SQX Resources (ASX:SQX) has completed the acquisition of an 80% interest in AM6, securing control of the Williams Gold-Silver Project in Montana and the Red Bird Gold Project in Arizona, following satisfaction of all conditions precedent, including shareholder approval, regulatory consents, and due diligence.
Under the agreement, SQX acquired its stake for 20 million fully paid SQX shares, $250,000 in cash, and 30 million performance rights, which will vest upon achieving exploration and development milestones, including drilling programs, high-grade intercepts, and the definition of compliant mineral resources.
SQX Executive Chairman Patric Glovac described the acquisition as a "transformational milestone," noting that recent sampling at both projects confirmed the bonanza-grade potential of the systems and provides confidence as the company moves into drilling.
The Williams Project, located in Montana’s Sapphire Mountains, features steeply dipping epithermal veins with historical high-grade gold and silver zones, while conductivity testing indicates potential for electromagnetic techniques to identify high-grade sulphide-rich shoots.
The Red Bird Project, in Arizona’s Cochise Mining District, hosts epithermal gold mineralisation near surface in quartz veins, breccias, and replacement zones, with recent underground sampling confirming historical high-grade intersections up to 49.2 g/t Au.
Following completion, Dr Julian Stephens has joined the SQX board as executive director, bringing more than 25 years of global exploration experience.
The acquisition positions SQX as a significant player in North American gold exploration, with both projects ready for rapid advancement, modern exploration, and potential discovery, supporting long-term value creation for shareholders.
At the time of reporting, SQX Resources' share price was $0.14.