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Highlights
- QXR plans a new trenching program at the Big Red project, building on previous high-grade gold results.
- The company expanded its portfolio with the addition of lithium brine projects in Nevada and Utah through a new agreement.
- QXR raised AU$1 million through a successful share placement, including AU$150,000 from directors.
ASX-listed QX Resources (ASX:QXR) is focused on the exploration and development of battery minerals. The company holds hard rock lithium assets in the highly prospective region of Western Australia. In addition, QXR owns around 100,000 hectares of gold projects in the Drummond Basin of Central Queensland. The company also holds a lithium brine project in the USA.
Recently, the company released its first-half report for six months ended 31 December 2024, detailing key developments and upcoming plans.
New Trenching Program Targets High-Grade Gold at Big Red Project
QX Resources is planning a new trenching program at its Big Red Project, building on previous high-grade gold results such as 9m @ 5.9 g/t Au. The company believes Big Red may have similar potential to nearby Twin Hills deposit with 1.0Moz ([email protected]/t Au) incl 49m @5.2g/tAu and Lone Sister 0.48Moz ([email protected]/t Au) incl. 28m @45.2g/t Au.
This trenching phase is part of a broader strategy to reassess the area, potentially reopen closed open-pit gold mines, and identify future drilling targets. Gold trenching is planned to extend current high grade gold results in trenches at the Disney-Big Red Project. The gold anomalous zones defined over 650m may extend up to 1200m.
New Lithium Brine Projects Added to QXR’s Portfolio
In September 2024, QXR announced an agreement with IG Lithium (IGL) to restructure the Option Agreement in respect of the Liberty Lithium Brine project. The new terms reduce QXR’s cash option payments from US$1.7 million to US$500,000 and give QXR the option to acquire a 25% interest in IGL, the holder of the Liberty project. Additionally, QXR has entered into an option agreement with IGX Minerals LLC, a related company of IGL. It allows QXR to acquire a 15% stake in IGX, which holds two promising lithium brine projects in Nevada and Utah.
QXR Secures AU$1Mn in Share Placement
In October 2024, QXR announced receiving firm commitments for a placement to raise AU$1 million (before costs). The placement comprised the issue of 200 million shares at AU$0.005 each. The placement included AU$150,000 from directors, with shareholder approval granted at the AGM.
Shares of QXR last traded at AU$0.004 on 20 March 2025.
