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Marquee Resources commences cobalt drilling at Werner Lake

Drilling aims to further explore the potential of the high-grade cobalt resource.

periodic table symbol for cobalt
The Werner Lake earn-in of up to 70% interest is fully funded ($2.5 million)

Marquee Resources Ltd (ASX:MQR) has commenced its diamond drilling campaign at its newly acquired interests in the Werner Lake Cobalt Project in Canada.

The 2,000-metre program aims to increase the existing NI 43-101 Indicated resource of 79,400 tonnes at 0.43% cobalt which remains open in all directions.

READ: Marquee Resources finalises placement as exploration progressing at Werner Lake

Marquee’s managing director Charles Thomas said: “This is an extremely exciting time for the company and its shareholders.

“After minor delays getting ready for this exploration program we can now embark on the aggressive exploration program.

“Werner Lake is one of the key cobalt assets in Canada and this round of drilling should further increase our confidence in the substantial value that this deposit holds.”

Exploration will advance to next phase pending results

Subject to results, Marquee will immediately move to phase II drilling comprised of about 4,000 metres.

Initially, drilling will focus on the Werner Lake West area where the bulk of the NI 43-101 resource estimate has been delineated.

Planned drill holes will test depth extensions, confirm historical drill intersections and will attempt to convert areas of inferred mineralisation to indicated category.

Phase II drilling would continue to test the down dip/down plunge potential of the mineralised zone at both the Werner Lake West and the Old Mine Site areas.

Quick facts: Marquee Resources Ltd

Price: 0.068 AUD

ASX:MQR
Market: ASX
Market Cap: $4.33 m
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