Marquee Resources (ASX:MQR) has posted final assays from a regional geochemistry campaign designed to refine targets for ongoing drilling at the Redlings REE Project in Western Australia.
The $8.26 million market capitalisation company says this final batch of results demonstrate total rare earth oxide (TREO) grades up to 7,675 parts per million.
To date, ‘significant’ surficial REE anomalism spatially associated with interpreted carbonatites and the primary source of surficial REE mineralisation has been identified at Redlings.
The current drilling program is planned to consist of 1,500m of reverse circulation (RC) drilling to target dense pipe-like bodies at Redlings, which are interpreted to represent carbonatite intrusions, extending to ‘significant’ depths.
According to Marquee, the drilling forms part of the company’s ‘aggressive’ exploration strategy to fully test the potential of the project to host an economic REE mineral resource.
Executive Chairman Charles Thomas says: “Drilling continues to progress at Redlings, as we systematically test the shallowest gravity anomalies over the project extent.
The first batch of samples have now arrived at the lab and the second batch are being sent as we speak. We look forward to updating the market once we receive the assays from this campaign.”
The Redlings project is wholly owned by Marquee and comprises 2 exploration licences about 40km west of Leonora and 77km north of Menzies in Western Australia.
As of December 2023, Marquee had $3.967 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Marquee Resources
