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The latest announcement is out from QX Resources Ltd ( (AU:QXR) ).
QX Resources has confirmed high-grade supergene-enriched uranium at surface across multiple prospects within its Madaba Uranium Project in southern Tanzania, following the digitisation of historical trench maps, sampling and geological data. The review identified 36 historical trenches with several zones between 0.5m and 2m thick, including standout grades above 1% U₃O₈, suggesting potential for shallow, high-grade uranium resources.
None of the five best historical high-grade trenches have been drill tested, but when combined with existing drilling information, nine immediate drill targets have now been defined across the project. QX plans field verification and an airborne radiometric survey in the second quarter, followed by first-pass drilling in the third quarter, aiming to rapidly unlock both shallow and deeper stacked mineralisation ahead of establishing a maiden JORC Inferred Resource at Madaba.
The most recent analyst rating on (AU:QXR) stock is a Sell with a A$0.01 price target. To see the full list of analyst forecasts on QX Resources Ltd stock, see the AU:QXR Stock Forecast page.
More about QX Resources Ltd
QX Resources Ltd is an ASX-listed exploration company focused on uranium assets, including the Madaba Uranium Project in Tanzania’s Luwegu Basin. The company is advancing early-stage uranium targets, leveraging historical exploration data to identify shallow, high-grade mineralisation that could be amenable to low-cost drilling and development in a strengthening uranium market.
Technical Sentiment Signal: Sell
Current Market Cap: A$8.45M
Find detailed analytics on QXR stock on TipRanks’ Stock Analysis page.