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MINREX RESOURCES LIMITED — Capital/Financing Update 2021
Sep 1, 2021
65375_rns_2021-09-01_86bf7b68-68bd-40ce-8316-97d3016c9220.pdf
Capital/Financing Update
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ASX Code: MRR
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2[nd] September 2021 ASX RELEASE
MT PLEASANT PROJECT APPROVED FOR EXPLORATION
Detail Geophysics Interpretation over entire Exploration Licence and Maiden JORC Resource Estimation will commence over the Mt Pleasant Mo-W-Cu Deposit.
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Mt Pleasant Project (EL9266) has been granted by the NSW Mines Department – total area of 167 sq km.
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The Mt Pleasant Mo-W-Cu prospect area has been classified as advance with over 56 Percussion/Diamond drillholes totalling over 15,887m.
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All core is retained at the NSW Geological Survey Lononderry Core Facility.
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The molybdenum and tungsten mineralisation envelop has been modelled in 3D leapfrog software Mineralisation has over 1,105m in length, 700m in width and 540m vertical in depth.
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MinRex will undertake detailed airborne geophysics interpretation over the whole exploration licence along with the commencement of the first 2012 JORC compliant resource over Mt Pleasant prospect.
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Drillhole mineralisation hosting molybdenum vary from 9m to 213.3m in vertical depth. The Mt Pleasant prospect provides an accessible, large-scale porphyry system which has received little modern exploration. Drilling, geophysics, geology, and geochemistry provide ready vectors for two immediate target areas.
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Other prospects with Mt Pleasant project include: Aaron Pass Mo-W prospect (classified as pipe/vein system). Crown Gold Mine (classified as sulphide-quartz gold vein system) with production of 349 oz Au averaging 5.3 g/t Au.
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Two Auriferous (gold) placer prospects to the SSW portion of licence have no exploration conducted.
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Glasscock Au-Ag-Cu-Pb-Zn prospect (classified as epithermal sheeted vein system) hosting high grade rock chip from surface along with confirmed drilled sulphide mineralisation at depth.
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Both Mt Pleasant and Glasscock areas can be quickly advanced with modern geophysics (ground IP) and drilling testing.
MinRex Resources Limited (ASX: MRR) (“ MinRex ” or “the Company ”) is pleased to announce the granted tenure of the Mt Pleasant Project. The Project is hosted within the world class polymetallic mining province of the Lachlan Fold Belt, NSW.
About the Mt Pleasant Project Area
The Mount Pleasant licence (EL 5947) is located approximately 30km south of Mudgee in central west NSW and has a total area of 167 sqkm. The Castlereagh Highway between Lithgow and Mudgee passes along the eastern boundary of the tenement. Networks of sealed and unsealed roads and tracks provide good
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected] Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au
ASX Code: MRR
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access to the tenement. From 1975 to 1982, CSR Limited and Pacminex Pty Limited completed 47 Diamond holes 47 for 14,986m and 9 Percussion Holes for another 996m. In total there has been over 15,897m completed just over the Mt Pleasant prospect. Other exploration programs include ground geophysics, geological mapping, stream sediment and rock chip sampling.
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Figure 1: Mt Pleasant Location Map showing the Regional Setting of the nearby Resources and MinRex other Project Areas
MinRex Resources Limited Chief Executive Officer Mr Kastellorizos commented:
“We are pleased to have exploration approvals over the Mt Pleasant porphyry Mo-W-Cu Project. Based on the extensive exploration history of the Mt Pleasant prospect area, the company can commence the first maiden 2012 JORC Resource calculation”.
“The last phase of drilling was completed in 1983, since then the project has stayed dormant for the last 38 years. We are highly confident based on some further ground IP surveys we can potentially delineate a high-grade resource compared to the previous explorers”.
“The additional gold mines and prospects with the Exploration Licence area such as the Crown Gold Mine have significant potential to delineate more quartz-sulphide gold bearing mineralised zones to the south, as previous geological mapping and limited rock chip sampling have indicated greater potential for further mineralisation proximal to the historic mined area”.
“Further work will commence immediately on the re-interpretation of airborne magnetic data to defined trends and structures which appear to control the Mo-W, Au, Cu, Pb and Zn mineralisation”.
Our existing two mineral resources at the Sofala Gold Project, strongly positions MinRex to deliver further JORC resources based on the extensive drilling over the Mt Pleasant prospect”.
