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-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.
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
30,300 Tonnes Processed in Opening Campaign of 2024.
Highlights
- 30,300 tonnes processed by Coolgardie Mill for first gold campaign of 2024.
- 6 Doré bars weighing 64.68 kg delivered to Perth Mint.
- First gold sales now imminent.
- Total ounces and reconciliation of campaign to be advised.
- Joint Venture remains on track to mill more than 300,000 tonnes in 2024.
Management Comment
Managing Director, Mark English, said“BML are wrapping up the first gold campaign of the year from Jeffreys Find.
“It looks good and will create millions of dollars in gross revenue for our joint venture.
“BML are currently stockpiling ore at the mine and at the mill. The next processing campaigns at the mill are scheduled for July and August 2024.
“Jeffreys Find Gold Mine will be a substantial cash producer to Auric throughout 2024 and 2025,” said Mr English.
Doré bars at Greenfields Mill.
Photo of the pit at Jeffreys Find (2 May 2024).
The Greenfields Mill at Coolgardie (Greenfields) commenced milling of Jeffreys Find ore on 17 April 2024 and the campaign finished on 30 April 2024. The first six Doré bars of the campaign, weighing 64.68kg, have been poured and dispatched to the Perth Mint for refining and sale.
The number of ounces of gold from the campaign and gross revenue from gold sales will be known shortly and advised to the ASX. BML are continuing to mine and stockpile ore on the mine site ROM Pad and at the Greenfields Mill. The next gold campaigns are scheduled for July and August 2024.
BML expects to mill more than 300,000 tonnes of ore during Stage Two of The Project. Stage One saw 176,000 tonnes processed to recover 9,741 ounces of gold.
Click here for the full ASX Release
This article includes content from Auric Mining, 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.
