Drilling Underway at Liberty Lithium, USA
Perth, Nov 9, 2023 AEST (ABN Newswire) - QX Resources Limited (
ASX:QXR) confirms that diamond drilling is underway on the first hole of a two drill hole (1000 metre) program over the large scale Liberty Lithium brine project in California, USA (see Figure 1* below of rig on site).
The first of two large diameter (PQ) diamond drillholes holes (500m each) is centred over the highest values of an extensive lithium brine surface anomaly over 10km in auger samples (see image 2* below). Mobilisation to site was delayed a few days to secure all ancillary equipment required.
The second drill hole, 2km south of the first hole, will target a large conductive geophysical anomaly (MT geophysics) indicating conductive brine aquifer targets in a deep closed basin (ASX announcement 26 July 2023).
QXR entered an Agreement to earn a 75% interest of the 102km2 Liberty Lithium Brine Project, located in SaltFire Flat, in California, USA. The Project is one of the largest single lithium brine projects in the USA (for scale, equivalent to 2x area of Sydney Harbour). The Project's geological setting mirrors Albemarle's nearby producing Silver Peak lithium brine deposit in Clayton Valley USA1 and major Argentina brine projects.
QXR Managing Director, Stephen Promnitz, said: "In quick succession, QXR has been able to secure a large lithium brine asset in a Tier-1 jurisdiction, raise sufficient capital and mobilise to site with an experienced team.
The Liberty Lithium Project is potentially a huge prize, being a large scale lithium brine target in a deep closed basin with all the hallmarks for success including the right geochemistry, geophysics and the geological setting.
The project is in a Tier-1 jurisdiction centrally located to a rapidly growing battery supply chain in the USA. I'm looking forward to keeping investors updated as drilling progresses with new systems in place to quickly assess the potential on-site.
QXR has broad optionality in its lithium portfolio, being favourably exposed to the US market and having a large footprint in the sought-after WA Pilbara region. We are committed to developing projects in both locations based on active exploration programs."
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/H7JO4JYX
About QX Resources Ltd
QX Resources Limited (ASX:QXR) is focused on exploration and development of battery minerals, with hard rock lithium assets in a prime location of Western Australia (WA), and gold assets in Queensland. The aim is to connect end users (battery, cathode and car makers) with QXR, an experienced explorer/developer of battery minerals, with an expanding mineral exploration project portfolio and solid financial support.
Lithium hard rock portfolio: QXR's lithium strategy is centred around WA's prolific Pilbara province, where it has four projects in strategic proximity to some of Australia's largest lithium deposits and mines. Across the Pilbara, QXR's regional lithium tenement package (both granted or under application) spans more than 350 km2.
Lithium brine: QXR drilling and geophysics indicate the existence of a large brine basin at the Liberty Lithium Brine Project USA and geological similarities confirmed with the nearby Silver Peak lithium brine producer Albemarle, in Clayton Valley Nevada. QXR holds an Option to Purchase Agreement to earn-in to 75%.
Gold portfolio: QXR is developing Central Queensland gold projects through a 70% agreement with Zamia Resources Pty Ltd and also on a 100% basis. The gold and copper-gold-moly projects are strategically located within the Drummond Basin, a region that has a >8.5moz gold endowment.
Nickel sulphides: QXR has a significant 39% shareholding in unlisted public Australian company Bayrock Resources Limited, which has a portfolio of highly prospective battery minerals assets in Sweden, primarily in nickel, cobalt and copper. QXR is assisting Bayrock with project development and financing initiatives.
| ||
|
