MinRex gets another dose of sunshine at Sunny Corner
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MinRex has signed formal farm-in and joint venture agreements covering part of the Sunny Corner polymetallic project in New South Wales’ Lachlan Fold Belt.
Under the agreement, the company has the right to earn 90% in the exploration area of EL 5964 from Sunny Silver and Sunshine Reclamation by spending $1.5m on exploration within three years.
El 5964 forms part of the Sunny Corner Project, along with EL9133 and EL9504, which are 100% owned by MinRex Resources (ASX:MRR).
“The Sunny Corner JV opportunity represents another major footprint in the further acquisition of highly prospective ground within the Lachlan Fold Belt,” CEO Pedro Kastellorizos said.
“Based on the number of prospects/mines with recorded significant historic production, the company is in a strong position to add shareholder value through follow-up exploration over these highly prospective mineral areas.
“The initial data review has outlined outstanding ground IP geophysics and structural targets which remains untested and represents walk-up drill targets for MinRex moving forward.”
The 54sqkm EL 5964 includes Australia’s first direct shipping mine that sent silver ore to London in 1877 along with historical production mines producing gold, silver and copper such as the Nevada copper mine, Big Hill and Bobs Creek gold mines.
It was last explored by Golden Cross Resources in 2005, which drilled 36 reverse circulation holes totalling 1,860m.
Within EL9133, the Mitchells Creek alluvial workings have produced about 12,000 ounces of gold with the surrounding areas considered to be prospective for gold and base metal mineralisation.
Another 11,740oz of gold was produced from the Paddy Lackey mine at Dark Corner.
Several prospects have been reported to have gold occurrences with quartz veins and shears in sediments at Big Hill and as occurring in quartz along the contact of sediments with porphyritic intrusives at Bobs Creek.
Other prospects were reported as being spatially associated with felsic-intermediate volcaniclastics, as at the Paddy Lackey and St George prospects.
MinRex will now focus on collating a detailed GIS database incorporating all detailed historical data including surface geochemical results, drilling assay results and regional geophysics to assist with defining ground exploration targets.
It has already flagged significant areas of interest in which further work will be conducted in the upcoming months with a view of potentially test drilling these areas before the end of the year.
This article was developed in collaboration with MinRex, 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.