By - Manisha
- QX Resources provided an update about the commencement of diamond drilling at the high-grade nickel-cobalt-copper Lainejaur project, held by Bayrock Resources.
- Through a framework agreement, QX Resources is assisting Bayrock to add value with project development and financing initiatives.
- The deposit has an Inferred Mineral Resource Estimate of 460Kt @ 2.2% Ni, 0.7% Cu, 0.15% Co, 0.65g/t Au, 0.68g/t Pd, and 0.2g/t Pt , as in compliance with 2012 JORC Code standards.
In the latest announcement, Australian listed explorer QX Resources Limited (ASX: QXR) announced that diamond drilling has begun at the Lainejaur project, following a framework agreement with Bayrock Resources Ltd. The Lainejaur project is a high-grade nickel-cobalt-copper deposit owned by Bayrock near Malå in northern Sweden.
Bayrock has appointed Artic Drilling for the drilling program at the site. Arctic Drilling is supported by Scott Geological and EMX Royalty Corp.
Data source: QXR ASX announcement dated 30 March 2023
Notably, QX Resources and Bayrock Resources have entered into a framework agreement. A diamond drilling program (has begun at Bayrock’s Lainejaur project 54m in a 300m deep hole). The project near Malå in northern Sweden holds high grade deposits (Ni, Cu, Co). Previous drill core samples have already included high metal values as cited in the below picture. The ongoing drilling activity is being conducted by Artic Drilling. QXR mentions that winter drilling facilitates a “firm base for activities”.
In earlier announcements pertaining to the project, QX Resources had informed about the framework agreement under which it would aid Bayrock. This assistance includes financing and development of Bayrock’s battery mineral projects in the region.
More about the Lainejaur Project
The Ni-Cu-Co Project of Bayrock is in the Västerbotten County, near the Malå town of northern Sweden. Bayrock has an exploration permit for the project through its fully owned subsidiary Metalore. The details of Inferred Mineral Resource Estimate are in the beginning of this article.
The Managing Director of QX Resources has noted the role of Class 1 nickel sulphide in the supply chain of battery minerals. Mr. Promnitz also states that the European Union (EU) located Lainejaur Project is “well positioned” to provide key minerals to the sector, especially in light of the EU Critical Raw Materials Act.
Dr Ian Pringle, who is the Technical Director at Bayrock Resources, has also lauded the latest development and commented that the start of drilling would be a step in the direction of “delivering value in a timely manner.”