- Marquee Resources (MQR) enters a trading halt ahead of an upcoming capital raise
- It isn’t yet clear how much the company is aiming to raise or where the funds will be spent
- However, upon receiving new results from the Redlings Project in WA, the company will conduct field work to unlock its potential
- Marquee shares will remain in the halt until Monday, August 23, or when information about the raise is released to the market
- Marquee last traded at 5.6 cents per share on August 18
Marquee Resources (MQR) has entered into a trading halt ahead of an upcoming capital raise.
It is currently unknown how much the company is aiming to raise or where the funds will be spent.
Marquee’s shares will be in the trading until Monday, August 23, or when information about the raise is released to the market.
Marquee is exploring the Clayton Valley, which is North America’s only productive lithium district and it also has projects in Western Australia.
Yesterday, the company released results from its drilling at the Redlings Rare-Earth Element (REE) Project in WA.
Seven slim-line reverse circulation (RC) drillholes were completed for 601 metres.
Executive Chairman, Charles Thomas, was pleased with the results.
“The results from the proof of concept drilling are encouraging given the limited work that has been completed historically at the Redlings Project,” Mr Thomas said.
“The drilling at depth intersected a wide alteration zone with multiple carbonatitic dykes that showed elevated REE values compared to background.”
Upon receiving these results, the company stated it plans to focus on unlocking
the Redlings Project’s potential by identifying possible dyke-bearing structures through geophysics, and auger geochemistry and/or shallow percussion drilling to test for lateritic REE mineralisation.
Marquee last traded at 5.6 cents per share on August 18.