table 1: Drillhole Table

Figure 1: Geochemistry over gravity density shells and the location of planned drillholes.

Exploration Update

The Company recently completed a 1,907-station ground gravity survey (refer MQR ASX Release 4 Oct 2023) and has now received the final, validated assay results from a 2,228-sample geochemical sampling campaign (refer ASX Release 20 December 2023 and 31 January 2024). The geophysical and geochemical results have delineated multiple, coincident gravity and geochemical anomalies interpreted to represent carbonatite intrusions and associated alteration. Three 500m RC drill holes were initially planned to intersect the shallowest part of the identified anomalies to test for rare-earth element enrichment associated with the inferred carbonatites.

MQRC167 was successfully drilled to target depth of 500m, and samples have now been received at the lab. Drillholes MQRC168 and MQRC169 were drilled to 386m and 248m, respectively, and unfortunately did not reach the target depth of 500m due to the significant influx of water into the drillholes and had to be abandoned. As such, MQRC170 has been added to the initial program.

Completion of drilling is expected to take a further 1 week with the first batch of assays expected 6-8 weeks following the completion of drilling. A further drilling campaign is planned to commence post receipt of assays should this exploration campaign be successful.

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