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Marquee Resources Limited (“Marquee” or “the Company”) (ASX:MQR) is pleased to announce that it has completed a 1,907 station ground gravity survey at the Company’s Redlings Rare Earth Element Project (“Redlings” or “the Project”). The gravity survey was designed to test for deep-seated carbonatite intrusions and to identify the potential source of surficial rare earth element (REE) anomalism of up to 7,503ppm TREO previously encountered at the Project (Refer ASX announcement 18 May 2023).
- Ground gravity survey completed and successfully identifies high-density pipe-like structures.
- Gravity data highlights NNE trending, pipe-like structures which significantly enhances the exploration model.
- The pipe-like structures are interpreted to be the primary source of surficial values of the REE mineralisation with previous results up to 7,503ppm TREO.
Final data processing and 3D modelling has been completed with results of the survey highlighting 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 geochemical anomaly to assist in interpreting the primary controls on surficial mineralisation. Although historical exploration has focused on NW trending structures, the gravity data has highlighted that the interpreted carbonatite pipes have a NNE trending orientation and the exploration model needs to be refined and shifted to focus on these NNE trending structures. Company geologists have mapped REE-bearing dykes/veins with varying structural orientations which may represent late- stage carbonatite cone sheets or ring dykes. Following the completion of the gravity survey, further mapping and auger geochemistry is planned with deeper reverse circulation drilling to follow. The Company aims to fully test the potential of the Project to host an economic REE mineral resource.
Executive Chairman Comment:
Marquee Executive Chairman, Mr Charles Thomas, commented:
“This infill gravity survey has significantly improved our understanding of the Redlings REE Project. For the first time, we believe we have possibly identified the source of the surficial mineralisation that we have encountered on our last few exploration campaigns at the Project.”
“Acquisition of this new geophysical datasets is a significant next step in unlocking the potential of the geology within the Redlings REE Project area. An exciting pipeline of new exploration activities will now follow over the next 12 months at the Project. I look forward to updating all our shareholders and the wider market as we make further progress at this exciting Project.”
Figure 1: Base Image - Greyscale TMI image overlain with RGB Bouguer Anomaly image. Top Left – 0.02, 0.03 & 0.05 g/cc inversion shells, Top Right – auger geochemistry results, Bottom Left – density inversion shells and auger geochemistry results.
Figure 2: Long Section of the Redlings 3D Gravity Inversion Model highlighting interpreted carbonatite pipes.
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 licenses E 37/1311 and E 37/1376 (Figure 4). 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 (refer to ASX announcement on 11 November 2020).
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 which 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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