Marquee Resources Secures High-Grade Tungsten Mountain Nevada Brownfield Project

Marquee Resources Tungsten Mountain Nevada Acquisition Secures High-Grade Brownfield Project Amid Tightened Chinese Export Controls

Marquee Resources Ltd (ASX: MQR) has entered a binding agreement to acquire 100% of the Tungsten Mountain Property in Churchill County, Nevada. The Marquee Resources Tungsten Mountain Nevada acquisition adds a brownfield tungsten project with historical underground production, a non-JORC historical resource estimate, and multiple near-mine and regional exploration targets to the company's portfolio.

According to the ASX announcement dated 23 June 2026, the project adds a US tungsten asset to the Marquee Resources Ltd portfolio at a time when:

• No tungsten ore has been mined commercially in the United States since 2015 (USGS).
• China has introduced export controls and licensing requirements for selected tungsten items from February 2025.
• Industry reporting has cited Ammonium Paratungstate (APT) prices around US$3,000/MTU in June 2026.

To support the acquisition and initial work programme, Marquee Resources Ltd has secured firm commitments for a placement to raise $2,183,000 and plans a pro-rata non-renounceable entitlement offer targeting a further $1,022,146.50, for a total potential raising of approximately $3,205,146.50 before costs.

"Tungsten Mountain gives Marquee exposure to a genuine brownfield scheelite skarn in Nevada, with historical underground development, historical production and clear near-mine validation targets. The immediate work program is deliberately focused on verification, mapping, sampling and drilling to determine whether the historical mineralisation can be progressed toward a modern JORC-compliant resource pathway," said Charles Thomas, executive chairman of Marquee Resources Ltd.

A Brownfield Scheelite Skarn With Extensive Historical Work

Tungsten Mountain is described in the ASX announcement as a historically mined tungsten skarn with:

• Documented production of 6,978 dry tons of ore at an average grade of 1.16% WO₃.
• 3,127 feet (953 m) of underground workings (drifts, crosscuts and raises) on multiple levels.
• A non-JORC historical resource estimate (Wren, 1973) of 250,000 tons at 1.0% WO₃, equating to approximately 250,000 STU of contained WO₃.

The historical estimate is not reported in accordance with the JORC Code (2012 Edition). A Competent Person has not completed sufficient work to classify the estimate as a Mineral Resource, and the Company notes that it is uncertain whether further work will allow it to be reported as a Mineral Resource or Ore Reserve under JORC.

Even so, the historical mining and processing record provides supporting context. Production was recorded in two phases (Lakes, 1962):

Phase 1 is reported to show strong reconciliation between mined grade, recovery and recorded production. However, Phase 2 is affected by unquantified downstream losses (including roasting and furnace losses), so those metrics are considered indicative only.

The ASX announcement further notes:

• Very high-grade tungsten of up to 7% WO₃ occurs within semi-parallel, steeply east-dipping fissure-replacement vein structures.
• High-grade mineralisation has been delineated over a vertical extent exceeding 460 feet (140 m).
• Mineralisation is considered open along strike, at depth, and in parallel structures.

What Is a Scheelite Skarn and Why Does It Matter?

Understanding Scheelite and WO₃

• Scheelite is a calcium tungstate mineral (CaWO₄) and is one of the main ore minerals for tungsten.
• Tungsten grades in rocks are usually expressed as WO₃ (tungsten trioxide) percentage. For example, 1.0% WO₃ means 1 part of tungsten trioxide per 100 parts of rock by weight.
• A Short Ton Unit (STU) is 1% of a short ton (2,000 lbs) of ore as WO₃. A Metric Tonne Unit (MTU) is 10 kg of WO₃, and is commonly used in pricing.

These units allow investors to compare grades and contained metal across projects and to relate them to APT prices, which are reported in US$/MTU.

What Is a Skarn Deposit?

