-- MinRex to acquire 100% of Odette Five Pty Ltd who holds exploration ground in the Pilbara region highly prospective for Lithium-Tin-Tantalum.
-- Acquisition of 483km2 of granted exploration licences across 4 projects within the highly prospective region of Pilbara, Western Australia, known for delineating some of the world largest lithium deposits.
-- MinRex continues a Pilbara tenement acquisition plan to become an emergent lithium explorer with high-quality assets within a 70km radius of world-class Lithium and Tantalum producers Pilbara Minerals (ASX: PLS) Pilgangoora and Mineral Resources (ASX: MRL) Wodgina.
-- A further 97 km2 exploration licence applications are currently subject to a ballot across four projects including three tenements surrounding and adjoining Global Lithium (ASX:GLI) Archer Lithium Project near Marble Bar containing 10.1MT @1.1% Li.
-- Analogues to the Wodgina and Pilgangoora world-class lithium projects.
-- Lithium bearing pegmatites have been found largely within mafic sequences in contact with granitic intrusive at Pilgangoora, Wodgina and Mt Francisco in the eastern Pilbara.
-- Soil sampling has delineated extensive high-tenor surface lithium anomalies proximal to the Twin Wells Tantalum Alluvial workings within E46/1380.
-- Extensive outcropping pegmatites have been delineated and remain untested by exploration with no drilling completed).
-- Strong evidence supports the geological model of such styles of potential lithium mineralisation to occur within the current exploration licence areas.
-- Transaction terms include MinRex to issue, subject to shareholder approval, 86,437,470 shares to the shareholders of Odette Five Pty Ltd and Odette Five to become a wholly owned subsidiary of MinRex Resources.
MinRex Resources Limited (ASX: MRR) (“MinRex” or “the Company”) is pleased to announce that it has signed a term sheet with the major shareholders of private company, Odette Five Pty Ltd (Odette Five), to purchase 100% of the shares in Odette Five. Odette Five is focused on lithium pegmatite project generation in Western Australia, with its main focus in the Pilbara and has amassed a quality portfolio of advanced exploration assets.
Odette Five Acquisition
Odette Five was formed originally as a subsidiary of Odette Geoscience Pty Ltd?a project generator company focussed on applying proprietary data technologies to the Western Australia mineral exploration archive (WAMEX) and developing contemporary models to mineral targeting.
In early 2021 Odette Five conducted a Pilbara targeting exercise focussed on lithium-caesium-tantalum (LCT) pegmatite mineralisation. This work focused primarily on the aureoles of granites (the zone surrounding granite bodies), which are considered prospective for LCT pegmatites. Odette Five subsequently acquired a portfolio of assets that now includes four granted tenements, and a further three tenement applications in Pilbara region of Western Australia. In addition, Odette Five has two other tenement applications subject to ballot, in-close proximity to Sinclair lithium-caesium-tantalum pegmatites near Norseman in south-eastern Western Australia. Full tenement details are included in Appendix B.
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