The Kibby Basin Lithium Project is located approximately 60km north of Clayton Valley in Nevada, USA. The project is prospective for lithium-rich brines and lithium-bearing sediments and shares geological features with other lithium-bearing closed-basin systems in Nevada.

Kibby Basin is a Nevada lithium brine and clay project with a differentiated water-rights position. The project is fully permitted for water extraction for brine processing and production of lithium compounds within the approximately 10.35km2 project area.

The project was advanced through a 2022 drilling campaign designed to test a large magnetotelluric anomaly and potential lithium-enriched aquifer beneath the Kibby Playa. The program confirmed high levels of lithium-bearing sediments and dissolved lithium in groundwater from two boreholes, KB 22-01 and KB 22-02.

Core samples identified mineralised intervals containing up to 924ppm lithium, with greater than 300ppm lithium over thicknesses exceeding 450m in clay-rich playa sediments. Lithium mineralisation was broadly consistent in both thickness and grade across the two boreholes, which are approximately 2,000m apart, indicating a laterally extensive basin-scale target.

Drill hole KB 22-01 intersected a 79m section from 362m to 441m averaging 771ppm Li, with a high of 924ppm Li. An upper high-lithium zone averaged 383ppm Li over 487m and continued to the bottom of the hole, with mineralisation open at depth. Drill hole KB 22-02 intersected a 169m zone averaging 558ppm Li, with a high of 860ppm Li, below the contact, and lithium mineralisation continued to the bottom of the hole.

Kibby Basin is separate from Marquee’s Clayton Valley Lithium Project. The two Nevada lithium projects provide Marquee with distinct but complementary exposure to lithium brine and clay targets in one of the United States’ most important lithium jurisdictions.