MINREX RESOURCES LIMITED — Capital/Financing Update 2019

Jul 14, 2019

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ASX AND MEDIA ANNOUNCEMENT

15 July 2019

EAST PILBARA PROJECTS – EXPLORATION UPDATE

HIGHLIGHTS

• The multi-element assay results have now been received for the 40 rock samples collected at MinRex’s two Marble Bar Project areas and the 140 rock samples collected in MinRex’s East Pilbara Project areas during June 2019;

• At the Daltons Project (E45/4681) a total of 100 rock samples were collected from a wide area within the centre of the exploration licence. This new sampling aimed to test outcrop, float and smaller workings and prospecting pits across the full width of the licence. These 100 new samples returned assays of up to 60.6/t Au and 5.8% Cu, with the average grade of all 100 samples being 1.80g/t Au and 0.12% Cu;

• Sampling at the Marble Bar South Project (P45/3039) mostly returned low values from areas in the south of the licence with a highest gold assay of 42.5g/t Au. Sampling at the Marble Bar North Project (P45/3040) returned several values of over 0.1g/t Au from the south of the area and a highest gold assay of 5.0g/t Au;

• These new results continue the assessment of MinRex’s East Pilbara Project areas and build on the excellent exploration outcomes from MinRex’s four previous exploration and sampling campaigns in the East Pilbara;

• The new assay results highlight the prospectivity and potential of these Project areas and the latest sampling will be used to determine target areas for further exploration and detailed evaluation later in 2019.

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Figure 1: Location of MinRex’s East Pilbara Project Areas

MinRex Resources Limited (ASX: MRR) (‘MinRex’ or ‘the Company’) is pleased to announce that it has now received the assay results for the 140 rock samples collected in June 2019, at its Daltons, Marble Bar North and Marble Bar South Project areas, during the geological evaluation and sampling program at its 70% owned East Pilbara Project tenements (Figure 1).

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

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Figure 2: East Pilbara satellite image showing MinRex’s East Pilbara Project Areas

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

During June 2019 and after the summer wet season, the first field exploration program at MinRex’s East Pilbara Projects was completed with the assay results for the rock sampling work completed at the Daltons, Marble Bar North and Marble Bar South Projects now reported herein. This was the fifth exploration program in the East Pilbara in the eighteen months that the Company has held the Project areas.

Daltons Project

At the Daltons Project (E45/4681) a total of 100 rock samples (DAR061-160) were collected from a large area, including the centre and across the entire width, of the exploration licence (Figure 3). This included multiple rock types, structural settings, alteration zones, float, scree and colluvium.

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Some of the samples were also from the main old workings, and previously un-sampled old workings.

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Figure 3: View to the west across the licence from the old workings at Daltons in E45/4681

The old gold workings at the Daltons Mining Centre are located along a north-northwest-trending line of quartz and quartz-carbonate veins which have intruded the foliation of mafic greenstone schist and associated alteration zones, in metabasalt, high-Mg basalt, dolerite and other mafic and ultramafic rock types of the Archean Warrawoona Group Greenstones. The geology in the project area strikes north-northwest is steeply dipping and layered with bands of jaspilite, quartzite, banded iron formation, ultramafic, felsic, mafic and amphibolite rocks, and granitoid. There are many structurally complex areas, numerous shear zones, major faults and steeply plunging fold axes, dips are between steeply east-dipping and vertical (Figure 4).

The Daltons gold workings can be traced for about 1500m strike length, with the main quartz lode marked by workings for about 700m with the maximum width of up to 10m and the strike of 340350[o] . Recorded production of gold was 5.543kg from 409.5t of ore, for an average grade of 13.5g/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 over 20m, an inclined adit and some open stoping. There were copper minerals as well as gold in the workings.

The 100 rock samples collected at the Daltons project in June 2019 were from various rock types, quartz veins, shear zones, dumps, scree and float. 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 assay results from June 2019 sampling were in the gold and copper assays which were up to 60.6g/t Au and 5.8% Cu, with the average grade from all 100 samples being 1.8g/t Au and 0.12% Cu, with a total of 14 samples assayed 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 on the plan below (Figure 4).

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Figure 4: Daltons Project E45/4681 showing old workings and new June 2019 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.

MinRex has now collected at total of 160 rock samples from the Daltons Project area, and the gold results for all 160 of these samples are shown on the plan below (Figure 5). It is encouraging that gold is seen to occur along a strike length of over 1500m and also in several parallel structures over a zone up to 500m wide.

