Brines Intersected in First Hole at Liberty Lithium Brine Project USA

QX Resources Limited (ASX: QXR, ‘QXR’) is pleased to confirm that brines* were successfully intersected in the first hole of a two-hole diamond drill (DD) program over the large scale Liberty Lithium brine project in California, USA. Brine sampling* of the first drill hole is underway with lithium assay results anticipated within six weeks.

• Drillhole 1 has been completed and brine sampling is underway; results anticipated in 6 weeks.
  
• Brines were intersected at shallower levels than expected at 49 metres and 329 metres.
• Second diamond drillhole, located 4km south of the first hole, is centred over a significant geophysical target in magnetotellurics (MT) that infer a series of conductive brine bearing aquifers at depth.
• Second drill hole to commence within a few days’ time.

*Cautionary Statement: The intersection of brines does not imply that the brines are lithium bearing. Chemical analysis from an independent laboratory will determine lithium concentrations in a brine.

The first vertical diamond drill hole has been completed at 369 metres depth. The target horizons were intersected at 49m depth and 329m depth†. Large brine volumes (>20,000 litres) are being pumped currently. Fine grained sediments, gravels and coarse alluvial fan material were intersected down the length of the hole.

The second DD hole is located 4km to the south and is centred over a significant MT geophysical target that has been interpreted as suggesting a series of conductive brine bearing aquifers at depth. Drilling of the second drill hole will commence in the coming days. Both holes are positioned within an extensive lithium brine surface anomaly of over 10km defined in auger samples (see image 2 below).

QXR has the ability to earn a 75% interest of the 102km2 Liberty Lithium Brine Project, located in SaltFire Flat, in California, USA (refer ASX announcement dated 5 October 2023). The Project is one of the largest single lithium brine projects in the USA (for scale, equivalent to 2x area of Sydney Harbour). The Project’s geological setting mirrors Albemarle’s nearby Silver Peak lithium brine producer in Clayton Valley USA1 and major Argentina brine projects.

QXR Managing Director, Stephen Promnitz, said: “We are encouraged with the progress to date. Brines have been intersected at multiple depths in favourable geology with the hole producing brines at a good rate. This is a great start and we look forward to updating the market with assays in six weeks.

The second hole may well deliver even better results due to its favourable position to encounter more downhole intercepts of brines. The Liberty Lithium project is a large lithium brine target and has the hallmarks of a successful brine project. I’m looking forward to keeping investors updated with results and further drilling.”

Figure 1: The Liberty Lithium Brine Project†Note – Brine Intercepts: Information currently available is not adequate to accurately state the width of the brine intercepts which relies on further sampling data.

Figure 2: The drill rig on the first drill hole at the Liberty Lithium Brine Project

Figure 3: Drill rig at the first drill hole at the Liberty Lithium Brine Project

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