Marquee Resources Limited ('Marquee' or 'the Company') (ASX: MQR) is pleased to announce exciting progress at the Company's wholly owned Mt Clement Antimony-Gold (Sb-Au) Project ('Mt Clement').
Marquee is to commence drilling on or around June 13, that will target strike extensions to the Eastern Hills Sb-Pb deposit now owned by Black Cat Syndicate Limited (ASX: BC8). Phase 1 comprises of six highly prospective RC drill holes for 1,380m. Experienced contractors, Nexgen Drilling have been appointed and will be mobilising to site to commence drilling on 13th June.
The program will aim to be completed within three weeks with final assays to be received approximately four weeks later. Through Nexgen Drilling partner company Rapid Exploration Pty Ltd ('Rapid'), a 'Drill for Equity' deal has been secured, which will involve issuing Rapid 20,000,000 MQR shares at an issue price of $0.0075 in lieu of the first $150,000 of drilling costs, which makes up 70% of the anticipated costs of the Program. The issue of these shares to Rapid will be subject to shareholder approval at an upcoming Extraordinary General Meeting (EGM) to be convened in early July 2025.
Marquee Executive Chairman, Mr Charles Thomas, commented: 'We're incredibly excited to kick off drilling at Mt Clement, particularly at a time when antimony prices have gone from a modest $5,500 per metric tonne in 2020 when we first acquired the Project, to an astonishing $57,000-$60,000 per metric tonne in 2025. With Phase 1 and 2 of the drilling programmes fully permitted and ready to go, and our strategic 'Drill for Equity' partnership with Rapid Exploration significantly reducing our costs, we're positioning Marquee to unlock real value from Mt Clement.' 'We are targeting known extensions of a JORC-compliant Resource, and the historical intercepts we are following up are some of the best in the country. This drilling campaign reflects our commitment to smart
The drilling is focussed on highly prospective extensions of the JORC 2012 compliant Eastern Hills Sb-Pb Resource. The Mineral Resource Estimation ('MRE') published by Artemis Resources (ASX:ARV) in 2013 (refer ASX announcement 29 November 2013) includes a significant proportion of ground that is now covered by exploration licence E08/3214 and remains open along strike into Marquee tenure and to depth along the entire strike. This exciting first phase drill programme will comprise of 1,380m of drilling over six (6) RC holes, down to a maximum of 300m. These drill holes will target both strike and depth extensions to the known existing Resource, as well as infill to the known mineralisation at Eastern Hills.
Eastern Hills Sb-Pb mineralisation
The Eastern Hills Sb-Pb mineralising system is recognised to be later-stage than the nearby syngenetic Mt Clement Gold (Au) deposit (ASX: BC8). As such, the orientation of Eastern Hills mineralisation is observed striking ENE-WSW, cutting across NE-SW bedding (Thorne and Seymour1), in quartz-sulphide vein assemblages, dipping steeply south effectively spilling over the tenement boundary onto Marquee tenure in anticipated large volumes. To date, only the Taipan Zone has been evaluated in the historically declared MRE. Taipan is observed to contain several major sub-parallel hanging wall splays in addition to the main southerly dipping structure.
Few of these splays crop out at surface, suggesting they may become thicker and more numerous at depth. Three of the planned holes are stepped back from the main structure to intersect numerous splays on route to testing the main structure to below sea level which has not been realised with historical drilling. The hanging wall splays are anticipated to be favourably orientated to extend for increased strike length within Marquee's tenure. Three additional zones strike parallel to the Taipan Zone, named Dugite, Gwardar, and Tiger from south to north. Repetitive offset along NW-SE orientated strike-slip cross structures may shift the main Taipan zone towards the SE, likely bringing Dugite and Gwardar Zones directly across into the Marquee tenure. An already fully permitted and approved phase two program of sixteen (16) RC holes for a further 1,600m of drilling will target 500m strike extensions to the northeast, which is wholly within the Marquee tenure. The aim of this will be drill testing previously un-drilled lode structures which have abundant mineralised rock chip samples at surface, e.g. 24WY0034 at 0.91% Sb. These prospective structures identified from our rock chip sampling programmes contain appreciable amounts of Sb-Pb mineralisation and are considered analogous to the Eastern Hills mineralisation.
The Mt Clement Project
The Mt Clement Project is located 30km SW of Black Cat Syndicate's (ASX:BC8) Paulsens gold mine, at the western end of the Ashburton Basin in the northern Capricorn Orogen. Mineralisation at the Mt Clement deposit (ASX: BC8) consists of economic quantities of gold (Au), copper (Cu), antimony (Sb), silver (Ag), and lead (Pb) with arsenic (As) a key indicator. The nearby Eastern Hills Antimony deposit contains economic quantities of antimony (Sb), silver (Ag), and lead (Pb). Historically declared by Artemis Resources (ASX:ARV) JORC 2012 compliant maiden MRE of 1.3Mt at 1.7% Sb, 2.5% Pb and 24g/t Ag (22,400t contained Sb) using a 1.0% Sb cutoff grade (refer ASX:ARV release 29 November 2013) overlaying Marquee's tenure with mineralisation open along strike and to depth. The current understanding of the geology of the Mt Clement Project area, however, is simplistic with rock units broadly mapped as the Ashburton Formation. The Company has identified several prospects, where potential antimony and gold mineralisation will be further targeted.
FORWARD LOOKING STATEMENTS
Statements contained in this release, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of Marquee Resources Limited, are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actualresults and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.
Contact:
Charles Thomas
Email: info@marqueeresources.com.au
