Highlights

• Drilling and geophysics have confirmed the existence of a large brine basin with numerous brine horizon targets at the Liberty Lithium Brine Project in the USA.
• Lithium brine specialists have proposed additional drilling to intersect deep lithium brines in the centre of the basin.
• QXR is advancing discussions with multiple USA-based battery supply participants interested in collaborating with potential new lithium developers in the USA.

QX Resources Limited (ASX: QXR) has announced significant findings at its Liberty Lithium Brine Project in the USA, confirming the presence of a large brine basin with several brine horizon targets. The confirmation comes from drilling and geophysical work in the second hole of QXR’s two-hole diamond drill campaign.

Porous conglomerates saturated with brines were intersected below fine-grained lake sentiments with sandy layers.

The company has identified geological similarities with the producing sequences of Clayton Valley, Nevada, home to Albemarle’s producing lithium brine deposit.

Comprehensive downhole geophysics, along with preliminary downhole brine sampling, demonstrated an increase in salinity with depth and substantial large brine volumes. These promising results are encouraging for the potential discovery of an economically viable lithium brine deposit in the area, according to the company.

Data source: Company update

Thick porous brine horizons intersected at hole #2

Notably, hole #2 revealed maximum lithium assay values of 50 mg/L Li over 15m near its base. The salinity and conductivity increased with depth, at levels similar to known producers.

The company reported the intersection of thick porous brine horizons at hole #2, and geological similarity to Clayton Valley.

Data source: Company update

Further drilling proposed for Liberty Lithium

External lithium brine specialists analysed results, to produce interpretation, recommending further drilling to identify deep lithium brines in the middle area of the basin. The drilling is recommended further west of the latest drilling.

Next steps (Data source: Company update)

QXR shares soar

QXR shares were trading at AU$0.010 apiece at the time of writing on 19 June 2024, up over 25%, with a market cap nearly AU$9 million.