SQX Resources Strikes Bonanza Gold Discovery in Montana

SQX Resources Strikes Bonanza Gold at Williams Project Montana

SQX Resources Limited (ASX: SQX) has delivered exceptional results from its underground sampling programme at the Williams Gold-Silver Project in Montana, with assays reaching 358 g/t gold and 1,800 g/t silver. The results validate historical high-grade mineralisation and position the project as a significant asset in SQX's expanding North American portfolio.

The sampling programme focused on the most accessible areas of the Black Bear vein system, where historical workings had previously identified bonanza-grade gold and silver zones. These latest results confirm the extraordinary grade potential that has made Williams one of Montana's most compelling precious metals opportunities.

Outstanding Results Confirm Historical High-Grade Mining

The standout results came from the 101 pilot raise, an area that historically produced 876 tonnes at 142.7 g/t gold and 780 g/t silver. SQX's recent grab samples from this zone returned exceptional grades, including:

• 358.0 g/t Au + 1,800 g/t Ag – validating the bonanza-grade nature of the mineralisation
• 40.9 g/t Au + 378 g/t Ag – confirming grade continuity within the raise
• 24.7 g/t Au + 325 g/t Ag – from upper development drives

Representative chip-channel sampling from the western, near-surface areas of the Black Bear South main development level also delivered impressive results:

These results align exceptionally well with historical bulk sampling data, providing confidence in the grade continuity and geological understanding of the deposit.

Furthermore, the consistency between current and historical results demonstrates the reliability of the mineralisation system. This correlation significantly reduces exploration risk for investors monitoring the SQX Resources gold discovery in Montana.

Executive Chairman Commentary

"These results are highly encouraging in that this limited sampling programme confirms the bonanza nature of the historically developed underground mineralisation. The grab samples from the 101 raise returned an extremely high assay of 358 g/t gold, validating the bulk historical material from the raise area that averaged 143 g/t gold and 780 g/t silver," said Mr Patric Glovac, Executive Chairman.

Understanding Epithermal Gold-Silver Systems

Epithermal deposits form when hot, metal-rich fluids rise through fractures in the Earth's crust and deposit gold and silver in veins near the surface. These systems are particularly attractive to investors because they often contain very high-grade zones called "bonanza shoots" where precious metals are concentrated.

At Williams, the epithermal veins are hosted in ancient quartzites and are likely related to nearby Cretaceous granite intrusions. The veins typically range from 0.5m to 4m thick and contain high-grade cores averaging 0.4m to 0.8m thick, dominated by sulphide mineralisation that carries the gold and silver.

For instance, epithermal systems represent some of the world's richest gold and silver deposits, with the potential for both high-grade underground mining and near-surface open-pit operations. The Williams project demonstrates classic epithermal characteristics, with banded to semi-massive sulphide mineralisation including pyrite and lesser galena, molybdenite, sphalerite, and chalcopyrite.

Electromagnetic Surveys Could Fast-Track Discovery

A significant technical breakthrough emerged from the sampling programme – the high-grade gold-silver mineralisation shows moderate electrical conductivity. This discovery suggests that electromagnetic (EM) geophysical surveys could effectively map high-grade shoots within the broader vein system.

Why This Matters for Investors:

• EM surveys can detect conductive sulphide mineralisation from surface
• This technique has proven successful at major Australian discoveries like Bellevue Gold
• It provides a cost-effective method to target drilling on the highest-grade zones
• Could significantly accelerate the discovery and definition of additional bonanza shoots

Qualitative testing using a KT-20 conductivity metre showed that small hand samples of banded to semi-massive sulphides associated with multi-ounce gold mineralisation exhibited high conductivity. The 2026 field programme will include Fixed Loop EM (FLEM) geophysics across the main Black Bear target and other known veins.

However, this could potentially unlock additional high-grade discoveries across the property. The SQX Resources gold discovery in Montana benefits from this advanced exploration approach that combines traditional sampling with modern geophysical techniques.

