Marquee Resources : AC Drilling begins to target Lithium Geochemical Anomalies

22 February 2022ASX RELEASE

AIRCORE DRILLING BEGINS TO TARGET MULTIPLE LITHIUM

GEOCHEMICAL ANOMALIES

HIGHLIGHTS:
only
use	• Aircore drilling has commenced at the West Spargoville project to test multiple geochemical anomalies
with lithium values from auger geochemistry up to 503ppm Lithium.
• The ~5,000m aircore drilling program will test results from the recent encouraging 3,146 hole auger
geochemistry program that identified a Major lithium geochemical anomaly coincident with a
	geophysical	Digital	Ground	Penetrating	Radar	(DGPR)	layered	anomaly.
personal	• The auger results highlighted a 2.4 kilometre long Li-Cs-Ta-Nb(lithium-ceasium-tantalum-niobium)
anomaly identified within the Project area (Refer ASX Announcement 17 December 2021) .
• The results reaffirm the Company's interpretation that there exists the significant potential to
week of March.

identify lithium bearing, LCT (lithium-ceasium-tantalum) Pegmatites.

• Geochemical anomaly associated with prominent NW-trending structural zone is situated in an ideal location from a mineral systems perspective with geological similarities to the nearby Dome North lithium project (Refer ASX: ESS ASX Announcement 22nd Oct 2021).

• Drilling campaign expected to take 8 weeks with results to be submitted in batches from the first

Marquee Resources Limited ("Marquee" or "the Company") (ASX:MQR) is pleased to announce results from the r cently completed West Spargoville Project (WSP) auger geochemical sampling program. After recent drilling and geological review of the West Spargoville Project, it was recognised that there exists the significant potential to identify lithium bearing, LCT (lithium-ceasium-tantalum) Pegmatites within the Project area (refer ASX Release dated 31st August 2021).

ForThe Company has received the final results from the recently completed 3,146 hole auger geochemistry program. The results have identified multiple lithium anomalies associated with northwest and northeast trending structures and the Company has embarked on a ~5,000m aircore drilling program to follow up the near surface results. Results up to 503ppm lithium have been identified from auger geochemistry with systematic aircore drilling underway to test for bedrock lithium mineralisation in a highly prospective and underexplored lithium jurisdiction.

Executive Chairman Comment:

Marquee Executive Chairman, Mr Charles Thomas, commented: "It's very encouraging to observe multiple lithium geochemical anomalies throughout the Project area, and specifically seeing coincidental geochemical anomalism overlapping with geophysical targets identified from the DGPR survey. We have begun aircore drilling to test these coincidental anomalies with the aim of identifying the next lithium discovery in the Eastern Goldfields."

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"The West Spargoville Project is a very greenfields area as far as lithium exploration is concerned, however through our methodical approach to exploration we have identified numerous targets that clearly warrant follow-up drilling onlyand we're excited to see what results the aircore rig produces. This is the beginning of what will be a sustained and

thorough investigation into the lithium potential of the West Spargoville Project."

Results from Auger Geochemistry Completed at the West Spargoville Project

3,146 auger geochemical samples were collected from the West Spargoville Project aimed at identifying surficial anomalism that may indicate the presence of underlying, ore-grade,lithium-bearing pegmatites. In the Yilgarn Craton, auger geochemistry is a particularly effective targeting technique in areas covered by a thin veneer transported overburden that masks the underlying, Archean aged mineralisation. Results from the auger geochemical sampling program has highlighted multiple, contiguous, NE and NW trending geochemical anomalies

useassociated with a prominent structure as observed in aerial magnetics data.

The numerous anomalies are across an area of approximately 4 kilometres from the margin of the Connolly Gneiss. There is however a clear distinction in the weathering profiles with Black Flag Bed sediments in the NE having been strongly weathered compared to the SW portions of the project. Due to the nature of the sampling media, results from the auger sampling should be viewed in two distinct domains Figure 1. No mapping or sampling has been completed historically due to the lack of outcrop in this area and drilling is underway to target potential lithium hosting pegmatites in the region. Results from this batch of assays show geochemical anomalism coincident with

personal'layered anomalies' identified from a recent Digital Ground Penetrating Radar (DGPR) results (MQR ASX Release 12th Oct 2021) and will be targeted following drilling in the NW, which is currently being completed outside of the DGPR survey limits. Meanwhile, the company will begin completing a ~2,000 hole auger program to test the

orthern extents of the Project for potential follow up drilling.

In the Yilgarn Craton, pegmatites are located within 10 kilometres of a common granitic source with proximal pegmatites the least evolved and poorly mineralized, containing only the general rock-forming minerals. More distal and evolved pegmatites may include beryl, beryl and columbite, tantalite and Li aluminosilicates, and pollucite in the most evolved pegmatites (Figure 2). The spatial zonation of pegmatites around a common granitic source is a fundamental starting point for exploration models (London, 2018). In these Archean settings, regional- scale structures control the distribution of pegmatites, being responsible for focusing and transporting fluids and magmas.

For

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For personal use only

Figure 1: Lithium anomalies identified from West Spargoville auger sampling program.

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Figure 2: Schematic model that shows regional zoning patterns in a pegmatite field (from Bradley et al., 2017)

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personalExploration Update

3,146 auger samples were collected over the southern portion of the West Spargoville Project with final QAQC processing and data interpretation ongoing. The latest results identify multiple areas for follow up drill testing with two key targets identified through geochemistry and DGPR geophysics. Aircore drilling has commenced at the Project to follow up surface geochemical anomalism with two key areas to be tested initially (Figure 1). The First batch of aircore samples are expected to be delivered to the lab by the end of February 2022.

The West Spargoville Project

The West Spargoville Project is located in the core of the Southern Yilgarn Lithium Belt, an area that is well known for spodumene deposits that include; the Bald Hill Mine, the Mt Marion Mine, the Buldania Project and Essential Metals Pioneer Dome Project. The world-class Earl Grey deposit and the Mt Cattlin Mine are located further west and south respectively (Figure 3). Marquee entered into an Option Agreement to acquire the West Spargoville

Forproject (refer ASX Release dated 7th July 2020 and 23rd August 2021) which consists of 80km2 of highly prospective tenure with very limited drilling historically completed on the Project.

Northeast trending structures are the primary structural control on the location of pegmatites at the West Spargoville Project with high-grade lithium bearing pegmatites (refer MXR ASX Release dated 15 Sept 2016) and recently mapped pegmatites situated along these structures, as observed in magnetics data. This structural trend is analogous to the orientation of spodumene bearing pegmatites at the Dome North Project 40km to the south (Refer ESS ASX Release dated 19 July 2021).

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onlyuse personalFigure 3: West Spargoville Project location

References

ForBradley, DC, McCauley, AD and Stillings, LL 2017, Mineral-deposit model for lithium-cesium-tantalum pegmatites: United States Geological Survey, Reston, VA, Scientific Investigations Report 2010-5070, 58p.

London, D 2018, Ore-forming processes within granitic pegmatites: Ore Geology Reviews, v. 101, p. 349-383, doi:10.1016/j.oregeorev.2018.04.020.

COMPETENT PERSON STATEMENT

The information in this report which relates to Exploration Results is based on information compiled by Dr James Warren, a Competent Person who is a member of the Australian Institute of Geoscientists. Dr Warren is the Chief Technical Officer of Marquee Resources Limited. Dr Warren has sufficient experience relevant to the style of

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