SQX Resources Extends High-Grade Near-Surface Gold at Red Bird, Arizona

Outstanding Near-Surface Gold Intercepts Reinforce Open-Pit Potential

SQX Resources Limited (ASX:SQX) has unveiled a fresh tranche of strong gold assay results from its maiden reverse circulation (RC) drilling campaign at the Red Bird Gold Project in Arizona. The latest batch, covering 14 of the planned 25 holes, features multiple thick, high-grade intercepts starting from or very close to surface, a key indicator for potential low-cost open-pit mining.

Standout results include 24.4 metres at 3.1 grams per tonne (g/t) gold from 22.9 metres depth (including 9.1 metres at 6.6 g/t Au) and 13.7 metres at 2.9 g/t Au from just 1.5 metres (with a higher-grade 4.6 metres at 7.8 g/t Au). These intercepts, alongside others like 25.9 metres at 2.4 g/t Au and 22.9 metres at 1.7 g/t Au, collectively confirm a substantial, shallow gold system extending at least 60 metres vertically with consistent grade and width across multiple drill sections.

Expanding Footprint with Remaining Assays and Planned Geophysics

The drilling program, designed to systematically test known mineralisation and its extensions at Red Bird, is still incomplete with 11 holes pending assay results. SQX executive director Dr Julian Stephens emphasised that the project remains in its early stages, highlighting the potential to expand the mineralised footprint significantly.

Complementing the drilling, an induced polarisation (IP) geophysical survey is set to commence mid-April, aiming to identify deeper and along-strike targets beyond the current mineralisation envelope. This approach follows the company’s previous successful reporting of broad near-surface gold hits, which established continuity and vertical extent to at least 60 metres depth, reinforcing the project's open-pit prospects broad near-surface gold mineralisation.

Historical Context and Technical Insights

The Red Bird project sits within a prolific mining district with a history of underground development by early 20th-century operators and Homestake Mining in the 1970s-80s. SQX’s maiden drilling is the first modern, systematic test of the epithermal gold system, hosted in Cretaceous limestone formations. Mineralisation occurs as quartz veins, breccias, and alteration zones, with a shallowly north-easterly dipping structure controlling the deposit geometry.

Drilling has been conducted with industry-standard RC methods, and assay quality is assured by certified standards and blanks. While some intercepts are interpreted as near true width, others are oblique to mineralisation controls, introducing some uncertainty in exact thickness. Nonetheless, the consistent presence of gold from surface downwards is a positive signal for potential resource development.

Next Steps in Exploration and Resource Definition

Following the IP survey, SQX plans detailed underground geological mapping and sampling, particularly targeting deeper levels not yet accessed. The company will also assess regional prospects within its claims to prioritise further exploration. Additional drilling will be designed to expand the mineralised zone based on integrated geological and geophysical data.

With 11 holes still awaiting assay results and geophysical data pending, the Red Bird project remains a dynamic exploration story. Investors and observers will be watching how these developments translate into resource estimates and the eventual economic assessment of this promising Arizona gold system.