ASX listed Marquee Resources Limited (ASX MQR) is yielding positive initial results from its interest in the Werner Lake Project, confirming assay results from the first two drill holes at the project have identified intersections of high-grade cobalt mineralisation.
Marquee has now completed eight holes for 1,527m at the Werner Lake Project as part of its phase one drilling campaign. In addition to identifying high grade intersections., assays from the first two holes of this campaign have, in the view of the company, demonstrated consistency of data from previous drill campaigns at Werner Lake where historical mine production was reported of 143,386 pounds of cobalt grading approximately 2.2% cobalt and 0.75 % copper.
Drill hole labelled WL 18-02 returned a high grade intercept of 1.39% Co over 3.8 m (from 35.75 m downhole), including 3.23% Co over 1.6m. This hole was primarily drilled to test a previous area of high-grade cobalt mineralisation identified by drilling undertaken by another party around 1995.
As part of this earlier drilling campaign a diamond drill hole (J-040) was drilled, which also intersected high grade cobalt mineralisation. This hole recorded a main intercept of 5.345% Co over 2.62 metres. The recently drilled hole, WL 18-02, successfully intercepted the same mineralised horizon as that found in J-040.
Two other zones of mineralisation were also encountered in drill hole WL 18-02 that roughly correspond to that found in that of the historic drilling.
Drill hole labelled WL18-01 was drilled to test a potential “down dip” extension of mineralisation encountered in earlier drilling, with mineralisation encountered from 146.3 to 153.7 metres. Within these intersections overall sulphides of less than 1% where recorded with results, including 1.2 m @ 0.012% Co from 147.3 m, indicating the target horizon was intersected where projected and suggests an approximate extension of 40 metres to depth.
As expected, elevated Cu values from 146.3 m downhole (2.2 m @ 0.46% Cu) also defined the targeted horizon in WL 18-01.
Commenting on the initial results, Marquee Managing Director Mr 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.”
Marquee’s exploration drilling campaign at Werner Lake is primarily focused on narrow spaced drilling, which has been designed to increase the existing Indicated NI 43-101 Mineral Resource of 79,400 Tonnes at 0.43% Co1 which remains open in all directions.
The interest in the Werner Lake lProject, where Marquee is earning an interest of up to 70%, was acquired by Marquee via a transaction completed in February of this year, whereby Marquee acquired all the issued capital in Canadian CO27 Pty Ltd for cash and shares.
The Werner Lake lProject, and the adjacent Werner Lake East/ West Project where Marquee are earning an interest of up to 100%, are located in the Kenora Mining District of north-western Ontario, Canada.