MINREX RESOURCES LIMITED — Capital/Financing Update 2017

Jul 13, 2017

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ASX Announcement

14 July 2017

DEFLECTOR EXTENDED AND HEEMSKIRK EXPLORATION UPDATE

• Three surface rock samples returned assay results exceeding 0.1g/t Au, from a discrete, screecovered area of the Deflector Extended Gold Project.

• The Deflector Extended Gold Project assays were from the extensive field program, comprising 160 surface rock samples and 14 soil samples, conducted in May and June 2017. The full assay results for this program are reported herein.

• 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 its two Project areas - the Deflector Extended Gold Project at Gullewa in Western Australia and the Heemskirk Tin Project in Tasmania.

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 metabasalt, 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 into buried mineralized structures and favourable settings for mineralization. The area of E59/1657 consists of about 15% outcrop of mafic meta-basalts in the Cagacaroon Hills area, and about 85% cover sediments, plus one or two small areas of granite and laterite.

Several surface sampling programs have now been completed within the tenement area, utilizing surface grab samples of outcropping rock, scree, float, colluvium, calcrete, ferricrete and sediment. A number of lines of close-spaced, surface soil sampling have also been completed, with samples generally at 50m spacing.

During May and June 2017, an extensive field program at MinRex’s Deflector Extended Gold Project collected 160 surface rock samples and 14 soil samples. The results from the 160 newly collected rock and float samples are shown below on Figure 1 and in detail in Appendix 1, at the rear of this report; three of these samples returned assay results exceeding 0.1ppm Au. The 14 soil samples were collected on a traverse into Salt River, near the north-eastern boundary of the lease, with the assay results from these being presented below in Appendix 2.

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Figure 1: Plan showing the geology and recent (May-June 2017) rock sample results, in E59/1657

MinRex has now collected a total of 350 surface rock, scree and float samples in the Deflector Extended Gold Project area, along with soil samples and auger drill results, which have defined three anomalous zones suitable for further examination and sampling. There have also been prior programs of RAB drilling, aircore drilling and soil sampling, by earlier explorers of the area, the results from which support the definition of these anomalous zones.

In particular, a number of anomalous assay values (up to 0.25ppm Au) cluster in a distinct screecovered area, adjacent to mafic meta-basalt and an interpreted fault zone, near the central corner of the lease (Area 2) (Figure 2).

The other two anomalous zones are to the north of the Golden Stream mine (Area 1) and along Salt River north of the hidden Gearless Well intrusion (Area 3); which may lie along strike from the Deflector Mine. The prevalence of higher gold values in rock and soil values in areas of mafic colluvium suggests that concealed mineralisation may lie below the blanket of scree surrounding the Cagacaroon Hills meta-basalt outcrop area.

The collection of further rock and soil samples during 2017 is planned to further pinpoint the most anomalous areas for subsequent drilling. This work will concentrate on the three defined anomalous zones, but also include some further reconnaissance work elsewhere in the Deflector Extended Gold Project.

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Figure 2: Plan showing the geology and all rock sample results to date; and anomalous zones

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 24[th] May 2017, extending the term to the 2[nd] 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). The results from the 58 rock samples and 68 soil samples are plotted below on Figure 3. The full rock sample assay results are tabulated below in Appendix 3, while the full soil sample assay results are tabulated below in Appendix 4.

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Figure 3: Heemskirk Tin Project plan showing old mines and the results from all rock and soil samples

The seven new stream sediment concentrate samples included two results of over 1% tin, the highest being 32% tin, in the vicinity of the old Carn Brea workings. The samples have been hand panned to concentrate heavy minerals and are therefore higher grade than the original in-situ stream sediments. A total of 129 stream sediment concentrate samples have now been collected, with 23 of these samples exceeding 1% tin, as shown below in Figure 4. The new assay results are tabulated below in Appendix 5.

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Figure 4: Plan of the Panned-Concentrate Stream Sediment Assay Grades from Heemskirk

The 129 stream sediment concentrate samples were collected with the rationale that the results would delineate the most anomalous areas for more detailed sampling and exploration. Examination of the stream sediment concentrate results clearly shows a number of areas with consistently higher results, including a number of streams with no known mines or deposits to the east of the Peripatetic Mine and to the north of the Carn Brea Mine. However, the results from the soil sampling along the valley sides in these anomalous areas were low, with no assays higher than 0.02% tin (Figure 3, Appendix 4).

Rock sampling at the Peripatetic workings did return some anomalous results with a high value of 4.6% tin (sample 16082) from the face of an open stope between Adits 3 and 4 (Figure 5). Previous sampling by other companies at the Peripatetic mine has returned assay values up to 12.3% tin.

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Figure 5: Sketch map of the old Peripatetic mine workings with rock sample numbers

MinRex has been completing detailed stream sediment concentrate sampling, rock sampling and soil sampling within the Heemskirk area, in an effort to discover previously overlooked large, low-grade tin deposits; or smaller, high to medium-grade tin deposits. MinRex believes that while the Heemskirk tin field is relatively old, the work previously completed has not been systematic or thorough and that potential remains for new discoveries in the area.

Work is now continuing on collating all of the exploration results to date and planning for the next stage of exploration, with a new field program expected to commence in the coming spring or summer months.

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Figure 6: Old stamp battery and adit at the Carn Brea and open stope wall at Peripatetic (right) mines, during 2017

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MinRex Resources Limited – ASX Announcement – 14 July 2017

For further information, please contact:

Simon Durack Executive Chairman MinRex Resources Limited T: +61 8 9486 8806 F: +61 8 9321 3559 info@minrex.com.au

Competent Persons Statement:

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Kieron Munro, a Competent Person who is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Munro is employed as an independent geological consultant by MinRex and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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MinRex Resources Limited – ASX Announcement – 14 July 2017

Appendix 1 – Deflector Extended Gold Project May-June 2017 Rock Sample Assay Results

Sample	Easting	Northing	Au	Ag	As	Mo	Pb	Cu	Ni	Zn
No.	m	m	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
DEK191	444140	6833078	0	0	0.4	1	5	3	3	3
DEK192	443977	6833151	0	0	0.2	0.6	3	2	4	2
DEK193	443965	6833145	0	0	0.8	0.6	5	74	80	30
DEK194	443850	6833158	0	0	0.4	2.2	6	2	4	3
DEK195	443830	6833163	0	0	0.4	0.2	2	5	4	2
DEK196	443829	6833160	0	0	2.6	5	20	9	14	13
DEK197	444432	6832267	0	0	0.4	0.2	1	2	6	2
DEK198	444312	6832484	0	0	0.2	0.6	2	1	4	3
DEK199	444294	6832473	0	0	0.4	0.6	3	3	5	4
DEK200	444006	6831685	0	0	0.4	0.4	0	1	2	2
DEK201	443939	6831690	0	0	0.6	0.2	0	1	4	2
DEK202	443897	6831612	0	0	26.4	0.6	6	41	180	14
DEK203	443885	6831607	0	0.1	3.4	0.4	2	66	12	5
DEK204	443886	6831610	0	0	20.4	0.2	5	32	13	6
DEK205	443878	6831625	0	0	15	0.4	5	28	15	9
DEK206	443869	6831670	0	0	2.8	0.2	0	3	4	3
DEK207	443854	6831641	0	0	0.6	0.2	0	2	5	2
DEK208	443854	6831637	0	0	23.2	0.2	4	24	14	4
DEK209	443877	6831598	1	0	3.8	0.4	10	25	47	17
DEK210	443872	6831595	0	0	1	4.6	0	3	4	3
DEK211	443868	6831588	0	0	16.4	0.2	5	25	14	8
DEK212	443895	6831577	0	0	15.4	0.2	5	22	14	8
DEK213	443778	6831332	0	0	1	0.4	3	2	4	3
DEK214	443778	6831327	0	0	0.8	2.8	2	2	6	5
DEK215	443806	6831350	1	0	0.6	2.2	9	5	5	3
DEK216	443828	6831369	0	0	0.4	0.4	1	2	6	3
DEK217	443830	6831365	0	0	0.6	0.2	3	2	6	3
DEK218	443832	6831360	0	0	0.6	0	2	4	6	4
DEK219	443837	6831313	0	0	0.6	0.6	0	5	9	3
DEK220	443736	6831262	0	0	2.4	0.6	1	1	6	2
DEK221	443760	6831233	0	0	0.6	1.8	1	3	40	10
DEK222	443762	6831351	1	0	2.6	0.2	3	4	11	5
DEK223	443734	6831387	0	0	0.6	0.4	0	0	5	2
DEK224	443719	6831375	0	0	0.6	1.6	3	2	16	6
DEK225	443737	6831326	0	0	0.8	3.6	2	4	9	4
DEK226	443878	6831359	0	0	0.4	1.4	1	1	5	3
DEK227	443884	6831328	0	0	0.4	0.4	0	1	4	2
DEK228	443838	6831333	0	0	0.4	1	0	1	6	2
DEK229	443829	6831359	0	0	0.4	0.6	0	2	5	4
DEK230	444135	6830680	1	0	0.6	0	0	2	0	2
DEK231	444140	6830675	23	0	1.2	0.2	2	10	14	15
DEK232	444117	6830644	0	0	0.6	0.2	1	2	3	3

