Marquee Resources (ASX:MQR) Sharpens Portfolio Focus in September Quarter

Aditi Sarkar

29 October 2026 05:51 PM AEDT

Marquee Resources (ASX:MQR) Sharpens Portfolio Focus in September Quarter

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Highlights

Maiden RC drilling at Yindi reached fresh rock in two holes before ground conditions ended the program early.
Rock chip sampling at West Spargoville returned up to 2.65% Li₂O, with ten samples above 1.0% Li₂O.
Marquee received an R&D Tax Incentive refund of $549,122 and completed a Tranche 2 placement.
The Board is reviewing the portfolio to focus capital on priority projects.

Marquee Resources Limited (ASX:MQR) has released its quarterly activities report for the period ended 30 September 2026. The company progressed exploration at its Yindi and West Spargoville projects in Western Australia, strengthened its funding and began a portfolio review aimed at focusing capital on the projects with the clearest potential.

Maiden Drilling at Yindi

The maiden RC program at the 100%-owned Yindi Gold and Lithium Project began in September, testing a 4.0km by 1.7km gold-in-soil anomaly under transported cover. Three holes totalling 227m were drilled before water-bearing sands and unstable ground ended the program early. Two holes reached fresh rock, with one intersecting chlorite-altered mafic rock with disseminated pyrite.

Samples have been sent for assay, with results pending. Executive Chairman Charles Thomas said, "At Yindi, reaching fresh rock has improved our understanding of the central corridor and the drilling approach required." The company is assessing diamond drilling with cased RC pre-collars to test deeper targets.

Lithium and Gold Results at West Spargoville

At West Spargoville, where Marquee holds 75% of the lithium rights alongside Mineral Resources, mapping refined the model of stacked pegmatites. Of 49 rock chip samples, ten returned more than 1.0% Li₂O, led by 2.65% Li₂O and 2.42% Li₂O. The company noted that some lithium trends may have been incompletely tested by earlier drilling due to hole orientation.

Selective grab samples also returned gold values of up to 1.20 g/t. Marquee holds 100% of the gold rights, which sit outside the lithium joint venture. Next steps include updating the 3D model and finalising about 2,000m of re-oriented RC drilling for lithium, with first-phase gold testing proposed alongside.

Funding and Portfolio Review

During the quarter, Marquee completed a Tranche 2 placement of 100 million shares at $0.005, raising $500,000, and received an R&D Tax Incentive refund of $549,122. Cash stood at about $941,000 at 30 September 2026. The proposed Tungsten Mountain acquisition will not proceed after shareholders did not approve the related resolutions.

The Board is reviewing its portfolio and plans to pursue sales, partnerships or joint ventures for non-core assets, including Redlings Rare Earths and Clayton Valley. At the Mt Clement Antimony-Gold Project, which hosts an Inferred Resource of about 10,000 tonnes of antimony, Phase 3 drilling is scheduled for 2027.

Key Takeaways

Early Yindi drilling provided geological insights, though deeper targets remain untested.
West Spargoville returned strong lithium rock chips and new gold indications.
The R&D refund and placement added to the company's funding during the quarter.
A portfolio review aims to concentrate capital on the most promising projects.

FAQs

Q: What happened during drilling at Yindi?

A: Three holes totalling 227m were drilled before ground conditions ended the program early, with assays pending.

Q: What lithium grades were found at West Spargoville?

A: Rock chips returned up to 2.65% Li₂O, with ten samples above 1.0% Li₂O.

Q: Who is Marquee's partner at West Spargoville?

A: Marquee holds 75% of the lithium rights, with Mineral Resources holding 25%.

Q: Is the Tungsten Mountain acquisition proceeding?

A: No, the acquisition is not proceeding after shareholders did not approve the related resolutions.

Q: What is planned at Mt Clement?

A: Phase 3 RC drilling is scheduled for 2027 to test strike and depth extensions.

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