
- WORLD EDITIONAustraliaNorth AmericaWorld
September 26, 2023
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.
gold explorationlithium stocksgold stockscopper explorationasx stockscopper stocksresource stockslithium explorationasx:mqr
MQR:AU
The Conversation (0)
12 July 2022
Marquee Resources
Overview
Marquee Resources (ASX:MQR) is a fully funded junior exploration company focused on its battery metals assets in Western Australia and the United States. Its diversified portfolio includes assets containing lithium, copper and rare earth elements - essential metals for battery manufacturing - as well as gold.
Global demand for battery metals is projected to reach $20.5 billion by 2027, growing at a compounded annual growth rate of 8.2 percent from 2020 to 2027, according to Allied Market Research, This growth is attributed to the exponential growth of the electric vehicle (EV) market, with two million EVs sold worldwide just in the first quarter of 2022, up 75 percent compared to the same period in 2021, along with continued market demand for consumer electronic devices.
Many of Marquee Resources’ assets are in advanced exploration stages, with highly encouraging exploration results.
The company’s flagship project is the West Spargoville Lithium Project, located in the prolific Southern Yilgarn Lithium Belt in Western Australia, and contains hard-rock lithium deposits. Marquee Resources has partnered with Mineral Resources Limited (ASX: MIN) to explore and develop the project. Mineral Resources has extensive experience operating hard-rock lithium mines and brings technical and operational expertise to the project. The West Spargoville Lithium Project has already yielded encouraging exploration results.
Marquee’s other encouraging lithium assets include Clayton Valley Lithium and Kibby Basin Lithium projects, both containing lithium brine and building additional excitement for lithium potential. Results from the 2022 drill program at Kibby Basin have returned high levels of lithium-bearing sediments along with dissolved lithium in the groundwater, with up to 924 parts per million (ppm) lithium from the two exploration boreholes (KB 22-01 and KB 22- 02) that were completed.
The company’s additional projects target other critical battery metals such as rare earth elements and copper. Its Lone Star Copper-Gold project is currently undergoing a 6,000-meter diamond drilling program. Marquee’s 2022 drill campaign at Lone Star intersected a wide mineralised envelope of up to 150 meters at 0.5 percent copper, with high-grade mineralised zones up to 19.8 meters at 2 percent copper. As many zones in the deposit remain open and untested, there is significant potential for additional mineralization, combined with historical diamond and percussion drill hills indicating high-grade deposits of copper and gold.
In October 2022, Marquee announced its maiden mineral resource estimate for the Lone Star Copper-Gold Project containing indicated mineral resource of 9.7 Mt at 0.45 percent copper and 0.24 g/t gold, and inferred mineral resource of 3.5 Mt at 0.31 percent copper and 0.20 g/t gold.
Marquee Resources is led by strong management with experience in natural resources and corporate administration. Charles Thomas, executive chairman, has over 15 years of experience in capital markets and structuring corporate transactions. Dr. James Warren, chief technical officer, has worked in leadership roles managing technical operations. George Henderson, non-executive director, has extensive experience in equity capital markets dating back to 2004. Anna Mackintosh, company secretary, has 26 years of commercial experience in compliance and finance roles for natural resource companies.
Company Highlights
- Marquee Resources is an Australian fully funded exploration company targeting battery metals with multiple assets in advanced exploration stages.
- The company’s flagship project is the West Spargoville Lithium Project, which has already yielded encouraging exploration results.
- Marquee Resources is in partnership with Mineral Resources Limited (ASX: MIN) to explore and develop the West Spargoville Lithium Project, and the companies have accelerated this farm-In agreement with MinRes acquiring an initial 25 percent interest in the lithium rights at WSP by funding $4.8 million on exploration activities at the project in less than 12 months.
- The company’s Kibby Basin project is located near the only producing lithium mine in the United States and contains encouraging geologic properties that indicate the presence of lithium brine.
- The company has additional projects that target lithium and other battery metals, such as copper, gold, and rare earth elements. Historical and current exploration assays indicate high-grade deposits of target metals.
- A management team leads Marquee Resources with directly relevant experience in natural resource markets, corporate administration and corporate finance.
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