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QX Resources’ (ASX:QXR) First Half High on Action at Queensland Gold Projects

Source: Roman Bodnarchuk, Shutterstock

Summary

  • QX Resources is focused on unlocking the value of its Queensland gold projects in the highly prospective Drummond Basin.
  • Drummond Basin holds a gold endowment of over 6.5 million ounces and has a long history of mining operations.
  • A 675m long gold in soil anomaly was detected at the Red Dog prospect within the Disney (EPM 17703) tenement.
  • The company is set to commence a 2,000m RC drilling program at the Lucky Break deposit in April.

QX Resources Limited (ASX: QXR) recently released its half yearly report for the period ended 31 December 2020, outlining major activities and milestones by the gold exploration company.

Starting the period on a high note, the company entered an agreement with Zamia Resources Pty Ltd (Zamia) in July 2020. Zamia owns four exploration permits stretching across 115 km2 in the Central Queensland goldfields. QX currently has a 50% interest in Zamia, with the spend on the drill program likely to see QX move to a 70% interest.

The Central Queensland gold projects include two open pit historical gold mining centres at the Belyando and Lucky Break Mines, along with several significant unexplored targets.

The gold projects are located on highly prospective ground within the Drummond Basin, which has a gold endowment of over 6.5 million ounces and a long heritage of mining operations.

Good Read: QX Resources (ASX: QXR) on right track in its quest for Australian gold

Detailed Infill Soil Sampling

QXR commenced an extensive infill soil sampling program at the Disney and Belyando tenements. The Company’s technical team has been poring over the historical drill results and previous soil sampling reports to delineate new prospective targets.

Red Dog Prospect: QXR discovered a 675m long gold in soil anomaly at the Disney (EPM 17703) tenement in November 2020. The soil survey targeted the infill and extended areas of the soil results from the previous sampling programs in 2013, 2014 and 2015.

The samples were assayed using 30g fire assay with ICP AES finish of detection limit 0.001 ppm. The gold anomalous cut-off grade was statistically estimated as 0.021 ppm gold.

Evaluation of the results displayed a distinct and localised area of gold anomalies, labelled as Red Dog, along a 675m by 255m cross strike, supported by coincident arsenic, antimony, and silver anomalies.

The rock grab samples from the Red Dog anomaly yielded gold grades of up to 2.89 ppm.

Ibis Prospect: During mid-December 2020, QXR released the results of a soil survey at the Ibis prospect (EPM 15145). The campaign infilled the previous work undertaken by Zamia in 2007 and 2015. The samples were assayed to a 0.001 ppm detection limit by ALS using 30g fire assay with an ICP AES finish.

According to QXR, this data signify that Ibis is an excellent prospect for further exploration as it holds a distinct gold anomaly from an underlying mineralisation which is genetically and structurally related to the Belyando gold deposit. While the exploration activities at Ibis are in early stages, the data suggests either a breccia pipe or stockworks low sulphidation epithermal gold system.

Must Read: Gold Hunt on the Cards for QX Resources (ASX:QXR) in Drummond Basin

Corporate Highlights

Company Name Change – The company changed its name from Hipo Resources Limited to QX Resources Limited and ASX code to QXR in October 2020.

Addition to the Leadership Team - QX Resources appointed Mr Roger Jackson to the Board as a non-executive director in September 2020. He has an extensive experience in the small resources sector as a public company director.

Good Read: Meet the Leadership at the helm of gold explorer QX Resources

Fund Raising Programs - In July 2020, QXR raised $672,000 (before costs) with the issue of 56 million ordinary shares at an issue price of $0.012 a share. Additionally, the company raised $108,000 (before costs) in October and December via issue of ordinary shares and unlisted options.

QXR traded at $0.015 on 23 March 2021.

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