MINREX RESOURCES LIMITED — Capital/Financing Update 2018

Jun 20, 2018

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ASX AND MEDIA ANNOUNCEMENT

21 June 2018

EXCELLENT RESULTS FROM SAMPLING AT MINREX’S EAST PILBARA PROJECTS

Highlights:

• The assay results have now been received for the rock sampling completed at MinRex’s four East Pilbara project areas during May 2018. A total of 190 samples were collected from old workings, prospects, outcrops and float in these leases.

• Sampling of the old workings in the Marble Bar North project area (P45/3040) returned gold assays of up to 42.9g/t Au, with the average grade of all 40 samples being 4.86g/t Au. Similarly, samples from the old workings in the Marble Bar South project area (P45/3039) returned gold assays of up to 47.6g/t Au, with the average grade of all 40 samples being 4.16g/t Au.

• Sampling of the old workings, dumps, outcrop and float in the Daltons project area (E45/4681) returned assays of up to 163g/t Au and 8.17% Cu, with the average grade of all 60 samples being 9.9g/t Au and 0.49% Cu.

• There are no old workings in MinRex’s Bamboo Creek project area (E45/4560 & 4853) but the 50 samples collected, at previously identified gold, copper, chrome, nickel and polymetallic prospects, outcrop and float, returned assay values of up to 7.8g/t Au, 42g/t Ag, 14.3% Cu, 0.18% Cr, 0.11% Ni, 0.12% Pb and 0.09% Zn.

• 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 present the assay results received from the first detailed geological evaluation and sampling program on the East Pilbara projects, near Marble Bar in the East Pilbara Region, in which the company holds a 70% interest.

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Figure 1: Location of MinRex’s Project Areas

Earlier piecemeal programs recovered gold nuggets from the Marble Bar North project tenement (P45/3040) and a single nugget at the Daltons project (E45/4681), 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 considerable number of rock samples from the areas of old workings in both P45/3039 and P45/3040, at Marble Bar, and the workings at the Daltons project (E45/4681) and the previously defined prospect areas at the Bamboo Creek project (E45/4560 & 4853). During May 2018, this first stage of field exploration, including geological mapping, rock sampling and ground verification of previous exploration and sampling programs was commenced.

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Figure 2: Satellite Image showing MinRex’s four East Pilbara Project Areas

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Marble Bar North

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, during May 2018. 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/granite contact.

This lease has been worked extensively in the past and, within the lease, a line of old gold workings lies along the sheared lithological contact between sheared and metamorphosed mafic volcanic rocks and intrusive granite. 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 to the old Ironclad mine-site and battery, a five-minute drive from Marble Bar.

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Figure 3: View to the north (along strike) at the Ironclad Gold Mine Workings in P45/3040

The Ironclad Gold Mine workings form part of the Marble Bar Group of gold mines, which contain a total of 29 gold occurrences, with a historic gold production of about 1,298kg, within a strike extent of about 4km. The Ironclad Mine was worked from the 1890’s until 1933 and produced 1,451oz of gold from 2,843t of ore treated; a sizeable proportion of this production was from the area now covered by P45/3040.

The 40 rock samples from the Marble Bar North project area were collected from old mine workings, spoil piles and outcropping quartz veins. The samples were analysed for a total of 20 elements at Bureau Veritas in Perth; these included gold, silver, arsenic, cobalt, copper, chrome, bismuth, iron, lithium, manganese, molybdenum, nickel, lead, antimony, tin, tellurium, thorium, uranium, tungsten and zinc. A few samples were anomalous in various elements but the outstanding results were in the gold assays which varied from 10ppb Au up to 42.9g/t Au, with an average for all 40 samples of 4.86g/t Au, and 17 of the 40 samples assaying over 1.0g/t Au. The full assay results for gold and base metals are listed below in Appendix 1, while the gold results are also shown diagrammatically on the plan below (Figure 4).

The next phase of field work at the Marble Bar North project will comprise further rock sampling, soil sampling in colluvium and soil covered areas and detailed geological mapping to better understand this gold mineralised system. It is probable that this work will be completed in the next few months during the current field season in the East Pilbara.

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Figure 4: Marble Bar North project P45/3040 showing workings and current gold assay results

Marble Bar South

At Marble Bar South (P45/3039) a total of 40 rock samples (MSR011-050) were collected to add to the ten (MSR001-010) collected in December 2017. The lease has a line of old workings running along a 30-40m high ridge of greenstone rocks. The old mine was known as McKays Find and the mineralisation occurs as a 2m wide zone of pyritic-fuchsite-carbonate rock, with associated quartz veining. The mined zone was 100m long, 0.5-2m wide, strikes at 010[o] and dips at 70-90[o] to the east, the ore shoot plunges east/southeast, parallel to the intersection of fracturing and regional schistosity. The lease is 11km from Marble Bar Township, on the main Marble Bar-Hillside Road, and has a weak old track running through the lease, a fifteen-minute drive from Marble Bar.

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Figure 5: View of some of the old workings at McKays Find in P45/3039

The 40 rock samples from the Marble Bar South project were also collected from old mine workings, spoil piles and outcropping quartz veins. The samples were analysed for a total of 20 elements at Bureau Veritas in Perth; these included gold, silver, arsenic, cobalt, copper, chrome, bismuth, iron, lithium, manganese, molybdenum, nickel, lead, antimony, tin, tellurium, thorium, uranium, tungsten and zinc. A few samples were anomalous in various elements but the outstanding results were in the gold assays which varied from 7ppb Au up to 47.6g/t Au, with an average for all 40 samples of 4.16g/t Au, and 14 of the 40 samples assaying over 1.0g/t Au. The full assay results for gold and base metals are listed below in Appendix 2, while the gold results are also shown on the plan below (Figure 7).

