viewMarquee Resources Ltd

Marquee Resources’ drilling confirms the presence of high-grade cobalt at Werner Lake

Werner Lake mine historically produced 143,386 pounds of cobalt grading 2.2% cobalt.

cobalt symbol on elementary table
Two further drill hole assays anticipated shortly

Marquee Resources Ltd (ASX:MQR) has intersected high-grade cobalt mineralisation in its first two drill holes at the Werner Lake Cobalt Project in Canada.

The results include a high-grade intersection of 3.8 metres at 1.39% cobalt including 1.6 metres at 3.23% cobalt from 36.7 metres.

Marquee managing director Charles Thomas said: “These early results from the first phase of the drill campaign are extremely exciting for Marquee and its shareholders and confirm the presence of a high-grade cobalt deposit at Werner Lake.

“As we continue to receive results from this drill campaign we are expanding our knowledge of this high-grade deposit, which still remains open in all directions.

“Drilling has been progressing ahead of schedule and I look forward to receiving and reporting the assays from the rest of this phase 1 drilling campaign.”

READ: Marquee Resources commences cobalt drilling at Werner Lake

The Werner Lake project abuts First Cobalt Corporation’s (ASX:FCC) cobalt assets in Ontario and has a reported historical mine production of 143,386 pounds of cobalt grading 2.2% cobalt and 0.75 % copper.

Marquee is primarily focused on narrow spaced drilling at Werner Lake, designed to increase the existing Indicated resource of 79,400 tonnes at 0.43% cobalt which remains open in all directions.

The company has now completed eight holes for 1,527 metres as part of its phase I drilling campaign, with assays for two further drill holes anticipated shortly.

Importantly, assays from the first two holes demonstrate consistency of data from previous drill campaigns at Werner Lake.

Quick facts: Marquee Resources Ltd

Price: 0.105 AUD

Market: ASX
Market Cap: $11.02 m

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