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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-listed Ioneer Ltd's (ASX: INR) flagship Rhyolite Ridge Lithium-Boron Project which has recently been Joint Ventured 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.
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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
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen Limited, 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.
