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MinRex Resources - Quarterly Activities & Cashflow Reports


Highlights

* MinRex adds to the current position ~890 km2 of granted exploration licenses across 14 projects within the highly prospective region of Pilbara, Western Australia (Figure 1).
* The new Garden Well Lithium Project (EL 45/5869) has been acquired and is strategic addition to MinRex’s Sisters and Moolyella North Lithium Projects, which lie immediately adjacent to ASX listed Global Lithium Limited (ASX: GL1) Archer Lithium Deposit (10.5Mt @ 1.0% Li2O). Garden Well is located approximately 5.5km to the north in the same lithium mineralised greenstone belt hosting the Archer Deposit (Figure 2).
* All 3 MinRex Marble Bar Projects display similar extensive linear potassic responses as the Archer Lithium Deposit – potassic zones outlining pegmatite hosted lithium mineralisation (Figure 3).
* Reconnaissance program over the Tambourah North Lithium Project, Haystack Well Lithium Project, and the Coondina South Lithium Projects was completed.
* Spodumene discovered over 3 Marble Bar Projects with planning for RC drilling underway.
* Tambourah pegmatites stacked at surface in goldilocks zone in the Granite-Greenstone Pilbara Craton Super Suite-Soanville Group Formation and have visible coarse and fine grained Spodumene & Lepidolites with zoning along strike and across strike.
* Tambourah North Project hosts large, stacked pegmatites over 1.5km length by 150m in width.
* Tambourah pegmatites housed in the Soansville Group Formation hosting Pilbara Minerals (ASX: PLS) Pilgangoora Lithium Deposit 226Mt @ 1.29% Li2O & Mineral Resources (ASX: MRL) Wodgina Lithium Deposit 236Mt @ 1.2% Li2O.
* MinRex advancing Heritage Agreement and Native Title Surveys over Marble Bar Lithium Projects.
* The Company remains well funded with $5.6 million in cash at the end of the quarter. Subsequent to the quarter end, MinRex raised a further $13.5 million led by a cornerstone investment from a strategic group of investors who are executives of Chinese and Australia mining groups involved in exploration, development, refining and processing of precious and battery metals.
* Subsequent to quarter end, MinRex finalised its accelerated exploration program over its Pilbara LithiumTin-Tantalum Projects for up to 25,000m of drilling within the next 12 months.

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