Join our daily newsletter At The Bell to receive exclusive market insights
- Marquee Resources (MQR) reports further wide zones of significant copper mineralisation at the Lone Star project in Washington
- The company received fresh results from a 42-hole drilling program which has continued to intersect wide zones of copper mineralisation of up to 60 metres
- Just nine holes remain to be drilled under this diamond program and Marquee is working on completing a JORC-compliant mineral resource within the first half of the year
- Company shares have been trading down 6.52 per cent at 10.8 cents
Marquee Resources (MQR) has received a fresh batch of assays from the Lone Star copper-gold project in the US state of Washington.
The results come from a diamond drilling program with 33 holes out of 42 holes completed so far.
Marquee said the new results continue to intersect wide zones of significant copper mineralisation, further extending the mineralised envelope.
Highlighted results include 7.3 metres at 2.1 per cent copper, 0.7g/t gold and 19.1g/t silver from 6.1 metres, 56.7 metres at 0.5 per cent copper from 97.5 metres, and 35.1 metres at 0.8 per cent copper, 0.3g/t gold and 5.6g/t silver from 41.2 metres.
Executive Chairman Charles Thomas said the company has learnt a lot about Lone Star’s geology and the controls of mineralisation.
“We are nearing the end of our phase one drilling program so we’re looking forward to working on the resource model and potentially delivering a quality JORC-compliant resource,” Mr Thomas said.
The drilling effort aims to validate the historical drill hole database and resource model, test for extensions to the historical resource and deliver a mineral resource estimate (MRE).
Marquee said resource modelling studies have begun as it hopes to announce the JORC-compliant MRE within the first half of 2022.
Company shares were down 6.52 per cent to trade at 10.8 cents at 12:34 pm AEST.
