The Conversation (0)
Marquee Resources Limited (Company or Marquee) (ASX: MQR) is pleased to announce that drilling at the highly prospective Kibby Basin Lithium Project (Project) in Nevada, USA has commenced.
- Marquee commences drilling at the highly anticipated Kibby Lithium Project in Nevada. The Project is fully permitted for water extraction for the use of brine processing and production of lithium compounds within the 2,560 acres (~10.35sqkm) Project, a key feature should a Large-Scale brine and clay lithium deposit be identified.
- The two (2) stage drill program for a total 3,000 metres across three (3) drill holes will target a highly conductive geophysical anomaly, which has the signature for a potential lithium enriched aquifer beneath the Kibby Playa (dried lakebed).
- The Project is located ~4 hours from Tesla’s Gigafactory Number 1 and ~50kms north of ASX-listedIoneer Ltd's (ASX: INR) flagship Rhyolite Ridge Lithium-Boron Project which has recently been JointVentured with Sibanye Stillwater Limited (Sibanye-Stillwater) to develop the project, with Sibanye-Stillwater contributing US$490 million for a 50% interest in the Joint Venture.
- The setting of the Kibby Valley is a 7.4km long structure identified with characteristics interpreted to be akin to major structures bounding the south side of Clayton Valley, indicating a basin large enough to develop layers that could act as aquifers, as well as allow for development of a favourable hydrogeologic setting to host lithium‐bearing brines.
The two (2) stage – 3,000 metre drill program across three drill holes will target a highly conductive geophysical anomaly, which has the signature for a potential lithium enriched aquifer beneath the Kibby Playa (dried lakebed).
Figure 1 - Kibby Basin Section and Proposed Drill Holes
The objective of the drill program is to delineate a lithium-enriched brine aquifer deposit in Kibby Basin, Nevada, USA that is amenable to mining, using wells to extract brine for processing to a saleable lithium hydroxide monohydrate (LiOH∙H2O) product.
The potential deposit type is a continental, mineral-enriched brine aquifer within a hydrographically closed basin (endorheic basin). Continental brines are the primary source for lithium products worldwide. Bradley and others (2013) noted that “all producing lithium brine deposits share several first-order characteristics: (1) arid climate; (2)closed basin containing a playa or salar; (3) tectonically driven subsidence; (4) associated igneous or geothermal activity; (5) suitable lithium source-rocks; (6) one or more adequate aquifers; and (7) sufficient time to concentrate a brine.”
The Project target is a potential lithium enriched aquifer at an estimated 800-1,000 metre depth. It is at this depth, Albermarle, who owns the only producing lithium mine in North America which is located in Clayton Valley has been successfully extracting lithium brines.
Kibby Basin Lithium Project
Figure 2 - The Kibby Basin Lithium Project is located within a 50km radius of ASX-listed Ioneer Ltd's (ASX: INR) flagship Rhyolite Ridge Lithium-Boron Project and 60km north of North America’s only producing Lithium mine, Silver Peak, in Clayton Valley.
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.
MQR:AU
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.
Get access to more exclusive Resource Investing Stock profiles here
Capitalizing on the Electric Revolution with a Diverse Battery Metal Portfolio