Quarterly Activities Report
Perth, Jan 31, 2024 AEST (ABN Newswire) - QX Resources Ltd (
ASX:QXR) holds four 100% owned hard-rock lithium projects, covering 355km2, strategically centred around Western Australia's prolific Pilbara province, hosting some of Australia's largest lithium deposits.
QXR projects are Turner River (E45/6042 & E45/6065), Western Shaw (E45/4960 & E45/6107), Split Rock (E46/1367) and Yule River (E45/6159).
During the quarter, the Company announced the results of the rock chip sampling and geological mapping program undertaken during the prior quarter. Further rockchip sample results were returned with up to 3.8% LiO2 and 1.3% Rb2O at Turner River. These new samples, taken from new areas of interest within Turner River, are located some ~250m from where the first samples were reported last year which include ~10kg 'wheelbarrow-sized' samples grading 4.9% LiO2.
With an expanded zone of interest, QXR will reinforce its focus on Turner River with detailed trenching and sampling, once recently flown detailed airborne geophysics data over Turner River is assessed by QXR's specialist consulting team, to target new areas and to better define mineralised extensions under shallow cover to define new drilling targets.
Liberty Lithium Brine Project
The Company entered an Option to Purchase Agreement and an Operating Agreement (Agreements) to earn a 75% interest of the 102km2 Liberty Lithium brine project in California, USA (Project), from vendor IG Lithium LLC (IGL) (ASX announcement 5 October 2023).
The Liberty Lithium Brine Project, located in SaltFire Flat, California, is made up of 1,265 contiguous claims over 102km2 (25,300 acres), being one of the largest single lithium brine projects in the USA (for scale, equivalent to 2x area of Sydney Harbour or half the size of San Francisco city). An extensive lithium brine surface anomaly with elevated lithium results up to 215mg/L Li extends over 10km (ASX announcement 26 July 2023). Geophysical analysis shows a large basin over 1,000 metres deep and indicating brine aquifer targets at depth. The Project's geological setting mirrors Albemarle's nearby producing Silver Peak lithium brine deposit in Clayton Valley USA and major Argentina brine projects.
The first vertical diamond drill hole has been completed at 369 metres depth. The target horizons were intersected at 49m depth and 329m depth. Large brine volumes (>20,000 litres) were pumped into containers. Samples were sent to the lab with results expected in mid-February. Fine grained sediments, gravels and coarse alluvial fan material were intersected down the length of the hole.
The second vertical diamond drill hole is located 4km to the south and is centred over a significant MT geophysical target that has been interpreted as suggesting a series of conductive brine bearing aquifers at depth. Drilling of the second drill hole has advanced significantly in January. Both holes are positioned within an extensive lithium brine surface anomaly of over 10km defined in auger samples.
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/5086YL1D
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.
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