MinRex Unveils High-Grade Gold Hits and Secures Key Fraser Range Farm-In
MinRex Resources reports promising gold and silver assay results from its Sunny Corner Project in NSW and secures a strategic farm-in option over the Fraser Range Copper-Gold Project in WA, underpinning its growth ambitions.
- Strong rock chip sampling results at Sunny Corner with assays up to 6.73 g/t Au and 298 g/t Ag
- Entered farm-in option agreement to earn 50% interest in Fraser Range Copper-Gold Project
- Five high-priority IOCG and Broken Hill Type targets identified for upcoming drilling
- Completed loyalty option offer raising approximately $97,581 before costs
- Cash position remains robust at $9.29 million to fund exploration activities
Sunny Corner Project Delivers Encouraging Gold and Silver Assays
MinRex Resources Limited (ASX: MRR) has reported a productive quarter ending 31 March 2025, highlighted by significant exploration progress at its 100%-owned Sunny Corner Au-Ag Project in New South Wales. The project, situated within the highly prospective Lachlan Fold Belt near Bathurst, yielded compelling rock chip sampling results across multiple targets identified through recent geophysical studies.
Notably, assays from the Lagoon Creek target returned 2.85 g/t gold and an exceptional 298 g/t silver, while Mitchells Creek and East Napolean targets produced gold grades of 6.73 g/t and 6.42 g/t respectively. These results reinforce the prospectivity of the area and justify further detailed exploration, particularly at high-priority targets such as Sure Gift, Lagoon, Mitchells Creek, East Napolean, and the newly identified Bushrangers target.
Strategic Farm-In Agreement Secures Fraser Range Exposure
In a significant corporate development, MinRex entered into a binding farm-in option agreement with West Cobar Metals Limited (ASX: WC1) to earn a 50% interest in the Fraser Range Copper-Gold Project in Western Australia. This project covers approximately 360 square kilometres in a geologically prospective zone known for hosting Iron Oxide Copper-Gold (IOCG) and Broken Hill Type (BHT) deposits.
The Fraser Range tenure includes granted exploration licences and mineral rights over basement rocks, with five priority targets, Talisker, Glenmorangie, Oban, Benriach, and Glendronach, identified for imminent drill testing. These targets exhibit compelling geophysical signatures such as magnetic highs and gravity anomalies indicative of IOCG and BHT mineralisation styles, positioning MinRex to potentially tap into a highly sought-after mineral province.
Ongoing Exploration and Corporate Activities
Beyond these flagship projects, MinRex continued exploration at its Mt Pleasant Mo-W-Cu project and the Sofala Gold Project in NSW, focusing on structural studies and petrophysical testing to refine targeting strategies. The company also completed a loyalty option offer, issuing over 97 million new options and raising nearly $98,000 before costs, with plans to place additional options to increase total proceeds to approximately $225,000.
Financially, MinRex remains well-capitalised with $9.29 million cash at bank, providing a solid foundation to advance its exploration programs and evaluate further opportunities both domestically and internationally. The company’s disciplined approach to exploration spending, $89,804 during the quarter, reflects a balanced strategy of targeted fieldwork and prudent capital management.
Looking Ahead
MinRex’s recent activities underscore its commitment to unlocking value from its diverse portfolio of gold and base metal projects. The upcoming drill campaigns at Fraser Range and follow-up sampling at Sunny Corner will be critical in validating the early-stage exploration success and potentially defining new mineral resources. Investors will be watching closely as MinRex leverages its strong cash position to advance these promising assets.
Bottom Line?
MinRex’s blend of promising assay results and strategic project acquisitions sets the stage for a pivotal exploration phase ahead.
Questions in the middle?
- Will follow-up drilling at Fraser Range confirm the presence of economically viable IOCG or BHT mineralisation?
- How will MinRex prioritise capital allocation between its NSW gold projects and the new WA copper-gold opportunity?
- What impact will the planned option placement have on shareholder dilution and future funding capacity?