A skarn is a hard, altered rock that forms where hot, metal-rich fluids from an intrusive body (such as a granite or granodiorite) react with surrounding carbonate rocks such as limestone. In simple terms:

• Original limestone and other sedimentary rocks are altered by heat and fluids.
• New minerals form, including garnet and pyroxene (in this case mainly garnet and diopside).
• Economic minerals such as scheelite can concentrate in these zones.

At Tungsten Mountain, the ASX announcement describes Triassic-age carbonate sediments intruded by Cretaceous–Jurassic granodiorite known as the Tungsten Mountain Stock. Metasomatic alteration converts carbonate-rich rocks to garnet–diopside skarn and nearby sediments to hornfels, with scheelite as the dominant tungsten mineral alongside associated pyrite and trace chalcopyrite, pyrrhotite and sphalerite.

Two Mineralisation Styles at Tungsten Mountain

The project shows two distinct mineralisation styles:

1. Contact skarn (tactite) mineralisation — developed close to the intrusive contact between the granodiorite and the country rock, subdivided into endo-skarn (within the granodiorite) and exo-skarn (within the altered limestones and related sediments). Observations from the deepest accessible workings suggest endo-skarn mineralisation becomes more abundant with depth.

2. Fissure-replacement mineralisation — scheelite-rich material occurs in structurally controlled, semi-parallel sheets or veins extending into the limestone-rich country rock. These may be bedding-concordant and are observed dipping moderately to steeply towards the granodiorite in the northeast.

Historic mining mainly followed surface and near-surface scheelite-rich fissure structures, consequently leaving much of the main contact skarn zone only lightly tested. The ASX announcement notes that convergence between the two mineralisation styles could locally increase widths and grades where they meet.

For investors, skarn deposits are often viewed as geologically predictable once the key controls are mapped. Furthermore, the comparison made by Marquee Resources Ltd to the Pine Creek Tungsten Mine in California is presented as a geological analogue rather than a direct indicator of scale or economics.

Key Historical Sampling and Drilling Information

Historic sampling reported in the ASX announcement indicates locally very high tungsten grades:

• Grab sample R-174 returned 7.32% WO₃ from scheelite near the No. 1 level portal.
• Channel sample S-7 returned 5.25% WO₃ over 6 feet on No. 4 level.
• Channel sample S-33 returned 3.85% WO₃ over 5 feet on No. 3 level.
• Underground sample 769 returned 4.10% WO₃ over 2 feet in tactite and scheelite.

Historic channel sampling was carried out systematically along levels 3 and 4, with coordinates now geo-referenced in NAD83 UTM Zone 11. Long-hole underground drilling from No. 4 level (17 holes, 692 feet in total) detected several parallel zones of high-grade mineralisation, with surrounding halo zones at lower grades (0.01% to 0.5% WO₃).

However, only selected intervals were assayed, typically after pre-screening with a UV lamp to locate scheelite-bearing sections. The Company notes that all drilling and sampling results are historical and have not been independently verified, with true widths of intercepts unknown. The historical dataset is being used as a starting point to prioritise modern channel sampling and drilling.

Exploration Potential Beyond the Historic Workings

The ASX announcement highlights several underexplored targets within and around the Tungsten Mountain Mine:

1. Depth extensions below Level No. 4 and No. 5 — long-hole drilling indicates parallel high-grade zones continuing below existing workings, with mineralisation delineated over a vertical extent exceeding 460 feet (140 m).

2. Along-strike extensions and untested sedimentary septa — the intrusive contact zone has been mapped over more than 6,000 feet (approximately 1,800 m), with a northern sedimentary septa described as virtually untested.

3. Geophysical targets: buried apophyses — historical aeromagnetic data suggest several buried apophyses to the west and north of the mine at shallow depths, to be refined by ground magnetic and Induced Polarisation (IP) surveys.

In addition, the combination of historical underground access, high grades, and untested geophysical targets provides a structured set of follow-up priorities.

Phased Exploration and Verification Programme

Marquee Resources Ltd has outlined a staged work plan focused initially on data verification and target definition rather than immediate large-scale drilling.

