Marquee starts drilling at Werner Lake, the site of previous production

By Trevor Hoey. Published at Jun 29, 2018, in Mining

Marquee Resources Ltd (ASX:MQR) has commenced diamond drilling at its newly acquired interests in the Werner Lake Cobalt Project in Ontario, Canada.

Marquee’s exploration campaign at Werner Lake is primarily focused on narrow spaced drilling, which has been designed to increase the existing non-JORC Indicated Mineral Resource of 79,400 tonnes at 0.43 per cent cobalt which remains open in all directions.

The company’s tenure is situated in highly prospective territory which abuts First Cobalt Corporation’s (ASX:FCC) cobalt assets.

Discussing the upcoming program, managing director Mr Charles Thomas said, “Werner Lake is one of the key cobalt assets in Canada and this round of drilling should further increase our confidence in the substantial value that this deposit holds.”

Phase 1 of the drilling program will consist of approximately 2000 metres of diamond drilling.

Results are some time away and we can only speculate what they may be at this stage, so seek professional financial advice if considering this stock for your portfolio.

First phase paves the way for extensive 4000 metre drilling program

Subject to results, Marquee will immediately move to Phase 2 of the program which will consist of approximately 4000 metres of diamond drilling.

Initially, drilling will focus on the Werner Lake West area where the bulk of the resource estimate has been delineated.

Planned drill holes will test depth extension of the mineralised zones and confirm historic drill intercepts with a view to converting areas of inferred mineralisation to indicated category.

Phase 2 drilling would continue to test the down dip/down plunge potential of the mineralised zone at both the Werner Lake West and the Old Mine Site areas.

Impressive performance from past mining

More than 40,000 metres of diamond drilling was previously completed at this project.

The total mine production was reported at 143,386 pounds of cobalt grading approximately 2.2 per cent cobalt and 0.75 per cent copper.

Other key features from past works and their significance in terms of Marquee’s strategy are highlighted below.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

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