Marquee Resources : Multiple Rare-Earth Element Targets Identified at Redlings

26 April 2022

ASX RELEASE

Multiple Rare-Earth Element Targets Identified at Redlings

• • Auger geochemistry identifies significant and widespread zones of rare-earth element anomalism.

• • Surficial values up to 2,928ppm TREO associated with previously unrecognised REE-bearing dykes.

• • Results highlight the potential to identify additional REE-bearing dykes throughout the Project area.

Marquee Resources Limited ("Marquee" or "the Company")(ASX:MQR) is pleased to report the results from auger sampling recently completed at the Redlings Rare-Earth Element Project. Results have identified significant and wide spread zones of surficial rare-earth element ("REE") anomalism related to the intrusion of REE-bearing carbonatitic dykes.

1,292 auger holes were completed over previously untested areas with results highlighting the potential to identify additional REE-bearing dykes, or a 'dyke swarm', over the broader Project area. Further mapping, auger geochemistry and drilling is being planned to further understand the potential of the Project to host an economic REE mineral resource.

Executive Chairman Comment:

Marquee Executive Chairman, Mr Charles Thomas, commented: "These results are really encouraging given the fact that we have now uncovered additional REE-bearing dykes in the broader project area and, as such, there is a very good potential to identify a part of the system that hosts an economic deposit. After the recent RC drilling results we knew we had to explore beyond the obvious and now we have found multiple new targets and our focus will shift to drill testing them in the coming months. We know that individual REE-bearing dykes are often part of a larger dyke swarm so we see this is as just the beginning in our search for an economic REE deposit."

"Given the positive demand outlook for REE's over the coming decade, we see Redlings as a very important Project for the Company and these results give us the impetus to continue our systematic exploration approach over the coming months."

Figure 1: Redlings auger geochemistry results.

Auger Geochemistry Results & Forward Work Plan

East	299017	297521	297383	299402	299342	297420	297181	297302	297199	300218	297438	301182
North	6791842	6794113	6793630	6794658	6794624	6792356	6792350	6792354	6794139	6791852	6792350	6791353
La2O3 849.1 928.9 422.2 392.9 334.2 331.9 401.1 315.5 204.1 214.6 213.4 246.3
CeO2	1376	756.7	570.0	367.3	474.2	529.4	340.3	445.9	694.0	630.2	571.2	515.9
Pr2O3 136.9 139.3 70.3 68.0 61.9 61.1 70.6 59.7 35.2 31.5 39.8 45.4
Nd2O3	380.2	428.1	207.6	203.0	178.5	177.3	213.5	180.8	102.8	95.8	122.5	124.8
Sm2O3 49.4 55.7 26.4 29.5 27.1 21.3 27.9 22.7 13.8 14.6 17.9 17.6
Eu2O3	3.67	7.53	3.84	3.73	3.31	2.78	4.04	3.28	1.81	2.18	2.56	2.36
Gd2O3 33.5 45.4 18.4 25.4 21.0 13.6 19.8 16.6 8.23 10.8 13.7 11.8
Tb2O3	4.13	6.43	2.37	3.92	3.35	1.70	2.65	2.14	1.14	1.78	1.89	1.68
Dy2O3 19.3 37.9 11.5 24.9 20.0 8.02 14.1 11.3 5.85 9.38 10.1 8.67
Ho2O3	3.32	7.88	2.04	5.41	3.79	1.56	2.67	2.16	1.12	1.79	1.98	1.57
Er2O3 8.2 24.6 5.66 16.8 11.2 4.13 7.40 5.93 2.97 4.69 5.65 4.29
Tm2O3	0.88	3.52	0.72	2.40	1.62	0.55	1.07	0.85	0.40	0.73	0.78	0.57
Yb2O3 5.84 20.8 4.63 14.1 9.77 3.15 6.74 5.35 2.60 4.55 4.58 3.37
Lu2O3	0.77	3.13	0.64	2.07	1.32	0.50	0.89	0.78	0.35	0.64	0.68	0.51
Y2O3 90.7 299.7 62.5 196.8 115.3 48.8 68.3 64.3 28.2 50.5 60.6 39.2
TREO	2928	2720	1390	1331	1246	1192	1161	1121	1094	1063	1054	1012

Following completion of slim-line RC drilling (refer MQR ASX Release 18th Aug 2021), the Company embarked on a 1,292 auger drilling program to test for surficial REE anomalism away from the historically identified Redlings Dyke. The auger program was designed to target possible dyke-bearing structures which ran parallel to the NW-striking Redlings Dyke. Wide zones, up to 500m, of anomalous REE (98th percentile TREO) values are observed in the data which trend roughly NW, however geological interpretation suggests there is a secondary, ENE to NE trending, structural control on the distribution of REE anomalism. Further mapping and infill auger sampling will be undertaken to better understand the geometries of the dyke-bearing structures prior to follow-up RC drill testing.

At Redlings, REE mineralisation is related to carbonatitic intrusions or dykes and associated fenitic alteration, which are elevated in REE compared to background. Economic mineralisation intersected in RC drilling was constrained to the laterite profile where supergene REE enrichment of the underlying carbonatite has occurred, not dissimilar to the mineralisation style encountered at the Mount Weld (LYC) and Yangibana (HAS) deposits. The potential for REE-bearing dykes to host economic fresh-rock mineralisation requires further assessment, however early results suggest there is the potential to define economic supergene REE mineralisation (0-20m vertical depth). Individual REE bearing dykes are often part of a larger dyke swarm the Company will continue to identify additional REE-bearing dykes by systematically testing numerous, analogous geophysical targets.

Table 1: Results (>1,000 ppm) from the Redlings auger program. All results reported in parts per million (ppm).

The Redlings Rare Earth Element Project

The Redlings Project (formerly called Jungle Well) is 100% owned by Marquee and comprises exploration licences E 37/1311 and E 37/1376 (Figure 2). The Project is located approximately 40km west of Leonora, and 77km north of Menzies. Lynas Corporation's Mt Weld Project lies approximately 150km east of the project. The Redlings Project covers an area of approximately 108 square kilometres of tenure with historical rock-chip samples up to 7.8% TREO (Refer ASX release 16 September 2021).

The Redlings Project is situated over a NNW trending high magnetic biotite-hornblende monzogranite granite that has intruded into the surrounding granite pluton. A series of NW trending faults run obliquely through the granite and are interpreted to be the controlling structures on the emplacement of REE bearing mafic dykes within the Project. Currently, only the Redlings dyke has been identified during prior exploration activities, however numerous parallel structures are observed in the magnetics data and form prospective structural targets for the discovery of additional REE bearing dykes.

Figure 2: Location of the Redlings Project.

COMPETENT PERSON STATEMENT

The information in this report which relates to Exploration Results is based on information compiled by Dr. James Warren, a Competent Person who is a member of the Australian Institute of Geoscientists. Dr. Warren is the Chief Technical Officer of Marquee Resources Limited. Dr. Warren has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a

Competent Person as defined in the 2012 Edition of the "Australian Code of Reporting of Exploration Results,

Mineral Resources and Ore Reserves". Dr. Warren consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Forward Looking Statements

Statements contained in this release, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of Marquee Resources Limited, are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

This ASX Release has been approved by the Board of Directors.

Charles Thomas - Executive Chairman

Marquee [e-mail]