MinRex ‘delighted’ with reconnaissance results over lithium-tin-tantalum projects
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A reconnaissance flight over MinRex Resources’ East Pilbara lithium-tin-tantalum projects has touched down – with on ground inspections and sampling activities also completed across the project area.
Assays are expected in six to eight weeks, and MinRex (ASX:MRR) executive director George Karageorge said the company is delighted with the initial results of its on-ground reconnaissance program.
“We are confident geological evidence collected to date strongly supports the project areas will host significant lithium bearing pegmatites based on geophysics responses and the same highly prospective geological units hosting lithium bearing deposits,” he said.
The company expanded its lithium portfolio after signing an acquisition agreement with Odette Five back in November 2021, which sees a further 483 sqkm added to its holding across four projects.
A Mining Act ballot was drawn over the Moolyella Project exploration licence applications (E45/5875, E45/5876, E45/5877) and MRR was advised that True Fella was drawn first on each tenement application. Odette Five subsequently secured mineral rights to battery metals on two applications held by True Fella (being the Sisters (E45/5871) and Moolyella North Project (E45/5873). The projects are in close proximity and share similar geology to Archer Lithium Deposit owned by Global Lithium Resources (ASX:GL1).
Subject to shareholder approval of the acquisition on 16 February, the company will assume obligations of Odette Five to pay consideration to True Fella of:
MinRex recently completed its maiden RC drilling program at the Queenslander Gold Project, which forms part of MinRex’s Sofala Gold Project in NSW.
With assays expected in around 4-6 weeks, the company hopes the drilling will assist in upgrading the current JORC resources at Sofala.
Further drilling along strike of the newly delineated gold bearing zones is planned and MRR intends to increase the resource to 700Koz Gold in 2022.
This article was developed in collaboration with MinRex Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.