The S&P/ASX 200 Index (ASX: XJO) mining services provider and lithium producer, closed down 7.7% yesterday. This followed a bearish medium term forecast for lithium prices from Goldman Sachs.

Most every ASX lithium share got hammered yesterday, and it looks like some selling pressure remains today.

Even the announcement of a new joint venture (JV) exploration agreement hasn't been enough to lift the Mineral Resources share price this morning.

What new exploration agreement was announced?

Mineral Resources has entered into a binding term sheet with Marquee Resources Ltd (ASX: MQR) to explore for and develop lithium deposits in a JV across the West Spargoville Project, located in Western Australia.

The Mineral Resources share price is dipping despite the company earning the right to acquire an initial 25% interest in the lithium rights at the project.

To earn that interest, Mineral Resources will fund all the exploration and development costs at West Spargoville, as well as complete a feasibility study within 24 months. The ASX 200 miner will fund at least $1,000,000 of exploration and development activities by the end of this calendar year.

Commenting on the agreement, Marquee executive chairman, Charles Thomas said:

I am extremely happy to announce we are partnering with one of the most innovative and leading mining service companies and one of the world's largest lithium producers.

Mineral Resources has an excellent track record and reputation and I am very pleased that a company of their calibre sees the same potential at WSP as the team at MQR and I do.

Reverse Circulation (RC) drilling targeting lithium at the West Spargoville is currently underway.

Mineral Resources share price snapshot

Despite this week's selling action, the Mineral Resources share price remains up 21% since this time last year. That compares to a 4% year-to-date loss posted by the ASX 200.

The post Mineral Resources share price dips despite new lithium partnership appeared first on The Motley Fool Australia.

The Marquee Resources Ltd (ASX: MQR) share price has surged 17.2% today, currently trading at 17 cents. However, in early trade, shares jumped 27% to 18.5 cents. This was a 52-week high for the company.

Let's take a look at what might be impacting this explorer's share price today.

Digging for copper and gold

The Marquee Resources share price surged in morning trade after the company released results from its Lone Star project. The company is mining for copper and gold in Washington State, USA.

Drilling results from the mine revealed intersection with multiple large zones of mineralisation. Up to 18.5% of high-grade copper mineralisation was affirmed from the first two diamond drill holes. Meanwhile, "significant elevated gold" up to 10.4 grams per tonne and up to 106 grams per tonne of silver was also identified.

The company's drill rig has been "spinning around the clock" after only a short Christmas break.

Commenting on the results driving up this ASX share, executive chairman Charles Thomas said:

We are delighted with the high-grade results we have received from the first two drill holes of the program.

The results have confirmed the outstanding opportunity that Lone Star represents and the presence of high-grade gold and silver further adds to the potential of this exciting project.

These results strengthen our position to deliver a quality JORC compliant resource in the first half of 2022.

Marquee Resources has now completed seven diamond drill holes at the Lone Star mine, with results received for just two of them.

The company signed a deal to acquire up to 80% of the Lone Star copper-gold mine in November.

The news today follows a share market boost in December when the company revealed "significant potential" for lithium bearing lithium-ceasium-tantalum (LCT) pegmatites at the West Spargoville project near Kalgoorlie.

Marquee Resources share price snapshot

The Marquee Resources share price has soared 126% in the past year and 17% in the past month. Meanwhile, it's up nearly 26% aince the start of the past week.

In comparison, the S&P/ASX 200 Index (ASX: XJO) has returned more than 13% to investors in the past year.

This ASX share commands a market capitalisation of around $36 million based on its current share price.

The post This ASX mining share leapt 27% on an 'outstanding' new discovery appeared first on The Motley Fool Australia.

Shares in the company rallied as much as 13% in early trading before retracing back to their current gain of 9% on the day.

Marquee shares are catching bids as investors respond positively to a company announcement on the West Spargoville Project. Here are the details.

What did Marquee Resources announce?

The company advised that, after recent drilling and geological review of the site, it has identified potential to identify lithium bearing lithium-ceasium-tantalum (LCT) pegmatites within the project area.

Marquee has subsequently received the final results from a 55.5 line-kilometre, Deep Ground Penetrating Radar (DGPR) survey that was recently completed at the site.

DGPR is a contemporary geophysical tool for imaging the earth's subsurface. The company says it works in a comparative manner to the "seismic velocity-depth method, utilizing variable wavelength radar pulses which experience refractions, reflections and diffractions at geological boundaries where the dielectric constant change".

It has gained traction as a preferred method in field studies in recent times due to its rapid acquisition and cost efficiency.

Marquee says the DGPR interpretation provides a "strong basis for favourable structure in the area as well as identifying numerous target features for follow up drill testing".

The Company is also nearing completion of a 3,200 hole auger program. Sampling will be completed within the "coming days", per the release.

Due to the increased demand placed on laboratories during the current quarter, assay results have been delayed, however, first results should be delivered in the second week of December, according to the announcement.

Aside from this, Marquee Resources also announced that the remuneration of the company's Executive Chairman, Charles Thomas, has increased from $150,000 per annum to $240,000 per annum – a 60% increase in yearly salary.

This change in remuneration is to "recognise Mr Thomas's increased workload and also to bring his remuneration into line with industry standards".

 Management commentary

Speaking on the announcement, Thomas said:

We are very excited about some of the targets that have come out of the DGPR data. The geophysicists are particularly excited about what have been interpreted as "layered anomalies" which may represent large targets and should be drill tested as soon as possible. This is in addition to multiple pegmatite-like structures that have been mapped throughout the survey area.

Thomas continued:

We are also days away from completion of the auger geochemistry program with results expected imminently, so it has been a busy period of exploration at West Spargoville. During the auger campaign the field crew have also been mapping and sampling numerous outcropping pegmatitesso piece by piece we are unlocking the lithium potential of the Project. The Company is perfectly positioned to drill test some exciting targets first thing in the new year.

Marquee resources has climbed almost 67% in the last 12 months after rallying another 85% this year to date.

In the past month, it has gained more than 4% and is flat on the previous week of trading.

The post Marquee Resources (ASX:MQR) sprints 13% higher on lithium update appeared first on The Motley Fool Australia.

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.

The post Marquee Resources (ASX:MQR) share price leaps 17% on 'spectacular' drilling results appeared first on The Motley Fool Australia.