MAIDEN HIGH-GRADE COBALT INFERRED RESOURCE, COMPLIANT TO THE JORC (2012) CODE, CONFIRMED

ASX Announcement 6 June 2018

• MinRex’s geology team has modelled a maiden inferred mineral resource estimate for the Pacific Highway prospect within the Pacific Express project, reported to the JORC (2012) code, at: 697,000t @ 1,157ppm Co, 9,043ppm Ni and 39.5ppm Sc (cut-off 600ppm Co)1 
• This translates to contained metal of 806t cobalt, 6,301t nickel and 27.5t scandium 
• The geology team believes the cobalt grade achieved at the Pacific Express project (1,157ppm) ranks highly when compared with other such projects in Australia 
• Further, MinRex’s geology team believe the resource can be materially expanded with additional exploration work on high priority areas, including geological modelling and ultimately a targeted drilling program 
• The initial exploration program will target the Pacific Highway prospect where high-grade cobalt intersections up to 6,000ppm Co have been confirmed1 
• Importantly, when compared with legacy resources1 modelled in the area [reported to the JORC (1996) code], most of the contained metal in the current inferred resource [JORC (2012) code] is within the high-grade cobalt zones defined by MinRex’s geology team 
• Having modelled an inferred resource, reported to the JORC (2012) code, MRR’s geology team have completed the pre-acquisition due diligence on the Pacific Express project and delivered a positive recommendation to the MinRex Board 
• The geology team are now focusing on completing due diligence on the two West Australian projects

MinRex Executive Director, Simon Durack commented: “The Board is pleased the geology team has been able to model an inferred cobalt resource to the current JORC code. Of significance is the cobalt grade, which the geology team believes ranks highly when compared with Australian peers, and the potential to materially expand the resource size with more exploration work followed by a targeted drilling program.”

MinRex Resources Limited (ASX: MRR) (“MinRex” or “the Company”) is pleased to announce the completion of due diligence for the Pacific Express project. In addition, the geology team has modelled a maiden inferred mineral resource estimate, reported to the JORC (2012) code, comprising 697,000t @ 1,157ppm Co, 9,043ppm Ni and 39.5ppm Sc (cut-off grade 600ppm Co) as seen in Table 1 below.

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MINREX COMPLETES THE FIRST EXPLORATION PROGRAMS AT ITS EAST PILBARA PROJECTS

ASX Announcement 31 May 2018 

Highlights: 

• A field team was mobilised to the East Pilbara area during May 2018. All four of MinRex’s East Pilbara Project areas were visited and a total of 190 samples were collected from old workings, prospects and outcropping rock formations. 
• These samples have now been submitted for multi-element analysis at a laboratory in Perth, with assay results due in mid-June 2018. 
• These results will build on the very encouraging gold assay results from ten samples at the Marble Bar South Project area (P45/3039), as announced in February 2018, and the six gold nuggets recovered from the Marble Bar North Project area, announced in January 2018. 
• The results of this latest sampling will be used to determine which projects and areas to target for further exploration and detailed evaluation later in 2018.

MinRex Resources Limited (ASX: MRR) (‘MinRex’ or ‘the Company’) is pleased to announce that it has now completed the first detailed geological evaluation and sampling program on the five East Pilbara tenements that the company holds a 70% interest in.

As previously announced, earlier piecemeal programs recovered gold nuggets from the Marble Bar North project tenement, P45/3040, announced in January 2018; and the assay results were announced for ten rock samples collected from the Marble Bar South project tenement, P45/3039, in February 2018.

A detailed data compilation and review of historic mining and mineral exploration within the East Pilbara project areas has now been completed, leading to the field exploration work commencing. As previously stated, the intention was that the initial exploration of the East Pilbara project areas would include the collection of a significant number of rock samples from the areas of old workings in both P45/3039 and P45/3040, at Marble Bar, and also the workings at the Daltons project and the previously defined prospect areas at the Bamboo Creek project.

At Marble Bar North (P45/3040) a total of 40 rock samples (MNR001-040) were collected from the extensive old workings, variously named Ironclad, Jo Jo North and Betty Boo. The gold mineralisation in this area occurs as quartz veins in sheared and strongly carbonated mafic schists (greenstones), and associated alteration zones, in dolerite and other mafic rock types, close to the greenstone/granitoid contact.

This lease has been worked extensively in the past. In the lease a line of old gold workings lies along the sheared lithological contact between felsic and mafic volcanic rocks. This highly sheared contact trends north-south and hosts an extensive gold-bearing quartz vein system that dips shallowly to the west, within the encompassing shear zone. The lease is 3km from Marble Bar Township, with a well maintained track running right to the old Ironclad mine-site and battery, a five minute drive from Marble Bar.

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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:

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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.