Minrex Resources Secures 51% Interest in Sofala Project through Farm-in Agreement

Strategic Insights -

Australian-based gold, base metals, and battery metals explorer Minrex Resources has gained a 51% interest in the Sofala Project's exploration licence, covering the Queenslander and Spring Gully gold projects, from Australia United Minings subsidiary Fortuis Mines. The agreement allows Minrex to progress exploration on the licence through an unincorporated joint venture with Fortuis Mines. Minrex incurred significant exploration expenditure, including $750,000 on EL7423, and completed multiple drilling programs at Queenslander and Spring Gully, revealing promising gold intersections.

Key Takeaways:

  • Minrex Resources secured a 51% interest in the Sofala Project's exploration licence through a farm-in agreement with Fortuis Mines, a subsidiary of Australia United Minings (ASX:AYM).
  • The agreement requires Minrex to incur exploration expenditure, including $750,000 on EL7423, which forms a large portion of the Sofala Project.
  • Minrex completed multiple drilling programs at Queenslander, including a maiden drilling program that confirmed several narrow intersections, including 1m @ 9.69 g/t gold from 74m.
  • The company will enter into an unincorporated joint venture with Fortuis Mines to progress exploration on the licence, focusing on extensive old workings that remain untested by modern exploration techniques.
  • The Queenslander project is centred around the historic Queenslander Gold Mine, which produced over 3,696 ounces of gold at 6g/t gold from 7,000 tonnes of ore.
  • The Spring Gully deposit has a strike length of 1.6km by 650m, with mineralisation remaining open along strike and at depth.

Statistics:

  • $750,000: Exploration expenditure incurred by Minrex on EL7423.
  • 1m @ 9.69 g/t gold: Narrow intersection at Queenslander.
  • 3,696: Ounces of gold produced at 6g/t gold from the Queenslander Gold Mine.
  • 7,000: Tonnes of ore mined at the Queenslander Gold Mine.
  • 1.6km: Strike length of the Spring Gully deposit.
  • 650m: Width of the Spring Gully deposit.

Sources:

  • Minrex Resources (ASX:MRR) press release.
  • Australia United Minings (ASX:AYM) webpage: "Fortuis Mines".