QX Resources has defined nine drill-ready targets within a conceptual 18–33 million-pound uranium exploration target at its Madaba project in Tanzania. The next test is execution: environmental approvals and administrative clearances must arrive before the company can begin its maiden modern drilling campaign.
- 18–33 Mlb conceptual uranium Exploration Target at Madaba
- Nine drill-ready targets identified through historical data and 3D modelling
- Maiden drilling and heli-borne survey remain subject to approvals
- A$1.4 million cash and 6.03 quarters of estimated funding
- No field exploration conducted during the September quarter
Madaba target sets up the next drilling test
QX Resources Limited (ASX:QXR) has ended the September quarter with a sizeable uranium target on paper, but no field drilling to turn it into a resource. The company’s 100%-owned Madaba project in southern Tanzania carries a JORC Code 2012 Exploration Target of 20–30 million tonnes grading 400–500 parts per million eU₃O₈, equivalent to approximately 18–33 million pounds of U₃O₈.
The estimate remains conceptual, based on historical information, and is not a Mineral Resource. QX Resources has expressly warned that further exploration may not result in a resource estimate. Even so, the company says the selected range focuses on the higher-grade portion of its three-dimensional model and is relevant to potential open-pit evaluation. Historical near-surface intercepts included 15 metres at 612 ppm U₃O₈, including 3 metres at 2,465 ppm, alongside other elevated intervals.
The milestone builds on the Madaba uranium target, which earlier coverage reported at the same conceptual scale ahead of planned maiden drilling. During the quarter, independent modelling and digitisation of historical UEB drilling data produced nine priority, drill-ready targets. The planned campaign is intended to verify historical intercepts, test extensions along strike and at depth, and generate enough data for a maiden JORC Mineral Resource Estimate.
Approvals remain the immediate bottleneck
The project has not yet reached the operational phase. No field activities took place during the quarter, while the Environmental Impact Assessment process continued. An approved EIA is a key condition for both the maiden drilling program and the planned high-resolution heli-borne radiometric survey.
That survey is fully contracted but cannot begin until final documentation and any remaining administrative clearances are received from Tanzania’s Ministry of Tourism and Natural Resources. QX Resources is continuing logistics planning, contractor engagement and target prioritisation in preparation for what it describes as the major 2026/2027 field season. The company previously reported that the Madaba licence package had been completed, but licences alone have not yet translated into field activity.
Cash covers current outflows, not yet the full field campaign
QX Resources held approximately A$1.399 million at 30 September, down from A$1.640 million at the end of March. September-quarter operating outflows totalled A$232,000, including A$84,000 for exploration and evaluation and A$151,000 in administration and corporate costs. The company reported an estimated 6.03 quarters of funding based on its current relevant outgoings, with no financing facilities counted as available.
That runway is a snapshot of present spending rather than a budget for the drilling campaign. The report does not provide the cost of the planned survey or maiden drilling, leaving the eventual funding requirement dependent on the scale and timing of field work. QX Resources also issued 15 million options for services during the quarter, exercisable at A$0.01 and expiring in December 2027.
Bottom Line?
Madaba now has a defined target and nine drill sites, but the investment case turns on approvals, field execution and whether drilling can convert the conceptual estimate into a Mineral Resource.
Questions in the middle?
- When will the EIA and Tanzanian administrative clearances allow the airborne survey and drilling to begin?
- What proportion of the 18–33 Mlb Exploration Target can drilling support as a JORC Mineral Resource?
- How much additional capital will QX Resources require once the survey and maiden drilling move into execution?