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MINREX RESOURCES LIMITED — Interim / Quarterly Report 2024
Oct 29, 2024
65375_rns_2024-10-29_36d7de00-424b-4891-9dbe-8c2c6141c1df.pdf
Interim / Quarterly Report
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ASX Code: MRR
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30 OCTOBER 2024
ASX Release
30 SEPTEMBER 2024 QUARTERLY ACTIVITIES REPORT
HIGHLIGHTS
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MinRex earns 51% interest in EL 7423, which hosts the Queenslander Gold Project and Spring Gully Gold Project, and enters unincorporated JV with Fortuis Mines Pty Ltd.
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Results of the rock chip sampling program at the Mt Pleasant Cu-Mo-Au and the Sunny Corner Au projects in the Lachlan Fold Belt of NSW received.
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New Targets generated at the Mt Pleasant Cu-Mo-Au and Sunny Corner Au project from geophysical and geological work, showing potential for orogenic gold, polymetallic vein hosted and intrusive related gold mineralisation.
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The Company continues to advance existing projects and evaluate new opportunities and remains well-funded with cash at bank of $9.6 million.
MinRex Resources Limited ( ASX: MRR ) (“ MinRex ” or “the Company ”) is pleased to provide the following report on its activities for the quarter ended 30 September 2024.
Exploration and Operations Update
Lachlan Fold Belt Gold and Copper Projects New South Wales
Queenslander and Spring Gully Gold Project
During the quarter, the Company announced that it had earned a 51% interest in EL 7423, which hosts the Queenslander Gold Project and Spring Gully Gold Project with gold resources totaling 323,900 oz Au (Inferred). The Queenslander and Spring Gully gold resources host the majority of the global Sofala Project resources of 352,000oz Au (inferred). This gave the Company an interest in a significant gold endowment at EL 7423.
The Queenslander Gold Project is centred around the historic Queenslander Gold Mine, approximately 2km southwest of the township of Sofala in central NSW. The Queenslander Mine was discovered in 1888 and worked on a small scale until around 1935. The total tonnage mined was more than 7,000 tonnes from which around 3,696 oz of Au was produced at an average grade of 6g/t. Free gold and gold incorporated into the sulphide lattices are associated with carbonate and sulphide stockwork and veinlets. Gold also occurs disseminated within an altered diorite.
The Spring Gully Project is located 1.7 km east of Wattle Flat Township and 35km SSW of Bathurst in NSW. The initial discovery was identified by regional drainage geochemistry and the Spring Gully Deposit has a strike length over 1.60 km by 650 m in width with mineralisation remaining open along strike and at depth.
The gold mineralisation at the Spring Gully Deposit is located where the Sofala Volcanics have been thrust over the Chesleigh Formation within a major hinge zone trending NW to SE direction. The gold mineralisation is contained within an alteration envelope consisting of chlorite-fuchsite within the Sofala Volcanics and clay-mica within the Chesleigh Formation.
MinRex Resources Limited ABN 81 151 185 867 Tel +61 8 6102 2039 Email [email protected] Level 2, 7 Havelock Street West Perth WA 6005 Website: www.minrex.com.au
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ASX Code: MRR
Since the farm-in agreement with Fortuis Mines Pty Ltd (“Fortuis”) commenced, MinRex has sole funded a range of exploration activities on EL 7423 including completion of drill programs over the Queenslander Gold Project and publication of a maiden JORC 2012 inferred resource over the Spring Gully Project.
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Figure 1 – Queenslander Project typical cross section looking north
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Figure 2 – Spring Gully Project typical cross section looking north
MinRex Resources Limited ABN 81 151 185 867 Tel +61 8 6102 2039 Email [email protected] Level 2, 7 Havelock Street West Perth WA 6005 Website: www.minrex.com.au
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ASX Code: MRR
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Figure 3 – Sofala Project Tenements location map
Upon earning its 51% interest in EL 7423, MinRex has entered into an unincorporated joint venture with Fortuis to progress exploration on the tenement The Company will continue to explore the tenement for further gold mineralisation focusing on extensive old workings that remain untested by modern exploration techniques.
Mt Pleasant Project
The Mt Pleasant tenement (EL 9266), located approximately 30km south of Mudgee in central west NSW and comprises a total area of 167km[2] , is largely consisted of Silurian and Devonian aged volcanic and sedimentary sequences of the Chesleigh and Crudine Group’s respectively, formed in the Hill End Trough.
