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Marquee Resources Limited (“Marquee” or “Company”) (ASX:MQR) is pleased to update the market about the ongoing exploration activities at the West Spargoville Project (“WSP” or “Project”).
HIGHLIGHTS:
- Results from aircore drilling confirm the presence of Lithium-Cesium-Tantalum (LCT) pegmatites as the source of surficial geochemical anomalism.
- Large LCT halo (extending over 2km and up to 300m wide) identified in aircore drilling to be followed up with reverse-circulation drilling to test for bedrock mineralisation.
- Follow-up mapping identifies outcropping, spodumene bearing pegmatite within an interpreted pegmatite dyke swarm.
10 reverse-circulation drillholes of the 57-hole program completed with drilling initially targeting the interpreted pegmatite dyke swarm.
The company has received results from a 93-hole, 5,470m aircore drilling program, which has confirmed the presence of highly fractionated LCT-type pegmatites as the source of surficial geochemical anomalism. Aircore drilling was completed in the eastern portion of the tenure, where the depth of weathering extends up to 60m deep, with elevated lithium-cesium-tantalum values in weathered material associated with elevated pathfinder elements (Table 1). A large geochemical halo (90th percentile Li > 64ppm) extending over 2 kilometres and up to 300m wide has been identified from the aircore drilling, with the bedrock source to be targeted in follow-up reverse-circulation (RC) drilling.
Table 1: Best assay result from aircore drilling.
In preparation for RC drilling further mapping was completed which identified a NE-striking, spodumene bearing pegmatite (Figure 1) in an area considered highly prospective due to the results from auger geochemistry and deep ground-penetrating radar (DGPR) (Refer: MQR ASX Release 21st April 2022). RC drilling has begun to test the NE-striking corridor with multiple pegmatites intersected in drilling thus far. The first batch of samples have been delivered to the laboratory with results expected in 4-6 weeks.
Figure 1: LEFT − Outcropping, spodumene bearing pegmatite. RIGHT − Grab sample collected from outcrop with abundant, elongate spodumene crystals.
In relation to the disclosure of visual mineralisation the Company cautions that visual estimates of spodumene abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and the grade of visual mineralisation repo
Executive Chairman Comment:
Marquee Executive Chairman, Mr Charles Thomas, commented: “To identify pegmatites with clear LCT geochemical signatures is highly encouraging and confirms the prospectivity of the West Spargoville Project. There had been no lithium exploration completed at the Project 12 months ago so we are making great progress and look forward to keeping the market updated as more results come to light. We are currently systematically exploring the Project with RC drilling continuing for the forseeable future and will begin another round of aircore drilling in the last week of June so it is a very exciting time for the Company.”
Exploration Update & Forward Work Plan
Results have been received from a 93-hole, 5,470m aircore drilling program. The aircore program was completed in the eastern portion of the tenure where there is a well-developed weathering profile up to and beyond 60m deep. As such, the aircore results are from highly weathered material where geochemical dispersion is prevalent. The assay results show a clear LCT-pegmatite association with tantalum concentrated preferentially in the upper saprolite and lithium concentrated in the lower saprolite (Figure 2). Follow-up RC drilling is required to test for the bedrock source of the geochemical dispersion halo. The geological setting is analogous to the Cade Pegmatite at the Dome North Project where mineralised pegmatite is hosted within the Black Flag Beds beneath a well-developed weathering profile (Refer ESS ASX Release 14th January 2022).
RC drilling has begun to test multiple geochemical anomalies detected during the auger program (Refer: MQR ASX Release 21st April 2022). The first drillholes of the program have targeted an interpreted dyke swarm in the vicinity of recently mapped outcropping spodumene-bearing pegmatite dyke (Figure 3). Multiple pegmatitic dykes have been intersected of varying thicknesses (Figure 2), with the first batch of assays at the lab for analysis. Results are expected within 4-6 weeks.
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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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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.