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Figure 6: View to the north along the ridge hosting the gold mineralisation in P45/3039

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Figure 7: Marble Bar South project P45/3039 showing workings and current gold assay results

The next phase of field work at the Marble Bar South project will closely mirror that at the Marble Bar North project, comprising further rock sampling, soil sampling in colluvium and soil covered areas and detailed geological mapping to better understand this gold mineralised system. It is probable that this work will also be completed in the next few months during the current field season in the Pilbara.

The assays from the two sets of Marble Bar project samples show remarkable similarities in the average values for most elements, especially gold, silver, arsenic, cobalt, chrome, iron, manganese, nickel, antimony, thorium and tungsten, suggesting that they are part of the same mineralization event. However, the values for copper, lead, zinc and bismuth are several times higher at Marble Bar North than Marble Bar South, while the tin values at Marble Bar North are a thousand times higher – almost certainly reflecting the closer proximity, and interaction with, granitoid rocks during emplacement of the gold mineralization at the Marble Bar North project.

Daltons Project

At the Daltons project (E45/4681) a total of 60 rock samples (DAR001-060) were collected from the extensive old workings, variously named Daltons, McLeods Reward, Thomas’s, Eclipse and

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Corona, during May 2018. These old gold workings are located along a north-northwest-trending line of quartz and quartz-carbonate veins which have intruded the foliation of mafic greenstone schist (carbonatized metabasalt), and associated alteration zones, in dolerite and other mafic rock types of the Archean Warrawoona Group Greenstones. The geology strikes northnorthwest, is steeply dipping and layered with bands of jaspilite, quartzite, ultramafic, felsic, mafic and amphibolite rocks. There are many structurally complex areas, numerous shear zones and steeply plunging fold axes, dips are between steeply east dipping and vertical.

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Figure 8: View to the south along the line of old workings at Daltons in E45/4681

The 60 rock samples collected at the Daltons project were from the old mine workings, spoil piles and outcropping quartz veins. The samples were analysed for a total of 20 elements at Bureau Veritas in Perth; these included gold, silver, arsenic, cobalt, copper, chrome, bismuth, iron, lithium, manganese, molybdenum, nickel, lead, antimony, tin, tellurium, thorium, uranium, tungsten and zinc. The outstanding results were in the gold and copper assays which were up to 163g/t Au and 8.17% Cu, with the average grade of all 60 samples being 9.9g/t Au and 0.49% Cu, and 19 of the 60 samples assaying over 1.0g/t Au. The full assay results for gold and base metals are listed below in Appendix 3, while the gold results are also shown on the plan below (Figure 10).

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Figure 9: View of the old decline and a shaft and spoil dump at Daltons in E45/4681

The Daltons gold workings can be traced for about 1500m strike length, with the main quartz lode marked by workings for about 700m, the maximum width is up to 10m and the strike is 170[o] . Recorded production was 5.543kg of gold from 409.5t of ore, for an average grade of 13.54g/t Au. The quartz reefs are principally parallel with the schistosity, within the greenstones. There are several shafts, two of which extend to depths of about 22m and some open cutting – there

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are copper minerals as well as gold in the workings.

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Figure 10: Daltons project E45/4681 showing workings and current gold assay results

This lease area is large and holds the remains of an old battery, with old tracks that provide access to most of the workings. The mineralisation occurs as gold-copper in quartz veins with the highest copper content (shown by green malachite and red cuprite minerals in the quartz) being associated with the highest gold grades. The lease is remote and best accessed by driving 72km south on the Marble Bar-Hillside road (unsealed) and then 17km by weak tracks into the lease area – the 89km drive takes about 2 ½ hours and the last 17km of track driving is difficult. The long access time dictates that work in this area requires camping on site.

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Bamboo Creek Project

At the Bamboo Creek project (E45/4560 & 4853) a total of 50 rock samples (BBR001-050) were collected, including several samples from some of the previously named prospects, including Norms Find, BC07 and Nobb Well, as well as various outcropping quartz veins and breccia zones.

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Figure 11: Views of the Nobb Well and BC07 prospect areas and close-up of fluorite-rich sulphide mineralisation from BC07, in the Bamboo Creek project in E45/4560

There are no old workings in MinRex’s Bamboo Creek project area (E45/4560 & 4853) but the 50 samples collected at previously identified gold, copper, chrome, nickel and polymetallic prospects, outcrop and float returned assay values of up to 7.8g/t Au, 42g/t Ag, 14.3% Cu, 0.18% Cr, 0.11% Ni, 0.12% Pb and 0.09% Zn. The full assay results for gold, base metals, nickel and chrome are listed below in Appendix 4, while the better results are also shown on the plans below (Figures 12 & 13).

Gold mineralisation in the Bamboo Creek area is associated with quartz veins, while Norms Find is a copper-gold prospect (containing green malachite), BC07 is a quartz vein in granite, associated with sulphide minerals and a high fluorite content, and Nobb Well is a large intrusive ultramafic body with elevated nickel and chrome contents.

Previous explorers of the Norms Find prospect identified gossanous structures and malachite-staining within this northerly striking, sub-vertical quartz vein structure; while previous work at the BC07 prospect area identified chalcopyrite, pyrite, molybdenite and fluorite at this large quartz vein system, which strikes north-northeast.

The Bamboo Creek project is large, being several times the size of all the other East Pilbara project areas combined, with reasonable access via the unsealed road to Coppins Gap and various station tracks; however, the tracks are limited, and it is generally

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necessary to complete foot traverses to the various prospects due to the rocky undulating terrain.

