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Marquee Resources begins next phase of drilling to expand cobalt resource in Canada

Assays from the drilling campaigns are expected to increase the existing resource of 79,400 tonnes at 0.43% cobalt.

cobalt
Chinese demand for high-quality cobalt projects is growing

Marquee Resources Ltd (ASX:MQR) has commenced the phase II drill program at its Werner Lake Cobalt project in Ontario, Canada with four holes now completed.

The phase II drilling follows the successful phase I program which returned strong cobalt mineralisation of 0.66% cobalt over 5.5 metres from 198.5 metres.

READ: Marquee Resources hits more high-grade cobalt at Werner Lake

This included a significant 0.7 metres interval (from 198.5 metres) that assayed 3.15% cobalt.

Marquee managing director Charles Thomas said: “Having returned from our Asian roadshow with general manager Paul Sarjeant and having met with a number of Chinese enterprises, we are extremely encouraged by the strength of the Chinese demand for high-quality cobalt projects with low deleterious elements.

“With a successful phase I drill campaign completed, an immediate start to the phase II drill campaign was warranted.

“WL 18-07 is one of the best holes that has ever been drilled at the Werner Lake Cobalt Sulphide project and demonstrates that significant intersections at depth can be made.

“With assay results pending for a further 7 drill holes from phase I and phase II, we are confident in the potential of these results to increase the existing NI 43-101 Resource at Werner Lake Cobalt Sulphide Project.”

Marquee’s phase II campaign has completed 4 holes to date and core samples have been sent to the lab for analysis.

The company is expecting the assay results from the last seven holes over the coming weeks.

Importantly, Marquee is confident that the assays from the drilling campaigns would increase the existing resource of 79,400 tonnes at 0.43% cobalt.

Quick facts: Marquee Resources Ltd

Price: 0.058 AUD

ASX:MQR
Market: ASX
Market Cap: $3.69 m
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