MinRex partners with Artemis to snap up Pilbara gold territory
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Explorer MinRex Resources has won control of several sites in the heart of Pilbara gold territory — and gained a strategic partner in Artemis Resources, the miner that kicked off a West Australian nugget rush in July.
MinRex Resources (ASX:MRR) will acquire a 70 per cent stake in five highly prospective licences — including some with conglomerate gold potential that border areas controlled by Artemis’s partner Novo Resources, Haoma Mining (ASX:HAO) and renowned prospector Mark Creasy.
The five exploration licences sit across three projects — Bamboo Creek, Marble Bar and Daltons projects (see map below).
Artemis (ASX:ARV) and Canada’s Novo Resources started the current nugget rush with a now legendary announcement on July 13 regarding a gold nugget find at their Purdy’s Reward site south of Karratha, Western Australia.
Artemis shares have since tripled from 9c to about 30.5c after climbing as high as 59c.
Artemis today announced it would inject $250,000 into MinRex as part of a $750,000 placement to fund the acquisition of the Pilbara sites.
“Artemis sees this investment as highly strategic as the ground that MinRex is acquiring is in the heart of the Pilbara conglomerate gold prospective region,” Artemis chairman David Lenigas said.
MinRex, a relatively young company, has been on the hunt for an ideal project with the help of corporate advisor EverBlu Capital.
“We’ve only been going now for basically six years and all that time we have been hunting around for a suitable project to inject into the company to drive shareholder value,” MinRex executive director Simon Durack told Stockhead.
“We hope and expect that we have found one here.”
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.
The Bamboo Creek and Daltons projects are also prospective for base metals including copper, lead, nickel and associated precious metals including silver, platinum group elements and gold.
Last month Haoma Mining showed off flat gold nuggets collected from a conglomerate outcrop near its Comet Mine close to Marble Bar (pictured below).
The acquisition is an important step-change for MinRex and gives it a strong foothold in the Pilbara region, Mr Durack said.
“The acquisition positions the company with assets in one of the most highly sought-after, prospective gold regions in the world today.”
MinRex has already paid a $100,000 deposit to acquire the 70 per cent interest in the five licences and will pay a further $650,000 and issue around 14.6 million shares at deemed price of 12 cents per share.
Mr Durack has deep experience in gold exploration.
The executive aided in the recapitalisation of Millennium Minerals (ASX:MOY) in 2009 and was part of the team that built the Nullagine gold mine, which began production in 2012.
This special report is brought to you by MinRex Resources.
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