QXR has a significant 39% investment in unlisted public Australian company Bayrock Resources which has a portfolio of highly prospective battery minerals assets in Sweden. Pic via Getty Images
Mining
QXR has revealed it could be onto a potential district scale development of nickel-copper-cobalt projects at Vuostok in northern Sweden, held by Bayrock Resources (an unlisted company which QXR has a 39% holding in).
Diamond drilling of 17 holes (508m) has wrapped up at the Storbodsund prospect within the Vuostok project, a near surface nickel-copper project.
QX Resources (ASX:QXR) has assisted Bayrock with financing and development of its projects, considered highly prospective for key battery metals like nickel, copper and cobalt.
Storbodsund is one of four known prospects at the site, which lies within 60km of Bayrock’s Lainejaur high-grade nickel-copper-cobalt deposit.
Drilling has been focused on identifying and characterising sufficient mineralisation within potential trucking distance of Lainejaur to advance the potential for future stand-alone nickel-copper operations or additional ore feed for a potential Lainejaur operation.
Massive, disseminated clusters of sulphides with visible nickel and copper minerals were intersected by seven diamond drillholes within intervals up to 6 meters thick, less than 18 metres from surface and under a thin cover of glacial sediments.
Previous drilling, intersected 70 years ago in the flat-lying Storbodsund deposit of near-surface sulphides, showed massive nickel-copper sulphides (average grade 2.3% nickel and 0.6% copper) between 0.3-3.9 meters thick.
QXR managing director Steve Promnitz says Bayrock continues to deliver high-grade massive sulphide nickel-copper mineralisation at Lainejaur and now at Vuostok.
“We await assay results which should be a catalyst to add further value to developing district scale nickel projects in a mining friendly region of Sweden that is prospective for key battery minerals.”
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.
