QX on charm offensive with Stardust Power

QX Resources (ASX:QXR) has entered into a letter of intent with American manufacturer of battery-grade lithium producer Stardust Power, to negotiate a formal agreement. 

The LoI involves assessing the lithium brines from QX’s ‘large-scale’ Liberty Lithium Brine Project in the US, dependent on results and evaluating options to potentially supply Stardust with lithium brine products on a non-exclusive basis for processing into battery-grade lithium materials for electric vehicles. 

QX, which has a market capitalisation of $21 million, is awaiting results and interpretations in the coming weeks from 2 drillholes, located 4km apart, which intersected numerous brine bearing aquifers at the Liberty project. 

Managing Director Stephen Promnitz says the company has been in discussions with direct lithium extraction technology providers, lithium product processors and end users to advance the project. 

“Stardust is an emerging new processor of lithium for batteries and we are keen to advance discussions with them.”

Stardust is developing a strategically and centrally located lithium refinery in Oklahoma with plans for producing up to 50,000 metric tonnes per annum of battery-grade lithium and is securing sources of lithium brine feedstock to turn into battery grade lithium products ready for use across the lithium supply chain.  

QX has the ability to earn a 75% interest in the 102km-square Liberty project. The project is one of the ‘largest’ single lithium brine projects in the US. 

QX Resources is a battery minerals explorer and developer focused on its hard-rock lithium assets in Western Australia, lithium-brine projects in the US, and copper-molybdenum-gold projects in Queensland, as well as a strategic investment in Sweden. 

As of 31 December 2023, the company had $2.11 million cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: QX Resources
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Mandrake confirms Utah’s uranium prospectivity

Mandrake Resources (ASX:MAN) has confirmed the uranium prospectivity within its Utah Lithium Project in Utah, via preliminary field work and rock chip sampling. 

The $23.39 million market capitalisation company reports initial results from the activities returned ‘consistent, significant’ concentrations of uranium, with up to 0.55% triuranium octoxide (U3O8). 

Managing Director James Allchurch says the results confirm ‘high-grade’ uranium mineralisation and provide impetus for the work undertaken in compiling and assessing petrophysical data from oil oil and gas wells across the project. 

“Interrogation of the 3D seismic and the petrophysical wellbore data is seeking to identify significant uranium mineralisation in the sub surface. 

Despite the downbeat lithium sector, Mandrake continues to advance the lithium brine asset and I look forward to presenting the JORC-compliant lithium exploration target shortly, along with other related material developments.”

A total of 6 samples were collected and submitted to ALS Global’s laboratory in Reno, Nevada for analysis. Mandrake expects results to be returned in March 2024. 

The Utah project covers a 93,755 acre area in the Lisbon Valley of Utah. 

Mandrake Resources is a diversified mineral explorer focused on lithium, nickel, copper, platinum group elements, uranium, and gold. 

As of 31 December 2023, the company had $15.3 million cash at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Mandrake Resources
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Pantera drives growth with Daytona deal

Pantera Minerals (ASX:PFE) has secured 100% ownership of the Superbird Lithium Brine Project in the US, following the completion of acquiring Daytona Lithium. 

Chief Executive Officer Matt Hansen says completing this acquisition is a ‘major’ milestone as the Superbird project is an ‘impressive’ 13,457 acres and is growing quickly through the strategic utilisation of the 50,000-acre abstract agreement. 

Superbird is supported by a 50-000 acre abstract agreement which ensures access to mineral ownership records, confirming owners, and ensuring that leases are executed with the correct mineral rights holders. 

Hansen says: “With multiple significant acreage positions under negotiation the project is well on its way to securing its first major milestone of 20,000 acres. 

Our lithium project has the potential to enhance supply stability for businesses investing in electric vehicle and battery production plants in North America by offering a final product that is produced in Arkansas and remains in the US. 

This makes the project an invaluable asset to these companies and bolsters the critical mineral security of the US.”

The company intends to re-enter an identified well that lies within the Superbird project area, to test brine grade, permeability, and porosity from the Smackover Formation. 

Meanwhile, direct lithium extraction (DLE) technology providers will be testing DLE of re-entry well samples. 

Pantera, which has a market capitalisation of $6.23 million, is also working on acquiring existing 2D seismic, magnetic, and gravity data to facilitate subsurface modelling of the project’s area of interest. 

This modelling will provide Pantera with clear drilling locations for the first resource definition wells. 

Upon completing this, Pantera will be continuing acquisitions of additional project acreage. 

On 11 December 2023, Pantera entered into a binding implementation agreement to acquire Daytona.

Pantera now is the only listed junior explorer in the Arkansas Smackover Lithium Brine play and adjacent and on trend from Exxon Mobil’s (NYSE:XON) lithium brine project. 

The company notes immediately east to the Daytona project, Exxon recently drilled multiple lithium brine wells on their leased acres and are planning to build a ‘large’ lithium brine processing facility to bring its project into production. 

As of 31 December 2023, the company had $1.88 million cash and cash equivalents at hand, according to its latest quarterly report. 

Pantera Minerals is an Australian mineral explorer focused on its 4 assets in Western Australia, as well as its lithium project in Arkansas, US. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Pantera Minerals
Author Image
Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.