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Sample	Easting	Northing	Au	Ag	As	Mo	Pb	Cu	Ni	Zn
No.	m	m	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
DEK233	443670	6830871	0	0	0.4	0	0	1	4	2
DEK234	443698	6831563	0	0	0.4	0	0	0	3	2
DEK235	443686	6831570	0	0	0.4	0.4	0	2	9	3
DEK236	443648	6831558	0	0	0.4	0.4	0	2	4	4
DEK237	443605	6831556	0	0	0.6	0.4	0	4	29	8
DEK238	443577	6831581	0	0	0.6	0.2	0	3	4	2
DEK239	443613	6831634	0	0	0.2	1.2	1	4	10	4
DEK240	443621	6831645	0	0	0.6	1.8	1	2	23	9
DEK241	443642	6831661	0	0	0.4	1.4	1	2	6	3
DEK242	443653	6831666	0	0	0.4	0.2	2	1	4	3
DEK243	443673	6831650	0	0	0.4	0.4	0	0	5	2
DEK244	443681	6831645	0	0	0.4	3.8	2	4	13	6
DEK245	443724	6831605	0	0	0.4	1.6	0	2	5	3
DEK246	443717	6831527	0	0	0.4	0.6	0	2	6	3
DEK247	443734	6831488	0	0	0.4	0.4	2	1	5	3
DEK248	443799	6831488	0	0	0.2	2.2	4	2	5	5
DEK249	443831	6831521	0	0	0.4	0.4	0	1	2	2
DEK250	443884	6831533	1	0	0.4	116	44	4	7	6
DEK251	443877	6831539	0	0	11.8	2.2	5	29	15	10
DEK252	443822	6831612	0	0	0.6	1	0	1	3	2
DEK253	443778	6831611	0	0	0.6	8	3	2	13	2
DEK254	444064	6831670	0	0	0.4	1	0	1	3	2
DEK255	444061	6831667	0	0	6.4	1.2	14	179	262	133
DEK256	444043	6831729	2	0	3.8	0.6	9	142	23	22
DEK257	444039	6831739	8	0	4.6	1	10	121	53	69
DEK258	444037	6831774	3	0	2.2	3.2	12	133	65	68
DEK259	444019	6831791	0	0	18.6	3	58	154	28	69
DEK260	443940	6831894	0	0	1	1	2	2	4	2
DEK261	443941	6831983	0	0	0.6	0.6	2	3	4	3
DEK262	443967	6832049	0	0	1	0.4	0	5	5	3
DEK263	443961	6832034	0	0	0.8	1.6	9	62	21	21
DEK264	443876	6832167	1	0	0.6	0.4	0	5	3	2
DEK265	443841	6832083	3	0.1	0.4	0	0	1	3	2
DEK266	443827	6831999	1	0	2.2	0.2	0	2	5	3
DEK267	443793	6831920	2	0	0.6	0.6	0	0	3	2
DEK268	443773	6831905	9	0	25.2	1	7	25	80	54
DEK269	443704	6831833	0	0	2	1.6	0	2	4	2
DEK270	443762	6831774	0	0	0.8	1.4	0	2	2	3
DEK271	443806	6831737	0	0	0.6	1	2	3	3	2
DEK272	443830	6831696	0	0	2.4	1.4	7	17	20	4
DEK273	443873	6831645	0	0	0.6	0.2	0	5	5	2
DEK274	443982	6832808	1	0	0.6	0.4	5	6	6	5
DEK275	444096	6832783	0	0	0.4	0.6	0	5	2	2
DEK276	444149	6832815	0	0	0.2	0.2	0	2	3	2

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MinRex Resources Limited – ASX Announcement – 14 July 2017

Sample	Easting	Northing	Au	Ag	As	Mo	Pb	Cu	Ni	Zn
No.	m	m	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
DEK277	444348	6832797	0	0	0.4	125	28	1	3	2
DEK278	444460	6832804	0	0	0.4	3.6	1	1	4	2
DEK279	444387	6832472	0	0	0.4	11.6	4	1	3	2
DEK280	444390	6832490	1	0	2.4	1	5	14	11	12
DEK281	444515	6832553	0	0	0.6	0.4	2	1	4	2
DEK282	444583	6832511	0	0	0.8	5.6	3	2	4	2
DEK283	444374	6832413	0	0	0.6	1.8	3	1	8	3
DEK284	443779	6833184	0	0	0.4	0.2	1	1	3	2
DEK285	443861	6833246	0	0	0.6	0.2	2	4	5	3
DEK286	443926	6833285	0	0	0.4	0.2	42	3	5	5
DEK287	443963	6833289	0	0.05	0.4	0.2	192	34	3	4
DEK288	444001	6833308	0	0.05	0.4	0.2	17	12	10	15
DEK289	444074	6833355	0	0	0.4	0	1	1	3	3
DEK290	444060	6833324	0	0	0.4	0.2	1	4	5	6
DEK291	444028	6833293	0	0.05	0.6	0	3	25	12	33
DEK292	443992	6833272	0	0	0.4	0.2	5	5	4	3
DEK293	443949	6833232	0	0	0.6	0.2	9	3	7	3
DEK294	443880	6833211	0	0	0.4	0.4	0	1	5	2
DEK295	443840	6833173	0	0	0.8	0.4	0	5	7	2
DEK296	443804	6833143	0	0	0.6	0.2	0	3	3	3
DEK297	443660	6333148	0	0	0.6	0.2	1	2	3	2
DEK298	443636	6833097	0	0	0.4	0.2	3	3	3	3
DEK299	443594	6833046	0	0	0.6	0.2	1	5	4	2
DEK300	443513	6833006	0	0.1	0.4	0.4	2	2	5	2
DEK301	443473	6832973	0	0	0.8	0.4	1	3	3	2
DEK302	443397	6832973	1	0	0.8	0.4	2	3	3	4
DEK303	443404	6832905	0	0	0.4	1	0	5	4	4
DEK304	443342	6832863	0	0	0.4	0.4	3	4	4	4
DEK305	443268	6832806	2	0	0.4	0.4	0	5	4	3
DEK306	443228	6832846	2	0	0.8	0.2	0	4	6	2
DEK307	443232	6832788	0	0	0.4	0.6	0	3	4	3
DEK308	443228	6832773	1	0	0.8	0.2	5	16	19	24
DEK309	443277	6832772	0	0	0.4	0.4	1	3	3	3
DEK310	443295	6832743	4	0	0.4	0.2	1	3	4	4
DEK311	443348	6832765	0	0	0.4	0	0	3	3	2
DEK312	443432	6832820	0	0	0.2	0	0	2	3	2
DEK313	443480	6832895	0	0	1.6	0.2	2	3	5	2
DEK314	443548	6832956	0	0	0.4	0.6	1	3	5	5
DEK315	443602	6832997	0	0	0.8	0.2	1	3	3	3
DEK316	443160	6832776	0	0	0.8	0.6	0	5	4	8
DEK317	443113	6832749	3	0	0.4	0.2	0	3	5	3
DEK318	443013	6832718	0	0	1	0.2	2	3	5	4
DEK319	442985	6832672	105	0	2	1.8	90	140	116	145
DEK320	442969	6832668	0	0	0.6	0.2	1	4	5	3

