Marquee Resources (ASX: MQR), an Australian exploration company focused on critical minerals, has announced a binding agreement to acquire 100% of the Tungsten Mountain Property in Churchill County, Nevada, USA. This strategic move adds a proven brownfields tungsten project to its portfolio, boasting historical production and a historical resource estimate. The acquisition covers six unpatented lode mining claims, encompassing the historic Tungsten Mountain Mine, which has a documented production record of 6,978 dry tons averaging 1.16% WO₃.
The Tungsten Mountain Project benefits from a well-established geological model, including historical underground workings totalling over 900 metres, and a non-JORC historical resource estimate from 1973 of 250,000 tons averaging 1.0% WO₃. The project features high-grade tungsten, with historical samples reporting up to 7.32% WO₃. Executive Chairman Charles Thomas noted that the immediate work program will focus on verification, mapping, sampling, and drilling to progress towards a modern JORC-compliant resource. The system remains open along strike, near surface, at depth, and in parallel structures, with aeromagnetic surveys indicating additional shallow exploration targets.
To fund the acquisition and initial exploration, Marquee Resources has secured firm commitments for a placement of A$2,183,000 at $0.005 per share, alongside a pro-rata non-renounceable entitlement offer aiming to raise a further A$1,022,146.50. This capital raise totals approximately A$3.2 million. The funds will be allocated to acquisition costs, a Phase 1 exploration programme including geological mapping, sampling, and surveys, followed by a diamond drilling programme. The company also plans to engage US-based geological consultants for JORC-compliant resource definition and evaluate US government grant programs for critical minerals.
