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QX Resources’ latest MRE charts a path for Anthony Molybdenum Deposit  

Highlights

  • QX Resources has announced a JORC Code 2012-compliant Mineral Resource Estimate for the Anthony Molybdenum deposit in Central Queensland.
  • The focus of MRE was on recoverable resources from the oxidised part of the deposit.
  • The access to critical infrastructure and the tonnage and grade of the mineralisation could lead to potential economic extraction for the oxide domain.

In what comes as a significant development, QX Resources Limited (ASX:QXR) has announced an upgrade to the Mineral Resource Estimate (MRE) for the advanced-stage Anthony Molybdenum deposit in Central Queensland.

Notably, mineral consultants Geos Mining, was commissioned by the Company to update the MRE in accordance with JORC Code 2012, emphasising on the near-surface oxidised part of the deposit.

RELATED ARTICLE: QX Resources (ASX:QXR) rockets ~30% as Stage 1 test work gets underway at Anthony project

Cut-off grade, Molybdenum, Mineral Resource Estimate

Tonnage-grade curves for the Oxide domain (Total Resources)

(Source: QXR ASX Update, dated 18 October 2021)

Located approximately 70 kilometres northwest of Clermont and 810 kilometres northwest of Brisbane, the Anthony Molybdenum deposit area is covered by EPMs (Exploration Permit for Minerals) 15145 and 14790, both wholly owned by Zamia Resources Pty Ltd. Both EPMs are part of the earn-in agreement between QXR and Zamia Metals Limited announced in mid-2020.

Zamia previously announced a mineral resource for the Anthony deposit in March 2012 under JORC Code 2004.  

ALSO READ: QX Resources (ASX: QXR) ups stake in Zamia Resources to 70%

Resource Classification

The MRE has been classified as per JORC Code 2012 criteria. Based on the degree of oxidation determined from geological logging of the drilling, the Anthony deposit was sub-divided into three weathering domains: oxide, transition, sulphide.

Indicated and Inferred Resources for the Oxide domain (using a 400ppm Mo cut-off) total 17.5Mt @ 520ppm Mo (contained Mo 9,100 tonnes / 20.1 million lbs).

Oxide Zone, Mineral Resource Estimate, Anthony Deposit

Source: QXR ASX Update, dated 18 October 2021

Indicated and Inferred Resources for the Transition (partially oxidised) domain (using a 600ppm Mo cut-off) total [email protected] Mo (contained Mo 1,700 tonnes / 3.7 million lbs).

Indicated and Inferred Resources for the Sulphide domain (using a 600ppm Mo cut-off) total 17.4Mt @ 780ppm Mo (contained Mo 13,600 tonnes / 29.9 million lbs).

Transition and Sulphide Zone, Mineral Resource Estimate, Anthony Deposit

Source: QXR ASX Update, dated 18 October 2021

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Drilling, Sampling and Assaying Techniques

Drilling Techniques - The drilling database consists of data collected by several companies, including

  • CRA Exploration (1993-94)- 16 aircore drillholes (594 metres) & 8 RC drillholes (942 metres)
  • Cyprus Gold (1996) – 4 RC drillholes (315 metres)
  • Zamia Metals (2008-2014) – 48 RC drillholes (10,533 metres) and 55 diamond drillholes (21,831 metres)

QX Resources has indicated that not all drillholes were used in the MRE as some scout exploration drillholes were located outside of the boundary of the Anthony mineral resource. The average drillhole spacing within the boundary was approximately 50 metres.

ALSO READ: QX Resources’ (ASX:QXR) dynamic June quarter sets the stage for excellent 2021

Sampling & Assaying Techniques - While the drilling database consists of 13,281 sampling intervals up to 8 metres in width, most were either two metres for diamond drillholes or three metres for RC drillholes.

Reasonable prospects for eventual economic extraction

The access to critical infrastructure, the tonnage and grade of the mineralisation, and results of preliminary mining assessments and metallurgical testwork allow Mineral Resources for the Oxide domain to have reasonable prospects for eventual economic extraction.

At the same time, the Mineral Resources for the Transition and Sulphide domains are also regarded to have reasonable prospects for eventual economic extraction. However, further work is required to determine mining and metallurgical processes and costs.

READ MORE: QX Resources (ASX:QXR) to accelerate Anthony molybdenum project development

Potential mining and processing scenario includes:

  • The open pit mining of weathered material
  • Crushing
  • Gravity separation techniques to produce a concentrate averaging approximately 1,500ppm Mo.
  • Sulphuric acid and sulphur dioxide leaching to produce oxide Mo products for use in the chemical and agricultural sectors.

QXR stock was trading at AU$0.017 on 19 October 2021 (AEST 11:21 AM AEDT), up more than 6% from its last close.  

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