QX Resources Ltd: RC Drilling Confirms Lithium and REE at Turner River

Perth, Australia - QX Resources Ltd. (ASX:QXR) has received final assay results from its RC drilling together with a detailed analysis, from the Company's 100%-owned Turner River hard rock lithium project, (E45/6065, E45/6042) located 15 km to south-east of Mineral Resources' Wodgina lithium mine, located within the Pilbara lithium province of Western Australia (Figures 1 & 2*).

- Final assay results and analysis have been returned from the first phase drill program which confirms a lithium mineralisation halo at QXR's 84km2 Turner River hard rock lithium project.

- The initial drilling program of 12 holes (1166m) was followed by a 10 hole (1130m) RC drilling program based on high surface lithium grades recovered from 5-15 kg sample blocks of lithium rich micas together with pegmatites at surface and in drillholes.

- Drill results confirm lithium mineralisation halo with elevated rare earth results. However, best drill hole results included 1m @ 0.38% Li2O and 4m @ 1,693ppm TREO based on drilling to an average of 100 metres.

- Further exploration work is required to locate lithium grades in drillholes which mirror the surface rock chip results. Forward works programs include:

o Undertaking airborne geophysics across several of the Company's WA lithium projects with Turner River the immediate priority.

o More extensive trenching and sampling across other areas of interest at Turner River.

o Secure access to other pegmatites outcropping at the nearby 35km2 Split Rock leases.

o Follow-up drilling in new areas and at extended depths around locations drilled to date.

Drill results confirm a lithium mineralisation halo. However, the best lithium drill results were:

- 1m @ 0.38 % Li2O (from 4m depth in hole 22QXRC007) within 3m @ 0.26% Li2O; and

- 4m @ 1,693 ppm Total Rare Earth Oxide (TREO) (from 18m in hole 22QXRC007) including 1m @ 369ppm Nd203.

This was within an elevated zone of lithium results intersected from surface to 22m depth from lithium micas.

The lithium mineralisation intersected was composed of a mix of spodumene and lepidolite (lithium mica).

Further exploration work is required to locate better lithium grades in the drilling which mirror the surface rock chip results. This is still a high priority location for the Company. Other companies have experienced similar issues with hard rock lithium projects in WA.

A planned exploration program which includes high resolution airborne geophysics with much more extensive trenching is now planned to define further drill targets, together with securing access to other pegmatites in outcrop at Turner River and in the nearby Split Rock leases. Sampling will be extended in the area as large high grade lithium micas outcrop near the drilling area.

QX Resources Managing Director, Steve Promnitz, said: "While these assays are not what we hoped for, the program was based on a relatively small area of interest and shallow drilling. We remain very confident in Turner River's potential based on the results of the initial sampling and our plan is to now undertake more systematic and comprehensive exploration across the project, at greater depth and in new areas of interest. High surface lithium grades up to 4.9% Li2O in large, 5-15 kg sample sized blocks of lithium rich micas must emanate from a major source nearby and our objective is to identify this source with more extensive drilling which will take place after pending airborne geophysics and trenching. At 84km2 , Turner River has lots of potential and is still vastly underexplored. Split Rock is also a focus for us and we are now planning access so we can kick off exploration here also. We are very committed to our WA lithium assets and expect a more active program and regular updates accordingly."

In December 2022, QXR undertook a 12 hole (1166m) maiden RC drill program at Turner River. The maiden program produced encouraging indications of significant areas of potential lithium bearing pegmatites observed in drill pads and drill chips at QXR's 100%-owned Turner River hard rock lithium project (Carbonate Hill prospect).

These indications extend beyond the area with previously reported high grade rock chip samples of 1.6% Li2O, 1.1% Li2O and 4.9% Li2O (refer QXR ASX announcements 8 Nov, 10 Nov, 12 Dec and 30 June 2022).

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.

The initial drilling was immediately followed by a 10 hole (1130m) RC drilling program, before drill results were available, based on the geology intersected downhole.

The best sample results from the drilling were:

- 3m @ 0.26% Li2O, including 1m @ 0.38% Li2O, from 4m (22QXRC007); and
- 4m @ 1,693 ppm TREO from 18m (22QXRC007)
o including 1m @ 2,391.51 ppm TREO and 1m @ 369ppm Nd203
- 6m @ 1,497 ppm TREO from 27m (23QXRC009)
- 0.122% Li2O from 31 - 32 m depth in RC hole 23QXRC009
- 0.03% Li2O from 61 - 62 m depth in drillhole 23QXRC003
- 0.046% Li2O from 40 - 41 m depth in drillhole 23QXRC008
- 2,278 ppm TREO 31 - 32 m depth in RC hole 23QXRC009
- 1590 ppm TREO from 40 - 41 m depth in drillhole 23QXRC008
- 954 ppm TREO from 8 - 9 m depth in drillhole 23QXRC002

Total Rare Earth Oxide (TREO) values include: La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Y, Lu.

Alternative drill result analysis

An alternative analysis of the results suggests a potential trend connecting the following drillhole assays and rock chips, (Figure 6*) ordered from west to east:

- 1.141% Li2O in Rock chip: 22QX5_172
- 0.376% Li2O in RC hole 22QXRC007, from 4-5 metres
- 0.122% Li2O in RC hole 23QXRC009, from 31-32 metres
- 0.070% Li2O in RC hole 22QXRC005, from 29-30 metres
- 5.514% Li2O in Rock chip TR010

Other Nearby Hardrock Lithium Projects - Yule River, Split Rock, Western Shaw Projects

All of the tenements applied for by QXR, Yule River (E45/6159), Split Rock (E46/1367), Western Shaw Projects (E45/6107, E45/4960) are fully granted in the highly-prospective Pilbara lithium region for an initial 5-year term.

The projects are an exploration stage package associated with Granitoid Complexes with interpreted pegmatite occurrences and some greenstone contact zones. At Yule River and Split Rock, it is interpreted that the granite within the tenements has been intruded by the Split Rock Supersuite with which the Wodgina, Pilgangoora and Global Lithium deposits are associated.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/04969UX1

About QX Resources Ltd:

QX Resources Ltd. (ASX:QXR) is focused on exploration and development of battery minerals, with hard rock lithium assets in a prime location of Western Australia (WA), and gold assets in Queensland. The aim is to connect end users (battery, cathode and car makers) with QXR, an experienced explorer/developer of battery minerals, with an expanding mineral exploration project portfolio and solid financial support.

Lithium portfolio: QXR's lithium strategy is centred around WA's prolific Pilbara province, where it has acquired a controlling interest in four projects through targeted M&A - all of which sit in strategic proximity to some of Australia's largest lithium deposits and mines. Across the Pilbara, QXR's regional lithium tenement package (both granted or under application) now spans more than 350 km2.

Gold portfolio: QXR is also developing two Central Queensland gold projects - Lucky Break and Belyando - through an earn-in agreement with Zamia Resources Pty Ltd. Both gold projects are strategically located within the Drummond Basin, a region that has a >6.5moz gold endowment.

Source:
QX Resources Ltd.

Contact:

Steve Promnitz Managing Director T: +61-423-333-296 E: steve@qxresources.com.au Maurice Feilich Executive Chairman T: +61-411-545-262 Sam Jacobs Six Degrees Investor Relations T: +61-423-755-909