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Minrex Resources Limited (ASX:MRR) is an Australian based metal and mining company with headquarters in Perth. The company is engaged in extracting gold and base metal through its projects in Western Australia (WA) and a tin project in Tasmania. The company currently has six projects in its portfolio of which four are in the East Pilbara area of WA, one in Murchison, and one in Tasmania.
The Daltons Gold Project, the Bamboo Creek Gold Project, the Marble Bar North Gold Project, and the Marble Bar South Gold Project are the four projects in East Pilbara which were acquired during November 2017 to February 2018 with 70% interest. Â
The company had secured the license over the Deflector Extended Gold Project in Murchison in July 2011 expiring in July 2021. The company has 100% interest in this project.
The company had also secured the license over the Heemskirk Tin Project in Tasmania in April 2011 which will expire in April 2019. The company has 100% interest in this project.
Finally, after considerable delays, today, the company has announced the results of the four gold projects in the East Pilbara region. The site visit was done on all the projects in the region by the same team who conducted the initial site inspection, field trip evaluation, and technical due diligence in December 2017. This team spent four weeks on site.
The company performed extensive metal detecting over the area during October 2018. Five small gold nuggets of 1.5gm, 2 gold-bearing quartz rocks specimens, and a buried basal gravel layer, about 30-35cm thick were found at the Marble Bar North Project. A layered, fine-grained basal gravel deposit was also found through mapping which will be worked upon in the next field season.
In December 2017, the team found six gold nuggets totalling 22.7g from the Marble Bar North tenement, one gold nugget at the Daltons Project, and collected 20 rock chip samples from the Marble Bar South Project which was announced on the 15 January 2018.
This has resulted in a total of 11 gold nuggets with a weigh of 24.2gms being recovered from the North Project.
At the Marble Bar South Project, no nuggets were recovered during the extensive metal detecting conducted over the site. The work was hindered by the presence of metallic debris in the vicinity. The same result was received from the Daltons Project. Although many anomalous gold assays have been received from the Bamboo Creek Project, this time, no gold nugget was recovered.
The company is planning to run the next phase of the exploration program as soon as possible after the summer months over the same four projects in the East Pilbara area of WA.
Looking at the stock performance and the return it has posted over the last few months, the stock has generated a negative return of 72.50% during the past 1 year. However, the stock is up by 10% over last month. It is currently trading at $0.022 with no change in the dayâs performance. The company has ~95.88 million shares outstanding with the market cap of circa $2.11 million.
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