Kibby Basin Lithium Project Update

Marquee Resources Limited (Company or Marquee) (ASX: MQR) is pleased to provide an update on the completion of the earn-in agreement and on the exploration program at the at Kibby Basin Lithium Project.

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Marquee Resources confirms that it has now completed the required minimum spend of CAD$2,500,000 at the Kibby Basin Project and issued the required cash and share payments to Belmont Resources (BEA) under the earn in agreement. As such the JV ownership structure is now MQR 80% / BEA 20%.

The objective of the Kibby drill program is to delineate a lithium-enriched brine aquifer deposit in Kibby Basin, Nevada, USA that is amenable to mining using wells to extract brine for processing to a saleable lithium hydroxide monohydrate (LiOH∙H2O) product.

Drill hole KB22-02 has been completed at a total depth of 915 meters (3,004 feet). The drill hole targeted a highly conductive geophysical (Magnetotelluric - MT) anomaly, which has the signature for a potential lithium enriched brine aquifer beneath the Kibby Playa (dried lakebed).

Hole KB 22-02 drilled a section of muddy lakebeds with interspersed siltstones and sandstones, which can serve as important aquifers for lithium brines. Several intervals of tuffaceous sediments as well as airfall and reworked ash, also potential hosts for lithium brine, were encountered.

Drill core from KB22-02 has been logged at Belmont’s core cutting facilities in nearby Mina, NV. Ten percent of the core has been split and delivered to Paragon Labs in Sparks, NV for lithium analyses. Water samples will be analyzed for lithium and chemical/physical properties at Western Environmental Testing Laboratory in Sparks NV once the testing concludes which is expected to take a further 10 days.

About the Kibby Lithium Project

Kibby Basin is located within the Basin and Range Province in southern Nevada. It is a closed-basin that is fault-bounded on the East, North and South.

The Kibby potential deposit type is a continental, mineral-enriched brine aquifer within a hydrographically closed basin (endorheic basin). Continental brines are the primary source for lithium products worldwide. Bradley and others (2013) noted that “all producing lithium brine deposits share a number of first-order characteristics: (1) arid climate; (2) closed basin containing a playa or salar; (3) tectonically driven subsidence; (4) associated igneous or geothermal activity; (5) suitable lithium source -rocks; (6) one or more adequate aquifers; and (7) sufficient time to concentrate a brine.

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