QX Resources (ASX: QXR) reports encouraging nickel-copper results at Bayrock’s Vuostok project

September 20, 2023 11:32 AM AEST | By Sonal Goyal

QX Resources (ASX: QXR) reports encouraging nickel-copper results at Bayrock’s Vuostok project — Image source: Company update

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Highlights

QXR has reported encouraging nickel-copper mineralisation in eight drill holes at Bayrock’s Vuostock project.

With this development, the project footprint has been expanded.

Bayrock intends to undertake the next exploration phase at the Vuostok project.

QX Resources Limited (ASX: QXR) has welcomed latest development by Bayrock Resources Limited, confirming nickel-copper mineralisation at the Storbodsund Prospect of Bayrock’s Vuostok Nickel-Copper Project, located in northern Sweden.

QXR has a 39% interest in Bayrock Resources, which manages a portfolio of battery mineral assets in Sweden, primarily focused on cobalt, copper and nickel.

The assay results refer to eight drill holes out of 17 diamond drill holes. In four drill holes (VUO23004, VUO23005, VUO23011 and VUO23013), massive sulphides with high grades of copper, cobalt and nickel are reported, while in the other four holes, significant shallow nickel and copper mineralisation is reported.

The results suggest massive Ni-Cu sulphides near the surface.

Significant diamond drill assay results (Data source: company update)

QXR shares gain over 16%

Following the update, QXR’s shares traded higher by 16.6% to AU$0.028 apiece during the early morning trade on 20 September 2023. In the last five days, the share price has increased by nearly 19%.

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