Marquee Resources : Exploration Accelerates at West Spargoville Lithium Project

21 April 2022

ASX RELEASE

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Aggressive Exploration Continues at the

West Spargoville Lithium Project

HIGHLIGHTS:

• • 5,496m of aircore drilling completed targeting a 2.4 kilometre-long Li-Cs-Ta-Nb (lithium-caesium-tantalum-niobium) anomaly identified within the Project area (Refer ASX Announcement 17 December 2021).

• • Phase 2 drill program to target a pegmatite dyke swarm identified from Deep Ground Penetrating Radar (DGPR), auger geochemistry and surface mapping.

• • A further 1,401 auger holes have been completed in the northern portion of the West Spargoville Project, with samples at the laboratory for multi-element analysis.

• • The auger rig will now shift to the southern portion of the Project to complete another ~1,200-hole program.

Marquee Resources Limited ("Marquee" or "Company") (ASX:MQR) is pleased to update the market about the ongoing exploration activities at the West Spargoville Project ("WSP" or "Project").

Following completion of a 3,146-hole auger geochemistry program, the Company has recently completed 94 aircore holes for 5,496m with samples at the laboratory for analysis. Weathered pegmatites were intersected in the regolith profile on multiple drill-lines, and upon receipt of results, reverse-circulation (RC) drilling is planned to follow-up the results generated from the aircore drilling.

The Company will now embark on the Phase 2 drilling campaign to complete up to 8,000m of aircore and RC drilling over high-priority targets identified from Deep Ground Penetrating Radar (DGPR) (refer MQR ASX Release dated 8th Dec 2021) and auger geochemistry (refer MQR ASX Release dated 22nd Feb 2022). Mapping and structural interpretation identifies NE and NW trending, conjugate faults control the emplacement of pegmatites, with these structures the focus of ongoing exploration efforts (Figure 1).

After the positive results generated from the initial 3,146-hole auger program, the Company has also decided to continue geochemically mapping the West Spargoville Project and will complete a further ~2,600 auger holes. Following completion of the auger program, Marquee will have geochemically sampled a 20 kilometre-long, prospective corridor in its search for lithium-bearing pegmatites in a highly prospective and underexplored lithium jurisdiction.

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Figure 1: LEFT - Auger geochemistry results highlighting the structural controls associated with anomalism. RIGHT - Drill hole plan for Phase 1 & 2 aircore and reverse-circulation drilling. (inset: refer MXR ASX release dated 31 March 2022).

Executive Chairman Comment:

Marquee Executive Chairman, Mr Charles Thomas, commented: "We're excited to kick off the second phase of drilling which targets, what we believe to be, the most prospective lithium pegmatite targets we have identified thus far. In the target area, the DGPR initially identified what we now believe to be pegmatitic sills or shallowly dipping pegmatites, and we have since defined a large, coincident geochemical anomaly associated with these features. The weathering profile is significantly shallower in the western portion of the project so now we have access to an RC rig, we will continue to systematically test these exciting targets."

"In addition to the Phase 2 drilling program, we have also continued the auger sampling program which has been instrumental in defining and prioritising targets for follow-up drill testing. After the encouraging results generated from the first round of auger sampling, we believe many more exciting targets will be identified as we continue to search for the next economic lithium discovery."

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Exploration Update & Forward Work Plan

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Final results have been received for an initial 3,146 auger sampling program which was focused on the central portion of the project, where pegmatites had been mapped historically. The results highlighted Li-Cs-Be-Nb anomalism associated with NE and NW trending, conjugate fault structures (Figure 1). The results also identified significant surficial geochemical anomalism coincident with 'layered geophysical anomalies' at depth, imaged using

DGPR, which are now believed to be pegmatitic sills or shallowly dipping pegmatites. This area of coincidental anomalism will be a primary target for follow-up aircore and RC drilling and due to the encouraging results a further ~2,600 auger holes will be completed to the north and south of the previously completed program (Figure 2). Following completion of the additional auger sampling programs, the Company will have completed 25m x 400m auger geochemistry over ~20 km of strike.

The first phase of aircore drilling targeted a 2.4 km long Li-Cs-Ta-Nb (lithium-caesium-tantalum-niobium) anomaly that was identified along the eastern edge of the of the Project (Figure 1). 94 aircore holes for 5,496m were completed with weathered pegmatites intersected along multiple drill lines. Samples are at the lab for multi-element analysis with results expected within 4-6 weeks.

The Phase 2 of drill program will begin in approx. 2 weeks and will focus on testing multiple geochemical anomalies detected during the auger program (Figure 1). A mixture of aircore and reverse-circulation drilling will be used to adequately test the geochemical and geophysical anomalies.

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Figure 2: Completed and planned auger geochemistry programs at the West Spargoville Project

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 project (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.

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Northeast trending structures are the primary structural control on the location of pegmatites at the West

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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).

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. 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.

Figure 3: Location of the West Spargoville Project

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