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Aussie junior acquires US projects

Australian junior Marquee Resources is raising A$3 million and seeking a market re-rate by acquiring lithium and copper-gold projects in the US.
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The Kibby Basin lithium project in Nevada is 50km north of ioneer's Rhyolite Ridge project and circa-60km north of Marquee's existing Clayton Valley lithium project.

Marquee said a key point was Kibby Basin being fully permitted for water extraction and brine and lithium processing.

The Lone Star copper-gold project in Washington State has a relatively modest historical resource.

Marquee can earn an 80% interest in both projects by paying a total initial cash consideration of C$350,000 and spending a combined $5 million over the next 15-24 months.

Vendor Belmont Resources is also to be issued with six million Marquee shares.

The A$3 million being raised via loans that convert into shares and options.

Marquee raised $1.4 million in August when it issued new shares priced at 5c each.

Shares in Marquee jumped by more than 60% today on the ASX to a high of 14c, the highest since July 2019.