Total
0
Shares
Source: MinRex Resources
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • MinRex Resources (MRR) enters a binding term sheet with Abeh Pty Ltd and Maxwell Strindberg to acquire seven exploration licences in Western Australia
  • These acquisitions represent a major step in MinRex’s plan to become an emerging lithium explorer
  • The total project area spans 176.9 square kilometres and the licences have extensive pegmatites which are relatively untested by modern exploration
  • According to CEO Pedro Kastellorizos, drill testing will begin once detailed geological mapping and sampling have been completed
  • MinRex is steady on the market with shares trading at 2.1 cents each

MinRex Resources (MRR) has entered a binding term sheet with Abeh Pty Ltd and Maxwell Strindberg to acquire seven exploration licences in Western Australia.

These acquisitions represent a major step in MinRex’s plan to become an emerging lithium explorer.

The total project area spans 176.9 square kilometres and the licences have extensive pegmatites which are relatively untested by modern exploration.

Tambourah North Project

In 2013, Altura Mining (AJM) identified outcropping lithium mineralisation hosted within pegmatites at Tambourah North.

Three rock chip samples have been collected over the outcropping pegmatites with grades peaking at 2.02 per cent lithium oxide, 1890 parts per million (ppm) rubidium and 274 ppm tantalum.

Limited evaluation of the pegmatite suggests further fieldwork is required to identify the continuity or presence of lithium mineralisation.

Tambourah Creek Project

No previous lithium exploration has been undertaken at the Tambourah Creek Project. However, work in 2019 by Abeh identified up to 0.74 per cent lithium oxide.

Stream sediment sampling has returned up 3138 ppm tin, 30 ppm niobium and 24 ppm tantalum.

Shaw River Project

Exploration undertaken in 1994 by Mt Edon Gold Mines highlighted high-grade tin and tantalum mineralisation at the Shaw River Project.

No lithium exploration was completed and further work is required to determine the likely economic resources of lithium, tantalum, tin and yttrium group metals.

Grades have peaked at 3.99 per cent tin, 2866 ppm tantalum, 1481 ppm niobium and 1500 ppm yttrium.

Coondina Project

The Coondina Project has been determined to be rich for tin mineralisation and no lithium sampling has been undertaken.

Soanesville West, South and Central projects

Very little historical exploration has been undertaken across the Soansville West, South and Central projects with only minor work completed in 1975 by PacMinex.

This work identified up to 5350 ppm lead, 32 ppm silver, 16 ppm gold and 165 ppm zinc.

According to MinRex CEO Pedro Kastellorizos, drill testing will begin once detailed geological mapping and sampling have been completed.

“Our highly experienced team will be ready for drill testing once the detailed geological mapping/sampling has been completed,” Mr Kastellorizos said.

“Further work will commence immediately on the re-interpretation of airborne magnetic/potassic data to locate the pegmatite on the ground but also defined trends and structures which appear to control the lithium-tin-tantalum mineralisation.”

MinRex was steady on the market with shares trading at 2.1 cents at 2:43 pm AEDT.

MRR by the numbers
More From The Market Herald
Jadar Resources (ASX:JDR) - General Manager, Exploration, Dejan Jovanovic

" Jadar Resources (ASX:JDR) completes due diligence of Shaw River Project

Jadar Resources (JDR) has completed due diligence of the Shaw River Project in the Pilbara region of Western Australia.

" Toro Energy (ASX:TOE) to review Australian uranium assets

Toro Energy’s (TOE) is undertaking a review of its Australian uranium assets to look for further opportunities.

" Castillo Copper (ASX:CCZ) sets 2022 objectives for NWQ project

Castillo Copper (CCZ) has set out its objectives for the new year, following the chief geological consultant’s visit to the NWQ Copper project

" Talga Group (ASX:TLG) letter of intent lapses

Talga Group (TLG) has seen its letter of intent lapse with Mitsui & CO Europe Plc and Luossavaara-Kiirunavaraa Aktiebolag (LKAB).