– Drilling and geophysics point out the existence of a big brine basin at Liberty Lithium Brine Mission USA, with brine intersected over 400 m vertically.
o Geological similarities confirmed with the close by Silver Peak lithium brine producer Albemarle, in Clayton Valley Nevada, with encouraging preliminary lithium assay outcomes, aquifers and salinity.
– Lithium brine specialists have proposed further drilling to intersect deep lithium brines within the centre of the basin, in a extra beneficial setting, additional west of current drilling.
– Discussions proceed with varied USA primarily based battery provide individuals who’re eager to work with potential new lithium builders inside the USA, together with with Stardust who intention to IPO in June.
– QXR and IG Lithium Choice Agreements are being amended to facilitate endeavor additional drilling.
– QXR goals to supply an replace quickly on progress with gold exploration in Queensland.
Porous conglomerates saturated with brines have been intersected beneath fantastic grained lake sediments with sandy layers. The geology intersected may be very encouraging as it’s much like the manufacturing sequences of Clayton Valley Nevada, the place Albemarle’s producing lithium brine deposit is positioned. Detailed downhole geophysics along with preliminary downhole brine sampling (packer sampling) exhibits growing salinity with depth, along with giant brine volumes, each encouraging for locating a probably financial lithium brine deposit within the properties.
Though the utmost lithium assay values have been 50mg/l Li over 15 metres close to the bottom of gap #2 (Desk 2*), the salinity and conductivity elevated with depth, at ranges much like recognized producers. Ingress of contemporary water into the aquifers might clarify the decrease lithium values in drill holes #1 and #2 being positioned near a variety entrance fault on the sting of the basin. These preliminary holes have been positioned close to the sting of the basin partially for logistics and entry causes in addition to the floor lithium anomaly.
Gap #2 additionally intersected thick porous brine horizons – essential for future success- which is taken into account encouraging, along with the geological similarity to Clayton Valley NV (Albemarle’s Silver Peak mine). These similarities embody basal porous conglomerate models containing brine beneath finer grained lake sediments.
Nonetheless, one of the best producing horizons at Clayton Valley are tuff models inside the sediment bundle which haven’t been intersected in drillholes up to now, however which outcrop 4km to the southwest of gap #2 (Determine 4*).
Outcomes have been analysed by exterior lithium brine specialists to provide interpretations, together with the globally recognised Hydrominex Geoscience Consulting. Lithium brine specialists have suggested further drilling is required to probably intersect deep lithium brines within the centre of the basin, additional west of drilling undertaken by QXR, primarily based on lab outcomes up to now.
QXR Managing Director, Stephen Promnitz, mentioned: “QXR has outlined a brand new giant scale brine basin, saturated with brines, on the Liberty Lithium Brine Mission. A big near-surface brine discipline with lithium potential is uncommon up to now within the USA. The geological setting, with conglomerates loaded with brines, is much like Albemarle’s producing deposit. We’re but to search out tuff horizons much like Clayton Valley, that are one of the best brine aquifers – though they do outcrop close by, suggesting they might exist inside the basin. Floor and downhole geophysics make it compelling for additional drilling to the west, within the centre of the basin underneath deeper sediments, which can intersect greater grade lithium brine, in comparison with the drilling up to now.”
Subsequent Steps
Functions for additional drillholes have been submitted a while in the past. To supply operational flexibility, an amended drill program has been submitted to regulators for approval. Bulk volumes of brine can be submitted for testwork with chosen direct lithium extraction (DLE) suppliers, in addition to with lithium refiner Stardust Energy Inc, with whom QXR holds at Letter of Intent (ASX announcement 29 Feb 2024). Stardust expects to listing on NASDAQ in June through a c.US$490m deal after which plans to construct a lithium refinery in Oklahoma.
Discussions proceed with varied USA primarily based battery provide individuals who’re eager to work with potential new lithium builders inside the USA.
QXR and IG Lithium are at present discussing amendments to the Choice Agreements to facilitate the endeavor of additional drilling.