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Sample	Easting	Northing	Au	Ag	As	Mo	Pb	Cu	Ni	Zn
No.	m	m	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
DEK321	442915	6832563	216	0.05	7.2	1.4	43	346	248	32
DEK322	442929	6832524	6	0	2.4	0.4	10	97	85	20
DEK323	443003	6832439	1	0	0.6	0.4	7	4	5	4
DEK324	443029	6832436	0	0	0.6	0.4	0	3	5	4
DEK325	443060	6832393	0	0	0.4	0.4	0	6	1	2
DEK326	443108	6832359	249	0	0.6	0.4	4	8	4	6
DEK327	443083	6832425	4	0	3.2	1	3	60	31	12
DEK328	443073	6832532	0	0	0.8	0.6	4	16	7	5
DEK329	443085	6832544	7	0.05	3.2	3.6	102	89	38	18
DEK330	443119	6832623	0	0	0.6	0.6	2	10	10	3
DEK331	441479	6832491	3	0	1.4	0.2	2	4	3	4
DEK332	441480	6832493	0	0	12.4	0.2	18	29	81	80
DEK333	441496	6832498	6	0	1.4	0	2	3	4	4
DEK334	441511	6832552	5	0	1.6	0.2	2	3	7	4
DEK335	441562	6832610	0	0	2.8	0.2	2	6	4	4
DEK336	441580	6832614	0	0	0.8	0	2	2	4	3
DEK337	441598	6832626	5	0	1	0	1	2	4	2
DEK338	441596	6832585	7	0	0.8	0	2	2	5	3
DEK339	441605	6832546	7	0	0.8	0.2	2	7	5	6
DEK340	441584	6832506	0	0	1.2	0	2	2	6	2
DEK341	441595	6832504	0	0	0.6	0	2	2	3	5
DEK342	441566	6832493	0	0	0.6	0.2	4	3	7	5
DEK343	441552	6832503	2	0	0.6	0	3	4	7	4
DEK344	441550	6832491	5	0	11.4	0.4	7	69	84	60
DEK345	441411	6832522	0	0	4.2	0.4	1	3	6	3
DEK346	441373	6832558	0	0	0.8	0	0	1	4	3
DEK347	441340	6832568	1	0	3.8	0.2	5	12	17	31
DEK348	441314	6832545	20	0	3.6	0.2	0	2	5	1
DEK349	441329	6832559	0	0	0.6	0.2	0	1	4	1
DEK350	441352	6832534	0	0	0.6	0	0	6	3	1

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Appendix 2 – Deflector Extended Gold Project May-June 2017 Soil Sample Assay Results

Sample	Easting	Northing	Au	Ag	As	Mo	Pb	Cu	Ni	Zn
No.	m	m	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
DES328	443950	6832800	2	0	2.8	0.8	9	29	44	21
DES329	444000	6832800	0	0	2.4	0.8	8	22	33	13
DES330	444050	6832800	0	0	2.2	0.8	8	21	32	20
DES331	444100	6832800	3	0	2.4	1	9	22	28	16
DES332	444150	6832800	2	0	2.4	1	10	22	30	18
DES333	444200	6832800	0	0	3	1.2	11	22	24	21
DES334	444250	6832800	0	0	3	2.2	16	23	27	23
DES335	444300	6832800	0	0	2.4	1	12	17	18	22
DES336	444350	6832800	0	0	2	0.8	15	19	23	28
DES337	444400	6832800	0	0	2	0.6	15	23	22	35
DES338	444450	6832800	0	0	2.6	0.8	10	14	15	14
DES339	444500	6832800	0	0	3.2	0.8	11	16	16	16
DES340	444550	6832800	0	0	2.2	0.4	14	26	22	40
DES341	444600	6832800	1	0	4.4	0.6	11	24	22	33

Appendix 3 – Heemskirk Tin Project February 2017 Rock Sample Assay Results

Sample	Easting	Northing	Ag	As	Cu	Mo	Pb	Nb	Sn	Sn	Ta	W	Zn
No.	m	m	ppm	ppm	ppm	ppm	ppm	ppm	ppm	%	ppm	ppm	ppm
16029	342887	5365040	0.7	37.4	30	6	22	20.5	122	0.01	3.44	11.1	45
16030	342909	5365060	0.3	1.6	6	0.4	8	21.7	69.6	0.01	3.56	42.9	40
16031	342909	5365060	-0.1	1.2	4	0.6	7	16.8	94.4	0.01	4.32	5.85	45
16032	342909	5365060	0.1	0.8	8	-0.2	4	24.3	724	0.07	4.06	20.5	20
16033	342909	5365060	0.2	0.2	2	-0.2	6	18.8	126	0.01	3.31	8.65	15
16034	342909	5365060	-0.1	0.4	6	0.2	3	25.2	99.6	0.01	4.58	10.9	20
16035	342909	5365060	0.1	0.8	6	-0.2	5	26	120	0.01	4	8.8	20
16036	342926	5365085	0.2	7.8	6	1.8	24	20.7	97.6	0.01	3.27	4.3	10
16037	342925	5365087	-0.1	2	4	0.4	4	14.4	6420	0.64	2.56	25.9	25
16038	342939	5365098	-0.1	14.4	10	3.2	21	21.6	189	0.02	3.35	12.7	10
16039	342939	5365098	-0.1	1.2	4	0.4	11	10.1	18.6	0.00	2.78	0.9	80
16040	342939	5365098	0.2	1.2	4	0.4	1	9.69	730	0.07	2.11	4.8	90
16041	342939	5365098	-0.1	2	4	0.8	10	13.5	71	0.01	2.86	2.45	65
16042	342912	5365079	-0.1	0.8	6	0.4	2	8.31	387	0.04	1.72	2.85	10
16043	342893	5365096	-0.1	1	6	0.8	9	33	47.6	0.00	10.5	1.85	75
16044	344018	5362070	-0.1	2	4	0.6	-1	0.59	5.2	0.00	0.29	0.35	20
16045	344018	5362070	0.1	1.6	6	0.6	12	1.33	13.6	0.00	0.52	0.6	40
16046	344018	5362070	-0.1	3	4	40.6	-1	1.58	3.8	0.00	0.51	0.55	15
16047	344018	5362070	-0.1	3	2	13	11	15.8	26.6	0.00	6.48	21.5	20
16048	344018	5362070	-0.1	0.8	2	2.8	5	20.9	1040	0.10	3.55	11.8	25
16049	344018	5362070	-0.1	0.8	4	0.4	15	3.41	13.4	0.00	0.97	0.4	50
16050	344018	5362070	-0.1	3.8	4	1	-1	10	125	0.01	1.83	8.05	5
16051	344010	5362093	-0.1	3.6	4	0.4	17	47.7	9.8	0.00	14.1	13.7	20

Page 12 of 26

MinRex Resources Limited – ASX Announcement – 14 July 2017

Sample	Easting	Northing	Ag	As	Cu	Mo	Pb	Nb	Sn	Sn	Ta	W	Zn
No.	m	m	ppm	ppm	ppm	ppm	ppm	ppm	ppm	%	ppm	ppm	ppm
16052	344011	5362097	-0.1	0.4	6	0.4	7	22	126	0.01	3.68	11.8	10
16053	344008	5362108	-0.1	0.6	6	0.4	6	14.3	26.6	0.00	2.4	2.6	5
16054	344011	5362126	-0.1	1.2	6	0.2	19	18.7	26.4	0.00	3.03	2.1	30
16055	344011	5362126	-0.1	0.6	6	-0.2	20	18.7	64.8	0.01	2.68	2.4	10
16056	344011	5362126	-0.1	0.8	6	0.2	16	16.7	31.4	0.00	3.03	2.2	35
16057	344011	5362126	0.2	3.4	8	-0.2	21	15.8	19.2	0.00	2.42	2.35	15
16058	344011	5362126	0.3	1.2	12	0.4	30	19.7	39.2	0.00	3.29	2.85	20
16059	344011	5362126	-0.1	0.4	4	-0.2	-1	6.19	13.2	0.00	0.98	0.85	-5
16060	344003	5362163	-0.1	0.8	4	0.2	-1	10.6	162	0.02	1.69	5.1	10
16061	344003	5362163	0.1	5.2	8	0.8	5	23.4	212	0.02	3.67	7.5	20
16062	344003	5362163	0.1	8.4	14	1	9	25.1	3900	0.39	3.62	31.4	25
16063	344007	5362158	-0.1	0.4	6	0.2	5	4.63	246	0.02	0.74	1.1	10
16064	344590	5364100	0.2	1.8	6	1	281	26.6	36.2	0.00	4.39	8.7	40
16065	344590	5364100	-0.1	0.8	6	1.4	5	22.8	157	0.02	4.57	13.8	40
16066	344590	5364100	0.3	1.6	4	1.2	15	21.6	708	0.07	4.24	17.6	40
16067	344590	5364100	0.1	0.8	4	1.2	12	23.1	236	0.02	4.34	16.1	55
16068	344605	5364041	-0.1	2.2	6	1.6	16	18.8	488	0.05	4.56	10.9	95
16069	344605	5364041	0.2	2.4	4	1	8	25.5	525	0.05	5.04	11.4	70
16070	344613	5364046	21.5	492	30	1.8	122	34.6	1150	0.12	6.13	15.6	95
16071	344613	5364046	3.2	80.4	20	1.8	98	20.3	62.4	0.01	3.46	11.4	30
16072	344605	5364052	1.8	4	4	1.4	148	25.2	27800	2.78	4.05	153	75
16073	344605	5364052	0.2	2.4	8	1.4	12	19.8	391	0.04	4.58	11.9	70
16074	344569	5364038	0.2	0.6	4	1.2	8	26.4	133	0.01	4.53	20.3	45
16075	344569	5364038	0.3	1	6	1.8	62	19.4	621	0.06	4.98	17.4	35
16076	344618	5364037	1.5	13.2	26	1	115	27.1	191	0.02	4.84	9.5	45
16077	342909	5365060	-0.1	0.4	4	1.6	8	32.3	145	0.01	5.5	30.7	50
16078	342909	5365060	-0.1	-0.2	2	2	8	35	149	0.01	6.68	34.1	50
16079	342909	5365060	0.2	1.6	14	0.8	12	24.3	61.6	0.01	4.27	7.45	15
16080	342909	5365060	0.1	0.8	6	1.2	3	30	82.4	0.01	5.45	29.1	40
16081	342925	5365085	-0.1	1.4	2	1.6	9	51.4	125	0.01	24	13.7	45
16082	342926	5365089	-0.1	7.4	-2	4.6	3	45.7	45900	4.59	11.7	210	25
16083	342925	5365057	0.1	1.2	8	2	18	18	129	0.01	3.46	8.25	25
16084	342935	5365105	0.1	3.6	6	1.4	22	22.6	141	0.01	3.73	12.7	10
16085	342945	5365098	0.1	2	6	1.2	9	22.5	1460	0.15	4.17	20	20
16086	342932	5365093	-0.1	0.6	-2	1.8	2	18.8	14100	1.41	3.57	60.4	30

