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Corporate Spotlight

Its principal focus being the exploration and development of gold, base metal and tin projects in Australia. MRR has two principal projects in exploration portfolio, which are Deflector Extended Gold Project in WA & Heemskirk Tin Project in Tasmania.
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EXPLORATION UPDATE

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EAST PILBARA PROJECTS – EXPLORATION UPDATE 

ASX Announcement 6 November 2019 


HIGHLIGHTS 

  • The multi-element assay results received for the 230 rock samples collected on MinRex’s two Bamboo Creek Project areas in the East Pilbara, from SeptemberOctober 2019 program; 
  • At the larger Bamboo Creek exploration licence (E45/4560) a total of 180 rock samples were collected from the three main prospect areas, at the Northern Area, at the BC07 prospect and the Nobb Hill prospect. New sampling tested outcrop and float of various rock types over a wide area beyond and around the previously sampled core prospect areas; 
  • In the Northern Area, five percent of the 100 samples collected assayed over 0.1g/t Au, with a highest value of 0.61g/t Au and anomalous gold values being spread over a large area along the southern (basal) contact of the ultramafic rock sequence; 
  • At the Nobb Hill prospect chrome values were up to 1640ppm Cr, nickel up to 1450ppm Ni and copper up to 284ppm Cu in this large layered intrusion; 
  • At the BC07 prospect gold values were up to 0.27g/t Au, copper up to 1.1% Cu, lead up to 0.61% Pb and zinc up to 1.4% Zn in this complex quartz vein system; 
  • At the second Bamboo Creek exploration licence (E45/4853) a total of 50 rock samples were collected from an area in the north of the licence where abundant mafic xenoliths, pegmatite and quartz veins occur within granite; and 
  • The new assay results from the sampling program at East Pilbara Project areas highlight the prospectivity of these Project areas and will be used to determine target areas for further future exploration and evaluation work.



MinRex Resources Limited (ASX: MRR) (‘MinRex’ or ‘the Company’) is pleased to announce that it has now received the assay results for the 230 rock samples collected at its two Bamboo Creek exploration licences during September/October 2019, during the sixth geological evaluation and sampling program at its 70% owned East Pilbara Project tenements (Figure 2).


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COMMENCE EXPLORATION

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MINREX TO COMMENCE EXPLORATION PROGRAM AT ITS BAMBOO CREEK PROJECT IN THE EAST PILBARA 

ASX Announcement 18 September 2019 


HIGHLIGHTS 

  • A field team is about to mobilise to MinRex’s two Bamboo Creek Project areas (E45/4560 & E45/4853) in the East Pilbara to conduct geological mapping, rock sampling and other site exploration and evaluation work. 
  • At the same time, some work will also be completed at MinRex’s other three East Pilbara Project areas, in preparation for more detailed exploration in the future. These projects include the Daltons Project (E45/4681), the Marble Bar North Project (P45/3040) and the Marble Bar South Project (P45/3039). 
  • The results from this latest program will build on the excellent rock sampling results from previous field sampling programs at MinRex’s four East Pilbara Project areas, in May and August 2018, and more recently in June 2019. It will also build on the recovery of gold nuggets at the Marble Bar North Project area, in December 2017 and October 2018. 
  • The results of this latest sampling will be used to further hone in to anomalies and potential mineralization within these highly prospective licences.


MinRex Resources Limited (ASX: MRR) (‘MinRex’ or ‘the Company’) is pleased to announce that it is about to commence its second detailed geological evaluation and sampling program, for 2019, on the five East Pilbara tenements, in close proximity to Marble Bar, that the company holds a 70% interest in (Figure 2). This latest field exploration work will focus on the two Bamboo Creek Projects, as shown below in Figure 3.


Figure 1: Location of MinRex Project Areas 


As advised on 15 July 2019, in the announcement of the previous exploration program results, the next phase of field work at MinRex’s four East Pilbara Project areas is now due to commence in the current winter field season in the East Pilbara. This work will now focus on following up on the As advised on 15 July 2019, in the announcement of the previous exploration program results, the next phase of field work at MinRex’s four East Pilbara Project areas is now due to commence in the current winter field season in the East Pilbara. This work will now focus on following up on the


Figure 2: Map showing the location of MinRex’s four East Pilbara Project areas 


The Bamboo Creek Project area is prospective for gold mineralisation of the Bamboo Creek style, the Bamboo Creek goldfield lies just 5-10km to the north and east, and along strike within the Warrawoona Group Greenstones that occur in the northern portion of the exploration licence. There is also potential for the felsic porphyry-hosted base metal and molybdenum mineralization of the Spinifex Ridge (Coppin Gap) type, with the Spinifex Ridge Mo-Cu deposit being just 2km to the west of the northern portion of the exploration licence, occurring within a porphyry intrusion into the Warrawoona Group Greenstone sequence. There is also potential for chrome-nickel mineralization in ultramafic bodies, as at Nobb Hill; as well as anomalism in other, as yet unidentified, mineralization styles (Figure 3).


Sampling at Bamboo Creek during 2018, returned gold and copper assays of up to 22.9g/t Au and 18.5% Cu, at the Norms Find prospect, with multiple anomalous values for gold and base metals at the Norms Find, Coppin Gap and BC07 prospects, as well as anomalous chrome and nickel in the large layered intrusion at the Nobb Hill prospect.


