QX Resources’ (ASX:QXR) September quarter advances lithium exploration journey - Kalkine Media

Highlights

• QX Resources (ASX:QXR) completed follow-up sampling at three Pilbara hard rock lithium projects during the September quarter.
• The company is gearing up to commence maiden drilling at the Turner River lithium project.
• With Phase 2 trenching program completion at Red Dog, QXR plans reverse circulation drilling across the Big Red and Red Dog prospects.
• The company has appointed Mr Steve Promnitz as MD to rev up its lithium exploration journey.
• QXR remains well funded to advance exploration across its highly prospective portfolio.

QX Resources Limited (ASX:QXR) has been through an extensive, activity-based three-month period ended 30 September 2022. During the quarter, the company advanced exploration activities across its portfolio of highly prospective lithium assets in Western Australia and gold assets in Queensland.

Moreover, the period saw a strategic addition to the company’s leadership team with the appointment of Mr Steve Promnitz as QXR Managing Director.

The company closed the period with AU$3.4 million in cash and AU$0.34 million of liquid investments. QXR says that it is well funded to advance explorational activities across its highly prospective portfolio.

QXR makes headway at lithium hard rock projects

During the reported period, QXR completed a two-week follow-up sampling program at three of its Pilbara hard rock lithium projects.

The projects covered under this program are Turner River, Western Shaw, and Split Rock. The program constituted 259 rock chip samples.

Turner River’s (E45/6042 & E45/6065) sampling covered a previously interpreted intrusive. The intrusive has prior sampling reports of lepidolite (4.9% Li₂O) and pegmatite dykes with anomalous lithium results.

The company took the most noteworthy lithium results in samples TR010, 011 and 012 (tenement E45/6042) from a reported tin prospect in the northeastern part of the tenement.

(Source: Company update, 31 October 2022)

The sampling at Western Shaw (E45/4960 & E45/6107) was focused on the greenstone contact targeted to the north by Riversgold and Minrex Resources. The company collected 44 samples across the Kavir Granodiorite and 15 samples from the iron ore ridges.

Post the quarter, the company announced high-grade lithium results at Turner River. Moreover, the company is gearing up to commence maiden drilling at the project.

Phase 2 trenching program at Red Dog

After the intersection of multiple high-grade gold mineralisation from the maiden 370-metre trenching program, the company decided to expand the Big Red and Red Dog program, which led to the initiation of phase two trenching program.

(Source: Company update, 31 August 2022)

It included the excavation of 10 trenches (up to 2m deep) for a combined length of 860m across the Big Red and Red Dog anomalies (EPM17703). The excavation was aimed to further extend the strike of gold mineralisation across the prospects.

As per the finding, the geological team also planned a reverse circulation drilling campaign across the prospects.

New MD appointment to fuel lithium exploration

QXR has appointed Mr Steve Promnitz as Managing Director to facilitate the growth and development of its battery mineral assets. The company believes that his addition to the leadership team will rev up its lithium exploration endeavours.

Prior to his appointment at QX, Promnitz was associated with Lake Resources NL (lithium brine development company) as Managing Director. His guidance was one of the factors for the transition of the company’s market value from AU$1 million to an AU$2 billion ASX200 lithium company with a strong balance sheet at the time of his departure.

QXR shares traded at AU$0.065 on 23 November 2022.