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Marquee Resources Limited (“Marquee” or “the Company”) (ASX:MQR) is excited to report that it has identified 3 new high-priority mineral targets at its Mt Clement Project. During reconnaissance field mapping, geologists have observed massive sulphides with portable-XRF (p-XRF) data showing highly anomalous base metal signatures with up to 10.2% Ni, 0.17% Co & 0.65% Cu identified in previously unmapped areas in the north of the Mt Clement Project. Additionally, the Company’s geologists have identified an extension to the Mt Clement Au-Sb deposit (ASX: BC8) with preliminary p-XRF data showing strong Au-Sb anomalism along strike from the Dugite Lode.
HIGHLIGHTS
- Field mapping identifies previously unrecognised polymetallic mineral systems as well as the extension to the Mt Clement Au-Sb deposit.
- Massive sulphides mapped at surface with preliminary portable-XRF analysis returning highly anomalous metal values up to 10.2% Nickel, 0.17% Cobalt, 699 g/t Gold, 1.6% Antimony, 0.65% Copper & 13.6% Lead.
- Anomalous p-XRF results from rock chip samples including:
- 699 g/t Au (23WY0021) & 514 g/t Au (23WY0028) & 381 g/t Au (23WY0025)
- 10.2% Ni (23WY0092)
- 0.65% Cu (23WY0092)
- 1.6% Sb (23WY0025A) & 1.2% Sb (23WY0024)
- 13.6% Pb (23WY0024)
- 3 new, high-priority targets identified in addition to the extension to the Mt Clement Au-Sb deposit.
- Contractor engaged to complete aerial magnetic survey in October.
- Laboratory assays for rock chip samples expected in ~4-6 weeks.
Reconnaissance field work follows the Company solidifying its land position (refer MQR ASX Release 17 July 2023) with 398km2 of tenure in a highly prospective but poorly understood and underexplored region. The Mt Clement Project represents a genuine greenfields opportunity in one of Australia’s most underexplored regions.
Executive Chairman Comment:
Marquee Executive Chairman, Mr Charles Thomas, commented:
“Although early days, it’s obviously very exciting to identify massive sulphides and base metal mineralisation on virgin ground that has never been mapped or sampled before. The early results have certainly opened our eyes to the huge potential of the Mt Clement Project and we are going to expedite our exploration endeavors over the coming months, beginning with the acquisition of high-resolution magnetics and further sampling at Mt Edith North. The Ashburton Basin is one of the most underexplored regions in WA so we’re excited by the discovery potential across our significant land holding in the area.”
Figure 1: Mt Clement Targets Map
Exploration update
Recently, geologists completed a reconnaissance trip to the Mt Clement Project to determine access for future exploration endeavours, look for extensions to the Mt Clement deposit and visit target areas identified from desktop studies. Geologists collected 92 rock chip samples from outcrop which were logged and analysed with the p-XRF prior to submission to ALS Laboratories for full suite multi-element analysis. Visual observations and p-XRF data were combined to provide an early indicator on the style of potential mineralisation. P-XRF data indicates potential polymetallic mineralisation at the previously unrecognised areas at Mt Edith and Yandi Well targets and highlighting potential for exploration success over the broader Mt Clement Project area.
Mineralisation at the Mt Clement deposit (ASX: BC8) consists of economic quantities of gold (Au), copper (Cu), antimony (Sb), silver (Ag) and lead (Pb). High arsenic (As) content is also a key indicator of Mt Clement style mineralisation with arsenopyrite a key ore mineral. The Company has identified what it interprets to be the along- strike extension of the Mt Clement deposit with preliminary p-XRF results showing similar geochemical signatures. The metal associations observed in the p-XRF data from the Mt Edith and Yandi well targets differ with appreciable amounts of nickel (Ni), cobalt (Co) and copper (Cu) present, and a relative lack of antimony and arsenic. The preliminary results suggest similar, but different, polymetallic mineral systems across the property, however due to the early-stage nature of exploration, further work is required to fully understand the mineralogy and chemistry of the occurrences.
While rock chip assays are outstanding (~4-6 weeks), the early observations have given the Company the confidence to plan further work which will include a 4,390 line-km, high-resolution aerial magnetic survey (Figure 3) and further, detailed mapping and sampling with a focus on the Mt Edith and Yandi Well targets.
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MQR:AU
EIS Grant for Minnie Springs Copper Porphyry Drilling
- Augustus Minerals has been granted a co-funded drilling grant of up to $110,000 for 2 x 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
- The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast.
- Previous RC drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / moly system.
Andrew Ford, GM Exploration
“The Company is pleased to receive an EIS grant to complete deeper drilling at the Minnie Springs Copper Molybdenum Project. The resultant data will enable mapping of the lithology and alteration to a depth of 550m and potentially intersect, or provide vectors to, higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model”.
Minnie Springs
Minnie Springs hosts porphyry related copper molybdenum mineralisation previously drilled and defined by Catalyst Metals. A molybdenum Exploration target has been defined for the historicdrillingareacomprisedofbetween12-84Mtasoutlinedbelow (Table 1 and Figure 1, 2.)1.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm cut-off at 100% recovery.
The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The planned diamond drilling will complement the recently completed 3,200m RC drilling program that infilled around hole MSRC012 (18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole2) and tested the northern half of the 2km long copper-in soil anomaly. Assays from this program are expected to become available over the next month.
The limited exploration in the region, highlighted by 95% of the Ti-Tree project having no previous exploration, demonstrates the prospectivity of this underexplored mineral province.
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Quarterly Activity Report 31 March 2024
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
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Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
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This article includes content from Basin Energy, 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.