Marquee Resources Awarded Government Grant for West Spargoville Lithium Project
MQR (MQR) Share Update November 2024 Sunday 3rd
Marquee Resources Secures Government Grant for Lithium Exploration
Marquee Resources Limited (ASX:MQR) has been awarded a $220,000 co-funded drilling grant by the Western Australian Government to explore lithium deposits at the West Spargoville Project.
Instant Summary:
- Marquee awarded up to $220,000 for drilling at West Spargoville.
- Targeting spodumene pegmatites with assays up to 2.6% Li2O.
- Two 600m diamond drill holes planned for high priority targets.
- Collaboration with Mineral Resources Limited continues.
Grant Details and Exploration Plans
Marquee Resources Limited has successfully secured a grant under the Western Australian Government's Exploration Incentive Scheme (EIS). The grant, amounting to $220,000, will co-fund the drilling of two deep diamond drill holes at the West Spargoville Lithium Project. These drill holes are designed to explore potential lithium-caesium-tantalum (LCT) pegmatite feeder zones at depth.
The exploration targets are based on a 1.5 square kilometer spodumene-bearing pegmatite dyke swarm identified at the surface. Previous exploration has shown assays of up to 2.6% Li2O, indicating significant lithium potential. The drilling aims to test the hypothesis that surface pegmatites converge at depth, forming a source body or 'feeder-zone'.
Geophysical and Structural Insights
3D modeling of ground gravity data has highlighted low-density isosurfaces, which may indicate the presence of pegmatitic or granitic material. These models also reveal major cross-structures that could serve as fluid pathways for pegmatitic melts. The planned drilling will target these anomalies to better understand the subsurface geology and potential lithium resources.
Partnership and Future Work
Marquee Resources continues to work closely with its joint venture partner, Mineral Resources Limited, to advance the West Spargoville Project. The company has conducted extensive exploration activities, including surface mapping, rock chip sampling, and various geophysical surveys, to refine its understanding of the site's mineral systems.
The company plans to commence drilling in the first quarter of 2024, pending necessary approvals. The West Spargoville Project is situated in the Southern Yilgarn Lithium Belt, an area known for significant spodumene deposits.
The grant award is a positive development for Marquee Resources, providing financial support for further exploration. Successful drilling could enhance the project's value, potentially boosting the company's stock price. The collaboration with Mineral Resources Limited also strengthens Marquee's position in the lithium market.
Investor Reaction:
Analysts are likely to view the grant as a strategic advantage for Marquee Resources, as it reduces financial risk and supports further exploration. Positive drilling results could lead to increased investor interest and confidence in the company's growth prospects.
Conclusion:
Investors should watch for updates on the drilling results and assess the potential impact on Marquee Resources' stock. The company's strategic focus on lithium exploration aligns with growing demand for battery metals, positioning it for future growth.