Minrex Resources (ASX:MRR) has earned a 51% interest in an exploration licence, which cover the Queenslander and Spring Gully gold projects, from Australia United Mining’s (ASX:AYM) subsidiary Fortuis Mines.
Under the farm-in agreement, Minrex, which has a market capitalisation of $9.76 million, incurred $750,000 of exploration expenditure on EL7423, which forms a large portion of the Sofala Project.
The company solely funded several exploration activities on the licence, including extensive data compilation, interpretation, and targets, and a maiden resource estimate of Spring Gully, alongside a maiden drilling program at Queenslander.
Minrex also funded and completed a second drilling program at Queenslander, which confirmed further several narrow intersections, including 1m @ 9.69 grams per tonne (g/t) gold from 74m.
Pursuant to the farm-in and joint venture agreement, Minrex will enter into an unincorporated joint venture with Fortuis Mines to progress exploration on the licence.
The company says it will continue to explore the tenement for further gold, focusing on extensive old workings that remain untested by modern exploration techniques.
Queenslander is centred around the historic Queenslander Gold Mine, which was discovered in 1888. The total tonnage mined was more than 7,000 tonnes, from which around 3,696 ounces of gold was produced at 6g/t gold.
Spring Gully lies 1.7km east of Wattle Flat Township. The deposit has a strike length over 1.6km by 650m, wide with mineralisation remaining open along strike and at depth.
Minrex Resources is an Australian-based gold, base metals, and battery metals explorer focused on its projects considered prospective for gold and base metals in the Lachlan Fold Belt, as well as lithium-tin-tantalum projects in the Pilbara region.
Write to Aaliyah Rogan at Mining.com.au
Images: Minrex Resources
