Marquee Resources : RARE EARTHS & LITHIUM EXPLORATION TO RECOMMENCE IN WA

25th January 2022ASX RELEASE

only		RARE EARTHS & LITHIUM EXPLORATION TO COMMENCE AT THE
	REDLINGS & WEST SPARGOVILLE PROJECTS
Rare Earth Elements (The Redlings REE Project)
use	• The Redlings Project is located approximately 40km west of Leonora, and 77km north of Menzies with
Lynas Corporation's Mt Weld Project approximately 150km to the east (Figure 3).
• Regional ~1,500-hole auger geochemistry program will commence on Tuesday 25th January at Redlings
to test for additional rare-earth element (REE) bearing carbonatite dykes.
• Recent, proof-of-concept drilling of the Redlings Dyke intersected a 25m wide structural zone of pink,
			fenitic, alteration intruded by multiple carbonatitic dykes (Refer ASX Release dated 18th August 2021).
			• Numerous structures parallel to the Redlings Dyke are observed in the magnetics data and are
			prospective structural targets for the discovery of additional REE bearing dykes.
		Lithium- Cessium-Tantalum (West Spargoville Li-Cs-Ta Projects)
personal	• Drill rig secured to test Li-Cs-Ta pegmatitie targets and geochemical anomalies at the West
Spargoville Project, with a 4,000m campaign expected to commence in late February.
• The geochemical anomaly identified 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).
• Marquee has accelerated the Lithium drilling campaign based on the strength of the initial geochemical
results (refer MQR ASX Release dated 17th Dec 2021) and results from DGPR survey (refer MQR ASX
Release dated 12th Oct 2021).
For			• Final assay results from recent auger geochemistry program are expected mid-February.

Marquee Resources Limited ("Marquee" or "the Company") (ASX:MQR) is pleased to provide an update on the planned exploration works to be conducted on the Redlings and West Spargoville.

A regional ~1,500-hole geochemical sampling program at the Redlings Rare-Earth Element Project (Redlings) is due to commence, with the aim of the program to delineate additional rare-earth element (REE) bearing carbonatitic dykes. After completion of recent drilling at Redlings (refer ASX Release dated 18th August 2021), Marquee's focus at Redlings has shifted to assessing the REE mineralisation potential over the rest of the 108 km2 of prospective tenure that has historically had no exploration works completed. Specifically, the Company will focus on the

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potential laterite REE mineralisation similar to the mineralisation style encountered at the Mount Weld (LYC) and Yangibana (HAS) deposits.

onlyAdditionally, a drill-rig has been secured to test Li-Cs-Ta geochemical anomalies at the West Spargoville Project. Following first pass geophysical and geochemical data acquisition, the Company has committed to drill-test high priority targets that have so far been identified.

Executive Chairman Comment:

Marquee Executive Chairman, Mr Charles Thomas, commented: "We're excited to re-commence exploration at Redlings and West Spargoville in what shapes as a very busy year for the Company. We remain committed to the usemethodical exploration strategy that we have employed at our West Australian projects and these work programs

are the next step to unlocking their potential."

"We have an excellent project portfolio with projects at various stages of maturity, and we will continue to work diligently to fully unlock their potential. The Company is well-funded and will leave no stone unturned in our endeavours to identify potentially economic resources of lithium and rare-earths at the West Spargoville and Redlings projects respectively."

personalOverview of the Exploration Strategy at the Redlings Rare-Earth Element Project

The Redlings Project is located approximately 40km west of Leonora, and 77km north of Menzies with Lynas Corporation's Mt Weld Project approximately 150km to the east (Figure 3). The Redlings Project covers an area of approximately 108 square kilometres of tenure with the historically identified Redlings dyke returning rock-chip samples up to 7.8% TREO. Recent, proof-of-concept drilling of the Redlings Dyke intersected a 25m wide structural zone of pink, fenitic, alteration intruded by multiple carbonatitic dykes (Refer ASX Release dated 18th August 2021). MQRC041 returned a peak assay of 5m @ 0.91% TREO from surface, including 2m @ 1.86% TREO from 2m, associated with lateritic REE enrichment of the underlying carbonatitic dyke and fenitic alteration.

Numerous structures parallel to the Redlings Dyke are observed in the magnetics data and are prospective structural targets for the discovery of additional REE bearing dykes. Marquee's exploration strategy at the Redlings Project is to complete detailed auger geochemistry targeting northwest trending structures, delineated from magnetics imagery, which recent drilling has identified to be the controlling structures on the location of known REE-bearing carbonatitic dykes (Figure 1). Specifically, magnetic lows are hypothesized to represent magnetite destruction in the granite host rocks as a result of hydrothermal fluid flow, possibly linked to carbonatite intrusion and fenitic alteration.

For

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use only
personal	Figure 1: Planned and Completed Exploration at the Redlings Project
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Overview of the Exploration Strategy at 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 4).

Following completion of a Deep Penetrating Ground Radar (DGPR) survey and a 3,146-hole auger geochemical program, the Company has secured a drill rig to complete ~4,000m of drilling to test the highest priority LCT- pegmatite targets that emerge from the data. Results are still outstanding for the auger geochemistry program (final results expected mid-February), however the strength of the initial geochemical results (refer MQR ASX

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Release dated 17th Dec 2021) and results from DGPR survey (refer MQR ASX Release dated 12th Oct 2021) have
given the Company the confidence to secure a drill rig for follow-up testing. The Company will update the market
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on the upcoming drilling program once all results have been received and interpreted.
personalFor	Figure 2: Initial Auger Results from the West Spargoville Project

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For personal use only

Figure 3: Redlings Project Location

Figure 4: West Spargoville Project Location

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