Page 13 of 26

MinRex Resources Limited – ASX Announcement – 14 July 2017

Appendix 4 – Heemskirk Tin Project February 2017 Soil Sample Assay Results

Sample	Easting	Northing	Ag	As	Cu	Pb	Mo	Sn	Sn	W	Zn	Ta	Nb
No.	m	m	ppm	ppm	ppm	ppm	ppm	ppm	%	ppm	ppm	ppm	ppm
16087	343686	5362108	-0.1	1	-2	2	0.8	4.6	0.00	2.65	5	1.41	6.54
16088	343761	5362117	-0.1	0.6	-2	-1	0.6	6	0.00	2.45	5	0.69	2.89
16089	343830	5362154	-0.1	0.8	-2	-1	-0.2	10	0.00	1.1	-5	0.52	3.35
16090	343880	5362215	0.1	0.8	-2	4	0.2	19.6	0.00	1.9	-5	0.58	2.15
16091	343881	5362292	-0.1	1	-2	4	-0.2	9	0.00	0.85	-5	0.48	2.7
16092	343922	5362364	-0.1	0.8	-2	-1	0.4	64.2	0.01	0.95	-5	0.79	4.55
16093	343978	5362395	-0.1	0.6	-2	-1	0.6	9.2	0.00	1.9	-5	1.1	5.62
16094	343930	5362413	-0.1	0.4	-2	-1	0.4	7	0.00	1.3	-5	0.79	4.91
16095	343876	5362329	-0.1	0.6	4	-1	0.8	33.8	0.00	1.75	-5	0.86	5.3
16096	343879	5362233	-0.1	0.4	-2	-1	0.2	14.4	0.00	0.95	-5	0.49	2.48
16097	343807	5362162	-0.1	3	2	3	0.4	42.6	0.00	4.2	5	2.03	14.1
16098	343722	5362113	-0.1	1.2	-2	2	0.6	44	0.00	3.05	5	2.12	13
16099	344019	5363394	-0.1	0.4	-2	1	0.8	9.4	0.00	0.8	-5	1.05	6.02
16100	343968	5363301	-0.1	0.8	-2	5	0.4	22.6	0.00	1.55	5	1.83	7.47
16101	343901	5363221	-0.1	0.8	2	2	0.6	15.6	0.00	2.1	5	1.33	8.24
16102	343848	5363138	-0.1	0.8	4	-1	0.2	4.4	0.00	0.7	-5	0.7	3.24
16103	343788	5363063	-0.1	1.2	-2	5	0.4	5.4	0.00	3.25	-5	1.92	10.9
16104	343780	5363070	-0.1	1	2	1	0.6	12.6	0.00	2.4	-5	1.43	7.73
16105	343849	5363149	-0.1	1	4	1	0.6	12.4	0.00	3.05	5	1.78	7.63
16106	343896	5363233	-0.1	1	-2	-1	0.6	60.2	0.01	3.35	10	2.6	11.9
16107	343952	5363314	-0.1	0.8	-2	2	0.4	69	0.01	2.1	5	1.41	8.63
16108	344002	5363400	-0.1	0.6	2	1	0.6	30.8	0.00	2.55	5	1.5	7.51
16109	344022	5363415	0.1	0.8	-2	2	0.4	27.6	0.00	1.55	10	1.17	6.21
16110	344795	5363221	-0.1	0.8	-2	2	0.4	11.8	0.00	2.95	5	2.5	12.8
16111	344845	5363306	-0.1	0.6	-2	-1	0.4	18.6	0.00	3.5	5	2.47	13
16112	344896	5363389	-0.1	1	-2	3	0.4	6.4	0.00	3.95	-5	3.16	20.8
16113	344962	5363462	-0.1	0.8	-2	-1	0.4	8.4	0.00	3.2	-5	2.64	15.2
16114	345021	5363614	0.1	1	-2	7	0.6	16.2	0.00	10.6	15	6.99	42.4
16115	344986	5363680	-0.1	0.8	-2	5	0.8	42.2	0.00	8.9	15	5.34	30.7
16116	344967	5363677	-0.1	1	-2	3	0.4	6.4	0.00	3.2	10	1.51	8.09
16117	345006	5363610	-0.1	0.8	-2	-1	0.2	7.6	0.00	3.75	15	2.37	12.9
16118	344988	5363518	-0.1	0.8	-2	4	0.6	11	0.00	6.85	10	5.11	32.5
16119	344926	5363441	0.1	1	-2	2	0.6	16.2	0.00	6.1	10	6.38	43.3
16120	344863	5363364	-0.1	1.2	-2	2	0.2	55.6	0.01	2.85	10	2.59	10.7
16121	344815	5363273	-0.1	0.8	-2	1	0.2	58.4	0.01	7.15	10	4.41	26.7
16122	344763	5363196	-0.1	1.2	-2	3	0.4	35.6	0.00	6.3	10	3.82	22.4
16123	343876	5365171	-0.1	1	-2	3	0.2	6.8	0.00	5.3	5	2.61	15.2
16124	343855	5365167	-0.1	1	-2	11	0.8	16.2	0.00	8.15	15	3.52	22.5
16125	343843	5365256	-0.1	1.2	-2	6	0.6	8.2	0.00	4.35	10	3.48	21.3
16126	343829	5365242	0.1	0.8	-2	5	0.4	9.6	0.00	2.45	10	1.85	9.22
16127	343822	5365303	-0.1	1.2	-2	5	0.4	85.6	0.01	3.65	15	3.25	13.8
16128	343829	5365317	-0.1	1	-2	5	0.4	70.4	0.01	4.05	10	2.32	13

