All eyes on “huge” lithium prize for QX Resources as drilling starts up at Liberty Lithium

Two diamond holes for 1,000m are being drilled at high-value targets at the Liberty Lithium brine project
>10km of lithium brine anomaly has been identified near surface from auger drilling, hitting up to 215ppm Li
Lithium giant Albemarle is already in production at the nearby Silver Lake in a similar geological setting

Special Report: Drilling is under way at QX Resources’ 102km2 Liberty Lithium project in California, targeting a high-value, extensive surface brine anomaly and a large conductive geophysical feature to prove up what the company believes has the potential to be a huge lithium prize.

Exploration has moved fast since battery minerals-focused QX Resources (ASX:QXR) obtained a 75% earn-in to Liberty Lithium which covers twice the size of Sydney Harbour as one of the largest single lithium brine projects in the US.

The earn-in deal is comprised of a US$2m spend in staged payments over 27 months to fund exploration through to a definitive feasibility (DFS) stage. QXR is certainly cashed up for this, having recently raised $3.5m to progress the project.

Its geological setting mirrors that of nearby producing Albemarle’s Silver Lake lithium brine deposit and other major lithium deposits in South America.

Drilling at the Liberty Lithium brine project. Pic via QXR

The first hole for 500m will target the highest values of the identified and extensive brine surface anomaly of >10km, while the second hole – 2km to the south – will target a large conductive geophysical anomaly that has identified conductive brine aquifer targets in a deep closed basin.

The two diamond drill holes at Liberty. Pic via QXR

Managing director Stephen Promnitz – formerly of Lake Resources (ASX:LKE) – says the company has, in quick succession, been able to secure a large lithium brine asset in a Tier-1 jurisdiction, raise capital and mobilise an experienced team to site in next to no time.

“The Liberty Lithium project is potentially a huge prize, being a large-scale lithium brine target in a deep closed basin with all the hallmarks for success including the right geochemistry, geophysics and geological setting,” he says.

“The project is in a Tier-1 jurisdiction centrally located to a rapidly growing battery supply chain in the USA.

“I’m looking forward to keeping investors updated as drilling progresses with new systems in place to quickly assess the potential on-site.”

What the Facts on direct lithium extraction?

Want to know more about lithium brine projects and how they are amenable to direct extraction methods? Hear Promnitz spill the beans to Stockhead host Sarah Hughan below.

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.

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