CASH - $1.9m
$2.2m end of sept
(ESTIMATED $320k outflow dec Quarter)
SOI 20m
TOP 20 Hold 33% (14m Available)
COBALT
Tier 1 Location for mining of cobalt in Ontario, Canada
LITHIUM BRINE
The project is located within 5kms of the largest Lithium producer in the USA, Albemarle
Corporation (NYSE:ALB), producing since 1966
The project is located approximately 3.5 hours drive away from the Tesla MegacFactory
(World’s largest Lithium based battery manufacturer)
Werner Lake Project -
NEXT TO FCC MARKET CAP $160m
FCC RECENTLY RAISED $30m TO EXPLOIT AREA!!!!!!!!
(The net proceeds of the $30m Offering will be used to advance the exploration and development of the Company’s mineral properties located in Ontario, Canada, growth opportunities and working capital and general corporate purposes.)
MQR PROJECTS
Werner Lake Project -
Tier 1 Location for mining of cobalt in Ontario, Canada
Indicated Mineral Resource of 79,400 Tonnes at 0.43% Co(b)
40,000+ m of diamond drilling previously completed
Mineralised zones remain open in all directions
Total mine production was reported at 143,386 lbs of cobalt grading approximately 2.2% cobalt and
0.75 % copper (Hughes 2010a).
Previous drill hole WL1004 intercepted 12.3m @ 1.21% Co (from 25.4m)-including 0.9m @ 12.48% Co
“Werner Lake is one of the key cobalt resources in Canada and this transaction enables Marquee shareholders to gain exposure to the booming cobalt market which is a critical material to the growing rechargeable battery market”
“By acquiring these three abutting properties we have consolidated the Werner Lake area which contains the previously operating Werner Lake cobalt mine”
Werner Lake East/West Project
Unification of Werner Lake Area undertaken to explore additional high-grade cobalt mineralised zones throughout the Werner Lake Geological Belt.
Adjoins Past Producing Cu-NI-PGE+ Cobalt Mine
Approx. 18.4 sq Km (West Block 7.8 sq Km + East Block 10.6 sq Km)
Exploration to be undertaken to confirm extension of Mine Trend to East and West
Skeleton Lake Project (Mulligan Area)
Shares Boundries with ASX listed company MEI (market cap $38m) and its Mulligan project who recently raised $4.3m to fund ongoing exploration.
To acquire 1,408 hectares (14.08km2) prospective for cobalt and situated 55km north of the town of Cobalt, Ontario.
The claims surround and abut Meteoric Resources NL (MEI:ASX), Mulligan and Mulligan East Cobalt Property
Historical assays at the neighbouring Foster Marshall Ag-Co project returned high-grade up to 4.5% Cobalt and 87oz/t Silver (www.suprememetalscorp.com)
Acquisition terms of Cobalt assets
11m shares in MQR
$200k Cash
$2.5m spend on exploration over next two years plus smelter royalty
LITHIUM BRINE
100% interest in 111 mineral claims located in Clayton Valley, Nevada USA
Clayton Valley region is well documented for lithium bearing brines and lithium
mineralisation
The project is located within 5kms of the largest Lithium producer in the USA, Albemarle
Corporation (NYSE:ALB), producing since 1966
The project is located approximately 3.5 hours drive away from the Tesla MegacFactory
(World’s largest Lithium based battery manufacturer)
FINAL RESULTS FROM DRILLING AT CLAYTON VALLEY
Marquee Resources Limited (ASX: “MQR” or the “Company”) is pleased to announce the results of the recent exploration program at its 100% owned Clayton Valley Lithium project in Nevada, USA.
The QAQC program, which included blanks and low, medium and high-grade standards which were regularly inserted in the sample stream, confirm the results. Sample analyses were done by Western Environmental Testing Laboratory in Sparks, NV and ALS Environmental in Ft. Collins, CO. The reported numbers are adjusted for dilution by flocculent needed to drop out bentonite clays used for drill hole wall stability.
While MQR believes that analyses of Drill hole Aus-2 are marginal in the strictest sense, these results have opened up the South-Eastern Clayton Valley to an expanded potential because MQR believes that these analyses are too high to readily be explained other than by the Clayton Valley lithium brine formation process.
The results are marginal, but geologically significant.
The company believes that geologically, hole AUS-2 could potentially re-write the geology of South- Eastern Clayton Valley. It encountered unexpected and significant thicknesses of the same rocks which host lithium brines. MQR believes the mineral potential remains open as do the actual boundaries of the sedimentary basin of Clayton Valley.
The company in conjunction with its consultant geologist will now assess the best course of action for the Clayton Valley Project.
The company continues to review a number of potential resource acquisitions with a particular focus on brownfields exploration and production assets.
A brief overview of the Clayton Valley
According to a report on lithium brine deposits from the United States Geological Survey (USGS), the Clayton Valley covers roughly 100 square kilometers, but has a catchment area of approximately 1,400 square kilometers. That’s because the Clayton Valley sits lower than at least four adjacent basins, all of which are hydrologically linked.
“In this case, it is the combined area of all five linked catchments that matters, making the effective area of the Clayton Valley Li-brine system much larger,” the report explains.
The USGS calls the Clayton Valley “the best-known deposit in the world” for lithium, citing a number of factors indicating lithium resource potential in the area.
Those include:
A closed, tectonically active basin
An arid climate
Elevated heat flow due to hot springs or young volcanoes
In the 1970s, the USGS noted that hectorite was believed to exist in the basin
Companies in the Clayton Valley
There is certainly ample reason for lithium companies to be interested in the Clayton Valley. Here’s a list of some of the lithium companies that currently have lithium projects in the Clayton Valley:
Advantage Lithium (TSXV:AAL)
Cypress Development (TSXV:CYP)
Lithium X (TSXV:LIX)
Nevada Energy Metals (TSXV:BFF, OTC Pink:SSLMF)
Nevada Sunrise Gold (TSXV:NEV)
Noram Ventures (TSXV:NRM)
Pure Energy Minerals (TSXVE)
Red Mountain Mining (ASX:RMX)
Sienna Resources (TSXV:SIE)
Supreme Metals (CSE:ABJ)
Some of the companies on the list are fairly advanced, whereas others have only recently staked claims in the valley. For example, Pure Energy Minerals completed a resource estimate for its Clayton Valley project in July 2015 and has signed a conditional lithium supply agreement with Tesla.
MQR Price at posting:
42.5¢ Sentiment: Buy Disclosure: Held
E)
