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Highlights
- Two vertical diamond drill holes completed at the US project, hit multiple brine horizons.
- Several brine aquifers reported in second hole at the US lithium project.
- Brine sampling and geophysics analysis is underway.
- QXR executed a letter of intent with Stardust Power Inc. to assess lithium brines.
- Iron ore samples up to 58.5% Fe obtained from Western Shaw at the Pilbara Iron Ore Project.
- Extensive sampling program planned for the Pilbara Iron Ore Project.
QX Resources Limited (ASX: QXR) has reported significant progress across its lithium brine and iron ore projects in the latest quarter ended 31 March 2024. The period saw promising developments at the company’s Liberty Lithium Brine Project in the US and the Pilbara Iron Ore Project in Australia.
During the quarter, multiple brine aquifers were intersected over the Liberty Lithium Brine Project and iron ore samples with up to 58.5% Fe were returned at Western Shaw within the Pilbara Iron Ore Project.
Multiple brine aquifers at Liberty Lithium Brine Project
At the Liberty Lithium Brine Project, California, covering 25,300 acres, two vertical diamond drill holes were completed during the quarter for 369m and 443m depth. In both holes, brine horizons were reported, while in the drillhole 2, multiple brine aquifers were intersected.
Data source: company update
Moreover, during the quarter, QXR executed a letter of intent with Stardust Power Inc., an emerging American manufacturer specialising in battery-grade lithium products. The collaboration aims to assess lithium brines sourced from the Liberty Lithium Project. The companies envision assessing potential avenues for supplying lithium brine products to Stardust Power.
Encouraging iron ore samples with up to 58.5% Fe in Pilbara
Promising rock chip samples containing iron ore with up to 58.5% Fe were obtained from a Banded Iron Formation (BIF) stretching over 4km at Western Shaw. This led to an extensive sampling program following a thorough examination of past exploration efforts. The area shows potential for high-grade surface iron ore deposits across BIF sequences.
QXR has conducted an exhaustive review of previous exploration activities at Western Shaw, with the iron ore potential only recently coming into focus, as the area was previously targeted for pegmatites. The Pilbara region has long been an exploration hotspot for enriched iron ore, known as Direct Shipping Ore (DSO).
In the upcoming quarter, QXR plans to implement a new sampling program involving 250m spaced rock chip traverses across the entire 8km outcrop, followed by costeaning to refine drilling targets.
QXR remains sufficiently funded for the coming two quarters with cash of ~AU$0.8 million and liquid investments of AU$131k.
QXR shares traded at AU$0.012 apiece at the time of writing on 01 May 24.
