QX Resources Confirms High-Grade Uranium at Tanzania’s Madaba Project

QX Resources Unlocks Multiple High-Grade Uranium Targets at Madaba Project – Historical Data Reveals Exceptional Surface Mineralisation

QX Resources Limited (ASX: QXR) has delivered standout results from its systematic digitisation of historical exploration data at the Madaba Uranium Project in Tanzania. The work has confirmed exceptional high-grade supergene-enriched uranium mineralisation at surface across multiple prospects, with standout trench sampling results including 7.25% U₃O₈ over 0.1m at the Sita Prospect.

The digitisation programme, completed by the company's Competent Person Dr Joseph Drake-Brockman, has identified 36 historical trenches across multiple uranium prospects. Furthermore, the five highest-grade trenches have never been drill tested, presenting QXR with nine immediate drill targets across the project and positioning the company for rapid resource definition ahead of a maiden JORC Inferred Resource.

Standout High-Grade Uranium Results Across Multiple Prospects

The systematic review of historical trenching data has revealed significant uranium mineralisation at surface. Moreover, results demonstrate the presence of supergene enrichment zones developed above primary sandstone-hosted roll-front uranium mineralisation.

Key Trench Sampling Highlights

The mineralisation is associated with redox interfaces within sandstone units, carbonaceous or sulphidic sedimentary horizons, and supergene enrichment zones formed through weathering processes. In addition, several trenches exposed mineralised zones between 0.5m and 2m thick, suggesting potential for shallow, high-grade uranium resources amenable to low-cost drilling and exploitation.

"The continued digitisation of historical exploration data is revealing the significant uranium potential of the Madaba Project. Historical trenching has confirmed the presence of high-grade uranium mineralisation at surface across multiple prospects, many of which remain completely untested by drilling," commented Executive Chairman Maurice Feilich.

Understanding Supergene Uranium Enrichment

Supergene enrichment is a critical geological process that creates high-grade uranium zones near the surface. This occurs when uranium-bearing groundwater moves upward through weathered rock, concentrating uranium minerals in oxidised zones above primary mineralisation.

For investors, supergene-enriched uranium deposits offer several advantages:

• Shallow mineralisation reduces drilling and extraction costs
• Higher grades at surface improve project economics
• Easier processing due to oxidised uranium minerals
• Faster resource definition through systematic shallow drilling

The presence of supergene enrichment at the QX Resources Ltd uranium project Tanzania indicates mature uranium systems with potential for both shallow high-grade resources and deeper primary mineralisation.

Strategic Location Within Proven Uranium Province

Madaba is strategically positioned within Tanzania's Luwegu Basin, approximately 250km northeast of the Nyota Uranium Deposit (formerly Mkuju River Project). Consequently, this positions the project within a proven uranium province that hosts a JORC resource of approximately 125 million pounds U₃O₈ at a grade of 300 ppm.

Regional Context and Advantages

The Jurassic Karoo sedimentary sequence of the Luwegu Basin hosts sandstone-hosted roll-front uranium mineralisation. This deposit style forms the basis of several major uranium districts globally and is considered highly prospective for large uranium resource development.

Systematic Exploration Programme Toward Resource Definition

QXR has outlined a structured three-phase exploration programme designed to rapidly evaluate and drill priority targets, with fieldwork commencing in Q2 2024. However, the company's systematic approach ensures efficient resource allocation whilst maximising discovery potential.

Phase 1 – Target Verification (Q2 2024)

• Field reconnaissance and verification of historical trenches
• Geological mapping and rock-chip sampling
• Ground radiometric surveying

Phase 2 – Target Definition (Q2-Q3 2024)

• High-resolution airborne radiometric survey
• Confirmatory trenching and auger drilling
• Detailed target modelling

Phase 3 – Initial Resource Drilling (Q3 2024)

• First-pass aircore or rotary drilling of priority targets
• Follow-up drilling to test lateral and vertical continuity
• Evaluation of shallow uranium mineralisation within ~50m of surface

The programmes are specifically designed to rapidly assess the scale and continuity of uranium mineralisation across the project. Furthermore, maiden drilling is expected to rapidly assess both shallow high-grade and deeper stacked potential ahead of a maiden JORC Inferred Resource.

Strong Investment Thesis: Multiple Catalysts Ahead

The QX Resources Ltd uranium project Tanzania presents a compelling uranium investment opportunity with multiple near-term catalysts and significant exploration upside. For instance, the project combines proven geology with untested high-grade targets in a jurisdiction with established uranium mining credentials.

Key Investment Drivers

1. Immediate Drill Targets: Nine high-priority targets identified, with five highest-grade trenches never drill tested
2. High-Grade Surface Mineralisation: Results up to 7.25% U₃O₈ confirm exceptional uranium potential
3. Proven Geological Setting: Located within same basin as 125 million pound Nyota deposit
4. Rapid Resource Path: Structured exploration programme targeting maiden JORC resource in 2024
5. Experienced Team: Led by Dr Drake-Brockman who worked on original uranium exploration in the region

Near-Term Catalyst Timeline

Why Should Investors Follow QX Resources?

QXR has positioned itself as an emerging uranium developer with significant discovery potential in a proven uranium province. The systematic digitisation of historical data has revealed multiple high-grade targets that remain largely untested, presenting exceptional exploration upside.

Key differentiators include:

• Direct access to historical exploration expertise through Dr Drake-Brockman
• Multiple high-grade surface targets with grades up to 7.25% U₃O₈
• Strategic location within established uranium province
• Clear pathway to resource definition through structured exploration programme
• Strong uranium market fundamentals supporting project development

What Makes This Project Stand Out?

The QX Resources Ltd uranium project Tanzania benefits from a unique combination of factors that distinguish it from other uranium exploration projects. Notably, the presence of supergene enrichment zones at surface provides immediate drilling targets with exceptional grades.

Moreover, the project's location within the Luwegu Basin offers significant geological advantages. The same geological setting that hosts the 125 million pound Nyota deposit extends across QXR's 613km² project area, suggesting potential for district-scale uranium mineralisation.

The company's systematic approach to exploration, combined with Dr Drake-Brockman's historical knowledge of the region, positions QXR to efficiently advance multiple targets simultaneously. This strategy maximises discovery potential whilst maintaining cost discipline throughout the exploration programme.

QX Resources has identified multiple high-grade uranium targets at the QX Resources Ltd uranium project Tanzania, with exceptional surface mineralisation confirmed across prospects that remain largely undrilled. With nine immediate drill targets identified and maiden drilling commencing in Q3 2024, investors should monitor QXR closely as the company advances toward its maiden JORC resource in one of Tanzania's most prospective uranium regions.

The combination of high-grade surface mineralisation, proven geological setting, and systematic exploration approach positions QXR as a compelling uranium exploration story with multiple catalysts ahead in 2024.

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