Marquee Resources said that all conditions precedent to two option agreements for the Sa Pedra Bianca Project in Sardinia, Italy, have been met or waived.
The company now enters a 12-month option period, during which exploration activities will be conducted to confirm the historical mineral resource estimates and explore new targets.
Marquee aims to validate the historical resource of 1.65Mt @ 7.06 g/t Au and 29.7 g/t Ag, totalling 376,140 ounces of gold and 1.58 million ounces of silver.
Additional targets identified during the due diligence process will also be explored. Marquee will apply for an exploration permit to conduct full-scale exploration activities, including drilling.