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QX Resources (ASX:QXR) Advances Lithium and Gold Projects with New Funds and Acquisitions

February 06, 2025 10:00 AM AEDT | By Sonal Goyal
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Highlights

  • QX Resources has renegotiated its option agreement for the Liberty Lithium Brine Project in California.
  • QXR raised AU$1 million in the December 2024 quarter, with AU$150k contributed by
  • The company has secured options for two additional lithium brine projects in Utah and Nevada.
  • QXR reported high-grade gold discoveries at the Big Red project and promising iron ore samples (up to 58.5% Fe) at Western Shaw.

QX Resources Limited (ASX:QXR) is a battery mineral and precious metal explorer advancing its lithium brine projects in the USA, hard rock lithium assets in Western Australia and gold/copper/molybdenum assets in Queensland.

In the quarter ended 31 December 2024, the company raised AU$1 million through a placement of 200 million shares at AU$0.005 per share. The capital raise included AU$150k from director participation. The funds raised are intended to support the Western Australian hard rock lithium and iron ore projects, as well as the Queensland gold projects.

QXR Expands Lithium Brine Portfolio in the USA

QXR has renegotiated its option agreement for the Liberty Lithium Brine Project in California. Additionally, the company secured an option to acquire an interest in two new lithium brine projects in Utah and Nevada, covering 26,300 acers.

Next steps include securing permits for new drill sites targeting high-potential lithium brine zones. QXR is continuously reviewing the work undertaken by IGX on its two projects, with promising results suggesting a favourable geological setting.

Advancing Hard Rock Lithium Exploration in Pilbara

QXR holds four 100%-owned hard rock lithium projects in Western Australia: Turner River (E45/6042 & E45/6065), Western Shaw (E45/4960 & E45/6107), Split Rock (E46/1367) and Yule River (E45/6159).

The rock chip sampling program at Turner River returned high-grade results of up to 3.8% Li₂O and 1.3% Rb₂O, highlighting new zones of interest.

Future exploration will focus on detailed trenching, additional sampling, and defining mineralised extensions under shallow cover. A recently completed airborne survey is also under interpretation to guide further exploration.

Progress at Queensland gold project 

The company holds approximately 100k hectares of gold projects in Queensland's Drummond Basin, home to an 8.5-million-ounce gold endowment and a history of active mining.

QXR is evaluating the possibility of moving directly to drilling at its Big Red project, where trenching has already revealed high-grade gold zones, with results including 9m at 5.9 g/t Au, 3m at 2.2g/t Au and 2m at 23 g/t Au.

These findings position Big Red as a drill-ready target, with potential comparable to nearby deposits like Twin Hills (1.0Moz) and Lone Sister (0.48Moz).

High-Grade Iron Ore at Pilbara Project

The company has reported promising iron ore sample results of up to 58.5% Fe from rock chip sampling conducted over a Banded Iron Formation (BIF) at its Western Shaw project in Western Australia. A comprehensive review of previous data indicated that the project holds potential for further surface enrichment over BIF sequences. QXR has planned a new 250m spaced rock chip sampling program across the full 8km BIF outcrops.

QXR closed the December 2024 quarter with approximately AU$684k in cash and AU$89k in liquid investments. Following the quarter-end, the company raised an additional AU$150,000 through tranche 2 of the placement.

QXR shares were trading at AU$0.003 per share at the time of writing on 5 February 2025.


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