RC Drilling Recommences At Turner River Lithium Project, WA

QX Resources Limited (ASX: QXR, ‘QXR’ of the ‘Company’) is pleased to advise that it has recommenced RC drilling at the Company’s 100%-owned Turner River hard rock lithium project, located 15 km to south-east of Mineral Resources’ Wodgina lithium mine, located within the Pilbara lithium province of Western Australia (Figures 1 & 2).

• ~1,500m follow-up RC drilling program underway at QXR’s Turner River hard rock lithium project
• Continuation of drilling aimed to extend the areas of known mineralisation over an increased strike length
• Maiden drilling in December 2022 highlighted the presence of pegmatites and potential lithium rich micas, based on visual observations
• Encouraging indications of significant areas of pegmatites were observed in drill pads and drill chips, extending beyond the previously sampled area of high grade lithium rock chip results
• Assay results from the first phase drill program are anticipated in late-February, with the second program results expected in April 2023
• Yule River tenement, which has pegmatite occurrences, has been granted for an initial 5-year term

Pegmatites and potential lithium rich micas were intersected in the maiden drilling, based on visual observations, which achieved the aim of the maiden drill program. Drilling targeted the potential for either lithium mica and spodumene bearing pegmatites, or a new style of large tonnage hard rock lithium deposit hosted near the top of a large granite body rich in lithium micas.

Assay results from the first phase of the program are anticipated in mid-February. Results from the follow-up program are expected ~6 weeks after completion of the program.

Figure 1: Location map of QXR’s Turner River project licences relative to large Pilbara lithium mines, andphoto of weathered lepidolite in rock samples from the drilling area shown in Figure 2,3.

Figure 2: Location Map Turner River lithium project, with lithium results in rock chip

Grant of Yule River Project (E45/6159)

The Yule River project (140km²) has been granted for an initial 5-year term. The Yule River project is an exploration stage package which lies wholly within the Yule Granitoid Complex, which has interpreted pegmatite occurrences (Figure 5). From initial due diligence, the Company understands the granite within the tenement has been intruded by the Split Rock Supersuite with which the Wodgina, Pilgangoora and Global Lithium deposits are associated.

All of the tenements applied for by the Company are now fully granted in the highly-prospective Pilbara lithium region, following the grant of Yule River.

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