Exploration Risks Rise as MinRex-Electrum Merger Targets Concealed Deposits

Emerging Targets Beneath Serbian Cover Rocks

MinRex Resources Limited (ASX – MRR) has announced compelling new data from Electrum Discovery Corporation’s (TSX-V – ELY) recent geophysical survey over the Timok East Copper-Gold Project in Serbia. The latest Audio-Magnetotelluric (AMT) survey, a sophisticated electromagnetic technique, has revealed two discrete zones of high conductivity buried beneath Jurassic and Cretaceous limestones and volcanic sediments. These concealed targets, located approximately 250 to 550 metres below surface, are interpreted as potential porphyry-epithermal copper-gold mineralisation systems.

This discovery is significant given the Timok East Project’s proximity; just 10 kilometres west; to the town of Bor and the Veliki Krivelj copper mine operated by Zijin Mining, one of the region’s largest producers. The project sits within the Western Tethyan Magmatic Belt, a prolific geological corridor known for hosting major copper-gold deposits.

Geochronology Confirms Prospectivity

Adding to the excitement, age-dating analysis of an andesitic rock sample from the project area has yielded a Late Cretaceous age of approximately 95 million years. This timing aligns closely with the known magmatic events responsible for mineralisation in the Timok Metallogenic Zone, reinforcing the geological model that underpins the exploration strategy.

Technical Director Ian Shackleton highlighted that these findings not only validate the geological framework but also justify the planned merger between MinRex and Electrum. The combined entity aims to leverage these insights to accelerate drilling and exploration activities across Electrum’s Serbian copper-gold assets, including the advanced Tlamino Gold Project.

Strategic Merger to Unlock Value

The merger, unanimously supported by both companies’ boards and shareholders, is targeted for completion in March 2026. It promises to create a well-capitalised explorer with a strengthened portfolio and enhanced capacity to test high-priority targets identified by the AMT survey and other geophysical data.

Exploration permits covering around 200 square kilometres at Timok East provide a substantial landholding in a highly prospective region. Previous work has delineated multiple geophysical and geochemical anomalies, and the new AMT results add a critical layer of subsurface detail, enabling more precise targeting of drill holes.

Looking Ahead

While these results are early-stage and conceptual, they represent a meaningful step forward in the exploration campaign. The identification of concealed targets beneath cover rocks is particularly encouraging, as it suggests the potential for significant mineralisation that has yet to be tested by drilling.

MinRex and Electrum plan to undertake further evaluation and modelling of the AMT data to refine drill targets, with field testing expected to commence in 2026. Success here could position the merged company as a notable player in the copper-gold exploration space within Serbia’s mineral-rich belt.