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected] Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au
ASX Code: MRR
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Figure 2: Mt Pleasant Oblique 3D Model highlighting the Mineralised Zones of Molybdenum & Tungsten
Geology and Mineralisation
The Mount Pleasant project lies on the eastern margin of the Silurian-Devonian Hill End Trough, a broad north-south oriented volcano-sedimentary basin in the Eastern Lachlan Fold Belt of NSW. The volcanosedimentary sequence is chevron-folded into variably gently plunging anticlinal and synclinal structures. near EL 5954, the Hill End Trough is bounded on the east by the Wiagdon Thrust Fault.
East of the Wiagdon Fault, sediments and volcanics of the Biraganbil & Piambong Formations of the Middle-Upper Silurian Chesleigh Group, form part of the Capertee High. The Piambong Formation is intruded by a north-trending Carboniferous metadolerite. These units are the main host to the Mt Pleasant Mo-W porphyry mineralisation.
Mineralisation at the Mt Pleasant prospect consists of molybdenum, scheelite and pyrite with minor wolframite, chalcopyrite, sphalerite, galena, and bismuthinite occurring within a fracture controlled stockwork of quartz veins and veinlets.
Felsic-intermediate volcanics and sediments, dolerite dykes and felsic stock and dykes comprise the host lithologies. Mineralisation is strongly associated with the upper stockwork portion of an intrusive porphyritic granite. Within the mineralised stockwork zone the metadolerite exhibits strong pervasive K- feldspar alteration in the upper zone, which can be up to 60m wide.
Molybdenite occurs as grains or thin seams proximal to quartz veining, and as fine disseminations within veins often forming distinctive “blue moly veins”.
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected] Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au
ASX Code: MRR
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Figure 3: Mt Pleasant Project area highlighting brief Geological Summary over the mineralised areas
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected] Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au
ASX Code: MRR
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Molybdenite also occurs elsewhere as:
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“Moly paint” along hair line fractures and within shear zones.
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Fine disseminations associated with pyrite in siliceous K-feldspar or sericitic vein selvages.
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Coarse grains or rosettes sporadically disseminated within felsic intrusive rocks; and,
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Interstitial grains within matrices of breccia zones.
The strongest molybdenum mineralisation occurs at or adjacent to the upper contact of the porphyritic granite stock, as well as at the upper and basal regions of the intrusive meta-dolerite body in the central area of the Mt Pleasant prospect (Central Ridge Prospect).
Significant molybdenite mineralisation in the central area is generally associated with steeply dipping veins within the quartz vein stockwork. Weak molybdenite mineralisation associated with sub horizontal veining is evident in the eastern region of the prospect.
Tungsten occurs predominantly as scheelite and is confined to veins and fractures. Rare wolframite has also been identified in drill core by previous explorers. Some significant molybdenum Intercepts are shown in Table 1 below. The drill collar file is presented in Table 2.
Table 1: Significant Molybdenum intercepts
| Hole Id | From (m) | To (m) | **Mineralised Interval ** | Mo (ppm) |
|---|---|---|---|---|
| 8832S/09 | 16.7 | 230 | 213.3 | 416 |
| 8832S/10 | 51 | 63 | 12 | 325 |
| 8832S/11 | 11.3 | 54 | 42.7 | 565 |
| 8832S/13 | 18 | 27 | 9 | 350 |
| incl incl |
54 123 192 336 |
348 150 243 345 |
294 27 51 9 |
452 748 847 800 |
| 8832S/16 | 132 | 180 | 48 | 387 |
| 8832S/17 | 17 | 47 | 30 | 311 |
| 8832S/44 | 206 169 268 |
22 196 304 |
15 27 36 |
420 380 310 |
| 8832S/45 | 187 | 301 | 114 | 413 |
Forward Strategy
Potential to expand and upgrade the mineralisation may exist in the vicinity of the Central Ridge Prospect, by targeted in-fill drilling and the application of systematic and rigorous sampling and assay methods. Further drilling activity could be focussed on the areas of the buried, but magnetic, Aarons Pass Granite.
Given the large percentage of pyrite in the Mt Pleasant deposit (up to 10% over 3m intervals in drill core), the IP dataset collected in the 1970’s by Pacminex is important. It has not been reviewed by previous explorers. There are untested IP chargeability anomalies that have not been drill tested and reprocessing of the IP dataset with modern software will be required. Expansion of the existing IP dataset with a 3D (pole-dipole) survey is recommended.
Uses and Marketing
Most molybdenum is used to make alloys. It is used in steel alloys to increase strength, hardness, electrical conductivity and resistance to corrosion and wear. These 'moly steel' alloys are used in parts of engines. Other alloys are used in heating elements, drills and saw blades. Molybdenum is expected
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected] Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au
ASX Code: MRR
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to trade at 46.18 USD/Kg by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, its estimate it to trade at 58.20 in 12 months’ time Molybdenum increased 27 USD/Kg or 114.89% since the beginning of 2021, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity.
