QX Resources Limited (ASX: QXR) is a Perth-based exploration company listed on the Australian Securities Exchange. The company focuses on expanding its gold resource inventory on the back of its extensive exploration assets in the Clermont district of Central Queensland.
The Company has an earn-in agreement with Zamia Resources Pty Ltd, a 100%-owned subsidiary of Zamia Metals Limited, which owns four exploration licenses in the Central Queensland goldfields along with open-pit historical gold mines (the Belyando and Lucky Break Mines) and several unexplored targets.
QX originally assumed 50% ownership of Zamia Resources and has now effectively expanded its interest to 70%, driven by positive results and more work planned across the leases. Notably, the Company can move to 90% ownership of Zamia Resources. QXR has also secured a new exploration permit EPM27791 (Llanarth project) stretching over 232 square kilometres in the Drummond basin of Queensland.
QX has a farm-in agreement with African Minerals Ventures Ltd (AMV) whereby AMV will earn a 51% interest in the Busumbu Phosphate Project by spending US$3 million over three years. For the first US$3 million spent, QX retains a 24% free carried interest in the Busumbu Phosphate Project. The project is said to have potential for delineating new gold mineralisation by assessing several high-order gold/arsenic soil anomalies.
The company also owns an interest in the lithium-ion battery technology company, Next-Battery, for effectively upgrading the functional properties of a battery electrode. Next-Battery has pilot-production equipment as well as facilities in Ukraine to expedite development activities.
QXR is advancing its diverse range of initiatives, backed by the company’s board and management, which have extensive experience in investment markets, mineral exploration, capital markets and marketing of mineral concentrates.