Marquee Resources : MQR Secures Drill Contractor at Kibby Basin Lithium Project

onlyMarquee Secures Drill Contractor at Kibby Basin Lithium Project, Nevada

25 March 2022ASX Release

Marquee Resources Limited (Company or Marquee) (ASX: MQR) is pleased to announce that they have hired Drill NV Inc, based in Reno Nevada, as their drill contractor for the planned 3,000 metre drill campaign at the Kibby

useKibby Basin Lithium ProjectpersonalFor

Basin Lithium PƌŽũĞĐƚŝŶEĞǀĂĚĂ;͞<>͟Ϳ͘ The 2022 Kibby drill program which will begin at the end of April will test the highly conductive geophysical anomaly and potential lithium enriched aquifer at the Kibby Basin Lithium Project.

Figure 1 - The Kibby Basin Lithium Project is located within a 50km radius of ASX-listed Ioneer Ltd (ASX: INR) flagship Rhyolite Ridge

Lithium-ŽƌŽŶWƌŽũĞĐƚĂŶĚϲϬŬŵŶŽƌƚŚŽĨEŽƌƚŚŵĞƌŝĐĂ͛ƐŽŶůLJƉƌŽĚƵĐŝŶŐ>ŝƚŚŝƵŵŵŝŶĞ͕^ŝůǀĞƌWĞĂŬ͕ŝŶůayton Valley.

WWW.MARQUEERESOURCES.COM.AU

1

22 Townshend Road Subiaco WA 6008

Summary1

onlyThe Kibby Basin Lithium Project is a highly prospective asset located within a 60km radius of North AmeriĐĂ͛ƐŽŶůLJ ƉƌŽĚƵĐŝŶŐ >ŝƚŚŝƵŵ ŵŝŶĞ͕ ŽǁŶĞĚ ďLJ ƚŚĞ ǁŽƌůĚ͛Ɛ ůĂƌŐĞƐƚ >ŝƚŚŝƵŵ ƉƌŽĚƵĐĞƌ͕ ůďĞŵĂƌůĞ͘ dŚĞ

This Kibby Basin Project is a fully permitted and drill-ready project that significantly adds to and is complimentary ƚŽDĂƌƋƵĞĞ͛ƐŽǁŶĞdžŝƐƚŝŶŐůĂLJƚŽŶsĂůůĞLJ>ŝƚŚŝƵŵProject which will also be the subject of an aggressive Lithium exploration campaign to be embarked on by the company.

useThe company believes the Kibby Basin Lithium Project fits the criteria for a potentially Large-Scale Lithium Project and is also located within a 50km radius of ASX-listed Ioneer Ltd (ASX: INR) flagship Rhyolite Ridge Lithium-Boron Project which has recently been Joint Ventured with Sibanye Stillwateƌ>ŝŵŝƚĞĚ;͞^ŝďĂŶLJĞ-^ƚŝůůǁĂƚĞƌ͟ͿƚŽĚĞǀĞůŽƉ the project, with Sibanye-Stillwater contributing US$490 million for a 50% interest in the Joint Venture.

Adding further excitement to the 2,560 acres (~10sqkm) project is the fact the Project is fully permitted for water extraction for brine processing and production of lithium compounds - a very scarce commodity in the immediate area and will prove extremely valuable should exploration success lead to lithium production.

personalThe company is buoyed by the 7.4km long structure identified in the Kibby Valley with characteristics interpreted to be akin to major structures bounding the south side of Clayton Valley, that forms a pull-apartdrop-down closed

basin within a 700sqkm drainage catch basin.

Location

The Kibby Basin Lithium Project is located 60kms north of Clayton Valley, Nevada which hosts the sole North American producing Lithium mine (Silver Peak Lithium) ŽǁŶĞĚďLJƚŚĞǁŽƌůĚ͛ƐůĂƌŐĞƐƚ>ŝƚŚŝƵŵƉƌŽĚƵĐĞƌ͕ůďĞŵĂƌůĞ͘ DĂƌƋƵĞĞ͛ƐϭϬϬйŽǁŶĞĚůĂLJƚŽŶsĂůůĞLJ>ŝƚŚŝƵŵWƌŽject also sits in the Clayton Valley.