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Figure 4: Short Term Projected Price of Tungsten
Tungsten has several unusual properties that make it irreplaceable in some high technology applications. Tungsten is primarily used in cemented carbides which are used for the cutting and shaping of metals. They are made by binding tungsten carbide (equal atoms of tungsten and carbon) grains with a binder such as cobalt. Mill products are products such as electrodes, electronic contacts, or wires, sheets and alloys. Tungsten is also used in specialty steels such as high-speed steel and tool steel.
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected] Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au
ASX Code: MRR
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Figure 5: Projected Consumption of Tungsten by Various Countries
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Figure 6: Projected increase of Tungsten Carbides as the main usage
This ASX announcement has been authorised for release by the Board of MinRex Resources Limited.
-ENDS-
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected] Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au
ASX Code: MRR
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For further information, please contact:
Pedro Kastellorizos
Chief Executive Officer
MinRex Resources Limited T: +61 8 9481 0389 M: 0427 482787 [email protected] [email protected]
About MinRex Resources Limited
MinRex Resources Limited (ASX: MRR) is an Australian based ASX listed resources company with projects in the Lachlan Fold Belt (LFB) of NSW, a world-class gold-copper province and over the Marble Bar and Murchison Regions of WA. Currently the Company’s tenements package cover 619km[2] of highly prospective ground targeting multicommodities type deposits. Currently the company has JORC 2012 Resources totalling 352,213 oz gold.
Competent Persons Statement
The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Pedro Kastellorizos. Mr. Kastellorizos is the Chief Executive Officer of MinRex Resources Limited and is a Member of the AusIMM of whom have sufficient experience relevant to the styles of mineralisation under consideration and to the activity being reported 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. Kastellorizos have verified the data disclosed in this release and consent to the inclusion in this release of the matters based on the information in the form and context in which it appears.
Forward Statement
This release includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning MinRex’s planned exploration programs and other statements that are not historical facts. When used in this release, the words such as “could”, “plan”, “estimate”, “expect”, “anticipate”, “intend”, “may”, “potential”, “should”, “might” and similar expressions are forward-looking statements. Although MinRex believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve known and unknown risks and uncertainties and are subject to factors outside of MinRex’s control. Accordingly, no assurance can be given that actual results will be consistent with these forward-looking statements.
References
Alexander, G.K. 1982 – Exploration Progress and Summary Report, Mineral Exploration Licence 1341, Windeyer, New South Wales. Six Months ending 27th September 1982. EMR145/82. CSR Limited. GSNSW Report No. GS1982/558.
Barron, L.M., Cameron, R.G., Watkins, J.J., Colquhoun, G.P., Meakin, N.S. and Scott, M.M. 1999 – Carboniferous, pp. 256 – 280. In, Meakin, N.S. & Morgan, E.J. (compilers) 1999 – Dubbo 1:250 000 Geological Sheet SI/55-4, 2nd edition. Explanatory Notes. Geological Survey of New South Wales, Sydney, xvi + 504 pp.
Cairns, B. 2012 – Mount Pleasant EL6083. Final Technical Report. Granted 19th May 2003 to current 18th May 2012. Moly Mines Ltd. GSNSW Report No. GS2012/1475.
Clappison, D.J. 1975 – Progress Report No. 4 on Exploration Mineral Licence No. 628. Capertee, New South Wales, 14th March 1975 - 13th September 1975. Pacminex Pty Ltd Report PMR157/75. GSNSW Report No. GS1975/266.
Clappison, D.J. 1976 – Progress Report No. 5 on Exploration Mineral Licence No. 628. Capertee, New South Wales, 14th March to 13th September 1976. Pacminex Pty Ltd Report PMR177/76. GSNSW Report No. GS1976/287.
Clappison, D.J. 1977 – Final Report on Exploration Mineral Licence No. 628. Capertee, New South Wales. Pacminex Pty Ltd Report PMR/172/77. GSNSW Report No. GS1977/222.
Colquhoun, G.P., Meakin, N.S., Morgan, E.J., Raymond, O.L., Scott, M.M., Watkins, J.J., Barron, L.M., Cameron, R.G., Henderson, G.A.M., Jagodzinski, E.A., Krynen, J.P., Pogson, D.J., Warren, A.Y.E., Wyborn, D. and Yoo, E.K. 1999 – Dubbo 1:250 000 Geological Sheet SI/55-4, Second edition, Geological Survey of New South Wales, Sydney/ Australian Geological Survey Organisation, Canberra.
