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Marquee Resources finalises placement as exploration progressing at Werner Lake

The company can earn up to 70% of the Werner Lake cobalt project.
diamond drill rig
The project has a cobalt resource estimated under the NI 43-101 code

Marquee Resources Ltd (ASX:MQR) has issued the second and final tranche of its March 2018 placement to raise $1.36 million.

In total the March 2018 two-tranche placement raised $2.65 million through the issue of 7.57 million shares priced at 35 cents each.

READ: Marquee Resources secures $2.65 million to advance cobalt project in Canada

The funds were earmarked to go towards accelerated exploration at Marquee’s newly acquired interests in the Werner Lake Cobalt project in Ontario, Canada.

Camp accommodation will be commissioned this week

Over the last week, Marquee has been undertaking road repairs and additional track clearance to enable the camp accommodation and drilling rig ease of access to the Werner Lake.

This work is going well and is nearly finished.

Marquee expects that the camp accommodation will be commissioned this week with drilling to begin soon after and will provide further updates to investors once this occurs.

READ: Marquee Resources to start drilling soon with aim of boosting Canadian cobalt resources

There are 79,400 tonnes grading 0.43% cobalt in the indicated category at the project, which is a joint venture between Marquee and Global Energy Metals Corp (CVE:GEMC).

Marquee has an option to earn up to a 70% interest in Werner Lake.

The aggressive exploration schedule at the project will include a phase I, 3,500-metre diamond drilling program.

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