Mineral explorers commence Nanango’s newest mining project

As BHP closes two central Queensland coal mines and Australia moves toward net zero emissions, a new player is banking on the possibility of gold and copper mining near Nanango.

SQX announced the commencement of trading of its shares on the Australian Securities Exchange on Monday.

Nanango is soon to be “reinvigorated” with gold and copper mining by SQX Resources.

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As Nanango faces the phase-down effect of the federal government’s move to end reliance on coal-fired power by 2035, SQX commenced trading on the Australian Securities Exchange on Monday.

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After it raised $5m from its initial public offer (IPO),

The company confirmed the $5m raised from its initial public offer (IPO), which started late last year, would be used primarily for exploration activities across its South Burnett prospects.

SQX chairman Bryan Granzien said the listing of SQX resources on the ASX was a significant milestone for shareholders and the management team.

“We are pleased to welcome new institutional and retail shareholders to our share register in what will be an exciting and transformational period,” he said.

Scrub Paddock and Ollenburgs in Nanango will be the company’s main focus, with contractors engaged to start drilling by in coming weeks.

Nanango is expected to be “reinvigorated” with gold and copper mining by SQX Resources.

The company said that potential gold and copper porphyry deposit discoveries could “keep Nanango’s proud mining community strong” while the reliance on coal was being phased out nationally.

According to SQX, Scrub Paddock - north-east of Nanango - features more than 20 historical mine workings with surface mineralisation extending across two kilometres.

Gold and copper mineralisation has already been confirmed through soil sampling.

Ollenburgs has never been drilled but is believed by SQX to host potential for a copper-gold porphyry and features several copper, gold and silver mine workings.

SQX launched its IPO late last year which raised $5m at 20 cents a share.

The company intends to expand soil sampling, undertake IP surveying and, if justified, follow up with exploration drilling at Ollenburgs and to drill its high priority targets, with the aim of defining an economic mineral resource at Scrub Paddock.

Meanwhile the Meandu Mine, owned by the Stanwell Corporation, who supply black thermal coal to the adjacent Tarong power stations will continue to play a key role in keeping the lights on in Queensland.

A Stanwell spokesman said Stanwell, through the Tarong and Stanwell power stations, provides around 40 per cent of Queensland’s electricity needs.

“Meandu Mine has the capacity to supply 7.6m tonnes of coal annually to Tarong power stations,” a spokesman said.

“As the state transitions towards the 80 per cent renewable energy target by 2035 as outlined in the Queensland Energy and Jobs Plan, Meandu Mine will continue to be essential in supplying coal to Tarong power stations,” he said.