SQX Resources Expands US Gold Footprint with $2M Placement and Acquisition
SQX Resources advances exploration in Queensland and secures 80% stake in two promising US gold projects, backed by a $2 million placement to accelerate development.
- Binding agreement to acquire 80% of AM6 Pty Ltd, gaining US gold-silver assets
- Williams Project in Montana features historic bonanza-grade gold-silver veins
- Red Bird Project in Arizona offers significant epithermal gold exploration potential
- Raised $2 million via placement to fund acquisition and exploration
- Appointment of Dr Julian Stephens as Executive Director to strengthen leadership
Strategic Expansion into US Gold Assets
SQX Resources Limited (ASX, SQX) has taken a decisive step to broaden its portfolio beyond its Queensland projects by entering a binding agreement to acquire an 80% interest in AM6 Pty Ltd. This acquisition brings two advanced-stage gold projects in the United States under SQX’s control, the Williams Gold-Silver Project in Montana and the Red Bird Gold Project in Arizona.
The deal, announced shortly after the September quarter, is supported by a $2 million placement aimed at funding both the acquisition costs and an accelerated exploration program. This capital raise underscores SQX’s commitment to expanding its footprint in high-potential gold regions while maintaining momentum on its existing Australian assets.
Williams Project, A Forgotten Bonanza
The Williams Project, last actively explored in the late 1980s, boasts a rich history of high-grade gold and silver mineralisation. Historical underground workings include over 445 metres of exploration drives, with extracted ore grading an extraordinary 141.7 grams per tonne gold and 780 grams per tonne silver from a stope. Despite this, only two of at least eight identified mineralised veins have seen substantial exploration, leaving significant upside potential for SQX’s exploration teams.
Located in the Sapphire Mountains, the project’s mineralisation is hosted in planar quartz veins within Precambrian quartzite, presenting a straightforward underground mining proposition. SQX plans to leverage existing infrastructure and nearby toll-milling facilities to efficiently process any future ore.
Red Bird Project, Epithermal Gold with Open Exploration Frontiers
The Red Bird Gold Project in Arizona offers a complementary exploration opportunity with its epithermal vein and breccia-hosted gold mineralisation. Historical underground workings total approximately 440 metres, with channel sampling revealing broad zones of gold mineralisation, including intercepts such as 56.4 metres at 2.5 grams per tonne gold.
Exploration to date has been limited, and SQX aims to target larger, open-pittable mineralisation zones. The project’s location within a well-mineralised district with modern infrastructure enhances its development prospects.
Ongoing Exploration and Corporate Developments
Back in Queensland, SQX continues to advance detailed planning for exploration at its Scrub Paddock and Ollenburgs projects, focusing on geological mapping, geophysical surveys, and drilling to refine high-priority targets for gold and copper mineralisation.
To bolster its leadership, SQX has appointed Dr Julian Stephens as Executive Director, bringing additional expertise to guide the company through this expansion phase. The acquisition and placement are subject to shareholder approval at the upcoming Annual General Meeting scheduled for 28 November 2025.
With a cash position of approximately $1.28 million at quarter-end and a clear strategy to unlock value from both Australian and US assets, SQX is positioning itself for a potentially transformative period.
Bottom Line?
SQX’s bold acquisition and capital raise set the stage for a pivotal exploration phase that could redefine its growth trajectory.
Questions in the middle?
- Will SQX’s exploration confirm the historical high-grade mineralisation at Williams and Red Bird projects?
- How will the integration of US assets impact SQX’s operational focus and capital allocation?
- What are the timelines and milestones for drilling and resource definition following shareholder approval?
