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Marquee Resources Limited (“Marquee” or “TheCompany”) (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 hostedlithium,eastoftheClaytonValley.
- Clayton Valley Lithium Project (“Clayton Valley” or “The Project”) covers approximately ~12sqkmof claims in an area endowed with both lithium-rich brines and clays. The Project is located withinthesouthern portionoftheClaytonValleyBasin,proximaltotheSilverPeaklithiumminewhichis the only producing lithium mine in North America - owned by the world’s largest lithiumproducer,Albemarle.
- The Project is approximately 3.5 hours from Tesla’s Gigafactory Number 1, a large lithium-ionbatteryfactory,and adjacenttoPureEnergyMinerals(TSXV:PE)currentmineral resource.
- Clayton Valley drilling is planned to test high-priority targets in Q3-2022. Whilst the highlyprospectiveKibbyBasinLithiumProject(located 10kmeastofASX-listedIoneerLtd(ASX:INR) flagshipRhyoliteRidgeLithium-BoronProject)commenceddrillinglastweek.
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.
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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.
MQR:AU
EIS Grant for Minnie Springs Copper Porphyry Drilling
- Augustus Minerals has been granted a co-funded drilling grant of up to $110,000 for 2 x 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
- The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast.
- Previous RC drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / moly system.
Andrew Ford, GM Exploration
“The Company is pleased to receive an EIS grant to complete deeper drilling at the Minnie Springs Copper Molybdenum Project. The resultant data will enable mapping of the lithology and alteration to a depth of 550m and potentially intersect, or provide vectors to, higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model”.
Minnie Springs
Minnie Springs hosts porphyry related copper molybdenum mineralisation previously drilled and defined by Catalyst Metals. A molybdenum Exploration target has been defined for the historicdrillingareacomprisedofbetween12-84Mtasoutlinedbelow (Table 1 and Figure 1, 2.)1.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm cut-off at 100% recovery.
The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The planned diamond drilling will complement the recently completed 3,200m RC drilling program that infilled around hole MSRC012 (18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole2) and tested the northern half of the 2km long copper-in soil anomaly. Assays from this program are expected to become available over the next month.
The limited exploration in the region, highlighted by 95% of the Ti-Tree project having no previous exploration, demonstrates the prospectivity of this underexplored mineral province.
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This article includes content from Augustus Minerals, 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.
Quarterly Activity Report 31 March 2024
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
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This article includes content from EMU NL, 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.
Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
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This article includes content from Basin Energy, 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.