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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
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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