West Spargoville Lithium (WSP)

Company: Marquee Resources
Commodity: Hard‑rock lithium (spodumene)
Stage: Target definition → scout drilling → deep diamond testing of feeder zones (imminent)

Investment Thesis

• Tier‑1 address: Southern Yilgarn Lithium Belt (WA) among existing spodumene mines; logistics and development know‑how nearby.

• System fertility established: Multiple mapped spodumene‑bearing pegmatites with high‑grade rock chips (up to ~3% Li₂O) across several trends.

• Strong partner leverage: Mineral Resources (MinRes) farm‑in (25% lithium rights earned) brings build/operate capability and potential fast‑track from discovery to development.

• Right next step: EIS‑funded deep diamond holes will test feeder zones/plumbing for thicker, higher‑grade bodies at depth—key de‑risking catalyst.

Location & Ownership

• Tenure: ~80 km² contiguous package near Mt Marion, Bald Hill, Pioneer Dome & Buldania.

• JV: MinRes at 25% of lithium rights (option to increase via processing/mining farm‑ins). Mine‑gate offtake style framework; MinRes to build/own/operate processing if advanced.

Geology Snapshot

• Host: LCT pegmatites within the Southern Yilgarn greenstones.

• Controls: Structures and potential feeder zones interpreted from high‑res magnetics/radiometrics and ground mapping.

• Mineralogy: Confirmed spodumene from field mapping/rock chips; multi‑pegmatite system increases discovery odds.

Work Completed

• Geophysics: High‑resolution airborne magnetics/radiometrics defining structural targets.

• Geochem: Extensive auger/soil programs with multi‑element assays to vector drilling.

• Drilling: Scout RC/aircore on priority trends; deep diamond drilling approved and co‑funded under WA’s EIS (next).

Results to Date

• Multiple pegmatites mapped; several show visible spodumene.

• Rock chips frequently >1% Li₂O with highs ~3.01% Li₂O (orientation samples; not resource‑grade but indicate fertility).

• Targets refined for diamond testing of feeder zones beneath outcropping/shallower bodies.

Upcoming Catalysts (0–6 months)

1. Deep diamond drilling outcomes (EIS‑funded) into feeder zones.

2. Follow‑up RC/diamond along strike/plunge if visible mineralisation is encountered.

3. JV milestone elections by MinRes (processing/mining farm‑in progression) if results warrant.

4. Metallurgical sighter tests on any fresh core to confirm spodumene recovery and impurities.

5. Potential maiden resource pathway if continuity/scale emerges after multiple programs.

Key Risks

• Continuity/scale risk: Rock‑chip grade ≠ mine; economic widths/continuity at depth must be proven by drilling.

• Commodity cycle: Lithium price volatility can affect funding/partner appetite.

• JV dependence: Future earn‑ins hinge on MinRes decisions and drill success; development control may tilt to MinRes.

• Permitting/heritage & environmental timelines if project advances to studies.

Peer/Location Context

• Nearby operations/deposits: Mt Marion (MinRes), Bald Hill, Pioneer Dome; region hosts multiple spodumene mines and permitted processing routes.

• Implication: Existing infrastructure, workforce, and regulatory familiarity can compress development timelines if a commercial discovery is made.