Berkshire is hoarding so. much. cash.
How Is QX Resources Planning to Explore Its Western Shaw Iron Ore Project?
QX Resources Eyes High-Grade Iron Ore Potential in Pilbara
QX Resources Limited (ASX: QXR), a dynamic player in the mining sector, has announced promising findings and future exploration plans for its Western Shaw iron ore project located in the renowned Pilbara iron ore province of Western Australia. Initial reconnaissance has unveiled rock chip samples with iron grades up to an impressive 58. 5% Fe, indicating significant Direct Shipping Ore (DSO) potential. With the Pilbara region being a hotspot for enriched iron ore exploration, QXR's upcoming detailed sampling program aims to unlock the full potential of the Western Shaw leases.
Discovery of High-Grade Iron Ore
Recent exploration efforts at Western Shaw have returned high-grade iron ore samples from a Banded Iron Formation (BIF) that stretches over 4. 4km but extends to more than 8km within QXR's leases. The area, previously explored for pegmatites, has now revealed its iron ore potential, prompting QXR to plan a detailed sampling program to further investigate the site's DSO potential.
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Strategic Location Among Industry Majors
QXR's Western Shaw project is strategically located amidst major mining players, including the FMG group and Rio Tinto, with southern extensions held by these industry giants. This positioning underscores the project's significance and potential value within the iron ore-rich Pilbara region.
Planned Exploration Activities
QXR is set to embark on a comprehensive exploration strategy, starting with 250m spaced rock chip traverses over the full 8km of outcropping BIF. This will be followed by costeaning to better define drilling targets, aiming to delineate the extent and grade of the iron ore deposits accurately. These efforts build on historical data from previous explorations conducted over 15 years ago by Atlas Iron, which reported rock chip results up to 62. 3% Fe and RC drilling intercepts up to 57. 4% Fe.
Renewed Exploration Focus
The detailed sampling program marks a renewed exploration focus on the iron ore potential of Western Shaw. With previous work by Atlas Iron left incomplete, QXR aims to fill the exploration gap and assess the untested strike length to the south of previous drilling efforts. This initiative could significantly enhance the understanding and valuation of the iron ore resources within QXR's leases.
QXR's Vision for Western Shaw
Stephen Promnitz, QXR's Managing Director, expressed optimism about the project's prospects, highlighting the rarity of finding rock chip samples with grades above 57% Fe in recent years. The company's upcoming exploration activities aim to validate the DSO potential of Western Shaw, offering an exciting opportunity to contribute to the global iron ore supply from a prime location within the Pilbara region.
QX Resources Limited's strategic exploration plans for the Western Shaw project underscore the company's commitment to uncovering high-grade iron ore resources in one of Australia's most prolific mining regions. With initial results indicating significant DSO potential, QXR is poised to advance its exploration efforts, potentially unlocking a major iron ore deposit in the Pilbara, surrounded by leading industry players.
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Buffet indicator is showing some wild times ahead perhaps, combine that with Berkshires record high cash hoard of 30%... chart via barchart.com / Longtermtrends
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