- QX Resources (QXR) enters a binding option agreement with Redstone Metals to acquire the Turner River Lithium Project in Western Australia
- The company has already paid a $10,000 option fee to undertake 30 days of due diligence
- If the company chooses to exercise the option over the project, it will issue 12 million fully paid shares to Redstone to acquire 100 per cent of the project
- As the project is still in the application stage, the transfer of ownership is subject to granting and ministerial consent
- Shares in QXR are up a healthy 46.2 per cent on the market and are trading at 1.9 cents at 12:48 pm AEST
QX Resources (QXR) has entered a binding option agreement with Redstone Metals to acquire the Turner River Lithium Project.
The Turner River Project lies in the Pilbara region of Western Australia – one of the world’s premium lithium provinces.
The project consists of exploration licence application ELA45/6042, which covers an area of 45 square kilometres, and it lies around 120 kilometres south of Port Hedland.
QXR has already paid a $10,000 option fee to undertake 30 days of due diligence.
If the company chooses to exercise the option over the project, it will issue 12 million fully paid shares to Redstone to acquire 100 per cent of the project.
As the exploration licence is still in the application stage, the transfer of ownership is subject to granting and ministerial consent.
QXR Chairman Maurice Feilich commented on the agreement.
“Turner River represents an excellent opportunity for QX to secure a highly prospective lithium asset right within Australia’s premier address for such projects and nearby to two large, established lithium operations,” Mr Feilich said.
“It potentially gives us exposure to minerals that are instrumental to the growth and development of the electric vehicle and clean energy sectors, and in a tier one mining jurisdiction of Western Australia.
“We are excited about the acquisition opportunity and are keen to get on the ground to assess the prospect fully and execute the option agreement thereafter.”
Shares in QXR were up a healthy 46.2 per cent on the market and were trading at 1.9 cents at 12:48 pm AEST.