QX has acquired a 100 per cent interest in a highly prospective lithium project in the Pilbara region of Western Australia – one of the world’s premium lithium provinces.
QX Resources Limited has entered into a binding option agreement with Redstone Metals Pty Ltd which gives the company 30-days to undertake due diligence on the Turner River lithium project located in the Pilbara lithium province of Western Australia.
QX Chairman Maurice Feilich said Turner River represents an opportunity for the company to secure a highly prospective lithium asset right within Australia’s premier address for such projects and nearby to two large and established lithium operations, the Pilgangoora (309Mt @ 1.14% Li2O, Pilbara Minerals) and Wodgina (259Mt @ 1.17% Li, Mineral Resources/Albemarle).
The project spans 45 square kilometres and is located approximately 17 kilometres south of the Wodgina mine and about 30 kilometres southwest from Pilgangoora.
“It potentially gives us exposure to minerals that are instrumental to the growth and development of the EV and clean energy sectors and in a tier 1 mining jurisdiction of Western Australia.
He said equally appealing is the presence of tin and tantalum across the leases which gives the company exposure to another commodity where there has been considerable price appreciation.
“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.”
QX has a 30-day option to undertake technical due-diligence; upon exercise, QX will issue the vendor (or its nominee) 12 million QX ordinary shares. The technical team is readying for a field mapping and sampling program in coming weeks.
QX continues to expand its portfolio of exploration and project development assets in Queensland in Western Australia. The majority of the company’s expenditure is currently centred on the gold projects in Queensland with a goal to definine a mineral resource estimate.