The tenement is considered prospective for Mo-W-Cu porphyry, orogenic gold, skarn and vein hosted polymetallic deposits based upon historic work and the regional geology.
MinRex Resources Limited ABN 81 151 185 867 Tel +61 8 6102 2039 Email [email protected] Level 2, 7 Havelock Street West Perth WA 6005 Website: www.minrex.com.au
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ASX Code: MRR
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Figure 4 – Minrex Resources’ Mt Pleasant Project in NSW
During the quarter, the Company received assay results from a reconnaissance rock chip sampling program, which targeted Cu-Mo porphyry and orogenic Au styles of mineralisation, the three main prospects inspected as part of the sampling program were:
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Crown Gold Mine (interpreted sulphide-quart gold vein system) with historic production of 349 oz Au averaging 5.3g/t Au;
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Glasscock Prospect (interpreted epithermal sheeted vein system) with historic high-grade Au-Ag-Cu rock chips; and
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Mt Pleasant Prospect (interpreted porphyry system) large Mo-Cu mineralized system from historic drilling.
A total of seven rock chip samples were collected: four from the main historic workings at the Crown Au Mine and three from the Glasscock Prospect. The best results were 9.3g/t Au comprising a narrow (0.5m wide) quartz vein at the Crown Au Mine from sample MP001; and 2.01 g/t Au with anomalous Ag, As, Cu Pb and Sb comprising a narrow (0.3m wide) gossanous quartz vein at the Glasscock Prospect from sample MP005. The other samples did not return any significant results (≥1.5g/t Au).
Table 1 – Rock Chip Sample Results at Mt Pleasant Project EL9266 (key elements)
| Tenement | Prospect | Sample ID | MGA_Easting | MGA_Northing | Datum | Zone | Au (ppm) |
Ag (ppm) |
As (ppm) |
Cu (ppm) |
Mo (ppm) |
Mo (ppm) |
Mo (ppm) |
Pb (ppm) |
Sb (ppm) |
W (ppm) |
W (ppm) |
W (ppm) |
Zn (ppm) |
Zn (ppm) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EL9266 | The Crown Au Mine | MP001 | 758777 | 6361452 | MGA94 | 55 | 9.3 | 0.512 | 86.4 | 10.55 | 0.31 | 43.3 | 3.73 | 3.5 | 42 | |||||
| EL9266 | The Crown Au Mine | MP002 | 758731 | 6361447 | MGA94 | 55 | 1.245 | 0.072 | 11.35 | 3.55 | 0.2 | 3.53 | 2.34 | 0.225 | 6.1 | |||||
| EL9266 | The Crown Au Mine | MP003 | 758758 | 6361328 | MGA94 | 55 | 0.056 | 0.045 | 1590 | 14.6 | 0.65 | 9.85 | 4.21 | 2.17 | 51.8 | |||||
| EL9266 | The Crown Au Mine | MP004 | 758769 | 6361333 | MGA94 | 55 | 0.105 | 0.042 | 78.8 | 14.25 | 0.22 | 11.05 | 1.96 | 0.098 | 16.8 | |||||
| EL9266 | Glasscock | MP005 | 756782 | 6358159 | MGA94 | 55 | 2.01 | 182 | 17900 | 301 | 0.37 | 1510 | 1620 | 1.815 | 22.4 | |||||
| EL9266 | Glasscock | MP006 | 756740 | 6358156 | MGA94 | 55 | 0.051 | 1.46 | 593 | 14.45 | 0.4 | 53.4 | 30.8 | 1.675 | 82.4 | |||||
| EL9266 | Glasscock | MP007 | 756765 | 6358180 | MGA94 | 55 | 0.035 | 0.772 | 528 | 43.7 | 0.22 | 54.4 | 77.3 | 5.88 | 90.4 |
MinRex Resources Limited ABN 81 151 185 867 Tel +61 8 6102 2039 Email [email protected] Level 2, 7 Havelock Street West Perth WA 6005 Website: www.minrex.com.au
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ASX Code: MRR
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Figure 5 – Rock Chip Sample Results on TMI RTP aeromagnetic image at EL 9266
MinRex Resources Limited ABN 81 151 185 867 Tel +61 8 6102 2039 Email [email protected] Level 2, 7 Havelock Street West Perth WA 6005 Website: www.minrex.com.au
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ASX Code: MRR
Merlin Geophysics Pty Ltd (“Merlin”) was engaged to undertake geophysical data compilation, geological interpretation and target generation over the Mt Pleasant Project. The geophysical data was which were processed using standard image enhancement, 3D unconstrained modelling and edge detection “worming” techniques.
