QX Resources has confirmed high-grade uranium mineralisation at its Madaba project in Tanzania and commissioned a detailed airborne radiometric survey to refine drill targets. Meanwhile, gold and iron ore projects in Australia await further exploration.
- Digitisation of historical drilling confirms high-grade uranium at Madaba
- High-resolution helicopter-borne radiometric survey underway
- Gold exploration plans at Big Red Project in Queensland
- Pilbara iron ore farm-out agreement progressing with planned drilling
- December quarter cash position of approximately $1.07 million
Uranium Exploration Momentum at Madaba
QX Resources Limited (ASX, QXR) has made significant strides in its uranium exploration efforts during the December 2025 quarter, focusing on the Madaba Uranium Project in southern Tanzania. The company’s ongoing review and digitisation of historical drilling data have reinforced the presence of high-grade uranium mineralisation, with numerous drill holes intersecting stacked uranium seams that present substantial targets for follow-up drilling.
Notably, historical assays reveal impressive grades, including intervals such as 15 metres at 612 ppm uranium oxide from shallow depths, and even higher-grade zones within those intervals. These results underscore Madaba’s potential to emulate the nearby world-class Nyota Uranium Deposit, which boasts a resource of 125 million pounds of uranium oxide.
New High-Resolution Airborne Survey to Accelerate Targeting
To expedite exploration, QX Resources has engaged New Resolution Geophysics to conduct a high-resolution helicopter-borne radiometric and magnetic survey over the Madaba project. This modern survey, with line spacing between 50 to 150 metres, represents a significant upgrade from the historical government survey conducted on a 1-kilometre line spacing in the late 1970s and early 1980s.
The radiometric survey is a crucial tool in uranium exploration, enabling direct detection of uranium anomalies and detailed mapping of geological structures and alteration zones. This approach is expected to sharpen the company’s ability to delineate and prioritise drill targets efficiently and cost-effectively.
Gold and Base Metals Projects Await Further Activity
In Queensland, QX Resources holds extensive gold exploration tenements within the Drummond Basin, an area with a rich history of gold production. The company plans to extend high-grade gold zones at its Big Red Project through trenching before commencing a drilling program. However, no ground exploration was conducted during the quarter due to weather and ground conditions.
Similarly, copper-gold-molybdenum projects in Queensland and lithium projects in Western Australia saw no on-ground activity this quarter, reflecting a strategic focus on advancing key projects and preparing for future work.
Pilbara Iron Ore Farm-Out and Drilling Plans
QX Resources continues to progress a farm-out agreement for a 75% interest in the iron ore rights at its Western Shaw Project in the Pilbara region of Western Australia. The company has submitted a Program of Work for a planned 500-metre reverse circulation drilling program aimed at confirming near-surface high-grade iron ore continuity and collecting metallurgical samples. This drilling will inform future development strategies for the project.
Corporate and Financial Position
During the quarter, QX Resources completed a placement raising $200,000 through the issue of 50 million shares at $0.004 each, alongside issuing shares to the Madaba project facilitator. The company ended the quarter with approximately $1.07 million in cash and $33,000 in liquid investments, while spending $186,000 on direct exploration activities. Payments to related parties, including directors, totalled $110,000 for services rendered.
Looking ahead, QX Resources remains actively engaged in assessing new project opportunities both within Australia and internationally, maintaining a balanced portfolio across uranium, gold, base metals, iron ore, and lithium.
Bottom Line?
With high-grade uranium targets confirmed and a modern airborne survey underway, QX Resources is poised to unlock value at Madaba while preparing for drilling campaigns across its diversified portfolio.
Questions in the middle?
- When will results from the Madaba airborne radiometric survey be released, and how might they influence drilling plans?
- What is the timeline for the planned drilling program at the Big Red gold project following trenching?
- How will the farm-out agreement for the Pilbara iron ore project impact QX Resources’ capital and operational focus?