Marquee Resources Ltd (ASX:MQR) has intersected high-grade cobalt mineralisation in its first two drill holes at the Werner Lake Cobalt Project in Canada.
The results include a high-grade intersection of 3.8 metres at 1.39% cobalt including 1.6 metres at 3.23% cobalt from 36.7 metres.
Marquee managing director Charles Thomas said: “These early results from the first phase of the drill campaign are extremely exciting for Marquee and its shareholders and confirm the presence of a high-grade cobalt deposit at Werner Lake.
“As we continue to receive results from this drill campaign we are expanding our knowledge of this high-grade deposit, which still remains open in all directions.
“Drilling has been progressing ahead of schedule and I look forward to receiving and reporting the assays from the rest of this phase 1 drilling campaign.”
READ: Marquee Resources commences cobalt drilling at Werner Lake
The Werner Lake project abuts First Cobalt Corporation’s (ASX:FCC) cobalt assets in Ontario and has a reported historical mine production of 143,386 pounds of cobalt grading 2.2% cobalt and 0.75 % copper.
Marquee is primarily focused on narrow spaced drilling at Werner Lake, designed to increase the existing Indicated resource of 79,400 tonnes at 0.43% cobalt which remains open in all directions.
The company has now completed eight holes for 1,527 metres as part of its phase I drilling campaign, with assays for two further drill holes anticipated shortly.
Importantly, assays from the first two holes demonstrate consistency of data from previous drill campaigns at Werner Lake.