The phase I, 3,500-meter diamond drilling program will aim to expand upon the existing JORC resource of 79,400 tonnes grading 0.43% cobalt within Werner Lake.
Drilling is expected to commence in late May or early June subject to weather.
Option to earn 70% in Werner Lake
Marquee has an option to earn up to a 70% interest in the Werner Lake Cobalt Project, which abuts First Cobalt Corporation’s (ASX:FCC) cobalt assets.
The existing Indicated resource is open in all directions and a priority for the company is to identify and delineate additional cobalt mineralisation.
Prices for cobalt have quadrupled since hitting record lows two years ago, trading recently at over US$90,000 per tonne.
The batteries used in mobile phones use compounds with up to 60% cobalt and are the number one source of cobalt demand.
Earlier this month, Marquee appointed Toby Hughes to the position of chief geologist of North American operations.
Hughes will lead the upcoming exploration program at the Werner Lake Cobalt project in Ontario, Canada.
Hughes has over 35 years resources experience working across multiple continents and commodities.
His cumulative cobalt experience includes several years as project manager at the Werner Lake plus exploration within the Ontario Cobalt mining camp.