Junior explorer SQX Resources (ASX:SQX) is ready to begin induced polarisation (IP) geophysical activities at its Scrub Paddock and Ollenburgs prospects in southeast Queensland.
The company says activities at Scrub Paddock have been designed to identify new anomalies to target for drilling and to infill existing IP survey lines to better understand the location of existing IP anomalies.
It comes after drill assay results suggested historical drilling in the area could have been peripheral to a copper-gold porphyry system.
SQX Resources reports it will move forward with a cultural heritage survey in November/December this year, as well as a combined reverse circulation (RC) and diamond drill program in January 2024 if warranted.
Meanwhile, at Ollenburgs, the company notes activities will be undertaken to determine drillhole locations using historical surface geochemical results and, if warranted, enable the start of both a cultural heritage survey and RC drilling in November/December this year and January 2024, respectively.
Speaking on the upcoming activities, SQX Resources Chief Executive Officer (CEO) Mark Purcell says: “SQX engaged H&SC Consultants (HS&C) to undertake an independent review of Scrub Paddock drill assay results, in conjunction with other historical results, to better understand its prospectivity and to optimise future planned activities at the Scrub Paddock Prospect.
HS&C concluded that, among other findings, drilling may have been situated peripherally to a Cu-Au porphyry system, suggesting there is still potential to find an economic porphyry system at Scrub Paddock. Recommended next steps included infill induced polarisation (IP) geophysical studies in conjunction with further analysis of lithogeochemical attributes and logged lithology.
“A maiden drill program at Ollenburgs is planned to commence in January”
Having considered these findings and recommendations, SQX is planning a combined Scrub Paddock and Ollenburgs IP survey program to commence in September. Soil sampling is also planned to commence at Scrub Paddock in September. A maiden drill program at Ollenburgs is planned to commence in January and, if IP survey and soil sampling results justify, a follow-up drill program at Scrub Paddock is planned to commence immediately thereafter.”
SQX Resources is an ASX-listed mineral explorer focused on building a portfolio of exploration, development, and operating assets.
The company’s Scrubb Paddock and Ollenburgs prospects are located within the underexplored Esk Basin in South East Queensland near major regional infrastructure and population centres. Both prospects are host to known mineralisation and historical mine workings.
SQX Resources had $2.97 million cash at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: SQX Resources Ltd