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Figure 5: Daltons Project E45/4681 showing workings and all 160 gold assay results

Marble Bar North

At the Marble Bar North Project (P45/3040) a total of 20 rock samples (MNR061-080) were collected in June 2019, many from new previously untested areas, mainly in the south of the licence, but also some from old dumps, bulldozer heaps and minor old workings at the Ironclad mine site. The gold mineralisation in this area occurs as quartz veins in sheared and strongly carbonated greenstones, and associated alteration zones, close to the greenstone/granite contact.

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2Figure 6: Marble Bar North Project showing workings and new June 2019 gold assay results

The 20 new rock samples from the Marble Bar North Project area 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 samples were generally low for most elements, except the gold assays, which varied from zero up to 5.0g/t Au, with six samples being over 0.1g/t Au. The full assay results for gold and base metals are listed below in Appendix 2, while the gold results are also shown diagrammatically on the plan above (Figure 6).

The new samples were collected from throughout the licence area, mainly in the south, in areas beyond the previous sampling programs, which largely focussed on the old workings and were typically taken from scree, float and old dumps. The plan below (Figure 7) shows the gold assay results for all 80 rock samples collected at the Marble Bar North Project to date.

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Figure 7: Marble Bar North Project showing workings, nugget finds and all 80 gold assays to date

Marble Bar South

At the Marble Bar South Project (P45/3039) a total of 20 rock samples (MSR071-090) were collected in June 2019, from various locations, mainly in the southern sector of the licence, and were taken from scree, float and outcrops beyond and around the old workings. This licence contains the old McKays Find mine which runs along a 30-40m high ridge of greenstone rocks which is truncated to the north by the presence of basal Fortescue Group conglomerate rocks. The known gold mineralisation occurs as a 100m long and 2m wide zone of quartz veining in pyritic-fuchsitecarbonate rock, which lies parallel to the regional schistosity. The aim of the current work was to commence testing of other parts of the licence for previously undetected gold mineralisation.

The 20 new rock samples from Marble Bar South 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. Some samples were anomalous in various elements but the outstanding results were in the gold assays which varied from zero up to 42.5g/t Au. Full assay results for gold and base metals are listed below in Appendix 3, with the gold results for the new 20 samples also shown on the plan below (Figure 8).

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Figure 8: Marble Bar South Project showing geology and new June 2019 gold assay results

The highest value sample (42.5g/t Au) came from a loose quartz vein float sample in the centre of the licence that may have been transported from higher up on the ridge line, i.e. along strike from the McKays Find mine area. More sampling and geological mapping will be required to determine the significance of this sample. Generally low results were received for samples taken from other areas in the south of the licence area, although these represent only a small portion of this area and only a small number of samples. Further sampling and mapping work, to better understand this area will be completed on the next visit to the project area.

The plan below shows the gold assay results for all 90 rock samples collected at the Marble Bar South Project to date along with the location of old workings and the generalised geology plan (Figure 9). Both of the Marble Bar properties contain old gold mine workings and have returned very encouraging sample assay results in all of the sampling programs completed to date.

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Figure 9: Marble Bar South Project showing geology, workings and all 90 gold assays to date

The initial exploration completed on the Marble Bar project areas included the collection of a large number of rock samples from the areas of old workings, conglomerate horizons, potential target areas and prospective geological zones and horizons, with these samples then being subjected to multi-element analyses in order to discover the most prospective areas. This work will be on-going and in conjunction with more geological mapping and detailed sampling to be completed in the lesser explored sectors of the project areas in the next sampling program.

The next (sixth) phase of field work on MinRex’s East Pilbara Projects will again incorporate visits to all four of the project areas around the Marble Bar area. Further detailed rock sampling, soil sampling in colluvium and soil covered areas and detailed geological mapping will be utilised to better understand these complex gold, base metal and poly-metallic mineralised systems. It is probable that this work will commence in the next couple of months, prior to the summer heat and rain.