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Figure 12: Northern part of the Bamboo Creek project with Norms Find and BC07 prospect areas

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Figure 13: Central part of the Bamboo Creek project with the Nobb Well prospect area

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The next phase of field work in the East Pilbara will again incorporate visits to all four of the project areas in the Marble Bar area. More detailed rock sampling, soil sampling in colluvium and soil covered areas and detailed geological mapping will be utilised to better understand these gold, base metal and poly-metallic mineralised systems. It is probable that this work will be completed in the next few months during the current field season in the Pilbara.

Current Tenement Details:

Region	Project	Tenement	Area	Grant	Expiry	MinRex
			approx.	Date	Date	Interest
East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara	Daltons Bamboo Creek Bamboo Creek Marble Bar South Marble Bar North	E45/4681 E45/4560 E45/4853 P45/3039 P45/3040	9 km2 69 km2 6 km2 8.26 ha 3.03 ha	13-07-17 27-10-17 11-10-17 Pending Pending	12-07-22 26-10-22 10-10-22 - -	70% 70% 70% 70% 70%

Table 1: Current listing of the East Pilbara Tenement holdings of MinRex Resources Ltd

For further information, please contact:

Simon Durack Executive Director MinRex Resources Limited Ph: (08) 9486 8806 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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Appendix 1 – Marble Bar North Project - May 2018 Rock Sample Assay Results

Sample	Easting	Northing	Au	Ag	As	Cr	Pb	Cu	Ni	Zn
No.	m	m	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
MNR001	786383	7657702	0.18	0.0	11	15	3	23	10	6
MNR002	786383	7657702	3.10	0.4	123	635	67	1550	645	127
MNR003	786371	7657629	0.28	0.0	16	30	3	15	30	6
MNR004	786371	7657629	5.26	0.3	26	30	8	49	42	6
MNR005	786371	7657629	24.60	1.9	165	20	18	23	73	4
MNR006	786369	7657633	0.87	0.1	13	15	2	2	19	2
MNR007	786369	7657633	18.10	0.4	46	95	9	122	106	31
MNR008	786375	7657611	10.50	0.3	14	100	5	114	57	12
MNR009	786375	7657611	7.54	0.3	77	50	4	651	149	8
MNR010	786375	7657611	3.94	0.8	47	80	5	1840	278	16
MNR011	786376	7657598	1.27	0.5	27.8	240	5	220	170	13
MNR012	786376	7657598	0.97	0.3	60.2	55	2	2250	478	17
MNR013	786359	7657697	8.96	0.3	40.2	15	10	16	17	4
MNR014	786359	7657697	16.80	4.0	206	95	3310	172	88	1050
MNR015	786358	7657541	0.22	0.1	5	185	11	41	93	18
MNR016	786372	7657544	0.23	0.1	8.8	100	8	29	42	6
MNR017	786372	7657544	0.11	0.0	10.2	985	3	116	452	63
MNR018	786354	7657538	15.90	0.8	20	475	22	230	314	28
MNR019	786375	7657532	2.29	0.1	9	60	26	91	49	18
MNR020	786375	7657532	0.06	0.0	3.4	120	2	19	45	10
MNR021	786292	7657487	0.02	0.0	2.2	40	0	1	18	4
MNR022	786296	7657497	0.02	0.0	1.8	15	0	2	9	2
MNR023	786348	7557457	0.12	0.0	9.4	20	0	4	18	6
MNR024	786348	7657456	0.01	0.0	30.4	570	6	81	512	106
MNR025	786371	7657466	1.34	0.3	42.8	100	17	231	102	13
MNR026	786371	7657466	3.58	1.0	83.8	135	16	485	170	37
MNR027	786375	7657479	0.06	0.1	15.2	130	0	66	73	12
MNR028	786387	7657501	0.35	0.0	5.8	55	2	16	22	7
MNR029	786387	7657501	0.06	0.0	16.2	225	6	122	118	28
MNR030	786381	7657532	42.90	2.4	22.4	80	6	130	93	6
MNR031	786382	7657520	0.03	0.0	1.6	60	0	9	14	4
MNR032	786382	7657520	0.04	0.0	1.8	60	0	5	19	5
MNR033	786382	7657516	0.03	0.0	7	315	2	11	101	19
MNR034	786382	7657516	0.03	0.0	15.2	70	2	22	42	12
MNR035	786382	7657516	0.01	0.0	2.8	60	0	2	27	14
MNR036	786354	7657670	0.06	0.0	42	25	7	12	22	5
MNR037	786354	7657670	0.44	0.0	19.6	20	2	6	17	8
MNR038	786359	7657700	22.80	0.4	297	35	5	22	72	9
MNR039	786383	7657737	1.40	0.1	8.2	35	0	18	26	6
MNR040	786383	7657737	0.05	0.0	5.6	25	2	7	39	7

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Appendix 2 – Marble Bar South Project - May 2018 Rock Sample Assay Results

