Marquee Faces Funding Pressure Amid Aggressive Drilling and Resource Expansion

Redlings Rare Earth Project: Defining a New Resource

Marquee Resources Limited (ASX: MQR) has reported significant progress in its December 2024 quarter, with the Redlings Rare Earth Project delivering compelling drilling results that underpin the company's maiden Inferred Mineral Resource Estimate (MRE). The extensive slim-line reverse circulation (SLRC) drilling program, comprising 220 holes over nearly 2,000 metres, revealed surficial rare earth element (REE) mineralisation across five key prospects within the Redlings tenure.

Notably, assay grades peaked at an impressive 7,982ppm total rare earth oxides (TREO) from surface, highlighting the project's high-grade potential. The maiden MRE, announced in January 2025, quantifies 11 million tonnes at 1,130ppm TREO, equating to 12,430 tonnes of contained rare earth oxides, including 2,316 tonnes of magnetic rare earth oxides (MREO). This resource establishes Redlings as a meaningful rare earths asset with considerable upside through infill drilling and exploration targeting the open-ended high-grade zones.

Expanding Exploration Horizons: Mt Clement and Yindi Projects

Beyond Redlings, Marquee has advanced its polymetallic Mt Clement Project in Western Australia, focusing on antimony, gold, lead, copper, and silver mineralisation. Recent fieldwork, including geological mapping and extensive soil and rock chip sampling, has delineated prospective strike extensions adjacent to Black Cat Syndicate's Eastern Hills deposit. Early results underscore the potential for new antimony-lead zones, with further drilling planned to test these targets.

At the Yindi Gold and Lithium Project, the company identified five high-priority gold-in-soil anomalies through a comprehensive UltraFine+™ auger geochemistry program. These anomalies, spanning several kilometres, reinforce Yindi's status as an early-stage but highly prospective gold discovery. Intriguingly, overlapping lithium anomalism suggests potential for lithium pegmatite exploration, aligning with Marquee's strategic focus on critical minerals.

West Spargoville Lithium Project: Government Support and Targeted Drilling

Marquee secured a $220,000 grant under the Western Australian Government's Exploration Incentive Scheme to co-fund deep diamond drilling at the West Spargoville Lithium Project. This drilling will test hypothesised lithium-caesium-tantalum (LCT) pegmatite feeder zones beneath a 1.5km2 spodumene-bearing pegmatite swarm. The project benefits from extensive prior exploration, including ground gravity surveys and geophysical modelling, which have refined targeting for potential high-grade lithium mineralisation analogous to the Kathleen Valley deposit.

Corporate Developments and Financial Position

The quarter also saw the appointment of Anna Mackintosh as an independent non-executive director, enhancing the board's expertise. Financially, Marquee reported a cash balance of $377,000 at quarter-end, with a subsequent placement raising approximately $829,000 to support ongoing exploration activities. The company acknowledges the need for continued capital raising to sustain its aggressive exploration agenda, particularly following major drilling campaigns across its portfolio.

Marquee's diversified project pipeline, spanning rare earths, lithium, gold, and polymetallic targets, positions it well to capitalise on the growing demand for critical minerals. The company's methodical approach to exploration and resource definition, combined with strategic government support, underscores its potential to deliver value to shareholders in the evolving minerals market.