- QX Resources (QXR) encounters multiple high-grade gold intercepts at the Big Red and Red Dog prospects in Queensland
- The company completed seven trenches across both prospects, averaging 53 metres in length and 1.5 metres in depth
- Overall, grades peaked at 23 g/t gold and mineralisation remains open along strike to the southwest and open at depth
- QX Resources was down 4 per cent at the close of trading today to 2.4 cents per share
QX Resources (QXR) has encountered multiple high-grade gold intercepts at the Big Red and Red Dog prospects in Queensland.
The company completed seven trenches across both prospects, averaging 53 metres in length and 1.5 metres in depth.
Best results from the base of the trench include two metres at 23 grams per tonne (g/t) of gold with a mineralised zone of 7.1 g/t gold over 6.8 metres, and nine metres at 5.9 g/t gold plus one metre at 8.2 g/t gold.
The mineralisation is open along strike to the southwest and northeast and remains open at depth.
Additionally, the mineralisation may extend further to the northwest along strike.
Best results from sub surface trenching include nine metres at 3.06 g/t gold, 28 metres at 1.76 g/t gold and 32 metres at 1.7 g/t gold.
“These assay results from our maiden trenching program are exceptionally encouraging and indicate that Big Red is a new gold discovery,” Non-Executive Director Roger Jackson said.
“We have identified these high-grade zones initially from a soil sampling program through to an expandable high-grade gold project.
“Encouragingly, we now understand the mineralisation is open along strike and at depth, and we now have the opportunity to step our target drill holes out from an excellent use case, high-grade wide epithermal system.”
QX Resources was down 4 per cent at the close of trading today to 2.4 cents per share.