Can QX Resources Overcome Heritage Delays to Advance Queensland Gold Projects?

Uranium Potential in Tanzania

QX Resources Limited (ASX, QXR) has continued to build on its strategic uranium exploration footprint with ongoing work at the Madaba Uranium Project in southern Tanzania. The project covers a substantial 613 square kilometres and targets geological settings akin to the world-class Nyota Uranium Deposit, which boasts a resource of 125 million pounds of uranium oxide at a grade of 300 parts per million.

During the September quarter, QXR focused on digitising and reviewing historical drilling data, which has revealed multiple high-grade uranium intersections. Notably, some drill holes intersected stacked uranium seams, suggesting substantial mineralisation potential. Historical assays include impressive grades such as 15 metres at 612 ppm uranium oxide from shallow depths, and intervals with grades exceeding 2,400 ppm in narrower zones.

Gold and Base Metals Exploration in Queensland

In Queensland, QXR holds nearly 100,000 hectares of gold projects within the Drummond Basin, an area with a rich 8.5 million ounce gold endowment. The company is advancing heritage clearances to enable further trenching and drilling, particularly at the Disney-Big Red Project, where historic trench results have identified high-grade gold zones. These zones, extending over hundreds of metres, present drill-ready targets with grades up to 23 grams per tonne gold in narrow intervals.

QXR also maintains copper-gold-molybdenum exploration permits covering over 600 square kilometres in Queensland. While no ground exploration occurred this quarter, geophysical targets such as the Creek deposit offer promising analogues to nearby successful molybdenum and copper-gold deposits.

Pilbara Iron Ore Farm-Out and Lithium Projects

In Western Australia’s Pilbara region, QXR has entered a binding term sheet to farm out a 75% interest in the iron ore rights at its Western Shaw Project. The agreement requires the farm-in partner to spend at least $1 million on exploration within 12 months, after which a joint venture will be formed. QXR will retain a 25% interest and receive a royalty on iron ore production, providing a low-risk pathway to monetise this asset.

QXR’s lithium portfolio in the Pilbara, comprising four 100% owned hard-rock projects, remains strategically positioned near major lithium deposits. Although no fieldwork was conducted this quarter, these assets add to the company’s diversified exploration base.

Corporate and Financial Position

The company strengthened its board with the appointment of Russell Bradford, a seasoned mining executive with expertise in African uranium projects. Financially, QXR raised approximately $1.31 million through a placement in September and an additional $818,000 post-quarter via an entitlement offer, bolstering its cash position to around $676,000 at quarter-end. Exploration expenditure was modest at $18,000, reflecting the early-stage nature of many projects and ongoing preparatory work.

Looking ahead, QXR plans to initiate low-cost exploration programs at Madaba, including detailed airborne radiometric surveys, trenching, and drilling to refine targets. In Queensland, heritage clearances will be pivotal to advancing gold and base metal exploration activities.