A geological interpretation was undertaken over the Mt Pleasant Project with structural targets identified at areas of complexity along substantial strike-length structures with a focus for fluid flow and potential mineralisation due to their longevity and significant depth penetration. Geological complexity suggests rheological contrasts where stress induced failure can occur, particularly to fault intersections.
A target generation exercise was completed aimed at identifying potential targets areas based on geological and structural setting, geophysical and geochemical anomalism, and proximity to known historic workings. This study confirmed the prospectivity of existing known mineralisation (Mt Pleasant Mo-W-Cu deposit; Glasscock Cu-Pb-ZnAg-Au prospect; and the Aarons Pass / The Crown Mine Au prospect) and identified several high priority areas for a staged and targeted exploration program.
Table 2 – List of Targets from study on EL 9266
| Target ID | Prospect | East GDA94-z55 |
North GDA94-z55 |
Comment | |
|---|---|---|---|---|---|
| MTP001 | Mt Pleasant | 754075 | 6363330 | Mo-W deposit, Cu-As geochemical anomaly and strongmag/rad anomalyat structural intersection. |
|
| MTP002 | Glasscock | 756335 | 6357790 | Fault intersection with Au-Cu-As geochemical anomalyand rad/maganomaly. |
|
| MTP003 | Glasscock North | 755760 | 6358760 | Fault intersection with rad anomaly and stream sediment Au-Cugeochemical anomaly. |
|
| MTP004 | Glasscock South | 756220 | 6356570 | Fault intersection with rad/mag anomaly and stream sedimentgeochemical anomaly. |
|
| MTP005 | Crudine Creek | 756525 | 6354220 | Fault intersection, Orocline bend with stream sediment Augeochemical and rad/maganomalies. |
|
| MTP006 | Unnamed | 756060 | 6352325 | Structural intersection with mag anomaly. | |
| MTP007 | Unnamed | 754465 | 6350065 | Fault intersection, stream sediment Au and rad anomalies,opposite limb to Glenroymines. |
|
| MTP008 | Unnamed | 752330 | 6366225 | Structural intersection, weak mag anomaly along strike of the Mt Pleasant deposit. |
|
| MTP009 | Unnamed | 756490 | 6360585 | Fault intersection with mag anomaly partially undercover. |
|
| MTP010 | Aarons Pass/ The Crown Mine |
758860 | 6362160 | Au-Cu-As geochemical anomaly and rad/mag anomaly with historic mining/workings. |
|
| MTP011 | Unnamed | 763270 | 6357185 | Structural intersection at margin of granite with mag anomaly. |
|
| MTP012 | Aarons NE | 760340 | 6363660 | Au-Cu-As geochemical anomaly, along strike from mineral occurrence and mag anomaly. Footwall Mudgee Thrust. |
|
| MTP013 | Aarons North | 758535 | 6363510 | Edge of granite, high mag anomaly, hangingwall of Mudgee Thrust,NE-SW cross structure. |
|
| MTP014 | Unnamed | 754915 | 6360825 | Fault intersection, mag anomaly, stream sediment geochemical anomalyandpart undercover. |
(1) Co-ordinates referenced are the centroid of the target
(2) mag / rad - refers to magnetic and radiomeric response from geophyical surveys
MinRex Resources Limited ABN 81 151 185 867 Tel +61 8 6102 2039 Email [email protected] Level 2, 7 Havelock Street West Perth WA 6005 Website: www.minrex.com.au
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ASX Code: MRR
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Figure 6 – Targets from the study with length in metres of magnetic linears on magnetic image over EL 9266
MinRex Resources Limited ABN 81 151 185 867 Tel +61 8 6102 2039 Email [email protected] Level 2, 7 Havelock Street West Perth WA 6005 Website: www.minrex.com.au
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ASX Code: MRR
High priority targets MTP002, MTP003 and MTP004 all occur on the same trend as the Mt Pleasant Mo-W deposit and the Glasscock Polymetallic Prospect and are considered prospective for polymineralic vein and orogenic gold mineralisation styles. Thin veneers of Permian cover sequences locally cover parts of these target areas which are now more prospective given modern exploration techniques.