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected] Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au
ASX Code: MRR
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Downes, P.M. 1999 – Mineral Occurrences, pp 396 - 426. In, Meakin, N.S. & Morgan, E.J. (compilers) 1999 – Dubbo 1:250 000 Geological Sheet SI/55-4, 2nd edition. Explanatory Notes. Geological Survey of New South Wales, Sydney, xvi + 504 pp.
Earth Resources Australia. 1985 – Exploration Licence 2155, Cudgegong NSW. Final Report. ERA Report No. A/182. GSNSW Report No. GS1984/211.
Glen, R.A. 1999 – Structure, pp 366-392. In, Meakin, N.S. & Morgan, E.J. (compilers) 1999 – Dubbo 1:250 000 Geological Sheet SI/55-4, 2nd edition. Explanatory Notes. Geological Survey of New South Wales, Sydney, xvi + 504 pp.
Gordon, C. 2007 – Mt Pleasant Mo-W Project, New South Wales. Report Prepared for Moly Mines Limited. Mining Assets Pty Ltd.
Lea, W.L. 1991 – First Annual and Final Report for EL3679, Mudgee 2. For the Twelve-Month Period ending 15th November 1991. CRAE Report No. 17601. GSNSW Report No. GS1992/006.
McConachy, T.F. 1993 – Final Report for EL4233 (Mudgee 3). CRAE Report No. 18792. GSNSW Report No. GS1993/152.
Shedden, S.H. and Bright, D.V. 2009 – Sofala Project Exploration Licence 7078 New South Wales. Final Report for the Period ending 10th April 2009. Oroya Mining Limited. GSNSW Report No. GS2010/0111.
Vicary, M.J. 1983 – Final Report on Exploration Licence No. 1213, Mt. Pleasant, Mudgee NSW. Volume 1. EMR77/83. CSR Limited. GSNSW Report No 1983/403.
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- Source for Molybdenum Marketing: Molybdenum | 2005 2021 Data | 2022 2023 Forecast | Price | Quote | Chart | Historical (tradingeconomics.com)
Source for Tungsten Marketing: Specialty Metals & Minerals: Tungsten (W) | MarketCap and Tungsten Powerpoint Presentation (tungstenmining.com)
- Global Tungsten Market Size and Share | Industry Outlook 2025 (gminsights.com)
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected] Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au
ASX Code: MRR
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Table 2: Mt Pleasant Project Drill Collar
| Prospect | Hole Id | MGAE | MGAN | Azimuth | Dip | Total Depth | Company |
|---|---|---|---|---|---|---|---|
| Mt Pleasant | MP/PDH-1 | 754711 | 6364999 | 0 | -90 | 100 | CSR Limited |
| Mt Pleasant | MP/PDH-2 | 754273 | 6364945 | 0 | -90 | 100 | CSR Limited |
| Mt Pleasant | MP/PDH-3 | 753649 | 6364685 | 0 | -90 | 100 | CSR Limited |
| Mt Pleasant | MP/PDH-4 | 754137 | 6364209 | 0 | -90 | 100 | CSR Limited |
| Mt Pleasant | MP/PDH-5 | 753974 | 6363549 | 0 | -90 | 150 | CSR Limited |
| Mt Pleasant | MP/PDH-6 | 754023 | 6363350 | 0 | -90 | 150 | CSR Limited |
| Mt Pleasant | MP/PDH-8 | 755131 | 6362138 | 0 | -90 | 100 | CSR Limited |
| Mt Pleasant | MP/PDH-9 | 755155 | 6363195 | 0 | -90 | 96 | CSR Limited |
| Mt Pleasant | DDH8832S/16 | 754039 | 6363253 | 0 | -90 | 448.7 | CSR Limited |
| Mt Pleasant | DDH8832S/17 | 754120 | 6363372 | 0 | -90 | 346.8 | CSR Limited |
| Mt Pleasant | DDH8832S/18 | 753922 | 6363324 | 0 | -90 | 382.5 | CSR Limited |
| Mt Pleasant | DDH8832S/19 | 753924 | 6363431 | 0 | -90 | 402.5 | CSR Limited |
| Mt Pleasant | DDH8832S/40 | 754139 | 6363272 | 0 | -90 | 250.2 | CSR Limited |
| Mt Pleasant | DDH8832S/41 | 754115 | 6363488 | 0 | -90 | 250.5 | CSR Limited |
| Mt Pleasant | DDH8832S/42 | 754073 | 6363562 | 0 | -90 | 250.5 | CSR Limited |
| Mt Pleasant | DDH8832S/43 | 753928 | 6363327 | 65 | -61 | 400.5 | CSR Limited |
| Mt Pleasant | DDH8832S/44 | 754117 | 6363367 | 245 | -55 | 358.5 | CSR Limited |
| Mt Pleasant | DDH8832S/45 | 754137 | 6363277 | 280 | -54 | 350 | CSR Limited |
| Mt Pleasant | DDH8832S/48 | 754128 | 6363779 | 0 | -90 | 172.5 | CSR Limited |
| Mt Pleasant | DDH8832S/14 | 754193 | 6363491 | 0 | -90 | 202.1 | CSR Limited |
| Mt Pleasant | DDH8832S/15 | 753770 | 6364004 | 0 | -90 | 278.6 | CSR Limited |
| Mt Pleasant | DDH8832S/20 | 753947 | 6363215 | 0 | -90 | 400.7 | CSR Limited |
| Mt Pleasant | DDH8832S/21 | 753967 | 6363549 | 0 | -90 | 472.7 | CSR Limited |
| Mt Pleasant | DDH8832S/22 | 754060 | 6363151 | 0 | -90 | 475.5 | CSR Limited |
| Mt Pleasant | DDH8832S/23 | 753924 | 6363738 | 0 | -90 | 493.5 | CSR Limited |
| Mt Pleasant | DDH8832S/24 | 754240 | 6363431 | 0 | -90 | 457.5 | CSR Limited |
| Mt Pleasant | DDH8832S/25 | 753698 | 6363375 | 0 | -90 | 523.5 | CSR Limited |
| Mt Pleasant | DDH8832S/26 | 753751 | 6363174 | 0 | -90 | 476.5 | CSR Limited |
