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MRR 9.0¢

MINREX RESOURCES LIMITED

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Research Report 23 January 2018

MinRex Resources Limited (MRR: ASX) is an exploration company, listed on the Australian Securities Exchange, with its present focus being the exploration of gold, base metal and tin projects in Western Australia and Tasmania. MRR is also actively evaluating other exploration and corporate opportunities. 

MRR’s acquisition of five gold focussed tenements in the epicentre of Australia’s latest gold rush region – the East Pilbara, is likely to attract interest as the influx of junior companies begin their exploration programmes. 

Six gold nuggets were found on MRR’s Marble Bar project during a field evaluation in Dec’17, highlighting the potential of the area. 

Gold Nuggets At Marble Bar Herald MRR’s Entry Into East Pilbara

The Pilbara Gold Rush 

  • The Pilbara Region has become subject to considerable investor interest due to the discovery of gold nuggets in the basal Fortesque Group Sediments. Two geological models are being postulated: , that of conglomerate-hosted gold, and high grade orogenic gold. 
  • Shares in Canada's Novo Resources Corp (NVO: TSX.V), which established a joint venture with Artemis Resources Ltd (ARV: ASX) in May, have surged to give the exploration company a market capitalisation of over CAD700M. Artemis’ market capitalisation has jumped almost 10 times from around AUD20M to as much as AUD195M since July 
  • Although vast amounts of exploration work is still required to confirm the gold-bearing nature of the prospective sequences within the region, speculative activity is likely to continue to drive volatility and high trading volumes until drilling and sampling either prove or disprove an economic discovery, with share prices possibly trading at several multiples of current value in the interim. 

Three Project Areas Defined 

  • MRR have acquired a 70% interest in five highly prospective licences in WA’s East Pilbara region which are prospective for gold as well as copper, lead, nickel and associated precious metals including silver and PGM’s. 
  • The licences are held within 3 Projects: Bamboo Creek, Marble Bar and Daltons. The Bamboo Creek Project contains some historical rock chip samples 0f 30g/t Au at Norm’s Find . 
  • All tenements have basement (orogenic) gold potential and there is also the promise of conglomerate hosted gold deposits, such as those of the Witwatersrand Basin. 
  • Prominent discoveries in the surrounding region include Novo Resources Corp’ (NVO: TSX-V) Comet Well, Artemis Resources Ltd’ (ARV:ASX) Mt OscarWits, the JV between Novo and Artemis at Purdy’s Reward, and the Haooma Mining NL (HAO: ASX) projects, including at the Comet Mine near Marble Bar and at Bamboo Creek. 

Gold Nuggets Found On Marble Bar 

  • All the projects were visited in December 2017 as part of a field investigation and due diligence. Six gold nuggets totalling 22.7g were recovered from the Marble Bar Project area. Additional rock chip samples were collected and chemical analysis is awaited. Artemis Takes Strategic Stake In MRR 
  • As part of the placement undertaken, Artemis Resources Ltd (ARV: ASX) has taken a strategic stake in MRR. This will ensure that ARV remains a part in any of the developments that may occur in any of MRR’s projects.

Share Price Performance:

Click here to read the full Research Report

Deflector Extended Exploration Update
ASX Announcement 11 December 2017

  • Two samples over 1g/t Au and another four over 0.1g/t Au from further infill surface rock and float sampling at the Deflector Extended Gold Project. 
  • These new Deflector Extended Gold Project assays were from an infill field program of geological mapping and the collection of 184 surface rock samples, conducted in November 2017. The full assay results for this program are reported herein.

MinRex Resources Limited (ASX: MRR) (“MinRex” or “the Company”) is pleased to provide the following update regarding the latest exploration program at its Deflector Extended Gold Project at Gullewa in Western Australia. 

Deflector Extended Gold Project 

MinRex’s Deflector Extended Gold Project (E59/1657) lies to the northeast of the Doray Minerals Limited (“Doray”) Deflector Mine, where copper-gold mineralisation occurs in shear zones in meta-basalt, and also the Golden Stream open-cut, where gold was produced from shear-zone hosted quartz veins in meta-basalt. 

MinRex has been actively exploring the Project area since 2011, utilising surface sampling and geological mapping to hone in to buried mineralized structures and favourable settings for mineralization. About 85% of the area of E59/1657 is covered by sand, colluvium, scree and alluvium, with only about 15% outcrop of mafic meta-basalts in the Cagacaroon Hills area, and other small areas of granite and dolerite. 

Several surface sampling programs have now been completed within the tenement area, utilizing surface grab sampling of outcropping rock, scree, float, colluvium, calcrete, ferricrete and sediment; and a number of lines of close-spaced, surface soil sampling have also been completed. These results have all indicated that a large sand, colluvium and scree covered area, immediately to the north of the outcropping Cagacaroon Hills meta-basalt, has consistently returned the most anomalous gold assay results.

Click here to read the full announcement

Heemskirk Exploration Update
ASX Announcement 14 July 2017

  • Analyses of up to 4.6% tin at old workings and 32.5% tin in stream sediment concentrate were returned from sampling at the Heemskirk Tin Project. 
  • The assay results are reported herein for the 58 rock samples, 68 soil samples and 7 stream sediment concentrate samples collected at the Heemskirk Tin Project in February 2017.

MinRex Resources Limited (ASX: MRR) (“MinRex” or “the Company”) is pleased to provide the following update regarding the latest exploration programs at the Heemskirk Tin Project in Tasmania.

