- QX Resources (QXR), through Zamia Resources, has successfully renewed its exploration permit in Queensland for a further five years
- The permit includes the highly prospective Lucky Break Mine which is a crucial target for QX
- Earlier this year, QX entered agreements with Zamia Metals to purchase up to 90 per cent interest in the company
- A drilling program is currently being planned to confirm past assay results
- Despite this positive news, QX ended the day down 5.56 per cent and is trading at 1.7 cents per share
QX Resources (QXR), through Zamia Resources, has renewed its exploration permit that includes the Lucky Break Mine for a further five years.
The company received the green tick from the Queensland Department of Natural Resources, Mines and Energy and the new licence will commence in January 2021.
In July, QX entered agreements with Zamia Metals to purchase up to 90 per cent interest in the company who owns four exploration permits over approximately 115 square kilometres.
The permits include two open-pit historical mines, Belyando and Lucky Break, and multiple unexplored targets.
Lucky Break and the surrounding area is a priority target for QX and a drill program is currently being planned to confirm past assay results and to test potential extensions to the mineralisation along the strike.
Executive Chairman Maurice Feilich believes Lucky Break is a very compelling project.
“The renewal of the exploration permit is a pleasing development and ensures we can plan and execute exploration and project development activities with greater certainty,” Maurice said.
“Drilling Lucky Break and some other exciting targets is our immediate priority. As well, we have more exploration results pending from the recent sampling
program and some desk top work undertaken by our technical team. We look forward to reporting on these,” he added.
Despite this positive news, QX ended the day down 5.56 per cent and is trading at 1.7 cents per share.