| Mt Pleasant | DDH8832S/27 | 753572 | 6363552 | 0 | -90 | 415.5 | CSR Limited |
| Mt Pleasant | DDH8832S/28 | 754977 | 6363910 | 0 | -90 | 451.5 | CSR Limited |
| Mt Pleasant | DDH8832S/29 | 755123 | 6363622 | 0 | -90 | 388.5 | CSR Limited |
| Mt Pleasant | DDH8832S/30 | 754407 | 6363435 | 0 | -90 | 427.5 | CSR Limited |
| Mt Pleasant | DDH8832S/31 | 754235 | 6363295 | 0 | -90 | 451.5 | CSR Limited |
| Mt Pleasant | DDH8832S/32 | 754547 | 6363969 | 0 | -90 | 403 | CSR Limited |
| Mt Pleasant | DDH8832S/33 | 755158 | 6363197 | 0 | -90 | 250.5 | CSR Limited |
| Mt Pleasant | DDH8832S/34 | 755584 | 6363180 | 0 | -90 | 202.5 | CSR Limited |
| Mt Pleasant | DDH8832S/35 | 756013 | 6363083 | 0 | -90 | 198.5 | CSR Limited |
| Mt Pleasant | DDH8832S/36 | 754656 | 6363094 | 0 | -90 | 348.5 | CSR Limited |
| Mt Pleasant | DDH8832S/37 | 753404 | 6363310 | 0 | -90 | 248 | CSR Limited |
| Mt Pleasant | DDH8832S/38 | 753145 | 6363648 | 0 | -90 | 258 | CSR Limited |
| Mt Pleasant | DDH8832S/39 | 753196 | 6362915 | 0 | -90 | 248 | CSR Limited |
| Mt Pleasant | DDH8832S/46 | 754504 | 6363674 | 0 | -90 | 202 | CSR Limited |
| Mt Pleasant | DDH8832S/47 | 753263 | 6363990 | 0 | -90 | 111.5 | CSR Limited |
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected]
Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au
ASX Code: MRR
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| Prospect | Hole Id | MGAE | MGAN | Azimuth | Dip | Total Depth | Company |
|---|---|---|---|---|---|---|---|
| Mt Pleasant | MP/PDH-7 | 755262 | 6361519 | 0 | -90 | 100 | CSR Limited |
| Mt Pleasant | DDH 8832S/6 | 753764 | 6362782 | 65 | -45 | 119.5 | Pacminex PtyLimited |
| Mt Pleasant | DDH 8832S/10 | 753858 | 6363618 | 0 | -90 | 297.51 | CSR Limited |
| Mt Pleasant | DDH 8832S/01 | 754645 | 6364100 | 65 | -45 | 229 | Pacminex PtyLimited |
| Mt Pleasant | DDH 8832S/02 | 754244 | 6362890 | 65 | -60 | 207.11 | Pacminex PtyLimited |
| Mt Pleasant | DDH 8832S/03 | 753526 | 6363344 | 65 | -45 | 220 | Pacminex PtyLimited |
| Mt Pleasant | DDH 8832S/04 | 754402 | 6364249 | 65 | -45 | 227 | Pacminex PtyLimited |
| Mt Pleasant | DDH 8832S/05 | 754157 | 6363074 | 65 | -45 | 230.5 | Pacminex PtyLimited |
| Mt Pleasant | DDH8832S/08 | 754315 | 6363618 | 65 | -90 | 342.6 | CSR Limited |
| Mt Pleasant | DDH 8832S/09 | 753997 | 6363445 | 65 | -80 | 294.5 | CSR Limited |
| Mt Pleasant | DDH 8832S/11 | 754049 | 6363661 | 0 | -90 | 200.3 | CSR Limited |
| Mt Pleasant | DDH 8832S/12 | 754039 | 6363251 | 0 | -90 | 108.4 | CSR Limited |
| Mt Pleasant | DDH 8832S/13 | 754019 | 6363348 | 0 | -90 | 426.4 | CSR Limited |
| Glasscock | DDH 8832S/07 | 756613 | 6358143 | 90 | -45 | 306.6 | Pacminex PtyLimited |
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected] Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au
ASX Code: MRR
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Appendix A
– JORC Code, 2012 Edition Table 1 report
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| Sampling | Nature and quality of sampling (eg cut channels, random chips, or | | Historical drilling: 1975 to 1982: CSR Limited and Pacminex Pty |
| techniques | specific specialised industry standard measurement tools appropriate to | Limited. | |
| the minerals under investigation, such as down hole gamma sondes, or | | Total Diamond holes is 47, totalling 14,986m. | |
| handheld XRF instruments, etc). These examples should not be taken as | |
Total Percussion Holes is 9, totalling 996m. | |
| limiting the broad meaning of sampling. | | Sampling techniques standard for the time including face-sampling | |
| Include reference to measures taken to ensure sample representivity and | RC. | ||
| the appropriate calibration of any measurement tools or systems used. | | Samples were dried, crushed and pulverise to 95% passing 75μm. | |
| Aspects of the determination of mineralisation that are Material to the | multi-element assay was completed XRF (codes B1/1 and B1/2) for | ||
| Public Report. | Mo, W and Sn, and AAS method (Codes C1 and C2) Mo, Cu, Pb, Zn, | ||
| In cases where ‘industry standard’ work has been done this would be | and Bi. Blanks, standards, and duplicates were inserted into the | ||
| relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m | sample sequence at regular intervals. | ||
| samples from which 3 kg was pulverised to produce a 30 g charge for fire | |||
| assay’). In other cases more explanation may be required, such as where | |
Average core recovery of 90%. | |
| there is coarse gold that has inherent sampling problems. Unusual | |||
