MinRex acquires 4 Exploration Licences and mineral rights to 3 Exploration Licences in the Pilbara region highly prospective for Lithium-Tin-Tantalum.
Highlights
-- The total project area is 176.9km2 and the tenements within the area have extensive and outcropping pegmatites which remain untested by modern day lithium exploration.
-- Tambourah North Lithium Project (E45/4953) -- Lithium mineralisation hosted in pegmatites with significant assays from 0.22% to up 2.02% lithium oxide, 1.75% rubidium and 1,276 ppm caesium (from 3 samples).
-- Tambourah Creek Project (E45/4275) -- Hosting lithium mineralisation within pegmatites with spodumene assays of 0.74% lithium oxide (from 1 sample).
-- Shaw River Lithium Project (E45/4601) -- Historical heavy stream sediment sampling has outlined very high-grade Sn-Ta mineralised zones (up to 42.2% tin and 3.41% tantalum, from 7 samples) within extensive pegmatite occurrences.
-- Coondina Lithium Project (E45/4266) -- Late-stage pegmatites swarms which principally host the tin/tantalum mineralisation. No lithium exploration conducted over these pegmatites.
-- Soanesville Projects (E45/4455, E45/3926, and E45/5071)
---- Similar geological and structural features to Wodgina and Pilgangoora Lithium-Tantalum Deposits.
---- Regional geological structure within E45/3926 is similar to Pilgangoora which hosts the Pilbara Minerals Limited (ASX: PLS) Mining Operations (226Mt@1.27% Li2O, 116ppm Ta2O5).
---- No lithium exploration has been conducted over these tenements.
MinRex Resources Limited (ASX: MRR) (“MinRex” or “the Company”) is pleased to announce that it has entered into a binding term sheet for the acquisition of 4 exploration licences (E45/4953, E45/4275, E45/4601 and E45/4266) and mineral rights to battery mineral, tin and rare earth metals over 3 additional exploration licences (E45/5071, E45/4455 and E45/3926) with Abeh Pty Ltd (Abeh) and Maxwell Strindberg. A summary of the material terms of the acquisition is set out in Appendix A. Further details of the tenements the subject of the acquisition are set out in Appendix B.
The acquisition represents a significant next step in MinRex’s tenement acquisition plan to become an emergent lithium explorer with high-quality assets within a 70km radius of world-class Lithium and Tantalum producers Pilbara Minerals (ASX: PLS) Pilgangoora and Mineral Resources (ASX:MRL) Wodgina. The new Tambourah North, Tambourah Creek, Shaw River, Coondina and Soanesville projects supplement and offer fantastic synergies to the Moolyella, Coondina East, Coondinia South and Haystack Well lithium projects to be acquired by MinRex, as announced on 17 November 2021, and MinRex’s existing White Springs lithium project.
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