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Marquee Resources announces Werner Lake Cobalt Sulphide project update

Mining News - Published on Mon, 01 Oct 2018

Image Source: ABN Newswire
Marquee Resources Limited announced the following update regarding its Werner Lake Cobalt project, located in Ontario, Canada. Following the recent success of drill hole WL 18-07 during Phase 1, which highlighted an encouraging 50 metres down dip extension of previous mineralisation, the geological team decided that WL 18-11 was to be the first hole to be drilled in the Phase 2 campaign in order to test the potential for further mineralisation below WL 18-07.

- Following the successful extension of high grade cobalt sulphide mineralisation in Phase 1 of drilling (WL 18-08, 18-09 and 18-10 awaiting assay results), Phase 2 drill program commenced with 4 additional holes now completed (WL 18-11, 18- 12, 18-13 and 18-14).
- Hole WL 18-11 targeted the down-dip extension of the West Cobalt Zone, being an undercut of WL 18-07 which was successful in extending the mineralised zone (see Figure 1 in link below).
- Marquee anticipates to release assay results from the last 7 holes drilled over the coming weeks.
- Marquee is confident the assays received from these drilling campaigns should increase the existing NI 43-101 Resource of 79,400 Tonnes @ 0.43% Co.
- Marquee's Managing Director and General Manager completed their Asian Roadshow, meeting with a number of Chinese enterprises including major cobalt end users.

WL 18-07 intersected strong cobalt mineralisation of 0.660% Co over 5.5 metres (from 198.5 metres), including a significant 0.7 m interval (from 198.5 metres) that assayed 3.150% Co, though two significant intervals below this interval assayed over 0.3% Co, representing a strong zone of mineralisation.

The drilling of holes WL 18-08, 18-09 and 18-10 saw the completion of the Phase 1 drill campaign. Total metres drilled for Phase 1 were 2,122m. Assays are pending and are expected to be received and released shortly. The Phase 2 campaign has completed 4 holes to date and core samples have been sent to the lab for analysis. The total metres completed so far for Phase 2 is 1,520 metres.

The Company will continue to release assay results as soon as practical after having been received, reviewed and analysed.

Mr Charles Thomas, Marquee Managing Director Commented "Having returned from our Asian roadshow with General Manager Paul Sarjeant and having met with a number of Chinese enterprises, we are extremely encouraged by the strength of the Chinese demand for high-quality cobalt projects with low deleterious elements. With a successful Phase 1 drill campaign completed, an immediate start to the Phase 2 drill campaign was warranted. WL 18-07 is one of the best holes that has ever been drilled at the Werner Lake Cobalt Sulphide project and demonstrates that significant intersections at depth can be made.”

Mr Thomas said that "With assay results pending for a further 7 drill holes from Phase 1 and Phase 2, we are confident in the potential of these results to increase the existing NI 43-101 Resource at Werner Lake Cobalt Sulphide Project. I look forward to updating the market with the outstanding assay results at our Werner Lake Cobalt Sulphide project."

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Posted By : Rabi Wangkhem on Mon, 01 Oct 2018
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