| commodities or mineralisation types (eg submarine nodules) may warrant | |
All core still available at the NSW Geological Survey Lononderry Core | |
| disclosure of detailed information. | Facility. | ||
| Drilling | Drill type (eg core, reverse circulation, open-hole hammer, rotary air | | Percussion (RC) drilling: no information on bit size or hole diameter. |
| techniques | blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or | | Diamond drilling: HQ Core |
| standard tube, depth of diamond tails, face-sampling bit or other type, | |||
| _whether core is oriented and ifso, by what method, etc). _ | |||
| Drill sample | Method of recording and assessing core and chip sample recoveries and | | All assay data have been included throughout each hole from start to |
| recovery | results assessed. | completion. | |
| Measures taken to maximise sample recovery and ensure representative | | RC samples were collected at 2m intervals. | |
| nature of the samples. | | Drill sampling is considered to be representative of the formations | |
| Whether a relationship exists between sample recovery and grade and | intersected of industry standard. | ||
| whether sample bias may have occurred due to preferential loss/gain of | | Drilling techniques and drill sampling are considered to be of industry | |
| fine/coarse material. | standard. | ||
| Logging | Whether core and chip samples have been geologically and | | Geological logging is considered to have been logged to a level of |
| geotechnically logged to a level of detail to support appropriate Mineral | detail appropriate to support Mineral Resource Estimates if required. | ||
| Resource estimation, mining studies and metallurgical studies. | |||
| Whether logging is qualitative or quantitative in nature. Core (or costean, |
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected]
Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au
ASX Code: MRR
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| channel, etc) photography. | ||
| _The total length and percentage of the relevant intersections logged. _ | ||
| Sub-sampling | If core, whether cut or sawn and whether quarter, half or all core taken. |
RC samples were collected at 2m intervals. |
| techniques | If non-core, whether riffled, tube sampled, rotary split, etc and whether | DDH samples were collected at 3m intervals. |
| and sample | sampled wet or dry. | Drill sampling is considered to be representative of the formations |
| preparation | For all sample types, the nature, quality and appropriateness of the | intersected of industry standard. |
| sample preparation technique. | Drilling techniques and drill sampling are considered to be intersected | |
| Quality control procedures adopted for all sub-sampling stages to | of industry standard. | |
| maximise representivity of samples. | Information as to whether the sample is either wet (poor return) or | |
| Measures taken to ensure that the sampling is representative of the in | contaminated is recorded in the comprehensive drill logs. | |
| 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 appropriateness of the assaying and laboratory | All assay information has been digitized form historic open file reports. |
| assay data | procedures used and whether the technique is considered partial or total. | Samples were assayed for Au, Au repeat and Au Screen fire assay. |
| and | For geophysical tools, spectrometers, handheld XRF instruments, etc, | Assay summary report sheets reports have been inspected. |
| laboratory tests |
the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their |
QAQC in the form of numerous repeat Mo, W and base metal assays are well correlated with the Mo and W (original) assays. |
| derivation, etc. | There are records regarding the use of standards or blanks and data | |
| Nature of quality control procedures adopted (eg standards, blanks, | relating to these (if carried out) have been recorded. | |
| duplicates, external laboratory checks) and whether acceptable levels of | All samples were submitted to Australian Mineral Development Labs | |
| accuracy (ie lack of bias) and precision have been established. | (AMDEL) in Adelaide. | |
| Verification of | The verification of significant intersections by either independent or |
Significant intercepts were verified by geologists. |
| sampling and | alternative company personnel. | |
| assaying | The use of twinned holes. | No twinned holes were used. |
| Documentation of primary data, data entry procedures, data verification, | ||