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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 – Daltons Project - June 2019 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
DAR061	734413	7624559	30.4	4.5	173	110	4	4010	398	91
DAR062	734441	7624565	0.04	0	5.2	30	0	26	55	95
DAR063	734373	7624594	0.41	0.2	44.2	40	0	1420	76	21
DAR064	734373	7624594	24.6	4.8	201	20	3	14500	402	24
DAR065	734372	7624618	12.2	0.4	6	25	0	139	119	54
DAR066	734370	7624575	1.18	0.15	34	20	1	1310	140	45
DAR067	734391	7624549	0.034	0	4.8	25	0	63	80	98
DAR068	734421	7624522	0.019	0	14.6	40	1	91	98	102
DAR069	734398	7624491	0.012	0	6.2	15	0	18	39	13
DAR070	734399	7624472	5.8	1.55	57	55	5	5150	149	172
DAR071	734380	7624460	1.23	0.55	876	30	48	711	92	64
DAR072	734344	7624442	0.011	0.1	98	15	5	186	134	164
DAR073	734202	7624512	0.017	0	1.2	15	0	11	13	7
DAR074	734170	7624525	0.008	0	66.4	15	1	8	18	11
DAR075	734205	7624596	0.002	0	1.2	15	0	5	11	6
DAR076	734102	7624560	0.002	0	23.4	35	0	4	55	17
DAR077	734102	7624560	0.002	0	56.6	30	2	12	94	39
DAR078	734141	7624482	0.006	0	65.8	20	0	66	31	26
DAR079	734149	7624478	0.001	0	72.6	10	3	25	67	96
DAR080	734149	7624478	0.001	0.05	0.8	255	1	35	369	137
DAR081	734199	7624487	0.005	0	42	10	0	20	26	30
DAR082	734095	7624429	0.002	0	19.4	15	0	16	18	12
DAR083	734013	7624332	0	0	1.2	10	0	2	4	5
DAR084	733974	7624387	0	0	0.6	20	0	4	14	13
DAR085	733966	7624395	0	0	0.4	10	0	13	45	38
DAR086	733966	7624395	0	0	2.8	1620	0	26	695	9
DAR087	733880	7624445	0	0	26.4	25	1	50	150	41
DAR088	733797	7624477	0	0	1.4	15	0	14	33	40
DAR089	733699	7624486	0	0	2.2	535	0	11	319	12
DAR090	733657	7624691	0	0	17	160	1	20	93	13
DAR091	733737	7624751	0	0	5.6	15	0	31	20	11
DAR092	733867	7624663	0	0	2.2	15	0	5	11	2
DAR093	733982	7624635	0	0	0.4	20	0	6	12	5
DAR094	734062	7624584	0	0	100	30	4	24	31	59
DAR095	734475	7624573	0	0	1	20	0	8	82	49
DAR096	734503	7624614	0	0	20.2	25	0	20	24	11
DAR097	734525	7624620	0	0	35.2	105	0	6	176	15
DAR098	734540	7624629	0	0	13	185	2	5	444	8
DAR099	734597	7624674	0.001	0.05	0.8	195	0	47	59	7
DAR100	734681	7624736	0.002	0.1	0.4	25	0	7	14	4
DAR101	734713	7624766	0	0	9.2	560	0	8	389	30
DAR102	734728	7624753	0	0	19.6	30	2	4	20	21