For Figure 2 - Kibby Basin location shows the property outline relative to roads, towns, county boundaries and topography in

southwestern Nevada.

• Kibby Basin Property Gavity Survey Basin Model, James L. Wright M.Sc. 26 June 2016

WWW.MARQUEERESOURCES.COM.AU

2

22 Townshend Road Subiaco WA 6008

Property Geology2

personaluse only
The Kibby Basin Lithium Project has similar features as Clayton Valley, Nevada and contains potential favourable
ĐŽŶĚŝƚŝŽŶƐ ĨŽƌ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ůŝƚŚŝƵŵͲƌŝĐŚ ďƌŝŶĞƐ ƐƵĐŚ ĂƐ͖ ĂŶ ĂƌŝĚ ĐůŝŵĂƚĞ͕ ŵĂũŽƌ ĐĂƚĐŚ ďĂƐŝŶ͕ ďĂƐŝŶ ŚĂƐ
structural traps and is closed with no outlets for drainage, associated igneous or geothermal activity, suitable
lithium source rocks and one or more adequate aquifers.
For	Figure 3 - The Kibby Basin and similar features as Clayton Valley.

• Kibby Basin Property Gavity Survey Basin Model, James L. Wright M.Sc. 26 June 2016

WWW.MARQUEERESOURCES.COM.AU

3

22 Townshend Road Subiaco WA 6008

only	Figure 4 - Geological highlights of the
	Kibby Basin that make it potentially
	favourable to the development of
	Lithium-rich brines:
	ƒ	Climate
	ƒ	PƵůůͲĂƉĂƌƚĚƌŽƉ-down closed basin
use	ƒ 700 sq. kms drainage catch basin
ƒ Basin has structural traps and is closed
	with no outlets for drainage
	ƒ Associated	igneous	or	geothermal
		activity
	ƒ Suitable lithium source rocks
	ƒ	Geophysical	survey	identified	large
		conductive	anomaly	that	may
		represent a potential target for Li-
personalIn 2018 a Magnetotelluric (MT) survey was completed over the Kibby Basin, Nevada, by Quantec Geoscience Ltd
		brines.
	ƒ	Permitted for Water.

Recent Activity at the Project

A gravity survey was completed over the Kibby Basin property in June 2016 with the objective of generating a model of the basin fill as an aid to lithium exploration. Results of the survey are integrated with an earlier airborne magnetic survey completed by the USGS and reported upon by Wright (2016).

dŚĞŐƌĂǀŝƚLJƐƵƌǀĞLJƐŚŽǁĞĚƚŚĞ

in order to measure the conductivity of material (lithium brines are highly conductive), indicating a large highly Forconductive anomaly beneath the Playa lake bed at surface which may be the signature for a lithium brine pool

trapped by the easterly fault, again similar to Clayton Valley3.

• Geophysical Report for Spartan MT Survey over the Kibby Basin Area (Hawthorne, Nevada), 28 February 2018 by Quantec Geoscience Ltd.

WWW.MARQUEERESOURCES.COM.AU

4

22 Townshend Road Subiaco WA 6008

only	Figure 5 - Magnetotelluric (MT) Conductive Anomaly and Basin.

Next Steps

Marquee is currently planning a drill program for the Kibby Basin Lithium Project consisting of:

use	1.	Two phase 3,000m drill program
2.	Phase I ʹ 2,050m: Drill holes MQR01 (850m) and MQR02 (1,200m) will test the large conductive anomaly
		at depth.
personalFor	3.	Phase II ʹ Depending upon Phase I results will focus on infilling between MQR01 & MQR02 to determine
	brine volume estimation.
Figure 6 - Phase I ʹ 2,050m: Drill holes MQR01 (850m) and MQR02 (1,200m) will test the large conductive anomaly at depth.

WWW.MARQUEERESOURCES.COM.AU

5

22 Townshend Road Subiaco WA 6008