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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
Auric to Bank $3M Cash this Quarter. Toll Milling of 150,000 Tonnes to Start in 3 Weeks.
Highlights
- First cash of $2 million to be received in Q3, 2024 from gold sales.
- Repayment of $1 million working capital in Q3, 2024.
- Milling notice signed to toll treat 150,000 tonnes of ore.
- Processing to commence 24 July 2024 with campaign to last 6-7 weeks.
- 75,000+ tonnes already delivered to Greenfields Mill or on ROM Pad at mine.
- Further toll milling campaigns scheduled in Q4, 2024.
- JV on target to process 300,000 tonnes at Greenfields Mill in 2024/2025.
Management Comment
Managing Director, Mark English, said:“We’ll bank $2 million this quarter, first proceeds to Auric from the 2024 mining of Jeffreys Find. It’s an early payment from our JV partners, reinforcing to us that we’re in for a great year at Auric.
“With another $1 million coming back from our earlier working capital contribution to Stage 2 at Jeffreys Find, we find ourselves in a robust position.
“The Coolgardie mill has now agreed with BML that it will toll treat 150,000 tonnes of gold ore starting 24 July 2024. This second gold campaign of the year is expected to generate in excess of $20 million in gross revenue for the joint venture, setting the stage for ongoing cash distributions to Auric.
“BML has a contract with the mill to process 300,000 tonnes in 2024, but it will extract considerably more tonnes than that. Discussions are underway as to where this excess tonnage will be toll milled.
“We are exceeding our targets and with the gold price holding around $AUD3,500 an ounce the timing is perfect. Jeffreys Find will be a substantial cash producer for Auric in 2024 and 2025,” said Mr English.
The Jeffreys Find Pit. Photo: 1 July 2024
As of 3 July 2024 a total of 43,402 tonnes of ore has been transported to the Greenfields Mill (Greenfields) at Coolgardie by BML Ventures Pty Ltd of Kalgoorlie (BML), Auric’s joint venture partner.
BML is mining around the clock with an estimated 30,000+ tonnes of high grade ore on the ROM Pad at Jeffreys Find, awaiting transport to Greenfields.
Greenfields and BML have executed a toll milling notice to process 150,000 dry metric tonnes of ore. Milling will take place across approximately six to seven weeks, commencing 24 July 2024 and concluding in early September 2024.
BML is planning on mining more than 300,000 tonnes of ore during Stages 2 and 3 of the Project in 2024 with further gold milling campaigns scheduled later in 2024 and early 2025.
Auric has also received notification from BML that it will receive $2 million in cash, being the first distribution of surplus cash for Stage 2 of the Project, this quarter.
In addition BML has advised it will repay $1 million to Auric this quarter, working capital AWJ had advanced to the JV for the commencement of Stage 2 mining at Jeffreys Find.
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Unconformity Uranium Drill Targets Identified from 2024 Geophysical Data
Key Highlights
- Final data received and interpretation completed for the ground electromagnetic geophysical surveys from the winter 2024 program at the Marshall and North Millennium projects.
- Several conductive anomalies identified at Marshall, located above and below the unconformity, consistent with regional exploration model.
- Stacked anomalies concurrently with multigenerational geophysical data provides a base to assess the exploration targets and refine drillhole targets.
- The projects are located 15 kilometres from the majority Cameco owned Millennium deposit, and just 40km from the world class McArthur River mine.
- Basin remains funded for the next round of field exploration.
The ground electromagnetic successfully identified 3 main targets which confirms the geological and exploration model. Of note is Target 1 (Figure 1), where modelled EM plates below the unconformity align with a sandstone ZTEM anomaly, which is interpreted to be alteration within sandstone. The identification of these targets is encouraging and consistent with regional trends in the southeastern Athabasca and provides increased confidence in drill hole targeting. Basin is currently reviewing options and priorities of how to progress exploration of these confirmed targets.