Sample	Easting	Northing	Au	Ag	As	Cr	Pb	Cu	Ni	Zn
No.	m	m	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
MSR011	783818	7648193	1.8	0.5	177	305	22	74	99	21
MSR012	783818	7648193	0.6	1.1	56	30	5	152	30	7
MSR013	783802	7648145	2.7	0.2	72	605	3	16	258	21
MSR014	783802	7648145	0.2	0.0	58	345	0	26	123	15
MSR015	783791	7648148	5.0	0.3	59	200	1	35	74	24
MSR016	783789	7648151	45.9	2.1	777	230	511	540	232	132
MSR017	783785	7648153	0.0	0.0	17	95	3	3	23	13
MSR018	783790	7648139	0.2	0.0	12	25	3	8	11	4
MSR019	783788	7648095	0.6	0.2	144	270	2	102	109	26
MSR020	783788	7648095	1.3	0.3	396	950	6	85	378	91
MSR021	783791	7648092	10.7	0.5	44	145	1	37	60	20
MSR022	783788	7648099	0.1	0.0	21	350	0	14	145	10
MSR023	783788	7648099	0.2	0.0	103	1940	2	64	722	59
MSR024	783788	7648099	0.1	0.0	90	740	0	91	284	77
MSR025	783855	7648097	0.0	0.0	11	45	0	2	29	24
MSR026	783848	7648098	0.0	0.0	3	440	2	28	199	40
MSR027	783788	7648088	0.0	0.0	11	55	0	2	22	10
MSR028	783804	7648079	0.6	0.0	34	155	0	7	61	14
MSR029	783805	7648081	1.2	0.2	93	640	3	31	253	50
MSR030	783796	7648079	5.4	0.1	113	300	1	8	134	33
MSR031	783786	7648073	0.2	0.0	20	90	0	6	30	9
MSR032	783778	7648068	0.1	0.0	73	255	2	11	167	36
MSR033	783778	7648066	0.2	0.0	11	115	0	4	51	17
MSR034	783778	7648067	1.4	0.2	76	855	2	36	289	69
MSR035	783777	7648067	47.6	2.0	9	50	0	36	23	14
MSR036	783766	7648078	30.8	1.6	56	85	1	39	54	15
MSR037	783767	7648078	0.4	0.1	23	135	0	3	40	13
MSR038	783768	7648078	0.1	0.0	37	115	0	2	74	38
MSR039	783899	7648027	0.0	0.0	0	15	1	18	54	16
MSR040	783870	7647997	0.0	0.0	1	5	1	12	52	12
MSR041	783768	7648067	3.2	0.1	10	45	0	8	20	8
MSR042	783768	7648067	1.7	0.2	131	575	6	58	129	27
MSR043	783764	7648066	4.0	0.2	7	60	2	4	35	12
MSR044	783762	7648071	0.0	0.0	5	30	2	9	22	15
MSR045	783763	7648059	0.1	0.0	19	175	1	25	103	24
MSR046	783719	7648015	0.0	0.0	6	45	0	18	17	4
MSR047	783777	7648049	0.0	0.0	12	20	0	13	31	15
MSR048	783796	7648048	0.0	0.0	2	20	0	2	11	0
MSR049	783802	7648051	0.1	0.1	51	55	1	4	24	4
MSR050	783779	7648064	0.1	0.0	24	140	0	6	71	16

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Appendix 3 – Daltons Project - May 2018 Rock Sample Assay Results

Sample	Easting	Northing	Au	Ag	As	Cr	Pb	Cu	Ni	Zn
No.	m	m	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
DAR001	734304	7624815	0.02	0.15	2	65	1	356	29	37
DAR002	734306	7624815	0.05	0.1	2.6	90	2	328	44	38
DAR003	734305	7624815	0.02	0.05	1.6	80	1	405	30	38
DAR004	734304	7624815	0.05	0.1	2.4	70	1	233	43	29
DAR005	734304	7624815	0.05	0.05	3.4	120	0	168	64	63
DAR006	734303	7624815	0.05	0.6	4.4	170	2	249	78	73
DAR007	734302	7624815	0.11	0.0	3.8	140	2	152	61	75
DAR008	734299	7624807	11.2	4.45	12.6	110	2	15400	16	26
DAR009	734299	7624808	2.09	10.4	8	35	5	28500	44	52
DAR010	734299	7624809	0.00	0.0	74.2	150	1	109	151	162
DAR011	734312	7624804	140.0	26.6	9.6	65	2	81700	16	44
DAR012	734316	7624798	0.04	0.15	19	75	0	285	48	53
DAR013	734316	7624797	0.10	0.35	12.4	65	1	233	138	329
DAR014	734320	7624794	2.66	0.2	7.2	20	1	264	23	159
DAR015	734321	7624785	0.03	0.0	16	40	0	127	161	633
DAR016	734335	7624764	0.01	0.0	6.6	15	0	5	2	6
DAR017	734337	7624739	0.62	0.05	9.2	110	0	55	47	15
DAR018	734376	7624652	0.02	0.0	8.4	15	3	182	88	1160
DAR019	734374	7624656	0.20	0.0	8.4	15	1	84	92	98
DAR020	734408	7624568	1.10	0.1	23.6	65	2	147	138	120
DAR021	734413	7624559	0.22	0.0	6.6	30	2	1740	129	66
DAR022	734463	7624498	0.01	0.0	6	125	1	104	152	115
DAR023	734471	7624495	0.03	0.0	2.4	115	2	82	112	155
DAR024	734473	7624493	0.02	0.0	5.6	180	3	146	188	160
DAR025	734468	7624474	0.45	0.2	18.6	40	1	18600	230	241
DAR026	734468	7624472	2.94	0.5	14.2	40	0	17400	229	77
DAR027	734471	7624467	3.45	0.7	39.2	60	2	2740	222	1160
DAR028	734469	7624470	4.32	0.8	39.4	45	1	27700	315	115
DAR029	734464	7624417	0.00	0.0	7.2	75	0	134	225	103
DAR030	734480	7624407	7.03	1.75	34.2	20	0	756	52	22
DAR031	734494	7624393	0.81	0.2	46.6	105	0	42900	190	65
DAR032	734488	7624404	0.04	0.15	5.8	60	0	405	163	127
DAR033	734489	7624376	24.3	11.2	507	10	4	17500	483	47
DAR034	734485	7624385	0.01	0.05	25.8	10	0	299	18	26
DAR035	734488	7624411	0.92	0.15	8.4	50	0	163	31	20
DAR036	734472	7624358	0.01	0.0	2.8	15	0	41	21	12
DAR037	734469	7624357	0.01	0.0	14	60	0	218	122	115
DAR038	734464	7624363	5.86	1.0	25.4	25	0	438	144	28
DAR039	734481	7624384	0.01	0.0	9.6	10	0	55	29	21
DAR040	734535	7624400	0.02	0.0	14.4	20	0	52	24	19
DAR041	734527	7624409	0.00	0.0	21.8	30	0	45	50	57
DAR042	734502	7624307	0.02	0.0	60.4	15	0	26	29	21

