Wait over for MinRex as drilling begins at Wiles Prospect in Lachlan Fold Belt
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A highly anticipated drilling campaign at MinRex Resources (ASX:MRR) Wiles prospect in the hot Lachlan Fold Belt in NSW is set to begin next week.
The 15-hole, 800m RC drilling program at Wiles, located within the Sofala gold project, has received the all-clear from the NSW Government.
The explorer is aiming to follow up high grade surface assays from soil sampling at the newly discovered gold deposit.
Those surface results included a head-turning 10.6g/t and 9.26g/t, while recent RC drilling from a three-hole campaign before MinRex acquired the project last year recovered 9m at 2.43g/t from only 17m downhole.
The Lachlan Fold Belt has emerged as one of Australia’s prime exploration destinations over the past 18 months following Alkane Resources (ASX: ALK) Boda discovery.
But it should be remembered it already hosts several elephants, including Australia’s biggest gold mine in Newcrest Mining’s Cadia-Ridgeway, Evolution’s Cowal and the Chinese owned Northparkes operation.
Resources industry veteran and new MinRex chief Pedro Kastellorizos said evidence of near surface mineralisation uncovered to date demonstrated the Wiles Prospect’s “excellent potential”.
“The extensive gold mineralisation at this stage consists of 5 different lodes zones running over several hundred metres in a north-south direction and are currently open along strike and depth,” he said.
“The size of the untested mineralised corridor has been classified as very extensive with excellent potential to delineate further mineralisation through shallow drilling.
“Further work will commence on the re-interpretation of airborne magnetic/gravity data to delineate the source of the geophysical anomalies along with the true depth of the source.”
The prospect was only discovered in 2018 by MinRex’s joint venture partner Wattle Resources and is located along the strike of the Big Oakey Fault, which also includes the nearby Whalans Hill prospect.
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.