Page 14 of 26

MinRex Resources Limited – ASX Announcement – 14 July 2017

Sample	Easting	Northing	Ag	As	Cu	Pb	Mo	Sn	Sn	W	Zn	Ta	Nb
No.	m	m	ppm	ppm	ppm	ppm	ppm	ppm	%	ppm	ppm	ppm	ppm
16129	343647	5365368	-0.1	1	-2	1	0.6	13	0.00	1.65	-5	0.9	4.65
16130	343615	5365378	-0.1	1.2	-2	2	0.2	3.4	0.00	1.7	-5	1.28	5.38
16131	343563	5365304	-0.1	1.4	-2	1	0.4	10.6	0.00	3.35	15	2.07	9.94
16132	343548	5365312	-0.1	0.8	-2	2	0.4	17.4	0.00	3.1	10	2.02	9.11
16133	343542	5365224	-0.1	0.8	-2	2	0.4	18.8	0.00	6.25	5	3.24	19.1
16134	343530	5365218	-0.1	0.8	-2	2	0.2	3.8	0.00	6.8	5	2.28	14
16135	343514	5365138	-0.1	0.8	-2	-1	0.4	2.2	0.00	1.25	-5	0.61	2.69
16136	343489	5365134	-0.1	0.8	-2	2	-0.2	15.8	0.00	13	15	3.51	19.6
16137	343436	5365074	-0.1	0.6	-2	-1	0.4	60.6	0.01	1.3	-5	0.82	3.12
16138	343407	5365099	-0.1	1.2	-2	18	0.4	18.6	0.00	5.85	10	1.73	10.5
16139	343360	5365013	0.1	1.2	4	2	1	167	0.02	2.8	10	1.32	6.92
16140	343330	5365038	-0.1	0.8	4	1	0.8	5	0.00	1.3	-5	0.63	3.51
16141	343385	5364916	-0.1	0.8	2	1	0.6	6.2	0.00	3.65	5	1.84	10.7
16142	343349	5364941	-0.1	0.8	2	3	0.6	3.2	0.00	1.9	10	1.18	5.65
16143	343305	5364862	-0.1	1.2	-2	2	0.6	5.8	0.00	3.45	5	1.91	11.1
16144	343285	5364867	0.1	1.4	-2	3	0.6	7	0.00	4.95	10	2.33	14
16145	343219	5364811	-0.1	2.6	-2	13	0.6	8.2	0.00	5.9	15	4.28	20.5
16146	343201	5364817	-0.1	0.8	-2	2	0.6	15	0.00	6.05	5	3.01	17.8
16147	343257	5364486	-0.1	-0.2	-2	3	-0.2	1	0.00	4.85	-5	3.35	24.5
16148	343235	5364490	-0.1	0.6	-2	2	0.2	5.4	0.00	0.5	-5	0.99	5.41
16149	343182	5364421	-0.1	0.8	-2	-1	0.6	1.8	0.00	1.95	-5	0.74	2.62
16150	343157	5364425	-0.1	1	-2	-1	-0.2	2.2	0.00	2.3	-5	0.89	5.05
16151	343117	5364346	-0.1	0.6	-2	-1	-0.2	3.8	0.00	0.95	-5	0.58	2.41
16152	343103	5364342	-0.1	0.6	-2	5	0.4	5.4	0.00	1.2	5	1.72	9.14
16153	343097	5364256	-0.1	0.8	-2	-1	0.4	14	0.00	0.85	-5	0.97	4.12
16154	343075	5364255	-0.1	0.8	-2	3	0.8	2.8	0.00	2.05	-5	1.41	9.98

Appendix 5 – Heemskirk Tin Project February 2017 Stream Sediment Concentrate Assay Results

Sample	Easting	Northing	Ag	As	Cu	Mo	Pb	Nb	Sn	Sn	Ta	W	Zn
No.	m	m	ppm	ppm	ppm	ppm	ppm	ppm	ppm	%	ppm	ppm	ppm
53325	343682	5362130	0.1	2.2	2	1	5	474	325000	32.50	51.4	887	25
53326	345017	5363537	-0.1	1.4	-2	0.4	2	59.1	4130	0.41	12.7	15.7	50
53327	344984	5363722	-0.1	1	-2	7.2	4	60.8	1700	0.17	16.8	20.4	60
53328	344956	5363726	-0.1	0.4	-2	1.6	3	111	4960	0.50	27.3	34.6	70
53329	343843	5365316	0.1	0.6	-2	0.8	5	44.8	1090	0.11	11.9	12.4	55
53330	343839	5365326	-0.1	0.6	-2	0.4	3	40.9	3600	0.36	11	16	70
53331	343628	5365371	-0.1	1.2	-2	3.8	3	57.3	17500	1.75	16.9	58.8	90

Page 15 of 26

MinRex Resources Limited – ASX Announcement – 14 July 2017

JORC Code, 2012 Edition (Table 1) – Deflector Extended Gold Project - Sampling

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

	Criteria	JORC Code explanation	Commentary
	Sampling	• Nature and quality of sampling (eg cut	•MinRex Resources Limited (‘MinRex’)
	techniques	channels, random chips, or specific	has collected random surface rock
		specialised industry standard	samples from selected outcrops, from
		measurement tools appropriate to the	float, scree, calcrete, ferricrete and
		minerals under investigation, such as	colluvium at the Deflector Extended
		down hole gamma sondes, or handheld	Gold Project.
		XRF instruments, etc). These examples	•MinRex has also collected shallow
		should not be taken as limiting the broad	soil samples, along lines, in selected
		meaning of sampling.	areas at the Deflector Extended Gold
		• Include reference to measures taken to	Project.
		ensure sample representivity and the	•All of the work completed to date is
		appropriate calibration of any	considered to be qualitative and
		measurement tools or systems used.	exploratory rather than quantitative
		• Aspects of the determination of	and representative. The Deflector
		mineralisation that are Material to the	Extended Gold Project remains in an
		Public Report.	early exploration phase and no
		• In cases where ‘industry standard’ work	mineralisation considered being
		has been done this would be relatively	potentially economic or significantly
		simple (eg ‘reverse circulation drilling was	anomalous has yet been outlined.
		used to obtain 1 m samples from which 3	•MinRex manages its exploration and
		kg was pulverised to produce a 30 g	assaying activities in accordance with
		charge for fire assay’). In other cases	industry standard quality assurance
		more explanation may be required, such	and quality control procedures.
		as where there is coarse gold that has	Samples are collected by
		inherent sampling problems. Unusual	appropriately trained personnel and
		commodities or mineralisation types (eg	prepared in accordance with specified
		submarine nodules) may warrant	procedures.
		disclosure of detailed information.
	Drilling	• Drill type (eg core, reverse circulation,	•In 2012, MinRex completed 147
	techniques	open-hole hammer, rotary air blast, auger,	shallow, vertical auger holes, to an
		Bangka, sonic, etc) and details (eg core	average depth of 1.7m, and collected
		diameter, triple or standard tube, depth of	bottom of drill-hole samples on a
		diamond tails, face-sampling bit or other	400x200m grid pattern, at the
		type, whether core is oriented and if so,	Deflector Extended Gold Project.
		_by what method, etc). _
	Drill sample	• Method of recording and assessing core	•Auger drill holes are considered to be
	recovery	and chip sample recoveries and results	qualitative and exploratory rather than
		assessed.	quantitative and representative.
		• Measures taken to maximise sample	Recovery data was not recorded.
		recovery and ensure representative
		nature of the samples.
		• Whether a relationship exists between
		sample recovery and grade and whether
		sample bias may have occurred due to
		preferential loss/gain of fine/coarse
		material.
	Logging	• Whether core and chip samples have	•The auger holes were logged for hole
		been geologically and geotechnically	depth, soil type, relative dilute HCl
		logged to a level of detail to support	reaction, colour, depth of sandy,
		appropriate Mineral Resource estimation,	gravel, saprolite and calcrete layers.
		mining studies and metallurgical studies.	The results are considered to be
			qualitative and exploratory rather than
			quantitative and representative.

