MinRex Resources : Acquisition of Further Highly Prospective Lithium Projects

ASX Code: MRR

24 NOVEMBER 2021ASX Release

only	ACQUISITION OF FURTHER HIGHLY PROSPECTIVE
			LITHIUM PROJECTS IN EAST PILBARA
			MinRex acquires 4 Exploration Licences and mineral rights to 3 Exploration Licences
			in the Pilbara region highly prospective for Lithium-Tin-Tantalum.
		HIGHLIGHTS
use	∙ 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)
personal		Lithium mineralisation hosted in pegmatites with significant assays from 0.22% to up 2.02%
	lithium oxide, 1.75% rubidiumand 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-gradeSn-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)

For

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.

MinRex Resources Limited	ABN 81 151 185 867
Tel [phone]	Email [e-mail]

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

ASX Code: MRR

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

only2021, and MinRex's existing White Springs lithium project.

MinRex Resources Limited Chief Executive Officer Mr Kastellorizos commented:

"The MinRex team, which includes Director George Karageorge, who is one of the founding geologists of the Pilbara Minerals owned Pilgangoora Lithium-Tantalum deposits, are delighted with the success of the Company's strategy to

acquire further and more highly prospective ground in the East Pilbara World Class Mineral Field. Geological evidence supports all project areas to host significant lithium bearing pegmatites based on recent rock chip assaying results and the extensive historical tin/tantalum mining over extensive pegmatites. Our highly experience team will be ready for drill testing once the detail geological mapping/sampling has been completed. Further work will commence immediately

on the re-interpretation of airborne magnetic/potassic data to locate the pegmatite on the ground but also defined
tr nds and structures which appear to control the Li-Sn-Ta mineralisation".
For personal use
Figure 1 - Location map of Abeh Pty Ltd Projects in the Pilbara
MinRex Resources Limited		ABN 81 151 185 867
Tel [phone]		Email [e-mail]

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

ASX Code: MRR

For personal use only

Figure 2 - Location map of OD5 Pty Ltd & Abeh Pty Ltd Projects in the Pilbara

MinRex Resources Limited	ABN 81 151 185 867
Tel [phone]	Email [e-mail]

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

ASX Code: MRR

Tambourah North Project (E45/4953)

For personal use only

In 2013 Altura Mining Limited identified outcropping lithium mineralisation hosted within pegmatites. Initial investigation of the licence for rare metal mineralisation suggests that lithium is present as lepidolite in pegmatites located along the granite-greenstone margin. Three (3) rock chip samples were collected over the outcropping pegmatites. All samples display high lithium content recording up to 1.38% Li2O (lies just outside the eastern boundary of E45/4953) and the remaining samples containing 0.22% and 0.25% Li2O lie within E45/4953.

Figure 3 - Tambourah North Project highlighting Historical and Current Exploration Results

Table 1 - Total Rock Chip Assay Results

Sample

Easting

Northing

Be

Cs

Li

Li

Nb

Rb

Ta

Th

U

W

Id

GDA94 Zone 50

GDA94 Zone 50

ppm

ppm

ppm

%

ppm

ppm

ppm

ppm

ppm

ppm

	RCP1	725875	7596823		7		55.9		1010	0.22	187		904	22.7		1.21	2.32	3.2
	RCP2	725897	7596809		7.3	46.8		1180	0.25	231		856	25.5		1.94	1.17	4.5
	RCP3	725941	7596746		105		300		6410	1.38	69.6		1890	274		5.04	6.94	4.9

MinRex Resources Limited	ABN 81 151 185 867
Tel [phone]	Email [e-mail]

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

For personal use only

ASX Code: MRR

MinRex's review of historical exploration indicates the tenement is prospective for pegmatite-hosted mineralisation close to the granite-greenstone contact. Limited evaluation of exposed and outcropping pegmatitic strongly suggests additional field work is warranted to identify the continuity or presence of lithium mineralisation.

In 2019 Abeh conducted a brief reconnaissance program over Tambourah North Project area with one rock chip sample collected. The assay results were significant as the pegmatite hosting spodumene and lepidolite hosted within the greenstone belt, returned values of up to 2.02% lithium oxide (LiO2) 1.75% rubidium (Rb) and 1,276 ppm caesium (Cs). The sample was collected on the northern margin of the current exploration licence area.

Table 2 - Abeh Rock Chip Assay Result

Sample

Easting

Northing

Description

Cs

Li

LiO2

Rb

Sn

Ta

Id

GDA94 Zone 50

GDA94 Zone 50

ppm

ppm

%

ppm

ppm

ppm

94909

725947

7600330

Pegmatite with spodumene and

1276

1.02%

2.02%

1.75%

3.04

2.44

lepidolite

Tambourah Creek Project (E45/4275)

The Tambourah Creek Project (E45/4275) tenement overlays the Shaw batholith, an Archaean granitoid complex which has been intruded by younger, tin-bearing plutons. Late-stage pegmatite swarms are the principal host for the tin/tantalum mineralisation. Shallow alluvial tin workings in the vicinity of outcropping tin-bearing pegmatites. No lithium exploration has been conducted within the Project area. Refer to Figure 3 for sample locations.

Table 3 - Stream Sediment Assay Results

Sample

Easting

Northing

Sample Type

Sn

Ta

Nb

Y

Id

GDA94 Zone 50

GDA94 Zone 50

ppm

ppm

ppm

ppm

H5

740137.1

7604555.1

Stream Sediment

388

-10

-10

3.3

H6

738912.2

7602989.8

Stream Sediment

3138

24

30

2.5

In 2019 Abeh conducted a brief reconnaissance program over the Project area. Pegmatite hosting spodumene and lepidolite hosted within the Shaw Granitoid Complex with significant assay results returning values of up to 0.74% lithium oxide.The sample was collected on the northern portion of the current exploration licence area as per Figure 2.

MinRex Resources Limited	ABN 81 151 185 867
Tel [phone]	Email [e-mail]

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au