MinRex Faces Decision After Missing Copper-Gold but Finding Critical Minerals

• Nine reverse circulation drill holes completed, totaling 1,958 meters
• No significant copper or gold mineralisation intersected
• Encouraging near-surface Rare Earth Elements (REE), Titanium Dioxide (TiO2), and Scandium (Sc) results
• MinRex holds option to earn 50% interest by funding $500,000 in exploration
• Results to be reviewed before exercising option within three months

Exploration Context and Objectives

MinRex Resources Limited (ASX, MRR) has reported assay results from its recent reverse circulation (RC) drilling program at the Fraser Range Project in Western Australia. The program, managed by West Cobar Metals Limited, targeted five priority geophysical anomalies interpreted as potential hosts for Iron Oxide Copper Gold (IOCG) and Broken Hill Type (BHT) mineralisation. These styles are typically associated with copper, gold, and base metals, making them attractive exploration targets.

Over 1,958 meters of drilling across nine holes tested prospects including Talisker, Glenmorangie, Oban, Benriach, and Glendronach. Despite the anticipation for copper-gold mineralisation, the drilling did not intersect significant quantities of these metals.

Unexpected Critical Mineral Discoveries

While copper and gold were absent, the assays revealed notable concentrations of critical minerals, specifically Rare Earth Elements (REE), Titanium Dioxide (TiO2), and Scandium (Sc), predominantly within near-surface saprolitic clays. Highlights include intercepts such as 27 meters at 718 ppm total rare earth oxides (TREO) at Talisker, and 117 meters at 3.31% TiO2 at Oban. These findings suggest the tenements hold potential for critical minerals that are increasingly vital for advanced technologies and clean energy applications.

The mineralisation occurs mainly in weathered regolith horizons overlying felsic gneiss and granite basement rocks, with variable magnetite content possibly explaining the geophysical anomalies that guided the drilling. The presence of scandium and titanium alongside REE enriches the strategic value of the project, given global supply constraints for these elements.

Strategic Implications and Next Steps

MinRex has an option to earn a 50% interest in the Fraser Range tenements by contributing $500,000 towards further exploration. The company has three months from receipt of these assay results to decide whether to exercise this option. The results will undergo detailed assessment in conjunction with existing geological and geophysical data to evaluate the extent and economic potential of the critical mineralisation.

Technical Director Ian Shackleton emphasised the encouraging nature of the critical mineral results despite the absence of copper-gold mineralisation. This pivot towards critical minerals could reposition the project’s strategic importance, aligning with broader market demand for rare earths and titanium.

Further work will likely focus on delineating the lateral and depth extents of the REE and TiO2 mineralisation, with potential follow-up drilling to refine targets and assess resource potential. The outcome of MinRex’s option decision will be closely watched by investors and industry observers, as it may signal a shift in focus towards critical minerals exploration within the Fraser Range region.

Bottom Line?

MinRex’s critical minerals discovery at Fraser Range could redefine the project’s value and strategic direction.

Questions in the middle?

• Will MinRex exercise its option to acquire a 50% interest based on these critical mineral results?
• What is the potential scale and economic viability of the REE and titanium mineralisation identified?
• How might these findings influence exploration strategies in the Fraser Range and broader critical minerals sector?