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MinRex Resources Limited – ASX Announcement – 14 July 2017

Criteria	JORC Code explanation	Commentary
	• Whether logging is qualitative or	•All surface samples are logged for
	quantitative in nature. Core (or costean,	rock, soil or colluvium type.
	channel, etc) photography.
	• The total length and percentage of the
	relevant intersections logged.
Sub-sampling	• If core, whether cut or sawn and whether	•The 2012 auger holes were bottom of
techniques	quarter, half or all core taken.	hole sampled from the collar spoil pile
and sample	• If non-core, whether riffled, tube sampled,	and these samples are considered to
preparation	rotary split, etc and whether sampled wet	be qualitative and exploratory rather
	or dry.	than quantitative and representative.
	• For all sample types, the nature, quality	•Surface samples are of approximately
	and appropriateness of the sample	1kg weight and were collected into
	preparation technique.	calico or plastic sample bags for
	• Quality control procedures adopted for all	transport to the chemical laboratory.
	sub-sampling stages to maximise	•Soil samples were screened, in the
	representivity of samples.	assay laboratory, to extract the minus
	• Measures taken to ensure that the	3mm fraction for analysis.
	sampling is representative of the in situ	•No field duplicates were taken due to
	material collected, including for instance	the early exploration phase of the
	results for field duplicate/second-half	current work.
	sampling.
	• Whether sample sizes are appropriate to
	the grain size of the material being
	sampled.
Quality of	• The nature, quality and appropriateness	•Samples from the auger holes and all
assay data	of the assaying and laboratory procedures	surface sampling were submitted to
and	used and whether the technique is	Bureau Veritas (Ultra Trace
laboratory	considered partial or total.	Laboratories) in Perth for appropriate
tests	• For geophysical tools, spectrometers,	industry standard analysis for various
	handheld XRF instruments, etc, the	metallic elements.
	parameters used in determining the	•The samples have been sorted and
	analysis including instrument make and	dried, crushed and then pulverized in
	model, reading times, calibrations factors	a vibrating disc pulveriser.
	applied and their derivation, etc.	•The samples were digested with
	• Nature of quality control procedures	Aqua Regia and analysed by ICP;
	adopted (eg standards, blanks,	copper, nickel and zinc by ICP-OES,
	duplicates, external laboratory checks)	and gold, arsenic, silver, molybdenum
	and whether acceptable levels of	and lead by ICP-MS.
	accuracy (ie lack of bias) and precision	•Bureau Veritas run appropriate assay
	have been established.	standards, blanks, duplicates and
		other internal checks on the analytical
		samples.
		•However, due to the sampling
		methodology the results are
		considered to be qualitative and
		exploratory rather than quantitative
		and representative - at this early
		stage of the exploration work.
Verification of	• The verification of significant intersections	•Independent verification of the
sampling and	by either independent or alternative	sampling is not considered
assaying	company personnel.	applicable, as the work to date is
	• The use of twinned holes.	considered to be qualitative and
	• Documentation of primary data, data entry	exploratory and not for use for
	procedures, data verification, data storage	definitive data purposes.
	(physical and electronic) protocols.	•However, all samples are collected by
	• Discuss any adjustment to assay data.	appropriately trained personnel and
		prepared in accordance with specified
		procedures.

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MinRex Resources Limited – ASX Announcement – 14 July 2017

Criteria	JORC Code explanation	Commentary
		•No adjustment has been made to any
		assay data.
Location of	• Accuracy and quality of surveys used to	•All data points (auger drilling, rock
data points	locate drill holes (collar and down-hole	chip and soil sampling) have been
	surveys), trenches, mine workings and	determined using a handheld Garmin
	other locations used in Mineral Resource	GPS device with an arbitrary
	estimation.	accuracy of about 2-5m – adequate
	• Specification of the grid system used.	for the early exploration work
	• Quality and adequacy of topographic	undertaken. No topographic control
	control.	has been established for the Project
		area.
		•The grid system used at Deflector
		Extended is MGA_GDA94 Zone 50.
Data spacing	• Data spacing for reporting of Exploration	•Data spacing for the rock, float,
and	Results.	colluvium and other surface samples
distribution	• Whether the data spacing and distribution	is random and not for use in definitive
	is sufficient to establish the degree of	data purposes.
	geological and grade continuity	•Soil samples have been collected at a
	appropriate for the Mineral Resource and	nominal spacing of 50m on sample
	Ore Reserve estimation procedure(s) and	lines.
	classifications applied.	•No sample compositing has been
	• Whether sample compositing has been	applied.
	applied.
Orientation of	• Whether the orientation of sampling	•The orientation of the sampling is not
data in	achieves unbiased sampling of possible	considered to be important, as the
relation to	structures and the extent to which this is	work to date is considered to be
geological	known, considering the deposit type.	qualitative and exploratory and not for
structure	• If the relationship between the drilling	use for definitive data purposes.
	orientation and the orientation of key	•The orientation of geological structure
	mineralised structures is considered to	and layering remains speculative.
	have introduced a sampling bias, this
	should be assessed and reported if
	material.
Sample	• The measures taken to ensure sample	•Samples were placed directly into
security	security.	numbered bags in the field. These
		bags were then either stapled (plastic
		bags) or tied (calico bags). The
		individual sample bags were then
		placed into larger plastic bags and
		transported directly from the field to
		the laboratory by the field exploration
		personnel, at the completion of the
		field program.
Audits or	• The results of any audits or reviews of	•No audits or reviews have been
reviews	sampling techniques and data.	undertaken as the work to date is
		considered to be qualitative and
		exploratory and not for use in
		definitive data purposes.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

	Criteria	JORC Code explanation		Commentary
	Mineral	• Type, reference name/number, location		•The Deflector Extended Gold Project
	tenement and	and ownership including agreements or		lies in one granted exploration
		material issues with thirdparties such		licence - E59/1657(of 15km2)which

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Criteria	JORC Code explanation	Commentary
land tenure	as joint ventures, partnerships,	is wholly owned by MinRex
status	overriding royalties, native title	Resources Limited. The Project is
	interests, historical sites, wilderness or	located approximately 370km NNE of
	national park and environmental	Perth and approximately 50km SW of
	settings.	Yalgoo, within Western Australia.
	• The security of the tenure held at the	The Project lies within the Archean
	time of reporting along with any known	Gullewa Greenstone Belt and in the
	impediments to obtaining a licence to	Murchison Goldfield of WA.
	operate in the area.	•The lease lies within the Yilgarn
		Shire and on the former pastoral
		lease of Barnong.
		•E59/1657 is covered by three
		overlapping Native Title Claims,
		being the Amangu People, the Widji
		Mob and the Mullewa Wadjari
		People.
		•E59/1657 is current until 11/7/2021.
Exploration done	• Acknowledgment and appraisal of	•A large amount of exploration was
by other parties	exploration by other parties.	completed within the Deflector
		Extended Project area (and greater
		Gullewa Mining Centre area) by
		various exploration companies,
		including Golden Plateau, Sons of
		Gwalia, National Resources, Gullewa
		Gold, Acacia Resources, King
		Solomon Mines, Menzies Gold,
		Batavia Mining and others, in the
		period from 1980 through to 2010.
		This work included regional soil
		sampling programs, rock chip
		sampling, geological mapping, and
		air-core and RAB drilling. MinRex has
		obtained this data from the WAMEX
		website of the GSWA and the
		methods and procedures utilised in
		this historic work are not detailed in
		the available data.
		•Old work within the Deflector
		Extended Gold Project area is
		encouraging, especially the early
		geochemistry and drilling that shows
		some clearly anomalous gold values
		within the Project area. However, this
		old data is used as a guide to where
		to apply new exploration and is not
		itself regarded as material.
Geology	• Deposit type, geological setting and	•The Deflector Extended Gold Project
	style of mineralisation.	area hosts Archean greenstones,
		predominantly metabasalt and high-
		Mg metabasalt, with some meta-
		sediments and a buried granite
		dome. Gold mineralisation and gold-
		copper mineralisation in the Gullewa
		Mining Centre are hosted by shear
		zones and quartz veins, within
		Archean greenstones; as at the
		nearby Golden Stream and Deflector
		open pit and underground mines.
		There are large areas of transported

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MinRex Resources Limited – ASX Announcement – 14 July 2017

Criteria	JORC Code explanation	Commentary
		soil, colluvium and alluvium within the
		Project area, which effectively
		conceal any mineralisation present
		and MinRex is seeking analogous
		gold and copper-gold deposits under
		this cover within the Project area.
Drill hole	• A summary of all information material	•MinRex has only completed shallow
Information	to the understanding of the exploration	auger drilling (in 2012) at the
	results including a tabulation of the	Deflector Extended Gold Project area
	following information for all Material drill	and this work did not generate any
	holes:	significant anomalous results and
	o easting and northing of the drill hole	hence is not considered to be
	collar	material.
	o elevation or RL (Reduced Level –	•MinRex is aware of the results of
	elevation above sea level in metres)	previous drilling programs in the
	of the drill hole collar	Deflector Extended Gold Project area
	o dip and azimuth of the hole	and has obtained this data from the
	o down hole length and interception	WAMEX website of the GSWA. This
	depth	old data is used as a guide to where
	o hole length.	to apply new exploration and is not
	• If the exclusion of this information is	regarded as material.
	justified on the basis that the
	information is not Material and this
	exclusion does not detract from the
	understanding of the report, the
	Competent Person should clearly
	explain why this is the case.
Data aggregation	• In reporting Exploration Results,	•Auger, rock chip and soil sample
methods	weighting averaging techniques,	assay values are reported as point
	maximum and/or minimum grade	values.
	truncations (eg cutting of high grades)	•Actual metal assay values are
	and cut-off grades are usually Material	reported with no modification.
	and should be stated.
	• Where aggregate intercepts
	incorporate short lengths of high grade
	results and longer lengths of low grade
	results, the procedure used for such
	aggregation should be stated and some
	typical examples of such aggregations
	should be shown in detail.
	• The assumptions used for any
	reporting of metal equivalent values
	should be clearly stated.
Relationship	• These relationships are particularly	•Not applicable as point values are
between	important in the reporting of Exploration	being reported - not drilling results.
mineralisation	Results.
widths and	• If the geometry of the mineralisation
intercept lengths	with respect to the drill hole angle is
	known, its nature should be reported.
	• If it is not known and only the down
	hole lengths are reported, there should
	be a clear statement to this effect (eg
	‘down hole length, true width not
	_known’). _
Diagrams	• Appropriate maps and sections (with	•Plan view maps are utilised showing
	scales) and tabulations of intercepts	the location of significant rock chip,
	should be included for any significant	float, calcrete, ferricrete and soil
	discovery being reported These should	sample results. These maps may
	include, but not be limited to aplan	show onlythe highest values for the

