QX Resources (ASX: QXR) reports that it has encountered ‘numerous’ pegmatite dykes during an initial field inspection within the Turner River Lithium Project in Western Australia’s Pilbara region.
QX Resources and Redstone Metals Pty Ltd had executed a binding purchase option agreement which grants the company 30 days exclusivity to undertake due diligence at Turner River, before granting 12 million fully paid shares in the company should QX Resources choose to exercise the option.
As part of QXR’s due diligence review, the tenement’s terrain was inspected for ease of accessibility for ground-based exploration activities and for general geological observations including the presence of mineralisation. The company also completed initial sampling.
“We’ve hit the ground running with our due diligence on Turner River and the results from the initial inspection are most encouraging”
QX Resources Chairman Maurice Feilich said: “We’ve hit the ground running with our due diligence on Turner River and the results from the initial inspection are most encouraging. Confirmation of numerous pegmatite dykes highlight the potential for possible lithium mineralisation sitting within the project area and we look forward to receiving first assay results.
Sitting within Australia’s premier destination for lithium projects, Turner River is an excellent opportunity for QX Resources to secure a highly prospective asset of this nature. This first pass site visit has given us much greater confidence in the project and indeed the region and we are assessing other asset opportunities in the region that have the same exploration characteristics.”
QXR notes that the region is home to several pegmatite-hosted lithium deposits all related to large granite batholiths and with associated tin mineralisation. This includes the Wodgina Lithium Mine located 20km north of the Turner River tenements, where lithium in the form of spodumene was recovered from pegmatites hosting quartz, feldspar, spodumene, and muscovite mica.
Samples collected from the site visit have been submitted for analysis for lithium and associated elements, while due diligence is expected to be finalised in the coming weeks.
Images: QX Resources Limited