The area around Aarons Pass / The Crown Mine includes targets MTP010, MTP012 and MTP013 which are all on or near a granite contact, with implied potential for skarn or orogenic Au mineralisation styles. 349 oz Au averaging 5.3 g/t gold was recovered by limited historic mining undertaken in the immediate area.
The Crudine Creek target (MTP005) is a newly identified area that occurs in an area of interpreted structural complexity coincident with anomalous gold in stream sediment samples. No previous exploration work has been done.
Grid-spaced soil sampling, reprocessing of local scale ground geophysics and reconnaissance exploration are proposed to be undertaken to further test these target areas (MTP002-MTP005, MTP010, MTP012 and MTP013) along with polarisation geophysical surveys, while the remaining six un-named targets (MTP006-MTP009, MTP011 and MTP0104) are to be evaluated by field reconnaissance and sampling to further rank and prioritise exploration programs.
Sunny Corner Project
The Sunny Corner Project comprises EL 9054 and EL 9133, which are located approximately 35km east of Bathurst in central west NSW and comprise a total area of 189km[2] .
This project is largely untested by modern exploration techniques, with a geological setting comprised of sandstone, siltstone and chert of the Ordovician Abercrombie Formation in the northeast, and sandstone, slate, mudstone and tuffaceous rocks of the ungrouped Silurian Chesleigh Formation in the central southeast. Overlying Sofala Volcanics comprising minor amounts of volcanic sandstone, conglomerate and siltstone occur in the central northern portion.
Centrally, Devonian Gibbons Creek Sandstone comprising sandstone, siltstone and mudstone, along with Permian aged Berry Siltstone unconformably overlie the sequence. Minor Late Silurian Quartz Porphyry is also noted intruding the Chesleigh Formation to the southwest. The western and southern parts of the project the geology is dominated by ungrouped Crudine Group comprising volcaniclastic sandstone, dacite to rhyolite and andesitic lavas and rocks of the Chesleigh Formation.
The Company received results of the rock chip and float sampling program, which targeted orogenic quartz veinhosted Au related to quartz-feldspar porphyry intrusions and Volcanogenic Massive Sulphides Ag-Pb-Zn-Cu styles of mineralisation at the Sunny Corner Project.
A total of five float / rock chip samples were collected from the seven historic mineral occurrences that were inspected, which included iron and manganese workings at the Stella and Wattle Mount prospects. The best result was 53.1g/t Au from float occurring next to a shallow working at the Sure Gift prospect from sample SC007. Samples SC009 and SC011 from the Sure Gift prospect also assayed at 2.19g/t Au and 1.91g/t Au, respectively. A single sample which was collected from an interpreted ore stockpile next to a historic processing plant (stamping battery) at the Smiths Reef prospect, SC006, assayed 13.7g/t Au. The other samples did not return any significant results (≥1.5g/t Au).
MinRex Resources Limited ABN 81 151 185 867 Tel +61 8 6102 2039 Email [email protected] Level 2, 7 Havelock Street West Perth WA 6005 Website: www.minrex.com.au
ASX Code: MRR
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Figure 7 – Location of Sunny Corner Project tenements
MinRex Resources Limited ABN 81 151 185 867 Tel +61 8 6102 2039 Email [email protected] Level 2, 7 Havelock Street West Perth WA 6005 Website: www.minrex.com.au
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ASX Code: MRR
Table 3 - Rock Chip Sample Results at Sunny Corner Project EL 9133 (key elements)
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Ag As Cu Mn Sb Zn
Tenement Prospect Sample ID MGA_Easting MGA_Northing Datum Zone Au (ppm) (ppm) (ppm) (ppm) Mo (ppm) (ppm) Pb (ppm) (ppm) (ppm)
EL 9133 Wattle Mount SC001 772971 6304147 MGA94 55 0.033 6.13 112.5 338 0.1 54800 18.45 3.06 526
EL 9133 Stella SC002 773028 6304317 MGA94 55 0.007 0.413 93.7 74.8 0.39 16350 10.05 2.89 2330
EL 9133 Mitchells SC003 765164 6304258 MGA94 55 0.006 0.046 41.4 10.75 0.21 900 11.85 15.5 142.5