| data storage (physical and electronic) protocols. | ||
| _Discuss any adjustment to assay data. _ | ||
| Location of | Accuracy and quality of surveys used to locate drill holes (collar and | A topographic surface/digital terrain model (DTM) was derived from 1m |
| data points | down-hole surveys), trenches, mine workings and other locations used in | resolution LIDAR elevation data. |
| Mineral Resource estimation. | The quality and adequacy of the topographic control is considered to | |
| Specification of the grid system used. | accurate. | |
| Quality and adequacy of topographic control. | Drillhole collar co-ordinates were transformed to MGA94 Zone 55 grid | |
| system. | ||
| Drillhole collar elevations were derived from the LIDAR DTM. |
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected]
Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au
ASX Code: MRR
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Data spacing | Data spacing for reporting of Exploration Results. | The data spacing and distribution are considered sufficient for the |
| and | Whether the data spacing and distribution is sufficient to establish the | current level of exploration. |
| distribution | degree of geological and grade continuity appropriate for the Mineral | Samples were not composited in the sampling phase. |
| Resource and Ore Reserve estimation procedure(s) and classifications | ||
| applied. | ||
| _Whether sample compositing has been applied. _ | ||
| Orientation of | Whether the orientation of sampling achieves unbiased sampling of | The drilling is approximately perpendicular to the strike of |
| data in | possible structures and the extent to which this is known, considering the | mineralisation. The holes are generally angled at 00which provides |
| relation to | deposit type. | good intersection angles into the mineralisation which average a dip 10 |
| geological | If the relationship between the drilling orientation and the orientation of | to 30 degrees. |
| structure | key mineralised structures is considered to have introduced a sampling | The sampling is considered representative of the mineralised zones. |
| bias, this should be assessed and reported if material. | ||
| Sample | The measures taken to ensure sample security. | Not documented. |
| security | ||
| Audits or | The results of any audits or reviews of sampling techniques and data. | There have been no documented previous audits of sampling |
| reviews | techniques and data. |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria JORC Code explanation Commentary |
Criteria JORC Code explanation Commentary |
Criteria JORC Code explanation Commentary |
Criteria JORC Code explanation Commentary |
Criteria JORC Code explanation Commentary |
Criteria JORC Code explanation Commentary |
|---|---|---|---|---|---|
| Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate inthe area. |
EL9266 have now been granted – the tenement is in good standing. Currently the NSW Department has a $10,000 security payment. |
||||
| Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. |
Year | Company/Report Author |
EL | Activity | |
| 1973- 1977 |
Pacmin ex Pty Limited (Clappi son 1977) |
0628 | Geological mapping, soil sampling, stream sediment sampling and diamond drilling. Airborne EM surveys, IP and magnetic surveys. |
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected]
Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au
ASX Code: MRR
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| Criteria JORC Code explanation Commentary |
Criteria JORC Code explanation Commentary |
Criteria JORC Code explanation Commentary |
||
|---|---|---|---|---|
| | 1979- 1983 |
CSR Limited (Vicary 1983) |
1213 | Stream sediment sampling, soil sampling, RC drilling, diamond drilling. Reprocessing airborne magnetic data. Additional airborne magnetics/radiometrics, ground gravity & Photo geological surveys also carried out. Moresource defined. |
| 1980- 1983 |
CSR Limited (Alexander 1982) |
1341 | Stream sediment sampling, soil, and rock chip sampling, percussion drilling, airborne magnetic/radiometric surveys. |
|
| 1983- 1985 |
Sunshine Gold (Earth Resources Australia 1985) |
2155 | Structural interpretation, trial gravity traverses. |
|
| 1990- 1991 |
CRA Exploration (Lea 1991) |
3679 | No work completed. | |
| 1992 | CRA Exploration (McConachy 1993) |
4233 | Literature review. | |
| 2003- 2012 |
Hibernia Gold Pty Ltd (Moly Mines Limited, Moly Ex) (Cairns 2012) |
