MinRex Wraps Fraser Range Drilling, Eyes August Assay Results

Fraser Range Drilling Campaign Completed

MinRex Resources Limited (ASX, MRR) has reported the completion of its reverse circulation drilling program at the Fraser Range Copper-Gold Project in Western Australia. The campaign, conducted in partnership with West Cobar Metals Limited, targeted five high-priority copper-gold prospects characterized by Iron Oxide Copper Gold (IOCG) and Broken Hill Type (BHT) mineralization styles. Over May and June 2025, nine holes totaling nearly 2,000 meters were drilled across the Talisker, Glenmorangie, Oban, Benriach, and Glendronach prospects.

The Fraser Range project is strategically located within the Biranup Zone, a structural extension of the Fraser Zone known for hosting significant nickel-copper deposits and IOCG mineralization. This geological setting enhances the prospectivity of MinRex’s exploration efforts, with the recent drilling designed to test the potential for economically viable copper and gold mineralization.

Awaiting Assay Results and Next Steps

Assay results from the drilling program are anticipated in August 2025. These results will be critical in determining the presence and extent of mineralization and will guide MinRex’s decisions on subsequent exploration activities. The company has emphasized a thorough evaluation of all data before committing to further work, reflecting a measured approach to advancing the project.

Broader Exploration Portfolio and Financial Position

While the focus this quarter was on the Fraser Range project, MinRex continues to hold a diverse portfolio of exploration assets in New South Wales, including the Sunny Corner, Mt Pleasant, and Sofala projects. No field work was conducted on these NSW projects during the quarter, but preparatory activities such as land access agreements and geophysical data reviews are ongoing.

Financially, MinRex strengthened its position by raising $227,351 through a Loyalty Option Offer, placing 129.5 million options exercisable at 2 cents each. The company ended the quarter with a robust cash balance of $8.9 million, providing a solid runway for upcoming exploration and corporate initiatives. Exploration expenditure for the quarter totaled $541,221, primarily directed towards field activities in Western Australia.

Corporate Governance and Outlook

Payments to related parties, including directors’ fees and salaries, amounted to $109,442, consistent with normal commercial terms. MinRex’s board continues to oversee a disciplined exploration strategy, balancing aggressive project advancement with prudent financial management. The company’s technical director, Ian Shackleton, has verified the exploration data, underscoring the reliability of the reported results.

Looking ahead, the market will be keenly awaiting the assay results from Fraser Range, which could significantly influence MinRex’s valuation and strategic direction. Meanwhile, the company’s strong cash position and diversified project base provide a foundation for sustained exploration momentum.