Auger Campaign To Highlight Future Targets
Marquee Resources Limited (ASX:MQR) is preparing to follow-up the lithium potential at the West Spargoville Project in Western Australia.
After a recent drilling and geological review of the Project, it was recognised that there is significant potential to identify lithium bearing, LCT (lithium-ceasium-tantalum) pegmatites within the Project area.
West Spargoville is located in the core of the Southern Yilgarn Lithium Belt, an area that is well known for spodumene deposits including the Bald Hill Mine, the Mt Marion Mine, the Buldania Project and Essential Metals Pioneer Dome Project.
The world-class Earl Grey deposit and the Mt Cattlin Mine are located further west and south respectively.
Marquee has entered into an Option Agreement to acquire West Spargoville which consists of 80 sq. km of highly prospective tenure with very limited historical drilling.
Executive Chairman, Charles Thomas, said that after initial field reconnaissance with lithium expert Dr Qingtao Zeng, the company now plans to conduct further geological mapping and sampling programmes on the Project. This will be followed by auger surface geochemistry and aircore scout drilling aimed at identifying spodumene bearing pegmatites within the Project area.
“It is an exciting time for the company and its shareholders,” Mr Thomas said.
“Our geological team have discovered multiple new lithium prospects on the West Spargoville Project and we have managed to extend our option over the Project for a further 12 months, allowing us plenty of time to fully test these high priority targets in an exciting lithium district.
“All of this is happening within a global economy that is seeing lithium price increases due to supply shortages, as manufacturers ramp up production of electric vehicles.
“I believe our company is well placed to take advantage of this global increase in demand for lithium via our Clayton Valley Lithium Project and now the West Spargoville Project.”
The West Spargoville Project is located 25km south of the Mt Marion lithium mine, in the Widgiemooltha Greenstone belt.
The company is imminently undertaking a surface mapping and sampling program to further understand the pegmatite occurrences identified in drilling and from outcrop.
Following a recent site trip and the completion of the mapping and sampling exercise, the company then plans to embark on auger surface geochemistry and aircore drilling to vector in on the prospective spodumene bearing (Zone 3) LCT pegmatites.
For further information please visit: https://www.marqueeresources.com.au/