CAPITAL MARKETS

SQX ready for south-eastern Queensland search

IS there another Cadia-Ridgeway lurking below Queensland’s south-eastern Queensland?

One of dozens of workings within SQX's holdings

One of dozens of workings within SQX's holdings

That was the hope offered by SQX Resources as part of its A$5 million initial public offer at 20c, with the company pledging to get some rapid runs on the board with immediate drilling of its Scrub Paddock, along with some soil sampling at the nearby Ollenburgs prospect.
 
SQX is another vehicle from Brisbane's Mining Projects Accelerator, which reckons there's a chance the geology of the underexplored Esk Basin is potentially analogous to Cadia/Ridgeway porphyry copper-gold targets.
 
It's an idea that hasn't been fully tested, but shallow drilling has returned 40m at 0.9 grams per tonne with 8m at 3.38gpt, with the mineralisation open down dip and along strike.
 
Scrub Paddock is also supported by soils and rock chips, dozens of historical workings, and a large magnetic anomaly.
 
Assays are expected from the maiden program in the second quarter.
 
Ollenburgs, 4.5km away, contains a mix of historical copper-gold-silver workings, and aeromagnetic and surface anomalism, but has never been tested. 
 
It may be drilled in 2024 if the geochemical and geophysical surveys are supportive.
 
The IPO was backed by PAC Partners and a mix of institutional and retail shareholders, with the top 20 shareholders controlling just over half of the 31 million shares on issue.
 
MPX is the largest single shareholder at 8.6%.
 
It has previously backed E79 Resources and TSXV-listed Q2 Metals (previously Queensland Gold Hills), which recently raised C$10 million to help explore its new MIA project in the James Bay region.
 
While SPX's story appeared promising, the stock plunged soon after trading commenced as was off 15% at 17c at close today.
 
Some 1.4 million shares were traded between 16.5-17.5c

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