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An update from QX Resources Ltd ( (AU:QXR) ) is now available.
QX Resources Limited has announced the acquisition of the Madaba Uranium Project in Tanzania for approximately A$800,000. The project is considered highly prospective, with historical drilling results indicating significant uranium mineralization. The company is raising $2.3 million through a share placement and rights issue to fund the development of this project and other ongoing explorations. The addition of Russell Bradford, an experienced mining executive with expertise in African uranium projects, to the board is expected to enhance the company’s capabilities in advancing the Madaba project. This acquisition positions QX Resources to potentially replicate the success of the nearby Nyota Uranium Deposit, which is being developed in collaboration with Russia’s Rosatom.
More about QX Resources Ltd
QX Resources Limited is involved in the mining industry, focusing on the exploration and development of mineral resources. The company is particularly engaged in uranium projects, with a significant market focus on the acquisition and development of prospective uranium deposits.
Technical Sentiment Signal: Sell
Current Market Cap: A$5.24M
For a thorough assessment of QXR stock, go to TipRanks’ Stock Analysis page.