14

734498	7624311	0.02	0.0	76.6	20	0	88	85	49
734501	7624274	0.01	0.0	13.6	15	0	17	19	12
734586	7623995	0.05	0.0	12.8	15	0	213	18	24
734527	7624018	0.02	0.0	5.8	20	0	69	11	19
734494	7624047	0.00	0.0	1.2	5	0	3	36	43
734530	7624068	0.00	0.0	5.6	10	0	166	52	54
734413	7623706	0.00	0.0	44.6	15	0	66	160	207
734360	7623595	13.3	0.6	94	25	1	387	39	158
734724	7623370	62.4	6.25	31.8	10	0	4130	78	9
734728	7623368	103.0	8.1	154	15	3	10400	216	348
734731	7623368	12.4	1.0	25	20	0	4410	105	59
734731	7623365	1.24	0.15	23.2	15	0	3810	66	112
734727	7623363	25.1	2.25	25.2	15	0	1400	42	64
734710	7623387	0.51	0.05	2.8	10	0	69	7	1
734720	7623370	163.0	10.1	5.2	10	0	8500	40	52
734725	7623373	3.62	0.55	22.2	10	0	428	22	54
734784	7623043	0.03	0.0	18.4	10	0	210	28	27
734787	7622755	0.05	0.0	0.8	10	0	3	0	1

Appendix 4 – Bamboo Creek Project - May 2018 Rock Sample Assay Results

Sample	Easting	Northing	Au	Ag	As	Cr	Pb	Cu	Ni	Zn
No.	m	m	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
BBR001	200330	7687559	0.00	0.0	0.8	10	0	16	10	6
BBR002	200268	7687460	0.00	0.1	5.4	15	114	32	16	7
BBR003	200325	7687457	0.00	0.1	126	50	5	17	31	27
BBR004	200323	7687457	0.00	0.0	70.2	90	3	88	111	45
BBR005	200329	7687469	0.01	0.1	8.6	5	10	41	25	70
BBR006	200330	7687465	0.01	0.0	37.4	30	0	53	45	29
BBR007	200320	7687499	0.00	0.0	16.6	10	30	12	25	104
BBR008	200171	7687306	0.00	0.0	4.4	25	0	11	14	11
BBR009	200318	7687301	0.00	0.0	1.8	15	0	11	8	8
BBR010	200336	7687300	0.00	0.0	1.2	30	2	18	16	16
BBR011	200434	7687334	0.00	0.0	2.8	35	2	31	26	32
BBR012	200557	7687278	0.00	0.1	10.4	35	2	79	38	27
BBR013	200633	7687152	0.00	0.1	1.2	10	0	14	5	5
BBR014	200684	7687040	0.00	0.0	0.8	10	1	5	1	4
BBR015	200684	7687040	0.02	0.0	291	25	10	555	77	210
BBR016	200631	7686994	0.00	0.1	2.2	30	0	16	20	7
BBR017	200624	7687052	0.31	2.6	203	10	17	2160	31	66
BBR018	200625	7687075	2.90	41.5	10	10	0	143000	15	12

15

BBR019	200622	7687085	7.80	16.0	205	10	19	14600	14	191
BBR020	200388	7687503	0.01	0.6	47	10	1	420	50	11
BBR021	200367	7687517	0.01	0.1	436	20	2	319	114	273
BBR022	197856	7684033	0.01	0.5	3.8	35	50	134	7	38
BBR023	197903	7684172	0.03	0.3	5	170	50	213	53	110
BBR024	197957	7684136	0.02	0.1	2	45	34	128	9	15
BBR025	197932	7684105	0.01	0.3	1.2	200	140	367	60	71
BBR026	197908	7684050	0.02	0.3	1	10	84	127	2	7
BBR027	197903	7684030	0.02	0.1	1.2	10	130	240	2	11
BBR028	197898	7684014	0.11	0.3	6	25	228	1790	3	61
BBR029	197899	7684004	0.89	4.3	1.8	15	738	1630	2	37
BBR030	197879	7683974	0.01	0.3	0.8	10	44	73	1	10
BBR031	197820	7683747	0.04	0.6	1.6	100	199	236	13	74
BBR032	197887	7683821	0.00	0.1	1	20	93	41	2	20
BBR033	197826	7683836	0.04	2.5	0.8	5	177	203	3	8
BBR034	207188	7676825	0.00	0.0	8	10	11	29	2	8
BBR035	207179	7676817	0.00	0.3	19.2	10	207	26	1	3
BBR036	207183	7676788	0.00	0.0	93.6	10	3	322	4	7
BBR037	208494	7677016	0.00	0.0	1.6	1540	2	10	937	52
BBR038	208495	7677005	0.00	0.0	3.2	1640	0	7	457	39
BBR039	208519	7676946	0.00	0.0	1.6	20	1	2	51	21
BBR040	208552	7676941	0.00	0.0	40.4	1630	1	7	910	42
BBR041	208577	7676939	0.00	0.0	3	1780	2	6	1070	16
BBR042	208650	7676900	0.00	0.0	0.8	1440	0	4	852	20
BBR043	208601	7676810	0.00	0.0	4.4	1720	7	9	581	16
BBR044	208553	7676863	0.00	0.0	5.2	560	1	79	614	75
BBR045	208499	7676879	0.00	0.0	1.8	1430	0	10	770	41
BBR046	207953	7676948	0.00	0.1	10.2	25	12	8	12	8
BBR047	207946	7676951	1.05	1.1	662	20	1170	344	13	913
BBR048	207893	7677202	0.00	0.0	4.2	10	6	5	2	5
BBR049	197830	7683841	0.10	9.3	3.4	10	1040	965	4	10
BBR050	197838	7683855	0.01	1.1	1.2	10	148	2970	4	21