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DAR103	734675	7624804	0	0	12.4	20	0	14	30	88
DAR104	734657	7624840	0	0	2.2	15	0	4	14	10
DAR105	734559	7624818	0.003	0	73.6	410	3	24	111	10
DAR106	734521	7624811	0	0	0.6	380	0	27	76	9
DAR107	734504	7624797	0.006	0.05	128	40	5	8	20	15
DAR108	734502	7624796	0.014	0	27	100	9	7	15	14
DAR109	734474	7624791	0	0	16.4	570	0	14	161	12
DAR110	734448	7624784	0	0	43	275	1	7	231	35
DAR111	734444	7624784	0	0	379	90	3	56	1290	128
DAR112	733985	7624459	0.001	0	7.6	15	0	12	13	11
DAR113	733992	7624477	0.006	0	53.6	20	0	85	58	39
DAR114	733996	7624477	0.004	0	66.4	20	2	86	60	41
DAR115	734090	7624495	0	0	2.2	100	0	3	30	5
DAR116	734354	7624515	0.006	0	20.6	10	2	26	152	90
DAR117	734427	7624460	0.004	0.1	3.8	20	1	30	114	311
DAR118	734494	7624377	6.44	0.85	89.2	50	2	865	155	149
DAR119	734471	7624458	0.072	0.15	5.8	20	0	697	100	72
DAR120	734469	7624473	2.57	0.3	24.6	60	1	11500	355	247
DAR121	734498	7624479	0.664	0.1	7.8	35	1	766	80	78
DAR122	734496	7624519	0.011	0	3.2	10	0	33	22	9
DAR123	734459	7624526	0.005	0.05	7.4	20	0	82	36	57
DAR124	733820	7625281	0.003	0	14.4	0	0	18	28	35
DAR125	733780	7625255	0.015	0	22.2	15	0	48	28	24
DAR126	733772	7625250	0.003	0.1	20.8	20	0	19	22	7
DAR127	733761	7625253	0	0	11.6	25	0	70	26	12
DAR128	733737	7625257	0	0	9	10	0	9	32	25
DAR129	733706	7625258	0.001	0	44.4	25	0	507	266	51
DAR130	733670	7625329	0	0	3.2	40	0	18	35	25
DAR131	733555	7625403	0	0	17	80	0	78	84	26
DAR132	733552	7625257	0	0	2.2	25	0	16	24	20
DAR133	733566	7625266	0	0	13.4	15	0	16	75	44
DAR134	733610	7625177	0	0	2.4	15	0	15	30	15
DAR135	733622	7625208	0	0	2.4	20	0	23	21	21
DAR136	733639	7625227	0	0	11.2	25	0	86	52	31
DAR137	733652	7625231	0	0	8.6	30	0	36	84	37
DAR138	733457	7625093	0	0	3.2	15	2	10	79	62
DAR139	733776	7625177	0	0	16.8	10	0	96	157	107
DAR140	733830	7625213	0	0	89	10	0	10	36	23
DAR141	734730	7623366	1.64	0.15	20.2	15	0	122	27	27
DAR142	734730	7623366	7.99	0.55	10.6	10	0	2740	67	46
DAR143	734865	7623407	0.064	0	206	15	2	730	533	82
DAR144	734860	7623374	0.012	0	47.2	15	0	150	49	22
DAR145	734855	7623333	0.013	0	28	40	2	104	46	20
DAR146	734854	7623306	1.47	0	8.2	20	0	17	15	4
DAR147	734268	7624674	0.01	0	6.6	10	0	5	8	11
DAR148	734100	7624801	0.001	0	0.6	30	0	17	15	19

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DAR149	734153	7624900	0	0	1.8	10	0	17	3	5
DAR150	734166	7624913	0.032	0	572	10	3	558	334	402
DAR151	734169	7624914	0.04	0	964	10	3	208	230	407
DAR152	734173	7624926	0	0	11.8	30	0	7	11	8
DAR153	734227	7624912	0	0	4.6	25	0	8	9	7
DAR154	734261	7624863	0.016	0	15.8	10	0	56	18	24
DAR155	734317	7624823	20.5	7.25	92	265	14	58200	66	66
DAR156	734319	7624813	0.266	0.1	15.2	25	0	82	88	212
DAR157	734292	7623368	60.6	3.05	55.6	15	0	6750	25	1130
DAR158	734223	7623478	0.317	0	24	20	0	101	58	31
DAR159	734381	7623539	0.042	0	127	35	1	199	85	39
DAR160	734365	7623591	1.35	0.15	94.8	25	1	2210	66	138

Appendix 2 – Marble Bar North Project (P45/3040) - June 2019 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
MNR061	786344	7657468	0.012	0	16.6	25	1	18	19	0
MNR062	786303	7657494	0.004	0	5.4	50	0	7	46	0
MNR063	786293	7657497	0.014	0	1.6	30	0	3	10	0
MNR064	786293	7657546	0.020	0	18.2	220	5	31	143	25
MNR065	786287	7657549	0.101	0	50	295	12	69	186	35
MNR066	786287	7657549	0.033	0	20.8	265	13	37	79	10
MNR067	786267	7657521	0.004	0	1.4	20	0	2	6	0
MNR068	786291	7657549	0.022	0	25.8	520	5	67	257	30
MNR069	786310	7657543	0.060	0	27.6	190	7	48	119	20
MNR070	786311	7657555	0.255	0	74.6	510	6	42	268	40
MNR071	786319	7657528	0.055	0	27.2	565	7	60	323	30
MNR072	786319	7657528	0.008	0	4.2	35	0	14	19	0
MNR073	786322	7657524	0.003	0	1.2	15	1	3	9	0
MNR074	786339	7657512	0.214	0	13	30	2	35	34	5
MNR075	786350	7657516	0.004	0	8	20	1	13	29	5
MNR076	786361	7657492	0.039	0	30	140	7	62	128	65
MNR077	786350	7657507	0.003	0	3	25	1	7	7	0
MNR078	786349	7657627	5.02	0.7	34.6	160	45	288	104	45
MNR079	786349	7657626	0.327	0.1	23.2	1620	11	44	844	65
MNR080	786352	7657672	0.981	0.15	433	630	15	53	331	60

