Marquee Resources (ASX:MQR) share price leaps 17% on ‘spectacular’ drilling results

An impressive drilling update has this miner — and investors — excited today

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The Marquee Resources Ltd (ASX: MQR) share price rocketed almost 17% this afternoon after the company announced impressive diamond drilling results.

The Marquee Resources share price is up 12.5% trading at 13.5 cents at the time of writing, after earlier soaring 16.67% to an intraday high of 14 cents.

In today’s release, the company gave an update on progress drilling 42 holes at its Lone Star Copper-Gold Project in Washington, United States.

What did the diamond drilling reveal?

Marquee Resources is still in the early stages of its diamond drilling at Lone Star. In fact, the results released to the market on Friday revealed initial findings from the first two drill holes. These samples then need to be taken to the laboratory for testing.

The miner advised it has found “massive” amounts of chalcopyrite-pyrite (sulphide) mineralisation within the diamond drill core.

Marquee executive chairman Charles Thomas said:

We are delighted with some of the spectacular core we are seeing from the first drill holes at Lone Star.

It’s obviously early stages, but to see some wide zones of chalcopyrite-pyrite mineralisation is certainly very exciting and we can’t wait to receive the first batch of assays which I have ordered to be double rushed.

While these are just preliminary findings, the company is planning to drill around the clock and complete all 42 holes by the first quarter of 2022.

What is worth knowing about this explorer?

Lone Star is just one of many mines in the United States that Marquee Resources is exploring for minerals.

In November, the company announced it would acquire both the Lone Star mine in Washington and The Kibby Basin Lithium Project in Nevada.

Marquee Resources also has interest in mining projects in Argentina, Western Australia, Canada and the Clayton Valley, Nevada.

Marquee Resources share price snapshot

The company has impressed investors in the year to date, with a massive surge in the Marquee Resources share price over the past month and a 100% lift since January.

Shares in the company hit a high of 15 cents on 15 November, while the yearly low was 5.1 cents on 25 June.

The company has a market capitalisation of around $22 million at the time of writing.

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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