Spodumene Bearing Pegmatites up to 2.6% Li2O and the Planned 2024 Exploration Programme at WSP

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).

Click here for the full ASX Release

This article includes content from Marquee Resources, 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.