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Marquee Resources metallurgical drilling thickens sulphide zone

Samples will now be analysed with results being sent to potential off-taker Chinahitrans.

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Additional drill assays from the resource expansion program remain pending

Marquee Resources Ltd (ASX:MQR) has received the assay results from five metallurgical drill holes at its Werner Lake Cobalt Project in Ontario, Canada. 

The drill holes collected 150 kilograms of core for metallurgical analysis but also notably have indicated a thickening of sulphide zones.

One metallurgical hole from the West Mine Zone intersected 7.33 metres at 0.827% cobalt and another hole intersected two zones of copper.

This will be explored further in the next phase of drilling.

READ: Marquee Resources shakes hands on cobalt-copper offtake sparking surge in shares

Marquee’s managing director Charles Thomas said: “The results of the metallurgical drilling significantly widened the mineralised cobalt sulphide zone in areas whilst also highlighting a widening of the copper sulphide zone in parts, which warrants further assessment.

“These results follow our recent assays that further confirmed the presence of extensive cobalt sulphide mineralisation to depth and down plunge at the Werner Lake deposit.”

“Equally as important is the completion of five metallurgical drill holes collecting, approximately 150 kilograms of HQ core, composited and shipped to the SGS Lakefield lab for further metallurgical work.

Results will be sent to off to potential off-taker Chinahitrans

“Post the SGS analysis, samples will then be sent to Zhejiang Meidu Haichuang Lithium Battery Technology Co., Ltd (Chinahitrans) who has signed a non-binding cobalt-copper offtake agreement (over MQR’s interest in the Werner Lake Sulphide Cobalt Project).

“Chinahitrans will conduct their own metallurgical testing and subject to a successful outcome, current negotiations underway for a formal off-take agreement may be finalised.”

“With the Canadian winter setting in there are a number of high priority cobalt targets that now become accessible and we will plan how best to proceed with the phase 3 drilling campaign shortly.”

Drill results also pending for resource expansion program

Marquee has now completed 18 holes for 4,800 metres at Werner Lake as part of the phase one and two drilling campaigns.

The company awaits further assay results and is confident the assays received to date from this drilling campaign will increase the existing NI 43-101 resource of 79,400 tonnes grading 0.43% cobalt.

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Price: 0.058 AUD

ASX:MQR
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Market Cap: $3.69 m
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