Marquee Resources

Marquee Acquires 301km2 of Highly Prospective Lithium Tenure in WA’s Lithium Corridor of Power

Marquee Resources Limited (“Marquee” or “the Company”) (ASX:MQR) is excited to report that it has executed a Tenement Sale Agreement (“TSPA”) with Solstice Minerals Ltd (“Solstice”)(“ASX:SLS”) to purchase 100% legal and beneficial interest in four exploration tenements E28/2583-I, E28/2650-I, E28/3161 & E28/3124 (together, the “Yindi Project”).


HIGHLIGHTS

  • MQR acquires 301 square kilometres (km2) of highly prospective lithium exploration package (to be named the Yindi Project).
  • Located 13km from, and geologically analogous to, the Manna Lithium Deposit (36Mt @ 1.13% Li2O) owned by Global Lithium Resources Limited (ASX:GL1), 90km east of Kalgoorlie.
  • The presence of mapped intrusive granites and pegmatites in GSWA geology maps.
  • The presence of granitic pegmatites units in historical drillhole logs that have not been assayed for lithium.
  • Surficial geochemical anomalism from the limited soil sampling data.
  • Previous tenement operators have highlighted the potential for the discovery of economic gold mineralisation throughout the Project, however the Company’s focus will be to explore for LCT-pegmatite mineral systems.
  • Approximately 23,233 meters of drilling (RAB, AC and RC) conducted on the tenure within only ~1% assayed for lithium.
  • MQR has commenced a review of the historical data and will expedite lithium exploration with field work to commence immediately.
  • Further solidifies MQR’s lithium land package within the lithium “Corridor of Power”.
  • Firm Commitments received for a share placement to raise $1,985,306 at $0.03 per share (with a 1:2 free attaching option (exercise price $0.08c and 3-year expiry from issue date), subject to shareholder approval at upcoming AGM.

The Yindi Project represent 301km2 of lithium exploration tenure, adjacent to and along strike from Global Lithium Resources Limited (“ASX:GL1”) Manna Lithium Deposit, 90km east of Kalgoorlie.

Figure 1: Yindi Project Location Plan

The Yindi Project Background

The Yindi Project is located 90km east of Kalgoorlie in the Kurnalpi Terrane of the Eastern Goldfields (Figure 1). Historical exploration work has been gold focussed and is of an early-stage nature, consisting of soil geochemistry and shallow drilling (Table 1). Only 24% of soil samples have been assayed for lithium and less than 1% of drill hole samples have been assayed for lithium. Previous tenement operators have highlighted the potential for the discovery of economic gold mineralisation throughout the Project, however the Company’s focus will be to explore for LCT-pegmatite mineral systems.

Table 1: Historical exploration completed at the Yindi Project

Following the completion of due diligence and desktop review, the Company believes the Yindi Project provides an excellent, early-stage exploration opportunity for the discovery of spodumene-bearing pegmatites. The primary factors include, but are not limited to:

  • Analogous litho-structural setting to known lithium deposits (e.g. Manna Lithium Deposit).
  • Geology dominated by mafic rock types surrounding late-stage granitic intrusions.
  • The presence of mapped intrusive granites and pegmatites in GSWA geology maps.
  • The presence of granitic pegmatites units in historical drillhole logs that have not been assayed for lithium.
  • Surficial geochemical anomalism from the limited soil sampling data.
  • The presence of transported sediments masking the underlying geology and potential mineralisation (benefit and hindrance).

The initial exploration focus will be on the western tenements E28/2583-I & E28/2650-I and the “Prospective Lithium Corridor” that runs N-S for 20km through the tenure (Figure 2). These tenements have been the primary focus of historical gold exploration efforts, with mafic rock types adjacent to late-stage granite plutons. Transported cover masks approximately 80% of the bedrock, however granitic and pegmatitic dykes have been mapped on surface within the tenure, and it is interpreted that a dyke swarm that has been observed SW of the tenure likely extends north into the Project extents. Additionally, drill hole logs indicate felsic intrusive granitic and pegmatitic rock types were intersected and the Company aims to visit the historical drill sites to resample drill spoils to further assess the prospectivity. While the presence of transported cover has hindered historical exploration for gold deposits, it also provides an opportunity to reassess the tenure with a different mineralisation model using the most modern geophysical and geochemical techniques.


Click here for the full ASX Release

This article includes content from Marquee Resources, 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
The Conversation (0)
Octava Minerals Limited

Octava Secures Drilling Contractor for the High-Grade Antimony Project at Yallalong

Octava Minerals Limited (ASX:OCT) (“Octava” or the “Company”), a Western Australia focused explorer of the new energy metals antimony, REE’s, Lithium and gold, is pleased to report that it has secured agreement with a drilling contractor to conduct exploration drilling at its 100% owned Yallalong antimony project. Drilling is expected to start in the last week of this month.

Keep reading...Show less
Prospech Limited

Heavy REEs Terbium and Dysprosium from Korsnäs

Prospech Limited (ASX: PRS, Prospech or the Company) is pleased to announce further assay results from the ongoing program of sampling and assaying of the historic Korsnäs drill core from holes completed in the 1950s, 60s and early 70s.

A total of 307 samples from 25 holes are reported.

Keep reading...Show less
Equinox Resources Limited

Ultra-High Grade Naturally Occurring Antimony at Alturas Project with Assays up to 69.98% Sb

Equinox Resources Limited (ASX: EQN) (“Equinox Resources” or the “Company”) is pleased to announce reconnaissance assay results from its maiden exploration program at the Alturas Antimony project within British Columbia, Canada. The company has increased its total land holding interests to 6.31km2 on the Alturas project.

Keep reading...Show less
Woomera Mining Limited

Woomera Completes Maiden Drilling Program at Bronze Fox Copper-Gold Porphyry Project

Woomera Mining Limited (ASX: WML) (“Woomera”, “the Company”) is pleased to announce that its two-pronged diamond core programme for the recently acquired Bronze Fox Project in Mongolia has been completed. Woomera was able to complete the program in less than four weeks, with all drillholes reaching proposed target depths. In total 16 holes were completed for 2516.4m (Refer to Table 1).

Keep reading...Show less
Trump campaign flag.

US Indexes Reach Fresh Highs as Trump Secures Election Win

Key US indexes hit new records following Donald Trump's victory in the presidential election.

Trump’s campaign, which focused on reviving traditional industries and reinforcing tariffs, suggests a shift in economic priorities that investors in the US and elsewhere are now trying to assess.

Immediate reactions were seen across various asset classes on Wednesday (November 6), including American indexes and equities, the US dollar, cryptocurrencies and commodities.

Keep reading...Show less

Latest Press Releases

Related News

×