Moly development progressing on Central Queensland site

Another minerals junior miner in Central Queensland is putting up its hand following good exploration results. QX Resources has confirmed its decision to progress its advanced stage Anthony Molybdenum deposit which sits within QX’s 115km2 of permits around 250km south west of Mackay in Central Queensland. QX Resources entered into an earn-in agreement with Zamia Resources 12 months ago (Jul 20), a wholly-owned subsidiary of Zamia Metals Limited which owns four (4) exploration licenses in the Central Queensland goldfields. Historical mining site The lease houses two open pit historical gold mines, the Belyando and Lucky Break Mines, as well as multiple unexplored targets situated in the Clermont district. Anthony Mo deposit. Coarse molybdenite in Hole RCD70 “The Anthony Mo deposit was a major opportunity for an ASX-listed junior given the quality of the asset and the substantial investment that had been made to define what is a very large Mo resource with excellent grades, saidQX Resources Non-Executive Director Roger Jackson. “Anthony holds the status as being one of Australia’s largest undeveloped pure Mo deposits which is yet to be exploited. “Zamia invested many millions of dollars comprehensively drilling this resource to define a large Mineral Resource Estimate which is the foundation to take the project into the development phase." Related: QX Resources builds funds to drive CQ projects The objective was to transform Anthony into another major Queensland mining project and capitalise on the growing demand for molybdenum from multiple industries, said Mr Jackson. “Our plan is to advance Anthony concurrently with our gold projects where we have an active exploration program underway. We are very committed to the gold projects and they also have considerable unlocked value. We have sufficient resources to advance work on both commodities. “Assay results from the Lucky Break drill program are likely to be reported next week and we look forward to providing shareholders with regular updates as we advance Anthony and our gold projects.” “Assay results from the Lucky Break drill program are likely to be reported next week and we look forward to providing shareholders with regular updates as we advance Anthony and our gold projects.” Highlights: Anthony is an advanced-stage pure Mo deposit located in a Tier 1 jurisdiction and is yet to be fully exploited.Hellman & Schofield Pty Ltd produced the Mineral Resource Estimate (MRE) in 2012 for the Anthony Mo deposit that was publicly reported under JORC 2004 on 15 March 2012 by Zamia Metals Limited.The Inferred Resource for the primary (sulphide) zone stands at 112 million lb of contained Mo using a 400 ppm Mo cut-off grade.The Inferred Resources for the oxide and partial oxide zones are 20 and 6 million lb, respectively, of contained Mo using a 400 ppm Mo cut-off grade.At a cut-off grade of 600 ppm Mo, the Inferred Resource for the primary (sulphide) zone includes 20mt at 800 ppm Mo for 35m lb Mo.QX is exceptionally well-placed to benefit from a strong Mo price which has increased more than 100% over 12 months to ~US$40 per kg based on daily metal price5.A comprehensive work program has commenced which entails:desktop data processing of all historical drill results and other information, review of all the drill core which has been located and inspected by QX’s team;updating the current MRE so it is compliant with the 2012 JORC code;updating the current MRE so it is compliant with the 2012 JORC code;further metallurgical review and test work; and further beneficiation review and test work. The region consists of scattered low-rising hills surrounded by black soil and alluvium plains. The hills have proven to be good exploration targets due to quartz veining and silicification related to mineralisation. The Charters Towers to Clermont belt in Central Queensland has been a significant gold-producing area since the 1860s, when gold was discovered at Clermont. The gold deposits are of epithermal style.

Moly development progressing on Central Queensland site

Industry Queensland

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