Marquee Resources Shares Surge On Results at West Spargoville

Marquee Resources Ltd (ASX: MQR) shares have surged ~12% higher intra-day to A$0.019 after mapping and sampling revealed 10 individual spodumene-bearing pegmatites at the West Spargoville Project in Western Australia.

The high-grade rock chip assays include numerous results of >1% lithium oxide (Li2O) including 3.01% Li2O, 2.76% Li2O, 2.60% Li2O, and 2.36% Li2O.

The West Spargoville Project comprises 80 square kilometres within the core of the Southern Yilgarn Lithium Belt.

It is and is surrounded by the Bald Hill Mine, Mt Marion Mine, Buldania Project and Pioneer Dome Project.

Farm-in agreement with MinRes

In June 2023, Mineral Resources Ltd (ASX: MIN) (MinRes) acquired an initial 25% interest in the lithium rights at West Spargoville by funding ~A$4,800,000 on exploration activities at the project in less than 12 months.

MinRes can earn an additional 45% interest (MQR 30% / MinRes 70%) in the lithium rights by funding the project until the point of a final investment decision within 5 years.

Ground gravity survey completed

Marquee has completed a ~3,900 station, highly detailed ground gravity survey over the priority focus area.

The detailed gravity survey is designed to aid in targeting the mineralised pegmatites at depth.

The hypothesis is that the mapped pegmatites may converge and blow out at depth and the gravity survey will assist in identifying the controlling structures to mineralisation.

Data processing is now underway, with the results of this to be released once completed.

Drilling to start as soon as possible

 Marquee is currently working through the approvals process to complete drilling over the focus area.

The Program of Work (PoW) has been approved by DMIRS, whilst liaison with the Native Title party to complete a Heritage Survey is still ongoing.

 Marquee Executive Chairman Charles Thomas said: “We are very excited about the identification of the new mineralised pegmatite swarm identified at WSP and we can’t wait to drill test these new targets in the coming months.”

 

 

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