Marquee Resources Acquires Portfolio of Cobalt Exploration Projects in Ontario
West Perth, WA / December 5, 2017 / JMN Wire / Marquee Resources Limited (ASX: MQR) (“MQR”) is pleased to announce that it has entered into a binding Share Purchase Agreement (SPA) with the shareholders (Sellers) of Canadian CO27 Pty Ltd (CO27) under which it intends to acquire 100% of the issued capital of CO27 (Acquisition).
CO27 is party to the following agreements (Project Agreements) to acquire interests in the following cobalt projects (Projects):
- An agreement with Global Energy Metals Corp. (GEMC) to earn up to a 70% interest in the Werner Lake Project;
- An agreement with Caamo Capital Corp., Gino Chitaroni and Blackstone Development Inc. to acquire a 100% interest in the Skeleton Lake Project; and
- An agreement with Perry Vern English to acquire a 100% interest in the Werner Lake East/West Project.
Marquee’s Managing Director Charles Thomas commented:
“We are extremely pleased to have been able to secure this agreement which allows us to acquire interests in these three exciting cobalt projects”
“By acquiring these three abutting properties we have consolidated the Werner Lake area which contains the previously operating Werner Lake cobalt mine. Werner Lake is one of the key cobalt resources in Canada and this transaction enables Marquee shareholders to gain exposure to the booming cobalt market which is a critical material to the growing rechargeable battery market. We will now move extremely quickly to complete Due Diligence and activate the exploration and development program.”
Mitchell Smith CEO of Global Energy Metals said:
“We are very pleased to be advancing this important Canadian cobalt project with Marquee Resources. Their strong funding support and experienced operating team were important considerations in partnering with them to ensure that the Werner Lake project advances and builds value for shareholders under the current cobalt market conditions.”
- Werner Lake Project
- Tier 1 Location for mining of cobalt in Ontario, Canada
- Indicated Mineral Resource of 79,400 Tonnes at 0.43% Co(b)
- 40,000+ m of diamond drilling previously completed
- Mineralised zones remain open in all directions
- Total mine production was reported at 143,386 lbs of cobalt grading approximately 2.2% cobalt and 0.75 % copper (Hughes 2010a).
- Previous drill hole WL1004 intercepted 12.3m @ 1.21% Co (from 25.4m)-including 0.9m @ 12.48% Co
- Werner Lake East/West Project
- Unification of Werner Lake Area undertaken to explore additional high-grade cobalt mineralised zones throughout the Werner Lake Geological Belt.
- Adjoins Past Producing Cu-NI-PGE+ Cobalt Mine
- Approx. 18.4 sq Km (West Block 7.8 sq Km + East Block 10.6 sq Km)
- Exploration to be undertaken to confirm extension of Mine Trend to East and West
- Skeleton Lake Project (Mulligan Area)
- To acquire 1,408 hectares (14.08km2) prospective for cobalt and situated 55km north of the town of Cobalt, Ontario.
- The claims surround and abut Meteoric Resources NL (MEI:ASX), Mulligan and Mulligan East Cobalt Property
- Historical assays at the neighbouring Foster Marshall Ag-Co project returned high-grade up to 4.5% Cobalt and 87oz/t Silver (www.suprememetalscorp.com)