Marquee Resources (ASX:MQR) has executed a tenement sale agreement (TSPA) with Solstice Minerals (ASX:SLS) to purchase 100% legal and beneficial interest in 4 exploration tenements which form the Yindi Project in Western Australia.
Marquee, which has a $12.23 million market capitalisation, says the project represents 301km-square of lithium exploration tenure adjacent to and along strike from Global Lithium Resources’ (ASX:GL1) Manna Lithium deposit about 90km east of Kalgoorlie, an established mining centre.
Yindi is host to mapped intrusive granites and pegmatites in Geological Survey of Western Australia (GSWA) geology maps, as well as granite pegmatite units within historical drillhole logs that have not been assayed for lithium.
The project also has the potential for the discovery of economic gold mineralisation throughout the tenure, however, Marquee’s focus will be to explore for lithium-caesium-tantalum (LCT)-pegmatite mineral systems.
A review of the historical data has now begun, with Marquee also planning to expedite lithium exploration with field work. This work will begin immediately.
Key terms of the TSPA include Marquee issuing Solstice 10 million fully paid ordinary shares in the capital of the company, an additional 10 million unquoted options to acquire shares with an exercise price of $0.05, a cash payment of $150,000, and a 1% net smelter royalty on all metals except lithium, caesium and tantalum.
Speaking on the acquisition, Marquee Resources Executive Chairman Charles Thomas says: “Our project generation team have had a keen eye on this excellent land package for some time, so to complete the acquisition and expand our landholding in this prime lithium exploration country is an outstanding result for the company.
“Our project generation team have had a keen eye on this excellent land package for some time, so to complete the acquisition and expand our landholding in this prime lithium exploration country is an outstanding result for the company“
We are very excited by the scale and potential of the project – over an impressive 20 km strike-length of the Greenstone Belt – and we look forward to getting on the ground in the coming weeks to conduct initial exploration activities with an aggressive goal of commencing a maiden drill program later this year.
Given the extensive exploration programs that are planned at our existing projects over the coming months and the opportunity that has been presented to us at Yindi, we have decided to raise a small amount of additional capital so that we are funded across all of our projects. Given the difficulties in raising funds over the Christmas and New Year period this allows us a runway well into 2024 without the need to prioritise one Project over another during the coming months.
We are now well positioned for exploration success for the rest of 2023 and beyond.”
The company also notes it has received firm commitments for a share placement to raise over $1.985 million through the issuing of under 66.177 million shares.
Shares will be issued at $0.03 per share and include a free attaching 1:2 option with an exercise price of $0.08, as well as a 3-year expiry from the issue date.
The placement is subject to shareholder approval at the upcoming annual general meeting.
Marquee Resources is an ASX-listed company that owns a diversified portfolio of exciting and highly prospective battery and precious metal projects, with a focus on aggressive exploration and project development.
Solstice Minerals is an explorer which has assembled an ‘extensive’ tenement holding in the Eastern Goldfields. These include the Yarri, Yundamindra and Ponton projects.
The Yindi project is located in Western Australia about 90km east of Kalgoorlie within the Eastern Goldfields.
Marquee Resources had $4.098 million cash and cash equivalents at hand as of 30 June 2023, however is looking to raise an additional $1.985 million through a placement.
Write to Adam Drought at Mining.com.au
Images: Marquee Resources
