Werner Lake Cobalt Sulphide Project Update
Perth, Sep 27, 2018 AEST (ABN Newswire) - Marquee Resources Limited ("Marquee" or the "Company") (
ASX:MQR) is pleased to provide the following update regarding its Werner Lake Cobalt project ("Werner Lake"), located in Ontario, Canada.
- Following the successful extension of high grade cobalt sulphide mineralisation in Phase 1 of drilling (WL 18-08, 18-09 and 18-10 awaiting assay results), Phase 2 drill program commenced with 4 additional holes now completed (WL 18-11, 18- 12, 18-13 and 18-14).
- Hole WL 18-11 targeted the down-dip extension of the West Cobalt Zone, being an undercut of WL 18-07 which was successful in extending the mineralised zone (see Figure 1 in link below).
- Marquee anticipates to release assay results from the last 7 holes drilled over the coming weeks.
- Marquee is confident the assays received from these drilling campaigns should increase the existing NI 43-101 Resource of 79,400 Tonnes @ 0.43% Co. (see Note below)
- Marquee's Managing Director and General Manager completed their Asian Roadshow, meeting with a number of Chinese enterprises including major cobalt end users.
Following the recent success of drill hole WL 18-07 during Phase 1, which highlighted an encouraging ~50 metres down dip extension of previous mineralisation, the geological team decided that WL 18-11 (see Figure 1 in link below) was to be the first hole to be drilled in the Phase 2 campaign in order to test the potential for further mineralisation below WL 18-07.
WL 18-07 intersected strong cobalt mineralisation of 0.660% Co over 5.5 metres (from 198.5 metres), including a significant 0.7 m interval (from 198.5 metres) that assayed 3.150% Co, though two significant intervals below this interval assayed over 0.3% Co, representing a strong zone of mineralisation.
The drilling of holes WL 18-08, 18-09 and 18-10 saw the completion of the Phase 1 drill campaign. Total metres drilled for Phase 1 were 2,122m. Assays are pending and are expected to be received and released shortly. The Phase 2 campaign has completed 4 holes to date and core samples have been sent to the lab for analysis. The total metres completed so far for Phase 2 is 1,520 metres.
The Company will continue to release assay results as soon as practical after having been received, reviewed and analysed.
Marquee Managing Director Mr Charles Thomas Commented:
"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 1 drill campaign completed, an immediate start to the Phase 2 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 1 and Phase 2, we are confident in the potential of these results to increase the existing NI 43-101 Resource at Werner Lake Cobalt Sulphide Project.
"I look forward to updating the market with the outstanding assay results at our Werner Lake Cobalt Sulphide project".
Note: ASX Announcement 4 December 2017 "Marquee To Acquire High Grade Cobalt Projects - Canada"
To view tables and figures, please visit:
http://abnnewswire.net/lnk/P97L7Y3N
About Marquee Resources Ltd
Marquee Resources Ltd (ASX:MQR) is a Lithium focused exploration Company who has recently acquired 2 new projects - The Centenario Project in Argentina and the 100% owned Redlings REE Project in Western Australia.
The Centenario Project leases are in a prime location within "The Lithium Triangle" in the mining friendly Salta province. The Leases cover an area of 68km2 in the Centenario Lithium Brine Salar over seven adjoining leases. It is located approximately 165km west of the City of Salta which has an international airport, hotels and other facilities.
The Redlings REE Project (E37/1311) has a total area of 39.06km2 (13 blocks). Detailed magnetic and geochemical surveys have revealed 14 significant REE targets.
The Company will also continue to add value to its existing assets which include the Werner Lake Cobalt Project and the Clayton Valley Lithium Project.
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