MinRex Resources (ASX:MRR) expands lithium portfolio, November 2021


by Melissa Darmawan

MinRex Resources Limited (ASX:MRR) Non-Executive Director George Karageorge provides an update on the company's gold and base metals projects in WA and the Lachlan Ford Belt, NSW and its recently acquired lithium projects in the Pilbara.

Melissa Darmawan: Hello. Melissa Darmawan for the Finance News Network. Joining me for MinRex Resources (ASX:MRR) is Non-Executive Director George Karageorge. George, nice to meet you.

George Karageorge: Thanks, Melissa, and great to be with you.

Melissa Darmawan: For those tuning in for the first time, can you tell us a bit about the company?

George Karageorge: So, we are a company that listed in 2011 with some Western Australian assets. Last year, I joined the board and decided to expand some great opportunities for up to half a million ounce gold endowments in New South Wales in untested, undrilled grounds since the 1990s. We believe that we've got half a million ounces worth of JORC-compliant resources at a place called Wattle Flats, just out of Bathurst. Great place to work, great infrastructure, small little town, gold-mining town, gold-mining people, and we are drilling as we speak, Melissa.

Melissa Darmawan: Thanks, George. Talk us through your history with East Pilbara.

George Karageorge: In 2013, myself and some colleagues from university pegged some ground in the Pilbara. It became Pilbara Minerals. It became the Pilgangoora lithium and tantalum deposit. Probably, second- or third-biggest in the world. So, we started drilling in November 2014. We produced, after spending $600 million, a plant. And today it's at the peak of its potential. It was a $1 million company when we started the project. Today, it's $7.5 billion. Our projects, Melissa, are only 50 radial kilometres away from Pilgangoora, and, of course, Wodgina, which is Mineral Resources' lithium and tantalum deposit. So, when I went to Pilgangoora in 2014, there were no plants, no people, no mines. Now there are three plants, over four or five operating open pits, and we're in the same area. And to go and find these great projects that we've just bought, I think we are the cheapest, most probably, lithium explorer in the Pilbara. We're only a day old, but we are very excited and very confident. We're just out of Marble Bar. Marble Bar's on a bitumen road that goes straight to the Port Headland port. We have ground virtually on the main road that goes to the port, Port Headland. And Port Headland, Melissa, is a world class... The world's biggest industrial port for iron ore, now lithium, gold, and base metals. So, it's always been that for 50 years, but it's a great time to be in the lithium business and be in the world hotspot in WA in the Pilbara.

Melissa Darmawan: Can you give us an update on other activities outside of lithium?

George Karageorge: MinRex started in 2011, as we said. It had some tenements in Western Australia. They're in Marble Bar. When I joined the company, I was biting at the bit to get back to Port Headland, instead of Lachlan Ford Belt, which is so exciting. I mean, we've got half a million ounces of gold on the surface, all high grade, and we're drilling, as we said, in New South Wales. We're converting our energy to New South Wales and to the Pilbara, because we've got gold, nickel, and copper assays, which are outstanding, and the complement of our lithium, gold, and base metals assets all within a 50 square kilometre radius. In other words, 700 square kilometres of ground, and you can drive from one end to the other of these tenements, 50 north, 50 south, 50 west, and 50 east. And, look, we're looking for a discovery, and I think we're going to find it. We have been on the ground. We will go into a chopper next week and go back onto the ground. We surround Global Lithium, who have just announced a 11 million tonne 1 per cent lithium resource, and we share borders with them. And potentially, after 2 December, we will, if we win the West Australian Mines Department Ballot, be their neighbour. We are highly motivated. We've got the team, we've got the money, and let me tell you, really biting at the bit to let people know that not only do we have 2 per cent hits of lithium currently on our tenements, massive rubidium hits, caesium, everything's in the making for us to have a discovery at MinRex.

Melissa Darmawan: Last question from me, George. What message would you like to leave with our viewers?

George Karageorge: Just a great time to be in WA and in New South Wales. I think we're going to a hyper market next year. Resources are great. It's good to finish the year off strong and to be motivated with some great tenements from some very talented prospectors and geoscientists that all have PhDs. They're renowned geologists. They've entrusted us, MinRex, to go and have a company-maker, and I think we'll do it.

Melissa Darmawan: George Karageorge, Non-Executive Director from MinRex Resources, pleasure to speak with you, and I look forward to your next update.

George Karageorge: Thank you.


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