QX Resources (ASX: QXR) reports encouraging findings at Pilbara and Liberty Lithium Project in latest quarter

Highlights

• Samples from pegmatites in a recently identified area of interest at Turner River returned up to 3.8% LiO₂, 3.4% LiO₂, and 1.3% Rb₂
• Airborne geophysical surveys covering Turner River Project have been concluded and are currently under evaluation.
• At Liberty Lithium Project, brines have been encountered in the first of the two diamond drill holes.

QX Resources Limited’s (ASX: QXR) December 2023 quarter was encouraging for the company as brines were intersected at Liberty Lithium Project and prospectivity of Turner River was confirmed with new samples.

New lithium samples reinforce prospectivity of Turner River

Turner River (E45/6042 and E45/6065) is a hard-rock lithium project which is 100% owned by QXR. In the quarter, the company revealed the outcomes of the rock chip sampling and geological mapping campaign conducted in the preceding quarter.

The rockchip sample results included 3.8% LiO₂ and 1.3% Rb₂O at Turner River. The new samples were collected from new areas of interest within the project which lie around 250m from where first samples were collected previous year.

With an expanded zone of interest, extensive trenching, mapping, and detailed sampling are planned over Turner River Project. This would follow the assessment of the detailed airborne geophysics data by specialised consulting team of QXR. Detailed airborne geophysics will be integrated with district scale geophysics and detailed spectral image analysis to better define mineralised extensions and new drilling targets.

Brines intersected at Liberty Lithium’s first hole

The company entered into an agreement with IG Lithium LLC (IGL) to earn 75% interest in Liberty Lithium Brine Project, located in the USA.

The first vertical diamond drill hole has been finalised, reaching a depth of 369 meters. The horizons were encountered at depths of 49 meters and 329 meters. Substantial brine volumes were pumped into containers. Samples have been dispatched to the laboratory, and the results are anticipated in mid-February.

Drilling of the second vertical hole advanced in January 2024. Both drill holes are situated within a vast lithium brine surface anomaly spanning over 10 kilometers, as defined in auger samples.

Placement for capital raise

In October 2023, the company shared that it had received commitments for a placement of 140,577,273 shares at AU$0.022 per share offer price, to raise nearly AU$3.093 million. Subsequently, the placement increased to nearly AU$3.5 million, with directors participating in the placement post shareholder approval.

QXR shares traded at AU$0.017 apiece at the time of writing on 06 February 2024.