SQX Resources Limited announced the commencement of trading of its shares on the Australian Securities Exchange (ASX) at 11:30am AEDT Monday the 20th of February following the successful completion of its $5.0m Initial Public Offer (IPO). Funds raised will be used primarily for exploration activities on the Company’s Prospects. Lead Manager PAC Partners Securities Pty Ltd introduced support from both institutional and retail investors. Exploration Program The Company is now fully funded to undertake its planned 2,500m RC and diamond drill program at its Scrub Paddock Prospect, situated within EPM 27257 which is located northeast of Nanango, Queensland close to infrastructure and a major highway
The exploration target is a gold-copper porphyry, with the geological setting having been identified as potentially analogous to Cadia/Ridgeway porphyry Cu/Au and Au-only deposits of NSW.
Mineralisation has previously been characterised by a late-stage chlorite-quartz-sulphide hydrothermal event, superimposed on widespread early potassic alteration in both andesitic country rocks and intrusive diorites and dykes. The intrusive body is characterised by a series of magnetic discordances that could be the result of multiple intrusions and/or alteration/mineralisation related overprints.
Previous shallow drilling has already identified a number of higher-grade gold zones within broad lower grade intervals with mineralisation remaining open down dip and along strike. Significant results include 8m @ 3.38 g/t Au within a broader zone of 40m @ 0.92 g/t Au. Existing soil and rock-chip sampling, in conjunction with historical mine workings, suggest mineralisation may extend across an approximate 2km strike, and with a magnetic anomaly of comparable scale to the magnetic feature associated with Cadia/Ridgeway, SQX is hoping to find a gold-copper porphyry system of significant scale
