Encouraging early signs from QX Resources’ big lithium brine play
Special Report: QX Resources says diamond drilling is advancing successfully on the first hole of a drill program over its large-scale Liberty Lithium Brine project in California, USA.
The company entered an agreement to earn a 75% interest in the 102km2 project back in October, which it says is one of the largest single lithium brine projects in the USA – equivalent to twice the size of the Sydney Harbour.
But its more than just the size that’s appealing, with the project’s geological setting mirroring Albemarle’s nearby producing Silver Peak lithium brine deposit in the Clayton Valley, Nevada – as well as major brine projects in Argentina.
Current drilling at Liberty is centred over an extensive lithium brine surface anomaly and is progressing smoothly to target a series of lithium brine bearing aquifers at depth.
Drilling has now advanced to 240m depth in the first hole, with a target depth of 500m planned.
So far, a series of encouraging fine grained sediments with gravels have been intersected which the company says are encouraging early signs, as they are similar to Clayton Valley.
“We are most impressed with the quality and advancement of drilling since operations commenced on 9 November, as well as with the excellent geological team we have on site,” QX Resources (ASX:QXR) managing director Stephen Promnitz said.
“The fine-grained sediments with gravels intersected is an encouraging early sign.
“Seeing again the Liberty lithium project in the flesh was a reminder of what a large lithium brine target this is with all the hallmarks of a successful brine project.
“We will continue to update investors as drilling advances towards the target zone and continue to report on the progress we are making with the Pilbara hard rock projects.”
The second hole planned – 4km to the south – will target a large conductive geophysical anomaly that has identified conductive brine aquifer targets in a deep closed basin.
What are lithium brines? How do they differ from hard rock deposits? And what does DLE stand for?
Tune in below to hear Stockhead’s Sarah Hughan learn the answers to these questions and more from QXR’s Promnitz.
Meanwhile, at the company’s Turner River project in the Pilbara, QXR has returned some of the highest-grade samples of lithium ever recorded in the region of up to 3.8% lithium oxide and 1.3% rubidium from rock chip samples.
Turner River is part of what QXR is describing as the “Split Rock Supersuite”, which is associated with the Wodgina and Pilgangoora lithium mines, as well as the 18Mt Marble Bar project being developed by Global Lithium Resources (ASX: GL1).
QXR owns 100% of four projects in the region.
This article was developed in collaboration with QX Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.