Shares of Marquee Resources Ltd [ASX:MQR] are trading at $0.34, up 8.06% at the time of writing.
Marquee Resources share price increases after drilling results
The increase in share price might have something to do with the company’s new interest in the Werner Lake Cobalt project located in Ontario, Canada.
Assay results from its first two drill holes demonstrated consistency of data where mine production was reported at 143,386Ibs of cobalt grading approximately 2.2% cobalt and 0.75% of cooper.
The Werner Lake project which abuts First Cobalt Corporation [ASX:FCC] cobalt assets will now be the focus of an aggressive exploration program, designed to increase the existing Indicated Mineral Resource of 79,400 tonnes at 0.43% Co which remains open in all directions.
Marquee Resources prospects
Marquee Managing Director, Charles Thomas, commented:
‘These early results from the first place of the drill campaign are extremely exciting for Marquee and its shareholders and confirm the presence of 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.’ Thomas said.
For Money Morning
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