EL 9133 Cooligal SC004 773922 6309063 MGA94 55 0.01 0.075 12.35 9.23 0.36 532 9.57 7.02 12.2
EL 9133 Dark Corner SC005 773636 6309784 MGA94 55 0.001 0.056 4.46 12.4 0.09 755 24.2 1.06 295
EL 9133 Smiths Reef SC006 763764 6312321 MGA94 55 13.7 0.277 758 18 1.69 1090 106.5 7.55 84.4
EL 9133 Sure Gift SC007 763483 6312701 MGA94 55 53.1 1.545 901 66 0.54 110 198 6.52 49.8
EL 9133 Sure Gift SC008 763453 6312761 MGA94 55 0.081 0.226 698 97.3 0.23 81.6 119.5 11.2 135.5
EL 9133 Sure Gift SC009 763429 6312827 MGA94 55 2.19 0.286 3770 7.31 0.91 112 27.2 7.63 8.1
EL 9133 Sure Gift SC010 763411 6312862 MGA94 55 0.941 0.131 629 19.65 1.46 231 68.8 4.78 32.7
EL 9133 Sure Gift SC011 763411 6312862 MGA94 55 1.91 0.136 1240 13.7 1.36 285 87.2 4.7 40.7
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Figure 8 – Rock Chip Sample Results on TMI RTP aeromagnetic image at EL 9133
MinRex Resources Limited ABN 81 151 185 867 Tel +61 8 6102 2039 Email [email protected] Level 2, 7 Havelock Street West Perth WA 6005 Website: www.minrex.com.au
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ASX Code: MRR
Subsequent to the end of the quarter, the Company received the results from the second phase of the Merlin Geophysics targeting work focused on review and interpretation of geophysical and geological data from the Sunny Corner Project. The Merlin Geophysics work was undertaken using the same methodology as that employed at the Mt Pleasant project.
The target generation exercise idenified confirmed the prospectivity of existing known mineralisation (Mitchells Creek Au Mine and Sure Gift Au Mine) and identified 15 discrete areas comprising a mixture of orogenic gold, intrusive related base metals/gold and polyminerallic vein style targets. Fiver targets (SC005 (Lagoon Ck), SC012 (Kirkconnell Ck), SC007 (Junction Reefs), SC002 (Verdun), and SC006 (Mitchell Ck)) were considered high priority and required immediate ground investigation.
It is proposed, dependant on the observations from the field reconnaissance exploration, to undertake grid-spaced soil sampling and local scale ground geophysics across the five areas. The remaining 10 targets (SC001, SC003-SC004, SC008-SC011 and SC013-SC015) are to be evaluated by field reconnaissance and sampling.
Table 4 – List of Targets from study on EL 9054 and EL 9133
| Target ID | Prospect | East GDA94-z55 |
North GDA94-z55 |
Comment | |
|---|---|---|---|---|---|
| SC001 | Unnamed | 765220 | 6313320 | Devonian diorite; weak mag/high K rad; barite occurence;and fault controls. |
|
| SC002 | Verdun | 767875 | 6312665 | Structural intersection; mag high; and old Verdun Au Mine. |
|
| SC003 | Smiths Reef | 763240 | 6312010 | Structure, rad anomally; Au occurences (Sure Gift and Smiths Reef). |
|
| SC004 | Unnamed | 765685 | 6310410 | Structural intersection; occurs along mineralised trend;antcline;and edge ofgravityhigh. |
|
| SC005 | Lagoon Ck | 765825 | 6305525 | Devonian sediments, discrete mag anomaly; low rad; structural intersection; historic workings; and gravity low. |
|
| SC006 | Mitchell Ck | 765235 | 6303995 | Structural intersection; Au in alluvials/quartz veins, Sofala Volcanics; geochemical anomaly; and edge of gravitylow. |
|
| SC007 | Junction Reef | 773655 | 6308935 | Ordovician host; geochemical anomaly; historic workings;and rad low. |
|
| SC008 | Stella | 773055 | 6304025 | Stella Prospect; geochemical anomaly; rad anomaly; and structure. |
|
| SC009 | Taskers South | 770790 | 6298290 | Structure; rad low; mag high; margin of granite and south of Taskers Lode. |
|
| SC010 | Powerline | 768235 | 6297240 | Structural intersection; strong mag high; low rad total count; gravity ridge; and Powerline prospect Au workings. |
|
| SC011 | Unnamed | 764705 | 6296360 | Structural intersection; low rads total count; and mag high. |
|
| SC012 | Kirkconnell Ck | 765050 | 6299600 | Structural intersections; alluvial Au in stream sediment samples;and low mag. |
|
| SC013 | Unnamed | 757640 | 6298110 | Structural intersection; geochemical anomaly; historic workings and weak maganomaly. |
