MinRex makes gold nugget find at newly acquired East Pilbara project
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MinRex Resources has already uncovered six gold nuggets totalling 22.7 grams while on an initial site visit to the East Pilbara projects it acquired in December.
The company (ASX:MRR) is acquiring a 70 per cent stake in five highly prospective licences — including some with conglomerate gold potential that border areas controlled by Artemis Resources (ASX:ARV) and Canadian partner Novo Resources, Haoma Mining (ASX:HAO), and renowned prospector Mark Creasy.
Artemis and Novo started the current nugget rush in the Pilbara with a now legendary announcement on July 13 regarding a gold nugget find at their Purdy’s Reward site south of Karratha, Western Australia.
The nuggets MinRex found were recovered from metal detecting on one of the two tenements that make up the Marble Bar project.
One small nugget was also recovered adjacent to historical workings on the Daltons project.
Shares in the company were up 12 per cent on open, proof investors still can’t get enough of the Pilbara.
Additionally, 10 rock chip samples were collected from the second Marble Bar tenement — on a ridge adjacent to a significant number of historical workings that are up to 10 metres deep.
The rock chip samples are being sent to Perth for geological interpretation and chemical analysis.
Multiple historical gold workings, not recorded in the Department of Mines, Industry Regulation and Safety databases, have been identified on the second tenement.
MinRex was targeting the basal part of a conglomerate along strike from gold occurrences on the adjacent tenements owned by Haoma Mining.
Regional mapping by the Western Australian Geological Survey has identified these conglomerates as a part of the Mt Roe Basalt, the basal part of the Fortescue Group.
The presence of Mt Roe Basalt within the Marble Bar project area is significant in terms of gold potential.
Mt Roe Basalt is a volcanic rock formation in the Pilbara’s Fortescue Basin which is known to host gold mineralisation as well as copper, zinc and uranium.
“Identifying the potential of the prospective stratigraphic contact with associated gold nuggets is significant as it validates the targeting and potential of the project,” executive director Simon Durack said.
MinRex has welcomed Artemis onto its share register as part of the acquisition. Artemis agreed to inject $250,000 into MinRex as part of a $750,000 placement to fund the acquisition of the Pilbara sites.
“It is hoped that having Artemis as a strategic shareholder will give MinRex an advantage in exploring for gold mineralisation on its Eastern Pilbara projects given the similar geology to the Artemis/Novo joint venture mineralisation at Purdy’s Reward south of Karratha in the Western Pilbara,” Mr Durack said.
MinRex plans to undertake additional work, including excavation of a bulk sample from the Marble Bar tenements along with detailed geological mapping once the historical data compilation is completed.
The data compilation is expected to begin as soon as shareholder approval is obtained for the acquisition of the projects.
“We look forward to the general meeting of the MinRex shareholders on 19 January 2018 and recommend that if they are unable to attend the meeting in person that they promptly lodge proxies by no later than Wednesday, 17 January 2018 on or before the cut-off time of 10.30am WST, so that this exciting opportunity can be fully evaluated as soon as possible,” Mr Durack said.
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