– Drilling and geophysics point out the existence of a giant brine basin at Liberty Lithium Brine Venture 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 extra 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 numerous USA based mostly battery provide members who’re eager to work with potential new lithium builders inside the USA, together with with Stardust who purpose to IPO in June.
– QXR and IG Lithium Choice Agreements are being amended to facilitate enterprise additional drilling.
– QXR goals to offer an replace quickly on progress with gold exploration in Queensland.
Porous conglomerates saturated with brines had been intersected beneath wonderful grained lake sediments with sandy layers. The geology intersected may be very encouraging as it’s just like the manufacturing sequences of Clayton Valley Nevada, the place Albemarle’s producing lithium brine deposit is situated. Detailed downhole geophysics along with preliminary downhole brine sampling (packer sampling) reveals 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 had 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 just like recognized producers. Ingress of contemporary water into the aquifers might clarify the decrease lithium values in drill holes #1 and #2 being situated near a spread entrance fault on the sting of the basin. These preliminary holes had been situated close to the sting of the basin partly for logistics and entry causes in addition to the floor lithium anomaly.
Gap #2 additionally intersected thick porous brine horizons – crucial 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 embrace basal porous conglomerate items containing brine beneath finer grained lake sediments.
Nonetheless, the most effective producing horizons at Clayton Valley are tuff items inside the sediment bundle which haven’t been intersected in drillholes thus far, however which outcrop 4km to the southwest of gap #2 (Determine 4*).
Outcomes had been analysed by exterior lithium brine specialists to provide interpretations, together with the globally recognised Hydrominex Geoscience Consulting. Lithium brine specialists have suggested extra drilling is required to probably intersect deep lithium brines within the centre of the basin, additional west of drilling undertaken by QXR, based mostly on lab outcomes thus far.
QXR Managing Director, Stephen Promnitz, mentioned: “QXR has outlined a brand new giant scale brine basin, saturated with brines, on the Liberty Lithium Brine Venture. A big near-surface brine subject with lithium potential is uncommon thus far within the USA. The geological setting, with conglomerates loaded with brines, is just like Albemarle’s producing deposit. We’re but to search out tuff horizons just like Clayton Valley, that are the most effective 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 beneath deeper sediments, which can intersect larger grade lithium brine, in comparison with the drilling thus far.”
Subsequent Steps
Purposes for additional drillholes had 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 shall 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 record on NASDAQ in June by way of a c.US$490m deal after which plans to construct a lithium refinery in Oklahoma.
Discussions proceed with numerous USA based mostly battery provide members who’re eager to work with potential new lithium builders inside the USA.
QXR and IG Lithium are at the moment discussing amendments to the Choice Agreements to facilitate the enterprise of additional drilling.
Background
The Liberty Lithium Brine Venture, situated in SaltFire Flat, California, covers contiguous claims over 102km2 (25,300 acres), being one of many largest single lithium brine initiatives 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 venture in California, USA, from vendor IG Lithium LLC (ASX announcement 5 October 2023). Based mostly on outcomes obtained thus far, the Firm is at the moment in dialogue with IG Lithium relating to potential renegotiation of the Choice Agreements to permit an extended time frame to conduct extra drilling previous to any future commitments.
Two vertical diamond drill holes had been accomplished (369m & 443 metres depth), spaced 4km aside (Determine 2, 3*).
Holes had been centred over an intensive lithium brine floor anomaly and vital MT geophysical goal, interpreted as a sequence of conductive brine bearing aquifers at depth. Brine horizons had 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 growth stage American producer of battery-grade lithium merchandise, to evaluate the lithium brines from the Liberty Lithium Brine Venture. 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 had been intersected at 49m depth and 329m depth. Tremendous grained sediments, gravels and coarse alluvial fan materials had been intersected down the size of the opening. An interpretation is that the drillhole went via the vary entrance fault at 249m depth.
Drillhole #2 (LLD24002) was accomplished at 433 metres depth, situated 4km to the south of drillhole #1. Each drillholes had been centred over vital MT geophysical targets interpreted as a sequence of conductive brine bearing aquifers at depth. Each holes had been positioned inside an intensive lithium brine floor anomaly of over 10km outlined in auger samples. An interpretation is that the drillhole went via the vary entrance fault at 370m depth.
Figures 5 reveals the rise in lithium and chloride focus in brine with growing depth. Figures 6-8* present interpretations of the attainable geology on MT geophysical traces and the placement of proposed drill holes.
The situation of the proposed drill holes can be proven in Determine 9*.
Suggestions
Outcomes had been analysed by exterior lithium brine specialists to provide interpretations, together with the globally recognised Hydrominex Geoscience Consulting, and others who’ve intently reviewed the geological setting of Albemarle’s Silver Peak lithium brine producer in Clayton Valley, Nevada. Their suggestions included extra drilling additional west of drilling undertaken by QXR, to probably intersect deep lithium brines within the centre of the basin, based mostly on lab outcomes thus far. 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 recommend an ingress of contemporary water into the aquifers, leading to decrease lithium grade within the two holes drilled thus far, because the holes had been drilled adjoining to a spread entrance fault with vital contemporary water inflows into the basin, alongside the basin edge.
*To view tables and figures, please go to:
https://abnnewswire.internet/lnk/C58T0H5U
About QX Assets Ltd:
QX Assets Restricted (ASX:QXR) is concentrated on exploration and growth of battery minerals, with arduous rock lithium property in a chief location of Western Australia (WA), and gold property in Queensland. The purpose is to attach finish customers (battery, cathode and automobile makers) with QXR, an skilled explorer/developer of battery minerals, with an increasing mineral exploration venture portfolio and stable monetary help.
Lithium portfolio: QXR’s lithium technique is centred round WA’s prolific Pilbara province, the place it has acquired a controlling curiosity in 4 initiatives via 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 beneath utility) now spans greater than 350 km2.
Gold portfolio: QXR can be creating two Central Queensland gold initiatives – Fortunate Break and Belyando – via an earn-in settlement with Zamia Assets Pty Ltd. Each gold initiatives are strategically situated inside the Drummond Basin, a area that has a >6.5moz gold endowment.
