- Rex Minerals (RXM) reports it ended FY21 debt-free and entered the new financial year with a renewed focus on its Hillside Copper-Gold Project
- The materials stock posted its latest quarterly report on Tuesday, revealing it ended Q4 with a boosted $9.68 million in the bank after a capital raising
- Activities wise, RXM carried out drilling at Bells and Airport projects within its Hog Ranch property in Nevada, finding a new gold discovery
- Post-quarter-end, the company doubled its ore reserves at Hillside to 181.6 million tonnes, containing 988,000 tonnes of copper and 823,000 ounces o gold
- RXM shares are trading down 2.7 per cent at 36 cents at 2:50 pm AEST
Rex Minerals (RXM) has ended FY21 debt-free and entered FY22 with a renewed focus on its Hillside Copper-Gold Project in South Australia
The materials stock posted its latest quarterly report on Tuesday, revealing it ended Q4 with a boosted $9.68 million in the bank after a capital raising.
RXM also used the funds from the $9.5 million placement to help pay off its $4.4 million debt balance.
In terms of activities, the company carried out drilling at its Bells and Airport projects within RXM's Hog Ranch property in Nevada.
The business has since received the results from the drilling, revealing it made a new gold discovery south of Airport after drilling on an interpreted structure identified by new 3D Induced Polarisation (IP) data.
Post-quarter-end, REX also announced it had doubled its Ore Reserves at Hillside and extended its mine life to 33 years.
The new ore reserves for the project sits at 181.6 million tonnes at 0.54 per cent copper and 0.14 grams per tonne gold, containing 988,000 tonnes copper and 823,000 ounces gold.
Going forward, the company said it was working with consultants to enhance its planning of Hillside pre-development work.
It was also planning further geophysical surveys and follow-up drill testing to grow the Mineral Resource at Hog Ranch.
Rex Minerals shares were trading down 2.7 per cent at 36 cents per share at 1:55 pm AEST.