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Marquee Resources to start drilling soon with aim of boosting Canadian cobalt resources

A drilling contract has been executed for diamond drilling totalling 3,500 metres.

Cobalt is Co on table of elements
The Werner Lake project abuts First Cobalt Corporation’s assets

Marquee Resources Ltd (ASX:MQR) expects to start drilling in the next few weeks with the aim of adding additional cobalt resources at the Werner Lake Cobalt Project in Canada.

There are 79,400 tonnes grading 0.43% cobalt in the indicated category at the project, which is a joint venture between Marquee and Global Energy Metals Corp (CVE:GEMC).

Option to earn 70%

Marquee has an option to earn up to a 70% interest in Werner Lake, which is in the Kenora Mining District of northwest Ontario and abuts First Cobalt Corporation’s (ASX:FCC) assets.

READ: Marquee Resources secures drill team to expand cobalt resource

The joint venture is planning an aggressive exploration schedule at the project, which will include a phase I, 3,500-metre diamond drilling program.

An agreement has been signed with a drilling contractor for the program.

The Werner Lake resource is open in all directions.

Updated technical report

Global Energy Metals Corp has filed an updated Canadian NI 43-101 technical report for the project.

It incorporates non-material changes to the resource estimate requested by the British Columbia Securities Commission as part of a routine review.

The updated report supersedes the original report dated September 6, 2017.

Existing mineralisation occurs in stacked lenses that tend to occupy tensional areas intruded by gabbroic pegmatites to produce skarnoid assemblages.

They occur over a distance of about 10 kilometres, extending from the Eastern Shallows Cobalt Deposit on the east side of Gordon Lake to the West Cobalt Deposit 500 metres west of the Werner Lake Old Mine Deposit.

READ: Marquee Resources hires chief geologist ahead of cobalt resource expansion program

Marquee recently appointed Toby Hughes to the position of chief geologist of North American operations.

He has more than 35 years’ resources experience working across multiple continents and commodities, and will lead the exploration program at Werner Lake

His cumulative cobalt experience includes several years as project manager at Werner Lake plus exploration within the Ontario Cobalt Mining Camp.

Quick facts: Marquee Resources Ltd

Price: 0.105 AUD

ASX:MQR
Market: ASX
Market Cap: $11.02 m
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