|
| SC014 | Unnamed | 757780 | 6294035 | Structural intersection; mag anomaly, strong rad; and granite host. |
|
| SC015 | Last Chance | 752205 | 6308385 | Synclinal hinge, fault intersectin; low order mag; high K rad;and Silurian sandstone. |
(1) Co-ordinates referenced are the centroid of the target
(2) mag / rad - refers to magnetic and radiomeric response from geophyical surveys
MinRex Resources Limited ABN 81 151 185 867 Tel +61 8 6102 2039 Email [email protected] Level 2, 7 Havelock Street West Perth WA 6005 Website: www.minrex.com.au
ASX Code: MRR
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Figure 9 – Targets from the study with magnetic linears on magnetic image over EL 9054 & EL 9133
MinRex Resources Limited ABN 81 151 185 867 Tel +61 8 6102 2039 Email [email protected] Level 2, 7 Havelock Street West Perth WA 6005 Website: www.minrex.com.au
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ASX Code: MRR
Field reconnaissance is being planned to inspect each of the target areas identified to further rank and prioritise future exploration programs. Geochemical sampling (rock chip/soils) is being planned over the 5 high priority target areas (SC002, SC005, SC006, SC007 and SC012) to assist with determining the next stage of exploration (geophysical surveys/drilling).
Corporate Summary
Cash At Bank $9.6 million
Attached to this report is Appendix 5B containing the Company’s cash flow statement for the quarter ended 30 September 2024.
The Company has $8.23m invested in a term deposit maturing December 2024, as the Appendix 5B is reported on a cash basis interest income from the term deposit in excess of $200k will be reported the December quarter. The remaining funds are held at call accruing interest at over 4%.
Additional ASX Information
ASX Listing Rule 5.3.1
Exploration and Evaluation during the quarter was $121,014 being $32,587 on field exploration in Western Australia and $88,427 on field exploration in New South Wales.
ASX Listing Rule 5.3.2
There was no substantive mining production and development activities during the quarter.
ASX Listing Rule 5.3.5
During the quarter, the Company paid $119,445 to related parties, these payments were made to directors of MinRex for salaries and directors fees, on normal commercial terms.
The mining tenement interests acquired or relinquished during the quarter and their location
During the quarter, the Company did not divest or acquire any tenure. Subsequent to the end of the quarter, the Company disposed of 100% of the issued capital of the Company’s subsidiary, Odette Five Pty Ltd (“Odette Five”), to Global Lithium Resources Ltd (ASX:GL1). Odette Five is the owner of mineral rights to all battery metals on E45/5871 (Sisters), E45/5873 (Talga) and E45/5869 (Garden Creek) in Western Australia. MinRex received a one of cash payment of $30,000 for the sale.
This ASX announcement has been authorised for release by the Board of MinRex Resources Limited.
For further information, please contact:
Ian Shackleton Technical Director MinRex Resources Limited T: +61 8 6311 2039 [email protected]
MinRex Resources Limited ABN 81 151 185 867 Tel +61 8 6102 2039 Email [email protected] Level 2, 7 Havelock Street West Perth WA 6005 Website: www.minrex.com.au
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ASX Code: MRR
About MinRex Resources Ltd
MinRex Resources Limited (ASX: MRR) is an Australian-based ASX-listed explorer with a highly prospective portfolio of Gold-Silver-Copper and other metals projects in the Lachlan Fold Belt (NSW). The Company’s tenements package cover around 420km[2] of highly prospective ground targeting multi-commodities type deposits, including the Sofala Gold Project (NSW) which hosts JORC 2012 Resources totalling 352,000 oz gold.
Competent Persons Statement
The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Ian Shackleton. Mr. Shackleton is the Technical Director of MinRex Resources Limited and is a Member of the AIG 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. Ian Shackleton has 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.