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MinRex Resources Limited – ASX Announcement – 14 July 2017

Criteria	JORC Code explanation	Commentary
	view of drill hole collar locations and	sake of easy determination of the
	appropriate sectional views.	most anomalous areas where further
		work will be completed in subsequent
		programs.
Balanced	• Where comprehensive reporting of all	•All sample assay results are included
reporting	Exploration Results is not practicable,	in tables of results in the text.
	representative reporting of both low	However, maps may show only the
	and high grades and/or widths should	highest values for the sake of easy
	be practiced to avoid misleading	visualisation of the most anomalous
	reporting of Exploration Results.	areas.
Other	• Other exploration data, if meaningful	•There are no other results to report
substantive	and material, should be reported	that are considered material.
exploration data	including (but not limited to): geological	•All of the work completed to date is
	observations; geophysical survey	considered to be qualitative and
	results; geochemical survey results;	exploratory rather than quantitative
	bulk samples – size and method of	and representative. The Deflector
	treatment; metallurgical test results;	Extended Gold Project remains at an
	bulk density, groundwater, geotechnical	early exploration phase and no
	and rock characteristics; potential	mineralisation considered to be
	deleterious or contaminating	significant has yet been outlined by
	substances.	this work.
Further work	• The nature and scale of planned further	•Further rock chip, float, colluvium,
	work (eg tests for lateral extensions or	calcrete and soil sampling is planned
	depth extensions or large-scale step-	for the future to further hone into any
	out drilling).	anomalous areas within the Project
	• Diagrams clearly highlighting the areas	area.
	of possible extensions, including the
	main geological interpretations and
	future drilling areas, provided this
	information is not commercially
	sensitive.

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MinRex Resources Limited – ASX Announcement – 14 July 2017

JORC Code, 2012 Edition (Table 1) Heemskirk Tin Project Sampling

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

	Criteria	JORC Code explanation	Commentary
	Sampling	• Nature and quality of sampling (eg cut	•MinRex Resources Limited (‘MinRex’)
	techniques	channels, random chips, or specific	has collected random surface rock
		specialised industry standard	samples from selected outcrops, float,
		measurement tools appropriate to the	scree and colluvium at the Heemskirk
		minerals under investigation, such as	Tin Project.
		down hole gamma sondes, or handheld	•MinRex has also collected shallow soil
		XRF instruments, etc). These examples	samples in selected areas at
		should not be taken as limiting the broad	Heemskirk.
		meaning of sampling.	•MinRex has also collected panned
		• Include reference to measures taken to	stream sediment samples in selected
		ensure sample representivity and the	areas at the Heemskirk Tin Project.
		appropriate calibration of any	These samples are collected from
		measurement tools or systems used.	stream beds and hand panned to
		• Aspects of the determination of	concentrate the heavy minerals
		mineralisation that are Material to the	(including tin) prior to assaying.
		Public Report.	•All of the work completed to date is
		• In cases where ‘industry standard’ work	considered to be qualitative and
		has been done this would be relatively	exploratory rather than quantitative
		simple (eg ‘reverse circulation drilling	and representative. The Heemskirk Tin
		was used to obtain 1 m samples from	Project remains in an early exploration
		which 3 kg was pulverised to produce a	phase and no mineralisation
		30 g charge for fire assay’). In other	considered being potentially economic
		cases more explanation may be required,	or significantly anomalous has yet
		such as where there is coarse gold that	been outlined by this work.
		has inherent sampling problems.	•MinRex manages its exploration and
		Unusual commodities or mineralisation	assaying activities in accordance with
		types (eg submarine nodules) may	industry standard quality assurance
		warrant disclosure of detailed	and quality control procedures.
		information.	Samples are collected by appropriately
			trained personnel and prepared in
			accordance with specified procedures.
	Drilling	• Drill type (eg core, reverse circulation,	•Only surface rock chip, soil and stream
	techniques	open-hole hammer, rotary air blast,	sampling has been completed.
		auger, Bangka, sonic, etc) and details	•MinRex has not completed any drilling
		(eg core diameter, triple or standard	at the Heemskirk Tin Project.
		tube, depth of diamond tails, face-
		sampling bit or other type, whether core
		is oriented and if so, by what method,
		_etc). _
	Drill sample	• Method of recording and assessing core	•Only surface rock chip, soil and stream
	recovery	and chip sample recoveries and results	sampling has been completed.
		assessed.	•MinRex has not completed any drilling
		• Measures taken to maximise sample	at the Heemskirk Tin Project.
		recovery and ensure representative
		nature of the samples.
		• Whether a relationship exists between
		sample recovery and grade and whether
		sample bias may have occurred due to
		preferential loss/gain of fine/coarse
		material.
	Logging	• Whether core and chip samples have	•MinRex has not completed any drilling
		been geologically and geotechnically	at the Heemskirk Tin Project.
		logged to a level of detail to support	•The random rock, soil and stream
			sediment concentrate samples are

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MinRex Resources Limited – ASX Announcement – 14 July 2017

Criteria	JORC Code explanation	Commentary
	appropriate Mineral Resource estimation,	considered to be qualitative and
	mining studies and metallurgical studies.	exploratory rather than quantitative
	• Whether logging is qualitative or	and representative.
	quantitative in nature. Core (or costean,	•All surface samples are logged for
	channel, etc) photography.	rock, soil, alluvium or colluvium type.
	• The total length and percentage of the
	relevant intersections logged.
Sub-sampling	• If core, whether cut or sawn and whether	•MinRex has not completed any drilling
techniques	quarter, half or all core taken.	at the Heemskirk Tin Project.
and sample	• If non-core, whether riffled, tube	•For rock and soil samples, samples of
preparation	sampled, rotary split, etc and whether	approximately 1kg weight were
	sampled wet or dry.	collected into calico or plastic sample
	• For all sample types, the nature, quality	bags for transport to the chemical
	and appropriateness of the sample	laboratory.
	preparation technique.	•The stream sediment concentrate
	• Quality control procedures adopted for all	samples are hand panned to
	sub-sampling stages to maximise	concentrate the heavy minerals
	representivity of samples.	(including tin) prior to assaying. The
	• Measures taken to ensure that the	remnant sample size (for assaying) is
	sampling is representative of the in situ	typically about 250gm.
	material collected, including for instance	•No field duplicates were taken due to
	results for field duplicate/second-half	the early exploration phase of the
	sampling.	current work.
	• Whether sample sizes are appropriate to
	the grain size of the material being
	sampled.
Quality of	• The nature, quality and appropriateness	•Samples from all surface sampling
assay data	of the assaying and laboratory	were submitted to Bureau Veritas
and	procedures used and whether the	(Ultra Trace Laboratories) in Perth for
laboratory	technique is considered partial or total.	appropriate industry standard analysis
tests	• For geophysical tools, spectrometers,	for various metallic elements.
	handheld XRF instruments, etc, the	•The samples have been sorted and
	parameters used in determining the	dried, crushed and then pulverized in a
	analysis including instrument make and	vibrating disc pulveriser.
	model, reading times, calibrations factors	•The samples were fused and
	applied and their derivation, etc.	subjected to laser ablation with ICP-
	• Nature of quality control procedures	MS detection for all elements.
	adopted (eg standards, blanks,	•Bureau Veritas run appropriate assay
	duplicates, external laboratory checks)	standards, blanks, duplicates and
	and whether acceptable levels of	other internal checks on the analytical
	accuracy (ie lack of bias) and precision	samples.
	have been established.	•However, due to the sampling
		methodology the results are
		considered to be qualitative and
		exploratory rather than quantitative
		and representative - at this early stage
		of the exploration work.
Verification of	• The verification of significant	•Verification of the sampling is not
sampling and	intersections by either independent or	considered applicable, as the work to
assaying	alternative company personnel.	date is considered to be qualitative
	• The use of twinned holes.	and exploratory and not for use for
	• Documentation of primary data, data	definitive data purposes.
	entry procedures, data verification, data	•However, all samples are collected by
	storage (physical and electronic)	appropriately trained personnel and
	protocols.	prepared in accordance with specified
	• Discuss any adjustment to assay data.	procedures.
		•No adjustment has been made to any
		assay data.