16

Table 1) – East Pilbara Projects – Rock 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
techniques	channels, random chips, or specific	(‘MinRex’) has collected random
	specialised industry standard	surface rock samples from
	measurement tools appropriate to the	selected old workings, prospects,
	minerals under investigation, such as	outcrops, from float, scree, and
	down hole gamma sondes, or	colluvium at the Marble Bar North,
	handheld XRF instruments, etc).	Marble Bar South, Daltons and
	These examples should not be taken	Bamboo Creek Projects.
	as limiting the broad meaning of	•MinRex has also collected shallow
	sampling.	soil samples, along lines, in
	• Include reference to measures taken	selected areas at the Marble Bar
	to ensure sample representivity and	North, Marble Bar South, Daltons
	the appropriate calibration of any	and Bamboo Creek Projects.
	measurement tools or systems used.	•All of the work completed to date
	• Aspects of the determination of	is considered to be qualitative and
	mineralisation that are Material to the	exploratory rather than
	Public Report.	quantitative and representative.
	• In cases where ‘industry standard’	The Marble Bar North, Marble Bar
	work has been done this would be	South, Daltons and Bamboo
	relatively simple (eg ‘reverse	Creek Projects remain in an early
	circulation drilling was used to obtain	exploration phase and no
	1 m samples from which 3 kg was	mineralisation considered being
	pulverised to produce a 30 g charge	potentially economic has yet been
	for fire assay’). In other cases more	outlined.
	explanation may be required, such as	•MinRex manages its exploration
	where there is coarse gold that has	and assaying activities in
	inherent sampling problems. Unusual	accordance with industry standard
	commodities or mineralisation types	quality assurance and quality
	(eg submarine nodules) may warrant	control procedures. Samples are
	disclosure of detailed information.	collected by appropriately trained
		personnel and prepared in
		accordance with specified
		procedures.
Drilling	• Drill type (eg core, reverse circulation,	•MinRex has not completed any
techniques	open-hole hammer, rotary air blast,	drilling at any of the four project
	auger, Bangka, sonic, etc) and details	areas. No drilling is being
	(eg core diameter, triple or standard	reported.
	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	•MinRex has not completed any
recovery	core and chip sample recoveries and	drilling at any of the four project
	results assessed.	areas. No drilling is being
	• Measures taken to maximise sample	reported.
	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	•All surface samples have been
	been geologically and geotechnically	geologicallyloggedfor rock, soilor

17

Criteria	JORC Code explanation	Commentary
	logged to a level of detail to support	colluvium type.
	appropriate Mineral Resource
	estimation, mining studies and
	metallurgical studies.
	• Whether logging is qualitative or
	quantitative in nature. Core (or
	costean, channel, etc) photography.
	• The total length and percentage of the
	_relevant intersections logged. _
Sub-sampling	• If core, whether cut or sawn and	•Surface samples are of
techniques	whether quarter, half or all core taken.	approximately 1kg weight and
and sample	• If non-core, whether riffled, tube	were collected into calico or
preparation	sampled, rotary split, etc and whether	plastic sample bags for transport
	sampled wet or dry.	to the chemical laboratory.
	• For all sample types, the nature,	•When collected, soil samples are
	quality and appropriateness of the	screened, in the assay laboratory,
	sample preparation technique.	to extract the minus 3mm fraction
	• Quality control procedures adopted for	for analysis.
	all sub-sampling stages to maximise	•No field duplicates were taken due
	representivity of samples.	to the early exploration phase of
	• Measures taken to ensure that the	the current work.
	sampling is representative of the in
	situ material collected, including for
	instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are appropriate
	to the grain size of the material being
	_sampled. _
Quality of	• The nature, quality and	•Samples from the surface rock
assay data	appropriateness of the assaying and	sampling were submitted to
and	laboratory procedures used and	Bureau Veritas (Ultra Trace
laboratory	whether the technique is considered	Laboratories) in Perth for
tests	partial or total.	appropriate industry standard
	• For geophysical tools, spectrometers,	analysis for various metallic
	handheld XRF instruments, etc, the	elements.
	parameters used in determining the	•The samples have been sorted
	analysis including instrument make	and dried, crushed and then
	and model, reading times, calibrations	pulverized in a vibrating disc
	factors applied and their derivation,	pulveriser.
	etc.	•The samples were digested with
	• Nature of quality control procedures	Aqua Regia and analysed by ICP;
	adopted (eg standards, blanks,	cobalt, copper, chrome, iron,
	duplicates, external laboratory	manganese, nickel and zinc by
	checks) and whether acceptable	ICP-OES, and gold, arsenic,
	levels of accuracy (ie lack of bias) and	silver, bismuth, lithium,
	precision have been established.	molybdenum, lead, antimony, tin,
		tellurium, thorium, uranium and
		tungsten by ICP-MS.
		•Bureau Veritas run appropriate
		assay 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.

