MinRex Completes Electrum Merger, Gains High-Grade Serbian Gold and Copper Assets

Merger Finalizes Cross-Continental Gold-Copper Explorer

MinRex Resources (ASX:MRR) has officially completed its merger with Canadian-listed Electrum Discovery (TSXV:ELY), consolidating the two into a single, well-capitalised ASX-listed entity. The deal, executed via a Canadian statutory plan of arrangement, sees MinRex acquiring 100% of Electrum’s shares, with Electrum shareholders receiving 7.9 MinRex shares for each Electrum share held. Electrum will be delisted from the TSX Venture Exchange imminently.

This transaction completes a process that was recently granted final court approval in British Columbia, a key milestone enabling MinRex to expand its footprint beyond Australia into Serbia’s prolific Western Tethyan Belt. The merger significantly boosts MinRex’s asset base, combining Electrum’s advanced projects with MinRex’s established Australian portfolio, including the Sofala Gold Project in New South Wales.

MinRex’s recent court approval for its merger with Electrum had already set the stage for this transformative consolidation, and now the combined company is poised to pursue a dual-continent exploration strategy.

Tlamino Gold Project: A High-Grade Serbian Jewel

Electrum’s flagship Tlamino Gold Project in southern Serbia is a standout asset, hosting a near-surface inferred resource of 670,000 ounces of gold equivalent at 2.9 grams per tonne AuEq, reported under Canada’s NI43-101 standard. While this resource is a foreign estimate and not yet JORC-compliant, it represents a substantial high-grade deposit featuring 570,000 ounces of gold and 8.8 million ounces of silver within hydrothermal breccia mineralisation.

The Barje Deposit, the project’s core, remains open in multiple directions, suggesting potential for resource expansion. The presence of a large, zoned epithermal system between Barje and the nearby Liska lead-zinc deposit adds further exploration upside. MinRex has flagged plans to accelerate drilling at Tlamino, aiming to convert and expand the resource base.

Timok East: Untapped Copper-Gold Potential Near Major Mines

Beyond gold, Electrum’s Timok East Copper-Gold Project offers compelling exploration targets within 5 kilometres of Zijin Mining’s Bor Copper Complex, a world-class mining district. Covering approximately 200 square kilometres, Timok East has revealed multiple geophysical and geochemical anomalies indicative of a large hydrothermal system, with recent advanced geophysical surveys highlighting two discrete high-conductivity zones at depth.

This underexplored belt has seen limited historical drilling but shows significant surface copper-gold anomalism. The project’s inclusion in BHP’s Xplor accelerator program underscores its potential. MinRex’s strategy includes unlocking district-scale discovery opportunities here, complementing its gold focus with base metals exposure.

Strengthened Leadership and Australian Assets

To support this expanded footprint, MinRex has appointed Dr Elena Clarici, co-founder of Electrum and a seasoned mining executive with deep Serbian and global resources experience, to its board. Her background in junior explorers, development companies, and mining finance is expected to bolster MinRex’s leadership as it navigates cross-border growth.

Meanwhile, MinRex’s Australian base remains strong with the Sofala Gold Project in the Lachlan Fold Belt of New South Wales, hosting over 350,000 ounces of inferred gold resources under JORC standards. The company intends to advance this alongside its Serbian ventures, maintaining a balanced portfolio across gold and base metals.

Investors should watch for forthcoming updates on drilling programs at Tlamino and exploration progress at Timok East, which will provide clearer signals on the merged entity’s near-term growth trajectory.