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- QX Resources (QXR) has signed an option agreement with Redstone Metals to acquire the highly-prospective Shaw Lithium Project in the Pilbara
- An estimated 11-kilometre long branded iron strike was identified within the licenced space including the Garden Greek iron ore prospect originally owned by Atlas iron
- A 30 day grace period will allow QXR to perform due diligence for a lithium mine as well as other prospects of iron ore, gold and nickel mineralisation
- If QXR decides to exercise their option over the site, an additional $50,000 is to be paid to Redstone in addition to 40 million fully paid shares, subject to shareholder approval
- QX Resources are green by 3.45 per cent and are trading at 3 cents a share
QX Resources (QXR) has signed an option agreement with Redstone Metals to acquire the highly-prospective Shaw Lithium Project in the Pilbara.
The companies have entered a 30 day grace period allowing QXR to perform due diligence for a lithium mine as well as other prospects of iron ore, gold and nickel mineralisation.
The project sits 220 kilometres southeast of Port Hedland and spans 81 square kilometres through the Shaw Region.
An estimated 11-kilometre long branded iron strike was identified within the licenced space including the Garden Greek iron ore prospect originally owned by Atlas Iron.
The initial agreement cost QXR $50,000 and was paid in full to Redstone prior to the commencement of the due diligence.
Should QXR take up the option, an additional $50,000 will be paid to Redstone along with 40 million fully paid shares, subject to shareholder approval.
QX Chairman Maurice Feilich said expanding in the Pilbara will help consolidate the company’s lithium portfolio.
“Should we execute this option agreement and given this is a granted EL, we anticipate
immediately commencing first pass exploration activity to define further mineralisation,” he said.
“As well as the lithium potential, Western Shaw’s extensive iron ore mineralisation offers further upside given a proven and identified 11km banded iron formation with outstanding historical samples and multiple outcrops.
“The work at our gold and molybdenum projects in Queensland is continuing uninterrupted and we look forward to updating shareholders here very soon on progress.”
QX Resources were green by 3.45 per cent and were trading at 3 cents a share at 1.14 pm AEDT.