18

Criteria	JORC Code explanation	Commentary
Verification of	• The verification of significant	•Independent verification of the
sampling and	intersections by either independent or	sampling is not considered
assaying	alternative company personnel.	applicable, as the work to date is
	• The use of twinned holes.	considered to be qualitative and
	• Documentation of primary data, data	exploratory and not for use for
	entry procedures, data verification,	definitive data purposes.
	data storage (physical and electronic)	•However, all samples are
	protocols.	collected by appropriately trained
	• Discuss any adjustment to assay	personnel and prepared in
	data.	accordance with specified
		procedures.
		•No adjustment has been made to
		any assay data.
Location of	• Accuracy and quality of surveys used	•All data points (rock chip and soil
data points	to locate drill holes (collar and down-	sampling) have been determined
	hole surveys), trenches, mine	using a handheld Garmin GPS
	workings and other locations used in	device with an arbitrary accuracy
	Mineral Resource estimation.	of about 2-5m – adequate for the
	• Specification of the grid system used.	early exploration work undertaken.
	• Quality and adequacy of topographic	No topographic control has been
	control.	established for the Project area.
		•The grid system used in the East
		Pilbara is MGA_GDA94 Zones 50
		and 51.
Data spacing	• Data spacing for reporting of	•Data spacing for the rock, float,
and	Exploration Results.	colluvium and other surface
distribution	• Whether the data spacing and	samples is random and not for use
	distribution is sufficient to establish	in definitive data purposes.
	the degree of geological and grade	•Soil samples have been collected
	continuity appropriate for the Mineral	at a nominal spacing of 50m on
	Resource and Ore Reserve estimation	sample lines.
	procedure(s) and classifications	•No sample compositing has been
	applied.	applied.
	• Whether sample compositing has
	_been applied. _
Orientation of	• Whether the orientation of sampling	•The orientation of the sampling is
data in	achieves unbiased sampling of	not considered to be important, as
relation to	possible structures and the extent to	the work to date is considered to
geological	which this is known, considering the	be qualitative and exploratory and
structure	deposit type.	not for use for definitive data
	• If the relationship between the drilling	purposes.
	orientation and the orientation of key	•The orientation of geological
	mineralised structures is considered	structure and layering remains
	to have introduced a sampling bias,	speculative.
	this should be assessed and reported
	if material.
Sample	• The measures taken to ensure	•Samples were placed directly into
security	sample 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 reviewshave been

19

Criteria	JORC Code explanation	Commentary
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

Section 2 Reporting of Exploration Results	Section 2 Reporting of Exploration Results	Section 2 Reporting of Exploration Results
(Criterialistedinthe preceding sectionalso apply to this section.)
Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number,	•	The Marble Bar North Project
tenement and	location and ownership including		lies in one pending prospecting
land tenure	agreements or material issues with		licence – P45/3040 (of 3.05ha),
status	third parties such as joint ventures,		located approximately 3km
	partnerships, overriding royalties,		north of Marble Bar, which is
	native title interests, historical sites,		70% owned by MinRex
	wilderness or national park and		Resources Limited. The Marble
	environmental settings.		Bar South Project lies in one
	• The security of the tenure held at the		pending prospecting licence –
	time of reporting along with any		P45/3039 (of 8.26ha), located
	known impediments to obtaining a		approximately 11km south of
	licence to operate in the area.		Marble Bar, which is 70%
			owned by MinRex Resources
			Limited. The Daltons Project
			lies in one granted exploration
			licence – E45/4681 (of about
			9km2), located approximately
			90km southwest of Marble Bar,
			by road, which is 70% owned by
			MinRex Resources Limited. The
			Bamboo Creek Project lies in
			two granted exploration licences
			– E45/4560 (of about 69km2)
			and E45/4853 (of about 6km2),
			located approximately 70km
			northeast of Marble Bar, by
			road, which is 70% owned by
			MinRex Resources Limited.
		•	All four Projects are in the East
			Pilbara Shire and the East
			Pilbara region, within Western
			Australia, The Marble Bar North
			Project lies in the Marble Bar
			Township area, Marble Bar
			South Project lies in the
			Eginbah pastoral lease, the
			Daltons Project is partially on
			the Panorama pastoral lease
			and the Bamboo Creek Project
			is on the Yarrie pastoral lease.
			All but the Marble Bar North
			Project are covered by the
			Njamal Native Title Claims.
		•	The two prospecting licences
			are not yet granted, while the
			three exploration licences are
			granted.
Exploration done	• Acknowledgment and appraisal of	•	The Marble Bar North project
by other parties	exploration by other parties.		area was the subject of historic
			goldmining activities associated

