Marquee Resources springboards on the back of positive assay results

Marquee Resources (ASX: MQR) is up 13.79% today after reporting outstanding high-grade copper (Cu) and gold (Au) at the company’s Lone Star project. 

Earlier today, the company revealed the first batch of drilling results for Lone Star, which is based in Washington State, USA. The assays confirmed wide zones of high-grade copper (up to 18.5% Cu), along with elevated gold (up to 10.4g/t Au) and silver (up to 106 g/t Ag).

Marquee Executive Chairman, Mr Charles Thomas, commented:

“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.”

A second round of assays are expected to be received in early February. 

Currently, Marquee does not fully own the Lone Star project. However, in a statement on November 5, the company announced an earn-in agreement that will see Marquee acquire up to an 80% stake.

Where is the stock going next?

It’s been a good year for Marquee investors, with the stock up 120% over the last 52 weeks, and currently sitting at a 40-month high. September 2018 was the last time Marquee sat at this price. 

^ Marquee Resource's share price over the last 52 weeks.

The 5-day moving average is above the 20 and 50-day moving averages, indicating strong bullish momentum. As the 200-day moving average is also trending upwards, this may be a long-term signal. 

The company plans to announce a second round of assay results on the Lone Star project in early February. With today’s first round assay results bumping the stock almost 14%, it will be worth watching the impact of February’s assays on Marquee’s price.