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Appendix 3 – Marble Bar South Project (P45/3039) – June 2019 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
MSR071	783743	7647855	0	0	1	20	8	60	80	65
MSR072	783759	7647880	0.001	0	0.6	10	0	2	3	0
MSR073	783773	7647893	0.001	0	29.4	15	7	15	9	0
MSR074	783794	7647943	0	0	0.8	10	0	4	6	5
MSR075	783757	7647927	0.001	0	1.2	15	0	1	8	0
MSR076	783684	7647902	0	0	0.4	10	0	1	2	0
MSR077	783652	7647929	0.01	0	1	90	0	4	21	0
MSR078	783645	7647932	0	0	0.6	15	0	1	8	0
MSR079	783628	7647932	0	0	1.2	70	2	4	22	0
MSR080	783540	7647957	0.007	0	0.6	15	0	8	3	0
MSR081	783609	7647983	0	0	0.4	15	0	2	3	0
MSR082	783644	7647976	0	0	1	35	0	2	9	0
MSR083	783660	7647986	0	0.1	0.8	15	4	17	8	5
MSR084	783670	7647988	0	0	2.4	675	0	20	288	20
MSR085	783705	7647978	0	0	0.6	25	0	8	7	5
MSR086	783688	7647969	0	0	1.8	125	0	6	32	5
MSR087	783730	7647946	0	0	0.8	250	3	58	52	25
MSR088	783760	7647959	0	0	8	30	0	11	45	5
MSR089	783785	7647994	0	0	1	30	0	5	9	0
MSR090	783777	7648000	42.5	1.05	21.2	30	1	32	17	5

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

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Criteria	JORC Code explanation	Commentary
Logging	 Whether core and chip samples have	All surface samples have been
	been geologically and geotechnically	geologically logged for rock, soil
	logged to a level of detail to support	or 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-	 If core, whether cut or sawn and	Surface samples are of
sampling	whether quarter, half or all core	approximately 1kg weight and
techniques	taken.	were collected into calico or
and sample	 If non-core, whether riffled, tube	plastic sample bags for transport
preparation	sampled, rotary split, etc and	to the chemical laboratory.
	whether sampled wet or dry.	When collected, soil samples are
	 For all sample types, the nature,	screened, in the assay
	quality and appropriateness of the	laboratory, to extract the minus
	sample preparation technique.	3mm fraction for analysis.
	 Quality control procedures adopted	No field duplicates were taken
	for all sub-sampling stages to	due to the early exploration
	maximise representivity of samples.	phase of the current work.
	 Measures taken to ensure that the
	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,	analysis for various metallic
	spectrometers, handheld XRF	elements.
	instruments, etc, the parameters	The samples have been sorted
	used in determining the analysis	and dried, crushed and then
	including instrument make and	pulverized in a vibrating disc
	model, reading times, calibrations	pulveriser.
	factors applied and their derivation,	The samples were digested with
	etc.	Aqua Regia and analysed by
	 Nature of quality control procedures	ICP; cobalt, copper, chrome,
	adopted (eg standards, blanks,	iron, manganese, nickel and zinc
	duplicates, external laboratory	by ICP-OES, and gold, arsenic,
	checks) and whether acceptable	silver, bismuth, lithium,
	levels of accuracy (ie lack of bias)	molybdenum, lead, antimony, tin,
	and precision have been established.	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

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Criteria	JORC Code explanation	Commentary
		exploratory rather than
		quantitative and representative -
		at this early stage of the
		exploration work.
Verification of	 The verification of significant	Independent verification of the
sampling and	intersections by either independent	sampling is not considered
assaying	or 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	However, all samples are
	electronic) 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	early exploration work
	used.	undertaken. No topographic
	 Quality and adequacy of topographic	control has been established for
	control.	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
	distribution is sufficient to establish	use 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	sample lines.
	estimation procedure(s) and	No sample compositing has been
	classifications 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,
relation to	possible structures and the extent to	as the work to date is considered
geological	which this is known, considering the	to be qualitative and exploratory
structure	deposit type.	and 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
security	sample security.	into 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 largerplastic bags and

