Marquee Resources (ASX:MQR) has entered an agreement to acquire 100% of the Tungsten Mountain Property in Churchill County, Nevada.
The acquisition covers six unpatented lode mining claims covering the Tungsten Mountain Mine.
Historical production at the site reached around 6,330 tonnes and averaged 1.16% tungsten trioxide.
The project also hosts a historical non-JORC resource estimate, with around 226,796 tonnes of mineable reserves and resources grading at 1.0% tungsten trioxide.
Executive Chairman Charles Thomas says the acquisition provides Marquee with exposure to a “genuine brownfield scheelite skarn” in Nevada, with historical underground development, historical production, and clear near-mine validation targets.
“The immediate work program is deliberately focused on verification, mapping, sampling, and drilling to determine whether the historical mineralisation can be progressed towards a modern JORC-compliant resource pathway,” Thomas says.
To fund the acquisition and diamond drilling, the company has secured firm commitments to raise up to $3.21 million through a share placement and entitlement offer.
Acquisition terms include US$125,000 ($179,627) cash, $1 million in shares subject to shareholder approval, and a 1% net smelter return royalty on mineral production from the project, among others.
The company says it has started reviewing historical data, with an initial site visit scheduled in the next few weeks, ahead of planning a planned phased exploration program.
Marquee Resources is a critical and precious metals explorer focused on developing a portfolio of battery and precious metals across Australia and North America.
Write to Paula Fabe at Mining.com.au
Images: Marquee Resources