Background
The Liberty Lithium Brine Mission, positioned in SaltFire Flat, California, covers contiguous claims over 102km2 (25,300 acres), being one of many largest single lithium brine tasks within the USA (Determine 1*). The Firm entered an Choice to Buy Settlement and an Working Settlement (Choice Agreements) to earn a 75% curiosity within the giant scale Liberty Lithium brine mission in California, USA, from vendor IG Lithium LLC (ASX announcement 5 October 2023). Based mostly on outcomes acquired up to now, the Firm is at present in dialogue with IG Lithium relating to potential renegotiation of the Choice Agreements to permit an extended time period to conduct further drilling previous to any future commitments.
Two vertical diamond drill holes have been accomplished (369m & 443 metres depth), spaced 4km aside (Determine 2, 3*).
Holes have been centred over an in depth lithium brine floor anomaly and vital MT geophysical goal, interpreted as a sequence of conductive brine bearing aquifers at depth. Brine horizons have been intersected in each holes with quite a few brine aquifers intersected in drillhole #2 (ASX announcement 8 Feb 2024).
QXR entered right into a Letter of Intent with Stardust Energy Inc., a improvement stage American producer of battery-grade lithium merchandise, to evaluate the lithium brines from the Liberty Lithium Brine Mission. The events intend to guage choices to probably provide Stardust Energy with lithium brine merchandise, depending on outcomes, on a non-exclusive foundation for processing into battery-grade lithium supplies for electrical automobiles (ASX announcement 29 Feb 2024). The Firm plans to share the outcomes of the 2 gap drill program with Stardust as a part of ongoing discussions.
Drillholes
Drillhole #1 (LLD23001) was accomplished at 369 metres depth. Goal horizons have been intersected at 49m depth and 329m depth. Advantageous grained sediments, gravels and coarse alluvial fan materials have been intersected down the size of the opening. An interpretation is that the drillhole went by means of the vary entrance fault at 249m depth.
Drillhole #2 (LLD24002) was accomplished at 433 metres depth, positioned 4km to the south of drillhole #1. Each drillholes have been centred over vital MT geophysical targets interpreted as a sequence of conductive brine bearing aquifers at depth. Each holes have been positioned inside an in depth lithium brine floor anomaly of over 10km outlined in auger samples. An interpretation is that the drillhole went by means of the vary entrance fault at 370m depth.
Figures 5 exhibits the rise in lithium and chloride focus in brine with growing depth. Figures 6-8* present interpretations of the potential geology on MT geophysical traces and the situation of proposed drill holes.
The situation of the proposed drill holes can also be proven in Determine 9*.
Suggestions
Outcomes have been analysed by exterior lithium brine specialists to provide interpretations, together with the globally recognised Hydrominex Geoscience Consulting, and others who’ve carefully reviewed the geological setting of Albemarle’s Silver Peak lithium brine producer in Clayton Valley, Nevada. Their suggestions included further drilling additional west of drilling undertaken by QXR, to probably intersect deep lithium brines within the centre of the basin, primarily based on lab outcomes up to now. Floor and downhole geophysics means that the basin is angled to the west with deeper sediments and brines to the west of current drilling. Additional, the geochemistry of the brine samples might counsel an ingress of contemporary water into the aquifers, leading to decrease lithium grade within the two holes drilled up to now, because the holes have been drilled adjoining to a variety entrance fault with vital contemporary water inflows into the basin, alongside the basin edge.
*To view tables and figures, please go to:
https://abnnewswire.web/lnk/C58T0H5U
About QX Sources Ltd:
QX Sources Restricted (ASX:QXR) is concentrated on exploration and improvement of battery minerals, with arduous rock lithium belongings in a first-rate location of Western Australia (WA), and gold belongings in Queensland. The intention is to attach finish customers (battery, cathode and automotive makers) with QXR, an skilled explorer/developer of battery minerals, with an increasing mineral exploration mission portfolio and strong monetary assist.
Lithium portfolio: QXR’s lithium technique is centred round WA’s prolific Pilbara province, the place it has acquired a controlling curiosity in 4 tasks by means of focused M&A – all of which sit in strategic proximity to a few of Australia’s largest lithium deposits and mines. Throughout the Pilbara, QXR’s regional lithium tenement bundle (each granted or underneath utility) now spans greater than 350 km2.
Gold portfolio: QXR can also be creating two Central Queensland gold tasks – Fortunate Break and Belyando – by means of an earn-in settlement with Zamia Sources Pty Ltd. Each gold tasks are strategically positioned inside the Drummond Basin, a area that has a >6.5moz gold endowment.
