Join our daily newsletter At The Bell to receive exclusive market insights
- QX Resources’ (QXR) final assays confirm lithium and rare earths mineralisation at its Turner River hard rock lithium project in WA
- The company received final assays from its RC drilling program, which included one metre at 0.38 per cent lithium oxide from four metres in depth
- QXR MD Steve Promnitz says while the assays are not what QXR hoped for, the program was based on a relatively small area of interest and shallow drilling
- An exploration program is being planned to define further drill targets
- QX Resources was down 16.7 per cent and trading at 2.5 cents at 2:03 pm AEST
QX Resources’ (QXR) final assays have confirmed lithium and rare earths mineralisation at its Turner River hard rock lithium project in WA’s Pilbara.
However, the company has reported that they are not the results they were hoping for.
The company received the final assays from its 12-hole, 1166-metre reverse circulation (RC) drilling program, together with a detailed analysis of the findings.
This was then followed by a 10-hole RC program based on high-surface lithium grades recovered from sample blocks.
The results from the program included one metre at 0.38 per cent lithium oxide from four metres depth, within three metres at 0.26 per cent lithium oxide.
Additional hits included four metres at 1693 parts per million (ppm) total rare earth oxide (TREO) from 18 metres, including one metre at 369 ppm neodymium oxide.
The hits came from within an elevated zone of lithium intersected from surface to 22 metres in depth from lithium micas.
“While these assays are not what we hoped for, the program was based on a relatively small area of interest and shallow drilling,” QXR Managing Director Steve Promnitz said.
The company announced that further exploration work is required to locate better lithium grades in the drilling which mirror the surface rock chip results.
An exploration program is being planned to define further drill targets, together with securing access to other pegmatites in outcrop at Turner River and in the nearby Split Rock leases.
“We remain very confident in Turner River’s potential based on the results of the initial sampling and our plan is to now undertake more systematic and comprehensive exploration across the project, at greater depth and in new areas of interest,” Mr Promnitz added.
Sampling will be extended in the area as large high-grade lithium micas outcrop near the drilling area.
QXR was down 16.7 per cent, trading at 2.5 cents at 2:03 pm AEST.
