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Marquee Resources Limited (“Marquee” or “the Company”) (ASX:MQR) is pleased to update the market about the ongoing and planned exploration activities at the West Spargoville Project (“WSP” or “The Project”).
- Spodumene bearing pegmatites with assays of up to 2.6% Li2O from recent outcrop sampling.
- Exploration to ramp up with exploration budgets approved.
- New high-priority pegmatites to be targeted following data consolidation.
- Strong support from JV partner Mineral Resources Limited (ASX:MIN) as exploration work continues.
During Q4-2023, following on from the completion of a high-resolution aerial magnetics survey (refer ASX release dated 20 Nov 2023), the Company has received results from additional outcrop mapping of high-priority pegmatites with assays up to 2.6% Li2O (23WS0039). These high-priority pegmatites will be targeted with RC drilling upon receipt of relevant approvals. The Company continues to collaborate closely with Joint Venture Partner Mineral Resources Limited (ASX:MIN) regarding all facets of the WSP Project and the teams at both MQR and MIN are excited about the 2024 exploration campaign that lies ahead.
Figure 1: Outcropping spodumene (Orange) rich pegmatite from sample location 23WS0044.
Executive Chairman Comment:
Marquee Executive Chairman, Mr. Charles Thomas, commented:
“We’re looking forward to recommencing drilling after a period of data consolidation from our previous exploration campaigns. We have a much clearer picture of the geological controls on the LCT- pegmatite mineralisation, so it’s exciting to begin preparation for our 2024 exploration campaign.”
“The recent mapping programme has uncovered multiple new mineralised pegmatites and these assay results of up to 2.6% Li2O reconfirm my view that we are closing in on unlocking the true value of the West Spargoville Project. To have the continued strong support from industry leading company and our JV partner, Mineral Resources Limited (ASX:MIN) in this uncertain time for many junior lithium exploration Companies, also provides us with great confidence that we have a Company making Project and are heading in the right direction at the West Spargoville Project.”
“I look forward to beginning the 2024 drilling campaign in the coming months once we have received all the necessary approvals and will update our shareholders and the wider market as this occurs.”
Exploration Update & Forward Work Plan
Following completion of aerial magnetic surveying (refer MQR ASX release dated 20 Nov 2023), Company geologists completed a site visit to determine drill rig access for the planned drilling programs. Mapping of pegmatites, using ultraviolet (UV) light, was completed during the early morning with visual spodumene identified at a number of high-priority drilling sites (Figure 1). Rock chip samples of the outcropping, spodumene bearing pegmatites returned significant assay results up to 2.6% Li2O (23SW0039) (Table 1 & Figure 2).
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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.
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