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Marquee Resources Limited (“Marquee” or “The Company”) (ASX:MQR) is pleased to announce the highly encouraging results from a recently completed ground gravity survey at the Clayton Valley Lithium Project, Nevada, USA.
Highlights
- Recently acquired gravity data identifies a highly prospective channel for brine and clay hosted lithium, east of the Clayton Valley.
- Clayton Valley Lithium Project (“Clayton Valley” or “The Project”) covers approximately ~12sqkm of claims in an area endowed with both lithium-rich brines and clays. The Project is located within the southern portion of the Clayton Valley Basin, proximal to the Silver Peak lithium mine which is the only producing lithium mine in North America - owned by the world’s largest lithium producer, Albemarle.
- The Project is approximately 3.5 hours from Tesla’s Gigafactory Number 1, a large lithium-ion battery factory, and adjacent to Pure Energy Minerals (TSXV:PE) current mineral resource.
- Clayton Valley drilling is planned to test high-priority targets in Q3-2022. Whilst the highly prospective Kibby Basin Lithium Project (located 10km east of ASX-listed Ioneer Ltd (ASX: INR) flagship Rhyolite Ridge Lithium-Boron Project) commenced drilling last week.
Results from the gravity survey identify a northeast trending channel on the eastern edge of the Clayton Valley that is interpreted to be prospective for brine and clay hosted lithium (Figure 1).
The Company completed an initial drill program (refer ASX release 26 November 2017) that confirmed the presence of lithium brine and a lithium hosting horizon on the Western side of the property. These results, coupled with the gravity results presented in this release, has proven that the lithium potential extends further east than previously considered.
The project is approximately 3.5 hours from Tesla’s Gigafactory Number 1, a large lithium-ion battery factory that sits on a gravity high interpreted to represent a graben (uplifted basin sediments), associated with normal faulting adjacent to Pure Energy Minerals (TSXV:PE) current mineral resource.
Drilling on these highly prospective Clayton Valley targets is planned to be completed in Q3-2022 and will test the high-priority targets generated from the gravity survey.
Executive Chairman Comment
Marquee Executive Chairman, Mr. Charles Thomas, commented: “The results from the gravity data are very encouraging in that they show there is depth potential to identify both brine and clay hosted lithium within the project area. From the results of the survey, we have planned drilling to target the best parts of the channel and we look forward to commencement of drilling later this year. We have two fantastic lithium brine Projects in Nevada and are well placed to take advantage of the surge in demand for lithium that is anticipated over the coming years.”
Clayton Valley Project
The Project covers an area of approx. 12km2 of claims in a region that is endowed in both lithium-rich clays and brines. The Project is situated in the southern portion of the Clayton Valley Basin, proximal to the Silver Peak lithium mine which is currently the only producing lithium mine in North America - owned by the world’s largest lithium producer, Albermarle. Clayton Valley is located 60km south of Marquee’s Kibby Basin Lithium Project and 10km east of ASX-listed Ioneer Ltd (ASX: INR) flagship Rhyolite Ridge Lithium-Boron Project which has recently been joint ventured with Sibayne Stillwater Ltd.
Click here for the full ASX Release
This article includes content from Marquee Resources Limited (ASX: MQR), licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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