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QUARTERLY

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Quarterly Activities and Cash Flow Report for the Quarter Ended 30 June 2019 

ASX Announcement 30 July 2019 


HIGHLIGHTS 

  • On the 15 July 2019, MinRex announced rock sampling assay results from MinRex’s Daltons, Marble Bar North and Marble Bar South Project areas visited in June 2019. A total of 140 samples were collected from the three project areas, with variable results being returned from areas beyond the old workings, including some high gold values; 
  • At the Daltons Project (E45/4681) the new sampling work was widespread and aimed to test outcrop, float and smaller workings and prospecting pits across the full width of the licence. The 100 new samples collected returned assays of up to 60.6/t Au and 5.8% Cu, with the average grade of all 100 samples being 1.80g/t Au and 0.12% Cu; 
  • Sampling at the Marble Bar North Project (P45/3040) returned values of over 0.1g/t Au from various parts of the licence area and a highest gold assay of 5.0g/t Au, from the 20 samples collected in June 2019; 
  • Sampling at the Marble Bar South Project (P45/3039) returned generally low values from areas beyond the old workings, with a highest gold assay of 42.5g/t Au in quartz float, from the 20 samples collected in June 2019; 
  • These results continue the assessment of the East Pilbara project areas and build on the excellent results from MinRex’s four previous exploration campaigns and highlight the prospectivity and potential of these project areas in the East Pilbara; 
  • Once collated and analysed, East Pilbara results will be followed up by further programs of surface sampling and geological mapping before the end of the calendar year; 
  • During the June 2019 Quarter, the Deflector Extended Project was visited with the aim of generating new targets for exploration programs at this project area during 2019; 
  • As at 30 June 2019 the Company had available cash of $0.56 million.


About MinRex 

MinRex Resources Limited (ASX: MRR) (“MinRex” or “the Company”) is an exploration company, listed on the Australian Securities Exchange, with its present focus being the exploration of gold and base metal projects in Western Australia. During the June 2019 Quarter there were field programs completed at three of the four East Pilbara project areas and a short reconnaissance visit to the Deflector Extended Project area.


MinRex currently holds five projects, four in the East Pilbara Region of WA, which are 70% owned, the Daltons Gold Project, the Bamboo Creek Gold Project, the Marble Bar North Gold Project and the Marble Bar South Gold Project, as well as the Deflector Extended Gold Project at Gullewa in Western Australia, which is 100% owned (Figure 1).


Figure 1: Location of MinRex Project Areas 


East Pilbara Gold Projects 

As previously announced in December 2017, East Pilbara field program recovered gold nuggets from the Marble Bar North Project tenement (P45/3040) and collected ten rock samples from the Marble Bar South Project tenement (P45/3039). During May 2018 an additional 190 rock samples were collected from the Marble Bar North (P45/3040), Marble Bar South (P45/3039), Daltons (E45/4681) and Bamboo Creek (E45/4560 & E45/4853) Project areas. Subsequently, follow up field exploration work was completed on all four of the East Pilbara Project areas during August and October 2018, with the collection of a further 270 rock samples from the project areas (Figure 2).


Between December 2017 and October 2018, a total of 470 rock samples were collected from MinRex’s four East Pilbara Project areas, with many of the assays being highly anomalous for gold, copper, silver, nickel, chrome and zinc. The projects were also historically researched, old workings and prospects identified and extensive reconnaissance work completed, including air photo interpretation, metal detecting, photography and geological mapping.


During the quarter, exploration work for 2019 recommenced at the East Pilbara Projects with the first field exploration program being completed in June 2019, with the assay results received during July 2019. On 15 July 2019 MinRex announced the assay results received from the rock sampling at Daltons, Marble Bar North and Marble Bar South Project areas. This was the fifth exploration program in the East Pilbara in the eighteen months that the Company has held an interest in the project areas. 


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COMPLETES LATEST EXPLORATION

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MINREX COMPLETES LATEST EXPLORATION PROGRAM AT ITS EAST PILBARA AND DEFLECTOR EXTENDED PROJECTS

ASX Announcement 26 June 2019


Highlights: 

  • During June 2019 field based exploration activities were completed on all of MinRex’s exploration project areas in Western Australia. 
  • In the East Pilbara all four of MinRex’s project areas were visited and a total of 140 rock samples were collected from target areas, prospects and old workings. The main emphasis of this work was the underexplored and remote Daltons project. 
  • A field team also visited the Deflector Extended project area in the Murchison, where a total of 34 new samples were collected from previously untested areas. 
  • These samples have now been submitted for multi-element analysis at a laboratory in Perth, with assay results due in the coming weeks. 
  • These results follow on from the very encouraging exploration results from MinRex’s 2018 exploration programs.


MinRex Resources Limited (ASX: MRR) (‘MinRex’ or ‘the Company’) is pleased to announce that it has now completed the first geological evaluation and sampling program of 2019 on its 70% owned East Pilbara tenements. The commencement of this program was announced to the ASX on the 7 June 2019. At the same time follow up work has also been carried out on the 100% owned Deflector Extended project in the Gullewa area of the Murchison region. 


Figure 1: Location of MinRex Project Areas 


During 2018, MinRex completed four exploration programs at its East Pilbara project areas, these included the recovery of gold nuggets from the Marble Bar North and Daltons project areas by metal detecting. Rock sampling programs also collected and assayed 10 rock samples, in late 2017-early 2018, an additional 190 rock samples in May 2018 and a further 270 rock samples in August 2018, for a grand total of 470 rock samples from the four project areas. Following receipt and analysis of the results of the 2018 exploration programs, a review of the results was conducted and this has led to the subsequent follow up field exploration work that has now been commenced during June 2019. Further exploration programs are planned for later in the year.


Figure 2: Satellite Image showing the four East Pilbara Project Areas 


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MANAGEMENT

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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.

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