Phase I: Data Compilation and Early Field Work

Planned activities include:

• Digitisation of all historical datasets into a central Maxwell Datashed database.
• Shortwave UV lamp surveys of accessible underground workings and nearby pediment areas.
• Systematic rock chip and channel sampling under modern QA/QC protocols.
• Soil geochemistry surveys across the full claim package.
• An initial site visit to Churchill County in the weeks following the ASX announcement.

Phase II: Geophysical Surveys

Subject to Phase I outcomes, the Company intends to carry out ground magnetic surveys and IP–resistivity surveys to assist in mapping sulphide and alteration zones. These results will be integrated with geological mapping and historical data to generate ranked drill targets.

Phase III: Diamond Drilling

If earlier phases are supportive, Marquee Resources Ltd anticipates approximately 1,000 m of diamond core drilling, focused on depth extensions below Level No. 4, strike extensions, the broader 6,000+ foot contact zone corridor, the untested northern sedimentary septa, and geophysically defined apophyses.

Transaction Structure and Consideration

The acquisition is being executed via a binding agreement with 0874444 BC Ltd (BC Ltd), which is assigning its rights under an existing agreement with Gold Range Company LLC, the current 100% owner of the Tungsten Mountain Property.

Key commercial terms summarised in the ASX announcement include:

Completion of the transaction is subject to standard conditions precedent, including shareholder and regulatory approvals. Furthermore, facilitation fees (20,000,000 MQR shares and $50,000 cash) will be paid to introducers upon completion, subject to approvals.

Capital Raising and Use of Funds

To finance the acquisition and initial exploration, Marquee Resources Ltd has structured a placement and rights issue:

Intended use of funds includes acquisition payments, Phase 1 exploration activities, diamond drilling, engagement of US-based geological consultants, and evaluation of potential US government grant programmes under the Defence Production Act and Department of Defense critical mineral initiatives. No such funding has been secured at this stage.

Tungsten Market Context and Investor Relevance

Tungsten is characterised by the highest melting point of any metal, very high strength at elevated temperatures, and extreme hardness when used as tungsten carbide, second only to diamond. These properties make it important for defence applications, hard metal tools, and high-temperature industrial equipment.

USGS data indicate no commercial tungsten ore mining in the United States since 2015, while China remains the dominant global supplier. The introduction of Chinese export controls for selected tungsten products in 2025 and APT prices reported near US$3,000/MTU in June 2026 have consequently increased focus on supply security.

Within this context, the Marquee Resources Tungsten Mountain Nevada acquisition positions the project as a brownfield scheelite skarn in a Tier 1 US mining jurisdiction, with historical production at 1.16% WO₃, over 3,000 feet of underground development, and multiple underexplored targets.

For investors following the Marquee Resources Tungsten Mountain Nevada acquisition, key value drivers to monitor include:

• Results from the initial site visit, mapping and modern sampling.
• Any confirmation or revision of historical grades and thicknesses through new assays.
• Geophysical survey outcomes and prioritisation of drilling targets.
• Progress toward a JORC-compliant Mineral Resource, subject to exploration success.
• Tungsten market developments, including APT pricing and policy changes influencing US-based projects.

In summary, the Marquee Resources Tungsten Mountain Nevada acquisition adds a brownfield tungsten asset with substantial historical data to the company's portfolio at a time when tungsten supply chains, particularly in the United States, are receiving increasing industry attention.

Ready to Learn More About Marquee Resources' Tungsten Mountain Acquisition?

Marquee Resources Ltd (ASX: MQR) is advancing a historically producing brownfield tungsten project in Nevada at a time when US domestic supply is under the spotlight and Chinese export controls are reshaping global tungsten markets. With a structured exploration programme, staged capital raising, and multiple high-grade targets yet to be tested with modern methods, this acquisition represents a compelling development for investors watching the critical minerals space. To explore the full details of the Tungsten Mountain project and what it could mean for Marquee Resources, visit www.marqueeresources.com.au.