20

Criteria	JORC Code explanation	Commentary
		with the Ironclad gold mine and
		other smaller operations in the
		period from the 1890’s to about
		1933, with various prospectors
		and small operators holding the
		area until the 1990’s.
		Subsequent exploration was
		completed by various
		exploration companies,
		including Britannia Gold and
		Clara Resources in the period
		from 1994 through to 2008.
		This work included soil sampling
		programs, rock chip sampling,
		geological mapping and 6 RC
		drill holes – by Britannia in
		1996.
		•The Marble Bar South project
		area was the subject of historic
		gold mining activities associated
		with the McKays Find gold mine
		and other smaller operations in
		the period from the 1930’s to
		about 1996. Subsequent
		exploration was completed by
		various exploration companies,
		including Haoma Mining and
		Clara Resources in the period
		from 1996 through to 2008.
		This work included soil sampling
		programs, rock chip sampling
		and geological mapping.
		•The Daltons project area was
		the subject of historic gold
		mining activities associated with
		the Daltons mining centre in the
		period from its discovery to
		about 1966. Subsequent
		exploration was completed by
		various exploration companies,
		including Haoma Mining, Gold
		Partners, Sipa Resources,
		Giralia Resources, Clara
		Resources and Mallina
		Exploration in the period from
		1966 through to 2015. This
		work included soil sampling
		programs, rock chip sampling,
		auger drilling, RC drilling and
		geological mapping.
		•The Bamboo Creek project area
		has had no previous mining
		activities. It lies between the
		gold deposits of the Bamboo
		Creek mining centre and the
		polymetallic Spinifex Ridge
		deposit. The area has been
		explored previously by various
		exploration companies,
		includingMetals Exploration,

21

Criteria	JORC Code explanation	Commentary
		Stockdale Prospecting, Haoma
		Mining, Artemis Resources and
		Metal Bank Ltd in the period
		from 1969 through to 2015.
		This work included soil sampling
		programs, rock chip sampling,
		BLEG sampling, geophysical
		interpretation and geological
		mapping.
		•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 four Project
		areas is encouraging, especially
		the early geochemistry and
		drilling that shows some clearly
		anomalous gold values.
		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	•All four Projects lie within the
	style of mineralisation.	Archean Warrawoona Group
		Greenstone Belt and in the East
		Pilbara Goldfield of WA.
		•The Project areas host Archean
		greenstones, predominantly
		meta-basalt and high-Mg meta-
		basalt, with some meta-
		sediment, granite dykes and
		granitic intrusions. Gold
		mineralisation and gold-copper
		mineralisation in the East
		Pilbara Goldfield is hosted by
		shear zones and quartz veins,
		within Archean greenstones.
		There are some areas of
		transported soil, colluvium and
		alluvium within the Project
		areas, which effectively conceal
		any mineralisation present and
		MinRex is seeking gold, copper-
		gold, base metals and
		polymetallic deposits under this
		cover within the Project areas.
		The Marble Bar South project
		area also contains the basal
		units of the Mt Roe Basalt of the
		Fortescue Group.
Drill hole	• A summary of all information material	•MinRex has not completed any
Information	to the understanding of the	drilling in any of the four project
	exploration results including a	areas. No drilling is being
	tabulation of the following information	reported.
	for all Material drill holes:	•MinRex is aware of the results
	o easting and northing of the drill	of previous drilling programs in
	hole collar	theMarbleBar NorthandDalton

22

Criteria	JORC Code explanation	Commentary
	o elevation or RL (Reduced Level –	Project areas and has obtained
	elevation above sea level in	this data from the WAMEX
	metres) of the drill hole collar	website of the GSWA. This old
	o dip and azimuth of the hole	data is used as a guide to where
	o down hole length and interception	to apply new exploration and is
	depth	not regarded as material.
	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	• In reporting Exploration Results,	•Rock chip and soil sample
aggregation	weighting averaging techniques,	assay values are reported as
methods	maximum and/or minimum grade	point values.
	truncations (eg cutting of high	•Actual metal assay values are
	grades) and cut-off grades are	reported with no modification.
	usually Material 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
between	important in the reporting of	are being reported - not
mineralisation	Exploration Results.	mineralisation widths or drilling
widths and	• If the geometry of the mineralisation	results.
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
	scales) and tabulations of intercepts	showing the location of
	should be included for any significant	significant rock chip, float,
	discovery being reported These	calcrete, ferricrete and soil
	should include, but not be limited to a	sample results. These maps
	plan view of drill hole collar locations	may show only the highest
	and appropriate sectional views.	values for the sake of easy
		determination of the most
		anomalous areas where further
		work will be completed in
		subsequent programs.
Balanced	• Where comprehensive reporting of all	•All sample assay results are
reporting	Exploration Results is not practicable,	included in tables of results in
	representative reporting of both low	the text or Appendices.
	and high grades and/or widths should	However, maps may show only
	bepracticed to avoid misleading	the highest values for the sake

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Criteria	JORC Code explanation	Commentary
	reporting of Exploration Results.	of easy visualisation of the most
		anomalous areas.
Other	• Other exploration data, if meaningful	•There are no other results to
substantive	and material, should be reported	report that are considered
exploration data	including (but not limited to):	material.
	geological observations; geophysical	•All of the work completed to
	survey results; geochemical survey	date is considered to be
	results; bulk samples – size and	qualitative and exploratory
	method of treatment; metallurgical	rather than quantitative and
	test results; bulk density,	representative. The East Pilbara
	groundwater, geotechnical and rock	Project areas remain at an early
	characteristics; potential deleterious	exploration phase and no
	or contaminating substances.	mineralisation considered to be
		significant has yet been outlined
		by this work.
Further work	• The nature and scale of planned	•Further rock chip, float,
	further work (eg tests for lateral	colluvium, calcrete and soil
	extensions or depth extensions or	sampling is planned for the
	large-scale step-out drilling).	future, to further hone into the
	• Diagrams clearly highlighting the	most anomalous areas within
	areas of possible extensions,	the Project areas.
	including the main geological
	interpretations and future drilling
	areas, provided this information is not
	_commercially sensitive. _

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