Marquee Resources Acquires Historic High-Grade Gold and Silver Project in Sardinia

Marquee Resources Ltd (ASX: MQR) has entered an agreement to acquire a high-grade gold and silver project in Sardinia, Italy.

Named the Sa Pedra Bianca Project, the importance of the transaction is known mineralisation, lifting the prospectivity.

Sa Pedra Bianca comes with a historical resource that is not under the JORC standard.

In 2021, Gold Mines of Sardinia Ltd (ASX: GMS) in its annual report outlined a resource of 1.65 million tonnes at 7.06 g/t gold and 29.7 g/t silver.

This provides metal content of 376,140 gold ounces and 1.58 million silver ounces.

Sardinia

Sardinia is an island in the middle of the Mediterranean Sea, west of the Italian mainland, and a one-hour flight from Rome.

Historically, mining played a big part in the Sardinian economy with large, high-grade zinc, lead and silver mines being important suppliers of these metals in post-WW2 Europe.

Consideration

Marquee has entered into option agreements with two parties for the acquisition.

The agreements have been structured so that the consideration payable to the vendors is heavily linked to the project advancement and milestones.

Key option terms in the agreements include:

  • Marquee completing due diligence to its satisfaction by 15 July 2024; and
  • The total option fee payable by Marquee to the vendors upon satisfaction or waiver of the condition precedent is $78,000 cash and 3 million MQR listed shares

Marquee shares are trading around 30% higher today at $0.017.

Then to exercise the options to acquire the project, Marquee must pay in total to the vendors $225,000 cash and issue 17.5 million MQR shares.

There are another three contingent payments if milestone hurdles are met, and Marquee will also grant the vendors a 1% net smelter return royalty.

Additional portfolio

Marquee also holds a portfolio of projects in Western Australia and North America.

The company held $2.6 million in cash at the end of March 2024.

 

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