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Criteria	JORC Code explanation	Commentary
		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	No audits or reviews have been
reviews	of 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,	The Daltons project lies in one
tenement and	location and ownership including	granted exploration licence –
land tenure	agreements or material issues with	E45/4681 (of about 9km2),
status	third parties such as joint ventures,	located approximately 90km
	partnerships, overriding royalties,	southwest of Marble Bar, by
	native title interests, historical	road, which is 70% owned by
	sites, wilderness or national park	MinRex Resources Limited.
	and environmental settings.	The Marble Bar North project
	 The security of the tenure held at	lies in one granted prospecting
	the time of reporting along with	licence – P45/3040 (of 3.05ha),
	any known impediments to	located approximately 3km north
	obtaining a licence to operate in	of Marble Bar, which is 70%
	the area.	owned by MinRex Resources
		Limited.
		The Marble Bar South project
		lies in one granted prospecting
		licence – P45/3039 (of 8.26ha),
		located approximately 11km
		south of Marble Bar, which is
		70% owned by MinRex
		Resources Limited.
		The projects are in the East
		Pilbara Shire and the East
		Pilbara region, within Western
		Australia, The Daltons project is
		partially on the Panorama
		pastoral lease. The Marble Bar
		North project lies in the Marble
		Bar Township area and the
		Marble Bar South project lies in
		the Eginbah pastoral lease. All
		three projects are covered by
		the Njamal Native Title Claims.
Exploration	 Acknowledgment and appraisal of	The Daltons project area was
done by other	exploration by other parties.	the subject of historic gold
parties		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, SipaResources,

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Criteria	JORC Code explanation	Commentary
		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 Marble Bar North project
		area was the subject of historic
		gold mining activities associated
		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.
		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 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	The three projects all lie within
	and style of mineralisation.	the Archean Warrawoona Group

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Criteria	JORC Code explanation	Commentary
		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 is hosted by shear
		zones and quartz veins, within
		Archean greenstones. There are
		some areas of transported soil,
		colluvium and alluvium within the
		project area, 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.
Drill hole	 A summary of all information	MinRex has not completed any
Information	material to the understanding of	drilling in the project areas. No
	the exploration results including a	drilling is being reported.
	tabulation of the following	MinRex is aware of the results of
	information for all Material drill	previous drilling programs in the
	holes:	Dalton and Marble Bar North
	o easting and northing of the drill	project areas and has obtained
	hole collar	this data from the WAMEX
	o elevation or RL (Reduced Level	website of the GSWA. This old
	– elevation above sea level in	data is used as a guide to where
	metres) of the drill hole collar	to apply new exploration and is
	o dip and azimuth of the hole	not regarded as material.
	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	 In reporting Exploration Results,	Rock chip and soil sample assay
aggregation	weighting averaging techniques,	values are reported as point
methods	maximum and/or minimum grade	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.

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Criteria	JORC Code explanation	Commentary
	 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	results.
intercept lengths	mineralisation 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	Plan view maps are utilised
	(with scales) and tabulations of	showing the location of
	intercepts should be included for	significant rock chip, float,
	any significant discovery being	calcrete, ferricrete and soil
	reported These should include, but	sample results. These maps
	not be limited to a plan view of drill	may show only the highest
	hole collar locations and	values for the sake of easy
	appropriate sectional views.	determination of the most
		anomalous areas where further
		work will be completed in
		subsequent programs.
Balanced	 Where comprehensive reporting of	All sample assay results are
reporting	all Exploration Results is not	included in tables of results in
	practicable, representative	the text or Appendices.
	reporting of both low and high	However, maps may show only
	grades and/or widths should be	the highest values for the sake
	practiced to avoid misleading	of easy visualisation of the most
	reporting of Exploration Results.	anomalous areas.
Other	 Other exploration data, if	There are no other results to
substantive	meaningful and material, should	report that are considered
exploration data	be reported including (but not	material.
	limited to): geological	All of the work completed to date
	observations; geophysical survey	is considered to be qualitative
	results; geochemical survey	and exploratory rather than
	results; bulk samples – size and	quantitative and representative.
	method of treatment; metallurgical	The Daltons project area
	test results; bulk density,	remains at an early exploration
	groundwater, geotechnical and	phase and no mineralisation
	rock characteristics; potential	considered to be significant has
	deleterious or contaminating	yet been outlined by this work.
	substances.
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 area.
	including the main geological
	interpretations and future drilling
	areas, provided this information is
	not commercially sensitive.

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