Marquee Resources : LCT Pegmatites Identified at WS Lithium Project

17 June 2022

ASX RELEASE

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Lithium-Cesium-Tantalum Pegmatites Identified -

West Spargoville Lithium Project

HIGHLIGHTS:

• Results from aircore drilling confirm the presence of Lithium-Cesium-Tantalum (LCT) pegmatites as the source of surficial geochemical anomalism.
• Large LCT halo (extending over 2km and up to 300m wide) identified in aircore drilling to be followed up with reverse-circulation drilling to test for bedrock mineralisation.
• Follow-upmapping identifies outcropping, spodumene bearing pegmatite within an interpreted pegmatite dyke swarm.
• 10 reverse-circulation drillholes of the 57-hole program completed with drilling initially targeting the interpreted pegmatite dyke swarm.

Marquee Resources Limited (͞DĂƌƋƵĞĞ͟ or ͞ŽŵƉĂŶLJ͟) (ASX:MQR) is pleased to update the market about the ongoing exploration activities at the West Spargoville Project (͞WSP͟ or ͞WƌŽũĞĐƚ͟).

The company has received results from a 93-hole, 5,470m aircore drilling program, which has confirmed the presence of highly fractionated LCT-type pegmatites as the source of surficial geochemical anomalism. Aircore drilling was completed in the eastern portion of the tenure, where the depth of weathering extends up to 60m deep, with elevated lithium-cesium-tantalum values in weathered material associated with elevated pathfinder elements (Table 1). A large geochemical halo (90th percentile Li > 64ppm) extending over 2 kilometres and up to 300m wide has been identified from the aircore drilling, with the bedrock source to be targeted in follow-upreverse-circulation (RC) drilling.

Table 1: Best assay result from aircore drilling.

Hole_ID	mFrom		mTo	Be_ppm Cs_ppm		Li_ppm	Nb_ppm Rb_ppm	Sn_ppm	Ta_ppm
MQAC80	44		48	8.04	97.5		69.7	65.7		1060	75.2	35.4
MQAC80	48		52	10.4	295		102	24.8		1300	36.8	14.4
MQAC80
52	56	16.1	313	119	26	1290	41	20.9
MQAC80	56		57	23.3	169		63.3	58.9		1370	65.7	42.5

Note: median values (ppm) as follows Be = 0.96, Cs = 0.6, Li = 34.7, Nb = 7.2, Rb = 6.7, Sn = 1.5, Ta = 0.57

In preparation for RC drilling further mapping was completed which identified a NE-striking, spodumene bearing pegmatite (Figure 1) in an area considered highly prospective due to the results from auger geochemistry and deep ground-penetrating radar (DGPR) (Refer: MQR ASX Release 21st April 2022). RC drilling has begun to test the NE-striking corridor with multiple pegmatites intersected in drilling thus far. The first batch of samples have been delivered to the laboratory with results expected in 4-6 weeks.

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Figure 1: LEFT ʹ Outcropping, spodumene bearing pegmatite. RIGHT ʹ Grab sample collected from outcrop with abundant, elongate

spodumene crystals.

Sample ID	Easting	Northing	Comments
MQRK101	353023	6523929	ξ	Outcropping quartz-plagioclase-muscovite pegmatite dyke
			ξ	Spodumene (~10 ʹ 15%)
			ξ Dipping ~800 to 3200

In relation to the disclosure of visual mineralisation the Company cautions that visual estimates of spodumene abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and the grade of visual mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.

Executive Chairman Comment:

DĂƌƋƵĞĞ džĞĐƵƚŝǀĞ ŚĂŝƌŵĂŶ͕ Dƌ ŚĂƌůĞƐ dŚŽŵĂƐ͕ ĐŽŵŵĞŶƚĞĚ͗ ͞To identify pegmatites with clear LCT geochemical signatures is highly encouraging and confirms the prospectivity of the West Spargoville Project. There had been no lithium exploration completed at the Project 12 months ago so we are making great progress and look forward to keeping the market updated as more results come to light. We are currently systematically exploring the Project with RC drilling continuing for the forseeable future and will begin another round of aircore drilling in the last week of June so it is a very exciting time for the Company.͟

Exploration Update & Forward Work Plan

Results have been received from a 93-hole, 5,470m aircore drilling program. The aircore program was completed in the eastern portion of the tenure where there is a well-developed weathering profile up to and beyond 60m deep. As such, the aircore results are from highly weathered material where geochemical dispersion is prevalent. The assay results show a clear LCT-pegmatite association with tantalum concentrated preferentially in the upper saprolite and lithium concentrated in the lower saprolite (Figure 2). Follow-up RC drilling is required to test for the bedrock source of the geochemical dispersion halo. The geological setting

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is analogous to the Cade Pegmatite at the Dome North Project where mineralised pegmatite is hosted within the Black Flag Beds beneath a well-developed weathering profile (Refer ESS ASX Release 14th January 2022).

RC drilling has begun to test multiple geochemical anomalies detected during the auger program (Refer: MQR ASX Release 21st April 2022). The first drillholes of the program have targeted an interpreted dyke swarm in the vicinity of recently mapped outcropping spodumene-bearing pegmatite dyke (Figure 3). Multiple pegmatitic dykes have been intersected of varying thicknesses (Figure 2), with the first batch of assays at the lab for analysis. Results are expected within 4-6 weeks.

Figure 2: Selected sections from aircore drilling highlighting the observed geochemical dispersion halos. Lithium values displayed on

the left of the drillhole trace, tantalum values on the right.

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Figure 3: Completed and planned drilling at the West Spargoville Project

The West Spargoville Project

The WSP 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 5). Marquee entered into an Option Agreement to acquire The 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.

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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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 4: Location of the West Spargoville Project

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