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MinRex Resources Limited – ASX Announcement – 14 July 2017

Criteria	JORC Code explanation	Commentary
Location of	• Accuracy and quality of surveys used to	•All data points (rock chip, soil and
data points	locate drill holes (collar and down-hole	stream sampling sampling) have been
	surveys), trenches, mine workings and	determined using a handheld Garman
	other locations used in Mineral Resource	GPS device with an arbitrary accuracy
	estimation.	of about 2-5m – adequate for the early
	• Specification of the grid system used.	exploration work undertaken. No
	• Quality and adequacy of topographic	topographic control has been
	control.	established for the Project area.
		•The grid system used at Heemskirk is
		MGA_GDA94 Zone 55.
Data spacing	• Data spacing for reporting of Exploration	•Data spacing for the rock, float,
and	Results.	colluvium and soil samples is random
distribution	• Whether the data spacing and	and not for use in definitive data
	distribution is sufficient to establish the	purposes.
	degree of geological and grade continuity	•Stream sediment samples have been
	appropriate for the Mineral Resource and	collected above stream conjunctions –
	Ore Reserve estimation procedure(s)	as considered appropriate.
	and classifications applied.	•No sample compositing has been
	• Whether sample compositing has been	applied.
	applied.
Orientation of	• Whether the orientation of sampling	•The orientation of the sampling is not
data in	achieves unbiased sampling of possible	considered to be important, as the
relation to	structures and the extent to which this is	work to date is considered to be
geological	known, considering the deposit type.	qualitative and exploratory and not for
structure	• If the relationship between the drilling	use for definitive data purposes.
	orientation and the orientation of key	•The orientation of geological structure
	mineralised structures is considered to	and layering remains speculative.
	have introduced a sampling bias, this
	should be assessed and reported if
	material.
Sample	• The measures taken to ensure sample	•Samples were placed directly into
security	security.	numbered bags in the field. These
		bags were then either stapled (plastic
		bags) or tied (calico bags). The
		individual sample bags were then
		placed into larger plastic bags and
		transported directly from the field to a
		commercial transport depot. The
		samples have then be transported to
		the laboratory by reputable
		commercial transport operators.
Audits or	• The results of any audits or reviews of	•No audits or reviews have been
reviews	sampling techniques and data.	undertaken as the work to date is
		considered to be qualitative and
		exploratory and not for use in definitive
		data purposes.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

	Criteria	JORC Code explanation		Commentary
	Mineral	• Type, reference name/number, location		•The Heemskirk Tin Project lies in one
	tenement and	and ownership including agreements or		granted exploration licence –
	land tenure	material issues with third parties such		EL18/2011 (of 44km2) which is wholly
	status	as joint ventures, partnerships,		owned by MinRex Resources
		overriding royalties, native title		Limited. The Project is located on the
		interests, historical sites, wilderness or		west coast of Tasmania,7km NW of

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MinRex Resources Limited – ASX Announcement – 14 July 2017

Criteria	JORC Code explanation	Commentary
	national park and environmental	Trial Harbour and about 16km WNW
	settings.	of the township of Zeehan. There are
	• The security of the tenure held at the	no known heritage, Native Title or
	time of reporting along with any known	environmental impediments on the
	impediments to obtaining a licence to	lease. The area is uninhabited and
	operate in the area.	lies within a Tasmanian Regional
		Reserve.
		•E18/2011 is current until 2/4/2018.
Exploration done	• Acknowledgment and appraisal of	•The lease covers part of the old
by other parties	exploration by other parties.	Heemskirk Tin Field which was
		mined in the 1870-1880’s. Some
		subsequent exploration was
		completed in the 1960-1990’s, with
		reports on this work having been
		obtained from the MRT in Hobart.
		•No detailed, systematic modern
		exploration is known to have been
		completed in the Heemskirk Tin
		Project area.
Geology	• Deposit type, geological setting and	•The Heemskirk Tin Project lies within
	style of mineralisation.	the Devonian Heemskirk Granite in
		an area hosting numerous small tin
		and base metals occurrences.
		MinRex is seeking significant
		deposits of granite-hosted
		mineralisation such as tin, tungsten,
		base-metals, or other types.
Drill hole	• A summary of all information material	•MinRex has not completed any
Information	to the understanding of the exploration	drilling in the Heemskirk Tin Project
	results including a tabulation of the	area.
	following information for all Material drill
	holes:
	o easting and northing of the drill hole
	collar
	o elevation or RL (Reduced Level –
	elevation above sea level in metres)
	of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception
	depth
	o hole length.
	• If the exclusion of this information is
	justified on the basis that the
	information is not Material and this
	exclusion does not detract from the
	understanding of the report, the
	Competent Person should clearly
	explain why this is the case.
Data aggregation	• In reporting Exploration Results,	•Rock chip, soil and stream sediment
methods	weighting averaging techniques,	sample assay values are reported as
	maximum and/or minimum grade	point values.
	truncations (eg cutting of high grades)	•Actual metal assay values are
	and cut-off grades are usually Material	reported with no modification.
	and should be stated.
	• Where aggregate intercepts
	incorporate short lengths of high grade
	results and longer lengths of low grade
	results, theprocedure used for such

Page 25 of 26

MinRex Resources Limited – ASX Announcement – 14 July 2017

Criteria	JORC Code explanation	Commentary
	aggregation should be stated and some
	typical examples of such aggregations
	should be shown in detail.
	• The assumptions used for any
	reporting of metal equivalent values
	should be clearly stated.
Relationship	• These relationships are particularly	•Not applicable as point values are
between	important in the reporting of Exploration	being reported - not drilling results.
mineralisation	Results.
widths and	• If the geometry of the mineralisation
intercept lengths	with respect to the drill hole angle is
	known, its nature should be reported.
	• If it is not known and only the down
	hole lengths are reported, there should
	be a clear statement to this effect (eg
	‘down hole length, true width not
	_known’). _
Diagrams	• Appropriate maps and sections (with	•Plan view maps are utilised showing
	scales) and tabulations of intercepts	the location of significant rock chip,
	should be included for any significant	soil and stream sediment sample
	discovery being reported These should	results. These maps may show only
	include, but not be limited to a plan	the highest values for the sake of
	view of drill hole collar locations and	easy determination of the most
	appropriate sectional views.	anomalous areas where further work
		will be completed in subsequent
		programs.
Balanced	• Where comprehensive reporting of all	•All sample assay results are included
reporting	Exploration Results is not practicable,	in tables of results in the text.
	representative reporting of both low	However, maps may show only the
	and high grades and/or widths should	highest values for the sake of easy
	be practiced to avoid misleading	visualisation of the most anomalous
	reporting of Exploration Results.	areas.
Other	• Other exploration data, if meaningful	•There are no other results to report
substantive	and material, should be reported	that are considered material.
exploration data	including (but not limited to): geological	•All of the work completed to date is
	observations; geophysical survey	considered to be qualitative and
	results; geochemical survey results;	exploratory rather than quantitative
	bulk samples – size and method of	and representative. The Heemskirk
	treatment; metallurgical test results;	Tin Project remains in an early
	bulk density, groundwater, geotechnical	exploration phase and no
	and rock characteristics; potential	mineralisation considered to be
	deleterious or contaminating	significant has yet been outlined by
	substances.	this work.
Further work	• The nature and scale of planned further	•Further rock chip, soil and stream
	work (eg tests for lateral extensions or	sediment sampling is planned for the
	depth extensions or large-scale step-	future to further hone into any
	out drilling).	anomalous areas within the Project
	• Diagrams clearly highlighting the areas	area.
	of possible extensions, including the
	main geological interpretations and
	future drilling areas, provided this
	information is not commercially
	sensitive.

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