QX Resources (ASX: QXR) drills deep into California’s Liberty Lithium Project - Kalkine Media

Highlights

• QX Resources has inked an Option to Purchase Agreement to earn 75% interest in the Liberty Lithium Project, USA.
• Drilling has commenced at Liberty Lithium Project, beginning with first two approved diamond drillholes.
• In the first hole, drilling has progressed to 240m depth and a series of fine grained sediments with gravels have been intersected.

QX Resources Limited (ASX: QXR) is an ASX-listed materials company focused on developing and exploring battery minerals. Currently, it is engaged in developing a lithium brine project in the USA, hard rock lithium assets in Western Australia, copper/gold/moly assets in Queensland and an investment in nickel sulphides in Sweden.

The company has been committed towards developing its lithium brine project – Liberty Lithium Brine Project, which is situated in California, USA. It is amongst the biggest lithium brine projects in the country. The geological setting of the project is similar to that of the Silver Peak lithium brine deposit of Albemarle and Argentina brine projects. Geophysical analysis indicates a huge basin, more than 1,000m deep and brine aquifer targets at depth.

Let’s have a look at the background of the project!

Details of progress at Liberty Lithium

On 5 October 2023, QXR had signed an Option to Purchase Agreement and an operating agreement with IG Lithium LLC to earn a 75% interest in the Liberty Lithium Project. Under the first stage of the contract, QXR would undertake drilling, testwork and sampling, beginning with the two drillholes which have the required permissions. These holes lie in the main part of the surface lithium anomaly.

If the company encounters, large volume of lithium brines, then they will be sent to multiple direct lithium extraction providers.

Moreover, the company has purchased a package of adjacent third-party claims related to the Liberty Lithium project to consolidate titles.

On 25 October, the company informed that a diamond drilling rig has been contracted to initiate a 1000m drill campaign over the project. The drilling campaign began with two approved large diameter deep diamond holes of 500m each.

The aim of the drilling is to target the potential for aquifers at depth hosting lithium bearing brines.

On 9 November 2023, the company shared that drilling is underway at the project. QXR’s management made the following comment on the development:

On 22 November 2023, an update on drilling at the project was shared by QXR. As of that date, drilling had advanced to 240m depth in the first hole and the targeted planned depth is 500m. Moreover, a series of fine grained sediments with gravels were intersected. Promnitz said that the intersection of fine grained sediments with gravels is an encouraging sign at early stage.

On 14 December 2023, the company shared that drillhole 1 has been finalised and brines have been intersected. Brine sampling is underway, with lithium assay results expected in six weeks from the date of release.

If QXR identifies lithium bearing brine aquifers at depth, then this would begin with extensive drilling towards an initial resource my mid-2024.

QXR shares traded at AU$0.023 apiece at the time of writing on 10 January 2024.