QX Resources builds funds to drive CQ projects
The company indicated it would also be re-examining its advanced Anthony molybdenum project north-west of Clermont as a matter of priority.
QX Resources has received firm commitments from investors for a placement of 70 million shares at $0.015 each to raise $1.05 million before costs.
The company said it was also undertaking a share purchase plan to raise $2 million.
Funds raised will go towards further drilling at the Lucky Break gold mine and surrounds as well as maiden drill programs and other exploration activities at Red Dog, Ibis and historical Belyando open pit and extensions.
QX said it would also undertake a review of the Anthony molybdenum project and assess potential for ore sorting and a scoping study. Funds will also be used for general working capital.
“We have received very strong support for this placement and, together with the funds from the SPP, we now have much greater financial flexibility to significantly ramp up exploration activities,” executive chairman Maurice Feilich said.
“Our immediate focus is on commencing trenching at the Red Dog prospect, with drilling to follow, and based on assay results from the maiden drill program at Lucky Break follow-up exploration will be undertaken there too.
“Whilst we have multiple highly prospective gold prospects across the Zamia leases, one asset that warrants much greater focus is the historical Anthony molybdenum project.
“Anthony was the subject of considerable drilling over many years and we are now assessing options to unlock the potential for this project concurrently with advancing our gold exploration activities.”
QX Resources has an earn-in agreement with Zamia Metals subsidiary Zamia Resources, which owns four exploration licences in the Central Queensland goldfields including the historical Belyando and Lucky Break gold mines as well as multiple unexplored targets.