Basin’s Managing Director, Pete Moorhouse, commented:
“Conducting ground geophysical surveys on Marshall and North Millennium was a milestone in advancing these underexplored projects in Basin’s uranium portfolio. The form of these anomalies is highly encouraging given the proximity to some of the world’s largest uranium deposits.”
Key results
Following the encouraging conductive anomalism highlighted by the 2023 3D inversion of two historic airborne Electromagnetics (Z‐Tipper Axis) (“ZTEM”) datasets partially covering the current North Millennium and Marshall projects3,4, Basin contracted Discovery International Geophysics5 to carry out ground Stepwise Moving Loop Transient Electromagnetic (‘Ground EM’) surveys on areas of immediate interest within the Projects.
Figure 1 Three main anomalies shown from 2024 ground EM, in plan view (top diagrams) and cross- section looking northeast (bottom diagram). The ground EM anomalies are displayed with the modelled plates against the historical ZTEM data.
The 2024 Ground EM survey data returned six conductive anomaly picks producing three main target areas (Figure 1). The anomalies correlate strongly with the southern edge of the circular ZTEM conductive anomaly at Marshall and the interpreted northern edge of the circular anomaly identified in the historic data. A weaker EM pick was also interpreted centred between the two prominent ZTEM conductivity anomalies.
Three-dimensional modelling using Maxwell produced six electromagnetic conductive plates within the basement stratigraphy, all below the unconformity (Figure 1). The two southeastern plates are clearly aligning with a conductive sandstone ZTEM anomaly identified from the historic data, which is above the interpreted unconformity. This is interpreted as potential basal sandstone alteration proximal to the EM anomalies and constitutes a high-priority drill target area, refer figure 2.
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Airborne EM over Multiple Targets on Ti-Tree Project
- Augustus Minerals has contracted UTS Geophysics to conduct a VTEM Max survey over several Copper, Cu-Ni-PGE, Zn-Pb-Ag and Uranium targets along the money Intrusion and within proximity of the prospective 85k long Ti-Tree Shear.
- The surveys will cover:
- The Money Intrusion, prospective for Cu-Ni-PGE mineralisation.
- Copper Ridge and Nics Bore over anomalous Copper Drilling results
- The Coo Creek prospect where drilling by Augustus in 2023 identified strongly anomalous Zn-Pb-Ag mineralisation.
- The Munaballya Well North area which shows potential for economic Uranium mineralisation.
- The surveys will help to advance the untapped potential of the Ti-Tree project to host economic mineralisation of multiple commodities.
Andrew Ford, GM Exploration
“The VTEM survey will provide key targeting data over three highly prospective and different prospects with potential for multiple commodities. Whilst the high prospectivity for copper mineralisation has been well documented, the addition of uranium and Broken Hill base metal style mineralisation highlights the quality of the underexplored Ti-Tree project”.
VTEM
UTS Geophysics has been engaged to conduct a helicopter borne VTEM Max survey comprising 646-line km over three separate survey areas. The system is excellent for locating discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity which helps map structure, alteration and rock type. The system also collects magnetic data through a caesium magnetometer. The transmitter/receiver loop is suspended on a cable approximately 40m below the helicopter (Figure 1).
Figure 1 VTEM Max helicopter deployed electromagnetic survey arrangement.
Figure 2 Prospects and VTEM Survey areas.
Money Intrusion
The Money Intrusion, which has proven potential to host Ni-Cu-Co-PGE (platinum group elements), is part of the regional Mundine Well Dolerite Suite, a regionally extensive dolerite (strike length >80km). This extensive mafic intrusion, which is comprised of a variety of lithologies, including gabbro in the core, olivine dolerite on the chilled lower contact or keel and fine-grained dolerite on the outer edges. Mapping, aeromagnetics and multi-spectral imagery show that the Money Intrusion within the Ti-Tree Project covers a strike length greater than 16km, reaching widths >600m in the north of E09/23241.
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This article includes content from Augustus Minerals, 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.
