QX Resources (ASX:QXR) recommences phase two trenching program at Big Red, shares zoom 9% - Kalkine Media

Highlights

• QXR has recommenced the phase two trenching program at the Big Red gold prospect. The latest program is anticipated to commence in two weeks.
• The recommenced program will comprise 8 to 10 trenches at the Big Red and Red Dog anomalies (EPM17703) with up to 200m in length and down to 2m in depth.
• QXR has been able to confirm that the initial phase two trench hosted similar lithology as the first trench program, including extensive quartz veins.

Shares of QX Resources Limited (ASX:QXR) zoomed 8.7% following the release of a critical update, announcing the recommencement of an expanded phase two trenching program at the Big Red gold prospect in Queensland.

The previous trenching program was suspended due to wet weather conditions. The recommencement of the program marks a significant step for the company, once it decided on expanding its exploration program following a successful maiden 370-metre trenching program, recording numerous intersections of high-grade gold mineralisation, including –

• Trench 1 - 9m @ 5.9 g/t Au plus 1m @ 8.2 g/t Au with the mineralised zone 35m wide
• Trench 2- 3m @ 2.2 g/t Au within a mineralised zone over 1 g/t Au of 13m
• Trench 3 - 3m @ 2.6 g/t Au within a mineralised zone over 1.5 g/t Au of 5.5m
• Trench 4 - 2m @ 23 g/t Au within a mineralised zone over 7.1 g/t Au over 6.8 m

The preliminary phase two program could only complete 40 to 60m of trenching activity, prior to its suspension due to torrential rain. Even after that, QXR has been able to confirm that the initial phase two trench hosted similar lithology as the first trench program, including the extensive quartz veins.

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Proposed trench lines for the phase two trenching program Source: QX Resources 22 June 2022

The recommenced program will comprise 8 to 10 trenches at the Big Red and Red Dog anomalies (EPM17703) with up to 200m in length and down to 2m in depth. The latest program is anticipated to commence in two weeks.

Assay results for the initial phase two trenching program are as follows –

• 1m @ 11.25g/t Au within 11m @1.88g/t (from 22m to 31m along trench); and
• 3m @ 2.0g/t Au within 8m @1.27g/t (from 3m to 11m) including 3m @ 2.02g/t and 1m @2.9 g/t.

The location of the first trench in the phase two program outlines potential for parallel mineralisation at the Red Dog prospect. Once phase two of the trenching program is completed, QXR will commence a reverse circulation (RC) drill program at its key targets, scheduled for the second half of 2022.

Also Read: QX Resources’ (ASX:QXR) shares zoom after high-grade gold assay results at Red Dog

Furthermore, QXR has confirmed that a series of sampling programs have also been undertaken at Pilbara tenements and an extensive update will be shared in the near term. QXR has prioritised exploration at these tenements.

QXR traded at AU$0.025 a share on 22 June 2022.

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