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QX Resources (ASX:QXR) initiates MRE upgrade for Anthony molybdenum project

Highlights

  • QXR is advancing work to upgrade the historical mineral resource estimate (MRE) at its advanced stage Anthony molybdenum project.
  • The resource upgrading is the first step in order to take the project to feasibility.
  • In the last 12 months, molybdenum prices have more than doubled to around US$42 per kg.

QX Resources Limited (ASX:QXR) has provided an update highlighting its steady stream of developments on the advanced stage Anthony Molybdenum (Mo) deposit in Central Queensland.

In a recent market update, the Company confirmed that the upgrading of historical mineral resource estimate (MRE) for the deposit is underway. The updated MRE report is expected by next month.

Also Read: QX Resources (ASX:QXR) ups stake in Zamia Resources to 70%

Anthony Deposit: Established Molybdenum Project with Extensive Exploration Opportunities

The Anthony molybdenum deposit sits within 115km2 of QXR’s tenement package in Central Queensland.

QXR has already appointed renowned geology consultancy, GEOS Mining, to update the JORC 2004 MRE for the deposit to 2012 JORC compliant status.

Yet to be explored fully, the Anthony deposit is expected to offer enough opportunities to expand the mineral resources. In 2012, Hellman & Schofield Pty Ltd had estimated the MRE for the deposit in accordance with the JORC 2004, which was publicly reported by Zamia Metals Limited.

Also Read: QX Resources’ (ASX:QXR) $2M capital raising to fire up gold exploration in Queensland

The Inferred Resource of 112 million lb. molybdenum was estimated for the primary (sulphide) zone at a cut-off grade of 400 ppm Mo. The oxide and partial oxide zones included resources of 20 and 6 million lb. Mo, respectively, at a cut-off grade of 400 ppm Mo. At a cutoff grade of 600 ppm Mo, the Inferred Resource for the primary (sulphide) zone includes a 20mt resource volume at 800 ppm Mo for 35m lb Mo.

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

One element, versatile applications

Molybdenum is widely used as a precursor to form ultra-high strength steel. These alloys are capable of withstanding pressure up to 300,000 pounds per square inch.

Furthermore, the element can withstand extreme temperature without any significant softening or expansion, making it suitable for military armor, aircraft parts, electrical contacts, industrial motors, and in filaments in light bulbs. Additionally, the metal is used extensively by the nuclear power sector.

In fact, high-strength steel alloys contain 0.25% to 8% molybdenum, and even in such small proportions, over 43,000 tonnes of molybdenum is used every year for steel and alloy production. The metal is alloyed with nickel to form alloys resistant to both heat and corrosion.

Chemical compounds of molybdenum are also used for lubrication and as enamels for metals.

Molybdenum is widely used by downstream oil businesses as a catalyst to refine petroleum. Significantly, the metal also finds its application in the agriculture sector, where it is used for the production of molybdenum fortified superphosphate fertilisers.  

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