Comprehensive 2026 Exploration Programme

SQX has outlined an aggressive exploration strategy for 2026 that builds on these encouraging results. The systematic approach demonstrates management's commitment to maximising the project's potential whilst managing exploration costs effectively.

Planned Activities:

• Fixed Loop EM surveys over Black Bear and six other known veins
• Drilling programme targeting EM-defined conductors and known mineralisation
• Systematic underground sampling to support future JORC resource estimates
• Field mapping and sampling across eight known vein structures

The company's methodical approach positions it to rapidly advance Williams from an early-stage exploration asset to a resource-defined project with clear development pathways. In addition, the comprehensive programme addresses both near-term validation and longer-term discovery objectives.

Strategic North American Expansion

The Williams results come as SQX expands its portfolio beyond its established Queensland operations. The company has entered a binding agreement to acquire 80% of AM6 Pty Ltd, which owns both the Williams project and the Red Bird Gold Project in Arizona.

Dr Julian Stephens, who will join SQX as Executive Director upon completion, brings extensive experience in epithermal systems. Moreover, he has been instrumental in the geological understanding of Williams, providing continuity and expertise as the project advances.

Key Project Statistics:

• 20 unpatented claims covering the main vein systems
• 8 known gold-silver veins with limited historical exploration
• 2% net smelter return royalty on production
• Established infrastructure access in Montana mining region

The acquisition positions SQX to capitalise on what could become a significant North American precious metals discovery. Furthermore, the strategic location provides access to established mining services and infrastructure.

Investment Thesis: Bonanza-Grade Opportunity

The Williams project represents a compelling investment opportunity for several key reasons. The combination of proven high-grade mineralisation and exploration upside creates multiple value creation catalysts.

Proven High-Grade System

Historical production of 876 tonnes at 142.7 g/t gold provides validation of the system's commercial potential. Multiple veins with bonanza-grade potential have been identified across the property, whilst recent sampling confirms historical results with 358 g/t gold grab samples.

The consistency between historical and current results significantly reduces geological risk. Additionally, the presence of eight known vein structures suggests substantial exploration upside beyond current sampling areas.

Exploration Upside

Only a fraction of the known vein system has been sampled to date. Six additional veins remain largely unexplored, offering multiple discovery opportunities for systematic exploration programmes.

However, EM geophysics could unlock multiple new discoveries by identifying high-grade sulphide zones from surface. This technique provides cost-effective targeting for future drilling programmes across the property.

Strategic Location

The project is located in mining-friendly Montana jurisdiction with access to established infrastructure and services. Proximity to processing facilities and transport networks provides operational advantages for future development scenarios.

Why Should Investors Monitor SQX Resources?

SQX Resources has positioned itself at the forefront of a potential major precious metals discovery in North America. The Williams project combines historical validation with modern exploration techniques, creating multiple catalysts for value creation.

The company's systematic approach demonstrates the technical expertise needed to unlock the full potential of this bonanza-grade system. Furthermore, with AM6 having sampled only a fraction of the known mineralised vein system, the exploration upside remains substantial.

The SQX Resources gold discovery in Montana offers investors exposure to both immediate validation through continued sampling and longer-term discovery potential. The systematic exploration of eight known vein structures provides clear near-term catalysts to track.

Key Investment Takeaway

SQX Resources has validated one of Montana's most promising gold-silver projects, with bonanza grades up to 358 g/t gold confirmed through recent sampling. With eight known vein systems and advanced exploration techniques ready for deployment, Williams represents a rare combination of proven high-grade mineralisation and substantial discovery potential that investors should closely monitor.

In addition, the project's location in Montana provides additional advantages through established mining infrastructure and supportive regulatory environment. The combination of proven high-grade mineralisation and significant exploration upside makes the SQX Resources gold discovery in Montana a compelling story in the precious metals space.

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