{"id":11350,"date":"2024-06-25T04:42:54","date_gmt":"2024-06-25T04:42:54","guid":{"rendered":"https:\/\/economicherald.net\/?p=11350"},"modified":"2024-06-25T04:42:54","modified_gmt":"2024-06-25T04:42:54","slug":"qxr-looks-for-hidden-fortune-in-queenslands-old-gold","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=11350","title":{"rendered":"QXR looks for hidden fortune in Queensland\u2019s Old Gold"},"content":{"rendered":"<p>Follow-up trenching program is planned for Big Red gold project in central Queensland<br \/>\nPrevious trenching at Big Red returned high grade gold results including 9m at 5.9g\/t gold<br \/>\nA reassessment of two shuttered open pit gold mines within QXR\u2019s ground has also kicked off which were last mined at gold prices below A$500\/oz<br \/>\nMeanwhile, QX says its US lithium project has geological similarities to Albemarle\u2019s Silver Peak<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special report<\/em>: QX Resources is set to begin a trenching program at Big Red as it reassesses closed open pit gold mines at the Queensland site. <\/strong><\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/qx-resources-qxr\/\"><strong>QX Resources\u2019 (ASX:QXR)<\/strong><\/a> exposure to copper, gold and molybdenum stem from its assets covering more than 100,000 hectares in the Drummond Basin of central Queensland, an underdeveloped region with a long history of ongoing gold mining and an endowment of over 8.5Moz. This district was the start of Evolution mining as Conquest back in 2010-2011.<\/p>\n<p>The company is undertaking a reassessment of two shuttered open pit gold mines within its ground that were last operated when the gold price was less than A$500\/oz.<\/p>\n<p>Now, with prices soaring to a comfortable ~A$3,500\/oz, the company believes the time is right to dig deeper into the gold potential at Big Red.<\/p>\n<p>\u00a0<\/p>\n<p>Big Red\u2019s past trenches; quartz breccias; are of past trenches (yellow rectangle) and planned extensions (orange rectangle). Pic via QXR<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Trenching followed by drilling <\/strong><\/h2>\n<p>A new program of trenching has begun, following up where prior trenching left off and returned mineralised widths of 9m at 5.9g\/t gold.<\/p>\n<p>It is an initial phase to extend two north-east trending elongate zones previously encountered in QXR trenches with high grade gold results occurring over a strike length of 650m.<\/p>\n<p>The company believes the zones may be up to 1,200m long based on past soil sampling and geophysics.<\/p>\n<p>The current program is planned to extend the zone of high-grade gold mineralisation prior to a drilling campaign over a number of shallow targets.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>\u2018Excellent potential for a gold discovery\u2019 <\/strong><\/h2>\n<p>\u201cQXR has excellent potential for a gold discovery at Big Red in Queensland, which will be followed-up in the planned trenching program and followed later by a drill program, previously delayed due to inclement weather,\u201d QXR managing director Stephen Promnitz says.<\/p>\n<p>\u201cNearby closed open pit gold mines were operating at much lower gold prices and show potential for future production as part of a reassessment of their potential.\u201d<\/p>\n<p>The two open cut mines, Belyando and Lucky Break, were closed when gold was fetching around 15% of current gold prices.<\/p>\n<p>\u00a0<\/p>\n<p>QXR\u2019s shuttered Belyando open pit gold mine. Pic via QXR<\/p>\n<p>\u00a0<\/p>\n<p>Drilling data by QXR and previous explorers show potential exists for down dip extensions to known gold mineralised zones and parallel features, as well as extensions along strike.<\/p>\n<p>The company believes the potential of Big Red may be similar to the nearby Twin Hills deposit, which boasts roughly 1Moz (23.1Mt at 1.5g\/t gold).<\/p>\n<p>\u00a0<\/p>\n<h2><strong>US Lithium Project geologically similar to Albemarle\u2019s nearby lithium producer<\/strong><\/h2>\n<p>Last week, QX confirmed its lithium project has geological similarities to Albemarle\u2019s Silver Peak based on recent drilling.<\/p>\n<p>Multiple horizons have been confirmed by two diamond drill holes at QX Resources\u2019 Liberty Lithium Project in California, indicating the existance of a large brine basin with numerous brine aquifers. Geological similarities were confirmed with mining major Albemarle\u2019s Silver Peak mine across that state border.<\/p>\n<p>\u201cQXR has defined a new large scale brine basin, saturated with brines, at the Liberty lithium brine project,\u201d QXR managing director Stephen Promnitz says.<\/p>\n<p>\u201cA large near-surface brine field with lithium potential is currently rare in the USA \u2013 and the geological setting, with conglomerates loaded with brines, is similar to Albemarle\u2019s producing deposit.\u201d<\/p>\n<p>Potential drilling is planned to intersect deep lithium brines in the centre of the basin.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with QX Resources, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/qxr-looks-for-hidden-fortune-in-queenslands-old-gold\/\">QXR looks for hidden fortune in Queensland\u2019s Old Gold<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Follow-up trenching program is planned for Big Red gold project in central Queensland Previous trenching at Big Red returned high grade gold results including 9m <a href=\"https:\/\/economicherald.net\/?p=11350\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":11351,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - 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