Marquee Resources (ASX:MQR) Releases Q4 2024 Activities Report
Exploration Achievements
Marquee Resources completed the final batch of RC drilling at the Redlings Rare Earth Project, revealing extensive REE mineralisation with assay grades up to 7,982ppm TREO. The maiden Inferred Mineral Resource Estimate stands at 11Mt at 1,130ppm TREO, containing 12,430t of REO, including 2,316t of MREO.
The company secured additional tenure for the Redlings Project and advanced exploration at the Mt Clement Project, focusing on antimony, gold, lead, copper, and silver. At the Yindi Gold and Lithium Project, five high-priority gold targets were identified, with drilling programs planned to explore economic gold mineralisation.
Funding and Grants
Marquee Resources successfully raised $829,153 through a placement, enhancing its financial position. Additionally, the company obtained a $220,000 grant from the WA Government’s Exploration Incentive Scheme to co-fund drilling at the West Spargoville Lithium Project.
Corporate Developments
During the Annual General Meeting, Marquee appointed Anna MacKintosh as an independent non-executive Director following the resignation of Director George Henderson. The company reported total payments to related parties amounting to $164,701 for the quarter.
Financial Overview
The Q4 report indicates a net cash outflow from operating and investing activities, partially offset by the recent capital raise. The company remains focused on advancing its exploration projects with the newly raised funds.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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