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new code qxr...QX Resources has kicked off a soil sampling program at its Disney and Belyando tenements in Queensland’s Drummond Basin.
The company – formerly Hipo Resources -said its technical team had been reviewing historical drill results and previous soil sampling reports to define a number of new highly prospective targets.
Assays results are expected later this month from a program of 300-plus samples, to be followed by a reverse circulation drilling program.
QX Resources said the soil sampling program was being undertaken to confirm the previously defined gold and arsenic anomalies at the Ibis prospect and gold anomaly at Big Red.
“Out geological team has been assessing all historical data from Zamia and BMA in order to determine the best targets for follow-up drilling,” non-executive director Roger Jackson said.
“We obviously have confidence in the mineralisation extending along strike and at depth from the two historical mines, Belyando and Lucky Break, however this exploration program is designed to uncover new mineralised zones across the broader project area.
“Within the broader 115sq km tenement package the geology is indeed compelling and we have every confidence that new discoveries are highly probable.
“We look forward to getting on the ground and delivering first results very soon. Progressing with RC drilling very soon thereafter is a priority.
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I have taken an initial position here based on the recent developments. Firstly, I will add that I completely understand the bitter sentiment of existing holders having researched the history of the company previous failures. However, I believe the company has now changed tact and may be on course to actually create rather than dilute, shareholder value.
1. Roger Jackson joining the company. Very experienced geologist who has discovered deposits, increased resources and taken projects into production. Currently with NQ Minerals which is spearheaded by renown mining engineer David Lenigas.
2. Another renown geologist is a major holder of QXR under the company Battle Mountain Pty Ltd. The director of Battle Mountain Pty Ltd is geologist Malcolm Macleod. Malcolm has identified and vended high quality projects into companies like Artemis Resources and Novo Resources.
This combines well with the addition of Roger Jackson to the board. Knowing that Roger Jackson is currently involved at NQ Minerals, where David Lenigas is the chairman and that David Lenigas was the previous chairman of Artemis Resources where Malcolm Macleod vended projects and had a close relationship with management.
3. Investmet Limited holding 11.25m. Investmet Limited is the investment vehicle of legendary geologist Michael Fotios.
4. The company has made it clear in numerous successive releases that they are seeking additional acquisitions to the current QLD Gold portfolio. With Roger Jackson involved directly and Malcolm Macleod holding, I'm expecting these acquisitions to be high caliber.
5. RC Drilling to commence shortly and sampling results due this week. Having done some research on Disney and Belyando, it does seem there is strong potential for additional mineralisation along strike and even possibly at depth. It will help to have Roger Jackson evaluate existing data and plan the upcoming RC drilling program.
Belyando was only mined to a depth of 50-60m. During first pass exploration, Zamia Resources did have a hit of 70m @ 0.7g/t, which suggests to me that evaluation needs to be undertaken of mineralisation down plunge. Was never followed up. There were also several interesting geochemical anomalies identified several hundred metres from the open-cut mine that Roger will be following up.
Ultimately, I believe the company now has the necessary geological experience, through Roger Jackson and prominent holders, to acquire highly prospective assets and progress current projects.