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Marquee Resources Ltd

Marquee Resources confirms exploration upside at Werner Lake with further high-grade cobalt intersections

The company hopes to increase the project’s existing resource of 79,400 tonnes at 0.43% cobalt.

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The company is focused on battery metals, including cobalt, at Werner Lake in Canada

Marquee Resources Ltd (ASX:MQR) has intersected high-grade cobalt mineralisation in the last four holes of the 2018 drilling program at its Werner Lake Cobalt Project in Ontario, Canada.

The intersected mineralisation was found within and beyond the constraints of the current mineral resource model and continue to confirm the potential for substantial exploration upside to Werner Lake’s existing NI 43-101 resource.

The company expects the 2018 drilling results will have a positive impact on the next mineral resource estimate update which is due for completion in the first quarter 2019.  

Highlighted results include: 2.6 metres at 0.313% cobalt and 0.177% copper from 316.4 metres, including 1.6 metres at 0.406% cobalt and 0.176% copper; 1 metre at 0.22% cobalt and 3.02% copper from 407 metres; and 0.5 metres at 0.146% cobalt and 0.322% copper from 289.5 metres.

 

READ: Marquee Resources metallurgical drilling thickens sulphide zone

Marquee managing director Charles Thomas said the drill campaign had been successful in achieving the company’s main objective of confirming the extent and continuity of high-grade cobalt mineralisation at Werner Lake.

Thomas said: “[It] has also extended the limits of mineralisation defined by the current mineral resource model.

“The objective of the 2018 drilling program was designed to confirm high-grade cobalt mineralisation intersected in numerous drill holes during previous diamond drilling programs and provide additional structural and geotechnical data for ongoing project development studies.

“We are confident that these objects have been achieved, in addition to identifying new areas of mineralisation, that open the deposit along strike and at depth.”

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

Last month Marquee signed a non-binding cobalt-copper offtake agreement with a MeiDu Energy Corp (SHA:600175) subsidiary as the parties negotiate a formal agreement.

The subsidiary, Zheijiang Meidu Haichuang Lithium Battery Technology Co Ltd (China Hitrans), is a significant and respected player in the Chinese battery cathode materials industry.

Shangyu-based China Hitrans sells, produces and develops ternary cathode materials and ternary precursors of lithium batteries.

Quick facts: Marquee Resources Ltd

Price: $0.10

Market: ASX
Market Cap: $4.35 m
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