Marquee Resources (ASX:MQR) completes first hole at Kibby Basin

• Marquee Resources (MQR) completes the first hole at the Kibby Basin lithium project in Nevada, US
• Drilling began in mid-May with Drill NV engaged to drill around 3000 metres across two stages to target a highly conductive geophysical anomaly
• Hole KB22-01 was drilled to a total depth of 2888 feet (880 metres) and the core has been sent to core cutting facilities in Mina, Nevada
• Additionally, formation water samples were collected at various depths and have been sent to Western Environmental Testing Laboratory for analysis
• Marquee is up 5.63 per cent with shares trading at 7.5 cents at 1:34 pm AEST

Marquee Resources (MQR) has completed the first hole at the Kibby Basin lithium project in Nevada, US.

Drilling began in mid-May with Drill NV engaged to drill around 3000 metres across two stages to target a highly conductive geophysical anomaly.

Hole KB22-01 was drilled to a total depth of 2888 feet (880 metres) and targeted the geophysical anomaly which has the signature for a potential lithium-enriched aquifer.

The core has been sent to core cutting facilities in Mina, Nevada.

Hole KB22-02 is being drilled a lot quicker than KB22-01 and is currently at a depth of 1200 feet (365 metres) and is expected to be drilled between 3000 to 3500 feet.

Formation water samples were collected at various depths and have been sent to Western Environmental Testing Laboratory in Sparks, Nevada for analysis.

Kibby Basin is fully permitted to extract up to 2896 acre-feet (944 million gallons) of water annually for brine processing and production of lithium compounds.

As part of the State of Nevada law, water and lithium brine cannot be pumped from a subterranean source without a valid water permit.

Marquee was up 5.63 per cent on the market with shares trading at 7.5 cents at 1:34 pm AEST.