Heemskirk Tin Project

The Heemskirk Tin Project lies in exploration licence EL18/2011, on the west coast of Tasmania. A one year extension to this licence was granted on the 24th May 2017, extending the term to the 2nd April 2018. MinRex has now held its Heemskirk Tin Project since 2012 and has been successful in identifying a number of the old tin workings, dating from the 1870’s-1880’s, and has collected a total of 129 stream sediment concentrate samples, 99 rock chip samples and 78 soil samples, for a total of 306 samples. 

The latest field program was completed in February 2017, to collect rock samples from three of the old workings, along with soil samples from the slopes of the previously defined anomalous stream valleys, to the east of the Peripatetic and north of the Carn Brea Mines; and collect a few new stream sediment concentrate samples, where further infill was required. This more diverse exploration program collected a total of 58 rock samples, 68 soil samples and 7 stream sediment concentrate samples, for 133 samples; the results from which are presented herein. 

The 58 rock samples were predominantly collected at the old Peripatetic, Carn Brea and Fisher & Smith mine workings, with the best results from these being three values above 1% tin, with a highest value of 4.6% tin at the old Peripatetic workings. The results from the 68 soil samples were generally low, with no significant results being returned (highest value of 0.02% tin).

Click here to read the full announcement

Results of Site Inspection of East Pilbara Licenses
ASX Announcement 15 January 2018

  • Six Gold Nuggets totaling 22.7g have been recovered from P45/3040, one of the two tenements comprising the Marble Bar project. 
  • Multiple historical gold workings, not recorded in the Department of Mines, Industry Regulation and Safety (DMIRS) databases, have been identified on P45/3039. 
  • Ten rock chip samples were also collected from P45/3039. 
  • All of the project tenements were visited as a part of the Field Evaluation. 
  • Additional work is recommended on the projects, following shareholder approval at the General Meeting of MinRex shareholders to be held on 19 January 2018 and settlement of the proposed acquisition of the projects.

MinRex Resources Limited (ASX:MRR) (‘MinRex’ or ‘the Company’) is pleased to announce that the site inspection, field trip evaluation and technical due diligence (as announced in an ASX release on 14 December 2017) of the East Pilbara projects (figure 1 and table 2) was undertaken in mid-December 2017. During this site visit all of the projects currently being acquired (ASX release 28 November 2017) were visited. 

Significantly six gold nuggets totalling 22.7g have been recovered from one of the tenements (P45/3040). Table 1 below details the location and size of the nuggets, while figure 2 shows the nuggets themselves and figures 3 and 4 are, respectively, a plan of the P45/3040 tenement and a photograph of the location of the nuggets relative to historical workings. 

In addition to the metal detecting on P45/3040, additional rock chip samples were collected from the second Marble Bar tenement, P45/3039. Rock chip samples were collected; due to metal detecting being problematic as there was significant scrap metal on surface within the tenement. These rock chips were on a ridge adjacent to a significant number of historical workings that are up to 10m deep (figure 5). These workings are not in the DMIRS MINDEX database and no historical production records are available. The rock chip samples are being sent to Perth for geological interpretation and chemical analysis. The field team were targeting the basal part of a conglomerate along strike from gold occurrences on the adjacent Haoma Mining (ASX:HAO) tenements. 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. Locations of these rock chips will be reported along with the assay results as soon as they are received. 

Click here to read the full announcement

Mr Simon Francis Durack
B Comm, Post Grad Dip Bus, FCA, FCIS, JP
Executive Chairman and Company Secretary

Mr Durack is a Chartered Accountant, practicing Company Secretary and Director, with over 35 years commercial experience gained working in Australia, South East Asia and Europe. Mr Durack's commercial experience includes time worked in the Accounting profession with Coopers & Lybrand (now PricewaterhouseCoopers). He has also held many senior financial and secretarial roles with both large public and private entities. In these roles, Mr Durack has been responsible for providing managerial, secretarial and financial advisory input. Mr Durack has also acted as resident Director for several offshore companies with operations in Australia. Mr Durack is an Executive Director, Group Company Secretary and Chief Financial Officer for the LinQ Group of companies and brings a strong commercial and financial background to the Company.

Mr Robert Harley Downey
B.Ed, LL.B (Hons)
Non-Executive Director

Mr Downey is a barrister and solicitor of the Supreme Court of Western Australia. He commenced work with Phillips Fox in the areas of energy, corporate law and mining. In 2001 he joined law firm Blakiston & Crabb and specialised in advising oil & gas and mining companies in relation to a range of legal issues, including IPOs, mergers and acquisitions, as well as general AIM, ASX and ASX Listing Rules advice. Mr Downey established an independent corporate advisory firm during 2005 and was involved with the IPO listings of various mining and oil & gas companies on the ASX and at the same time held directorships on a number of these companies. In 2016 Mr Downey established Dominion Legal and specialises as a corporate resources lawyer.

Dr David Hannon
BEc, FFin
Non-Executive Director

Mr Hannon commenced his commercial career as a stockbroker and investment banker in 1985, working with several firms. He later became a joint partner of a private investment bank specializing in venture capital with a focus on the mining sector. Mr Hannon operates a private investment bank, Chifley Investor Group Pty Limited. He held a directorship in Atlas Iron Limited from 6 August 2004 to 10 March 2015. Mr Hannon holds a Bachelor of Economics from Macquarie University and is a Fellow with the Financial Services Institute of Australasia.

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