QX Resources Ltd (QXR.AX) Drilling to Commence at Liberty Lithium Brine Project

QX Resources Limited (ASX:QXR) has contracted a diamond drilling rig with an experienced team to commence a 1000 metre drill program in the coming days over the large scale Liberty Lithium brine project in California, USA.

Two large diameter (PQ) deep diamond drillholes (500m each) have been approved. The targets are centred over an extensive surface lithium brine surface anomaly over 10km as well as large geophysical anomalies (MT geophysics) that indicate conductive brine aquifer targets in a deep closed basin 10km (ASX announcement 26 July 2023).

Drilling is targeting the potential for aquifers at depth hosting lithium bearing brines. Bulk volumes of brine will be submitted for analysis and testwork with various direct lithium extraction (DLE) providers. Each drillhole will be sampled downhole together with downhole geophysics. The vendor (IG Lithium) has been able to provide an experienced support team for the program together with QXR appointees.

QXR entered an Option to Purchase Agreement to earn a 75% interest of the 102km2 Liberty Lithium Brine Project, located in SaltFire Flat, in California, USA. The Project is one of the largest single lithium brine projects in the USA (for scale, equivalent to 2x area of Sydney Harbour). The Project's geological setting mirrors Albemarle's nearby producing Silver Peak lithium brine deposit in Clayton Valley USA1 and major Argentina brine projects.

QXR Managing Director, Stephen Promnitz, said: "Drilling will be underway within days at the Liberty Lithium Project to target lithium brine bearing aquifers. These targets are modelled from geochemistry, geophysics and the geological setting, based on past successes. This is potentially a new large-scale lithium brine project - in the heartland of a rapidly growing battery supply chain in the USA. Participants in the USA are aggressively seeking to secure domestic battery minerals supply to balance potential supply side risks to the energy transition.

End-users, DLE technology providers, project developers and battery makers have intimated interest in participating with us once we identify lithium brines in drillholes. The project is located near to long life evaporation operations, and is well-serviced by roads and power in an industrial region keen to be part of the energy transition."

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Steve Promnitz
Managing Director
T: +61-423-333-296
E: steve@qxresources.com.au

Maurice Feilich
Executive Chairman
T: +61-411-545-262

Sam Jacobs
Six Degrees Investor Relations
T: +61-423-755-909

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