MinRex Resources Limited ABN 81 151 185 867 Tel +61 8 6102 2039 Email [email protected] Level 2, 7 Havelock Street West Perth WA 6005 Website: www.minrex.com.au
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ASX Code: MRR
Tenement Information as required by Listing Rule 5.3.2 (at 30 September 2024)
| Region | Project | Tenement | Area | Grant | Expiry | Interest |
|---|---|---|---|---|---|---|
| approx. | Date | Date | ||||
| East Pilbara | Moolyella(Sisters) | E45/5871 | 32.002 km2 | 01-07-22 | 30-06-27 | 100%(1) |
| East Pilbara | Moolyella(Talga) | E45/5873 | 19.204 km2 | 05-08-22 | 04-08-27 | 100%(1) |
| East Pilbara | Moolyella (Garden Creek) |
E45/5869 | 19.215 km2 | 01-07-22 | 30-06-27 | 100%(1) |
| East Lachlan Fold |
Mt Pleasant | EL9266 | 58 units | 19-08-21 | 19-08-24 | 100% |
| East Lachlan Fold |
Sofala | EL7423 | 14 units | 30-11-09 | 30-11-27 | 51% |
| East Lachlan Fold |
Sofala | EL7974(2) | 4 units | 11-10-12 | 11-10-27 | - |
| East Lachlan Fold |
First Find | EL8976 | 7 units | 14-04-20 | 14-04-26 | 100% |
| East Lachlan Fold |
Sunny Corner North | EL9133 | 54 units | 13-04-21 | 13-04-27 | 100% |
| East Lachlan Fold |
Sunny Corner North | EL9054 | 12 units | 17-02-21 | 17-02-27 | 100% |
Notes:
- As outlined above, post the end of the quarter the Company divested its battery mineral rights on these tenements. 2. Subject to Farm-in and Joint Venture with Wattle Resources Pty Ltd to earn up to an 80% interest in EL7947.
MinRex Resources Limited ABN 81 151 185 867 Tel +61 8 6102 2039 Email [email protected] Level 2, 7 Havelock Street West Perth WA 6005 Website: www.minrex.com.au
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity
MINREX RESOURCES LIMITED
ABN 81 151 185 867
Quarter ended (“current quarter”) 30 SEPTEMBER 2024
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|
| 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (GST Refund) 1.9 Net cash from / (used in) operating activities |
8 (121) - - (63) (132) - 17 - - - 18 |
8 (121) - - (63) (132) - 17 - - - 18 |
| (273) | (273) | |
| 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets |
- - - - - - |
- - - - - - |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
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Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|
| 2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities |
- - - - - - - - |
- - - - - - - - |
| - | - | |
| 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 3.9 Other – Repayment of lease liability Other – Share capital received in advance 3.10 Net cash from / (used in) financing activities |
- - - - - - - - (14) - |
- - - - - - - - (14) - |
| (14) | (14) | |
| 4. Net increase / (decrease) in cash and cash equivalents for the period |
||
| 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) |
9,950 (273) - (14) |
9,950 (273) - (14) |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
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Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|
| 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period |
- | - |
| 9,663 | 9,663 |
| 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts |
Current quarter $A’000 |
Previous quarter $A’000 |
|---|---|---|
| 5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) |
9,663 - - - |
9,950 - - - |
| 9,663 | 9,950 | |
| 6. Payments to related parties of the entity and their associates |
Current quarter $A'000 |
|
| 6.1 Aggregate amount of payments to related parties and their associates included in item 1 119 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. |
119 | |
| - |
| 7. 7.1 7.2 7.3 7.4 7.5 7.6 |
Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. |
Total facility amount at quarter end $A’000 |
Amount drawn at quarter end $A’000 |
|---|---|---|---|
| - | - | ||
| - | - | ||
| - | - | ||
| - | - | ||
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
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Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| 8. | Estimated cash available for future operating activities | $A’000 |
|---|---|---|
| 8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8 |
Net cash from / (used in) operating activities (item 1.9) (273) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (273) Cash and cash equivalents at quarter end (item 4.6) 9,663 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 9,663 Estimated quarters of funding available (item 8.6 divided by item 8.3) 35.44 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? |
(273) - (273) 9,663 - |
| 9,663 | ||
| N/A | ||
| 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? |
||
| N/A | ||
| 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? |
||
| N/A | ||
| Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. |
Compliance statement
-
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
-
2 This statement gives a true and fair view of the matters disclosed.
Date: 30 October 2024
Authorised by: By the Board
(Name of body or officer authorising release – see note 4)
Notes
This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
ASX Listing Rules Appendix 5B (17/07/20)
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- See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
-
Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
-
If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.
-
If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
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