6083 | Soil sampling, rock chip sampling, re-logging of drill core, re-modelling of geophysical data, acquisition of reference geophysical datasets. |
|
| 2008- 2009 |
Oroya Mining Ltd (Shedden & Bright 2009) |
7078 | Data and literature review. | |
| Geology Deposit type, geological setting and style of mineralisation. |
Ordovician porphyry Cu-Au systems in the Macquarie Arc and orogenic gold deposited -sheeted vein systems. |
|||
| Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collaro elevation or RL (Reduced Level – elevation above sea level inmetres) of the drill hole collar o dip and azimuth of the holeo down hole length and interception deptho hole length. Ifthe exclusion of this information is justified on the basis that the |
Collar positions were supplied in local coordinate system then converted to MGA94 Zone 55 co-ordinate system to conform to the Government LIDAR topographic data. The transformed collar positions were verified with collar positions shown on the drillhole location plan provided in the Mineral Ventures map. Collar elevations were derived by pressing the collars to the LIDAR digital terrain model (DTM). Downhole dips of 00at variable azimuths were used. There was downhole survey data present. |
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected]
Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au
ASX Code: MRR
==> picture [157 x 57] intentionally omitted <==
| Criteria | JORC Code explanation | Commentary | Commentary | |
|---|---|---|---|---|
| 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, weighting averaging techniques, | | No exploration results are reported as part of this release. | |
| aggregation | maximum and/or minimum grade truncations (eg cutting of high | |||
| methods | grades) and cut-off grades are 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 important in the reporting of | | Exploration results are not being reported. | |
| between | Exploration Results. | | Not applicable, as a Mineral Resource is being reported. | |
| mineralisation widths and intercept lengths |
If the geometry of the 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 |
|
Metal equivalent values have not been used. The drilling is approximately perpendicular to the strike of mineralisation. The holes are generally angled at 00which provides good intersection angles into the mineralisation which average a dip 900. |
|
| width not known’). | | The sampling is considered representative of the mineralised zones. | ||
| Diagrams | Appropriate maps and sections (with scales) and tabulations of | | No exploration results are reported as part of this release | |
| intercepts should be included for any significant discovery being | | Relevant diagrams have been included in this release. | ||
| reported These should include, but not be limited to a plan view of | ||||
| _drill hole collar locations and appropriate sectional views. _ | ||||
| Balanced | Where comprehensive reporting of all Exploration Results is not | | All drilling used in the announcement has been derived from digitized | logs. |
| reporting | practicable, representative reporting of both low and high grades | There are no downhole surveys. | ||
| and/or widths should be practiced to avoid misleading reporting of | ||||
| _Exploration Results. _ | ||||
| Other | Other exploration data, if meaningful and material, should be reported | |
Metallurgical, groundwater, and geotechnical studies have |
not |
| substantive | including (but not limited to): geological observations; geophysical | commenced as part of the economic assessment of the project. | ||
| exploration | survey results; geochemical survey results; bulk samples – size and | |||
| data | method of treatment; metallurgical test results; bulk density, | |||
| groundwater, geotechnical and rock characteristics; potential | ||||
| _deleterious or contaminating substances. _ | ||||
| Further work | The nature and scale of planned further work (eg tests for lateral | | No exploration results are reported as part of this release. | |
| extensions or depth extensions or large-scale step-out drilling). | | Further infill drilling will be conducted as part of QAQC work required | ||
| Diagrams clearly highlighting the areas of possible extensions, | | Refer to diagrams in the body of this release. | ||
| including the main geological interpretations and future drilling areas, | ||||
| _provided this information is not commercially sensitive. _ |
MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email [email protected]
Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au