MinRex Resources strikes gold from rock chip sampling in Pilbara

MinRex Resources ASX MRR rock chip sampling Pilbara gold
MinRex Resources' Marble Bar project.

MinRex Resources (ASX: MRR) has uncovered gold grading up to 17.1 grams per tonne from a rock chip sampling program near Novo Resources (TSXV: NVO) and Haoma Mining’s conglomerate gold tenements in Western Australia’s Pilbara.

Ten vein quartz rock chip samples were taken from the Marble Bar project tenement P45/3039 in December last year and were targeting previously mapped conglomerate strike adjacent to Haoma’s tenements. The samples were taken from old gold workings and diggings to the tenement’s north.

However, the Department of Mines, Industry, Regulation and Safety databases do not contain any data on the historic gold workings.

More than half of the 10 rock chip samples returned gold values higher than 1g/t with the average grade of 2.6g/t, and a peak 17.1g/t gold discovery.

The results complement a field trip to the Marble Bar project site in December last year where samples taken during due diligence returned six gold nuggets amounting to 22.7g/t from the project.

Due to the amount of historic gold workings and recent assay results, MinRex claims it is “highly encouraging” the company could discover economic gold mineralisation at the project.

“These excellent gold assay results from P45/3039 further enhance the prospectivity and potential of the East Pilbara project areas,” MinRex executive director Simon Durack stated.

“We look forward to the completion of the final conditions precedent to the settlement of the acquisition of the East Pilbara tenements and commencing our exploration programs as soon as possible thereafter,” Mr Durack added.

In late November last year, MinRex announced it had entered an agreement to acquire 70% of five licences in the East Pilbara, including the Marble Bar project.

As part of the contract, MinRex made a non-refundable A$100,000 deposit and will pay a further A$650,000, plus issue more than 14.5 million shares.

MinRex has also agreed to spend A$500,000 on exploration over two years.

The final conditions to acquire the project are anticipated to be completed in the near-future, with an extensive rock chip sampling program and excavation of bulk samples planned for the Marble Bar project.

Shares in MinRex were down more than 5% in early morning trade to A$0.085.

Lorna has more than 10 years experience as a finance journalist and editor. She has written for an array of industry publications reporting on various sectors, including: resources, energy, construction, biotech, pharma, science and technology, agriculture, and chemicals. Specialising in resources, Lorna has covered a myriad of small and large cap ASX and dual-listed stocks.