Minrex Resources Limited (MRR) is a speculative exploration company looking to advance exploration for Gold and Tin in the Deflector Extended Gold Project in Western Australia and Heemskirk Project in Tasmania.
Minrex Resources nudging north today after announcing its maiden inferred mineral resource estimate for the Pacific Highway prospect within the Pacific Express project at: 697,000t @ 1,157ppm Co, 9,043ppm Ni and 39.5 ppm Sc (cut-off 600ppm Co). This translates to contained metal of 806t cobalt, 6,301t nickel and 27.5t scandium.
MRR has been trading sideways between 5c and 6c for more than a month and a half and has formed a solid base of support at 5c. The last few trading sessions have seen some accumulation and it has moved north on good volume today following the announcement.
Volume exploded out of nowhere this morning at around 11:30am resulting in the share price increasing from 6.7c to a high of 8.1c. No news announced and nothing in particular expected about now from what I can tell. Please correct me if I am wrong.
Might be a speeding ticket in the works with all this unexplained volume.
The shareholder meeting to approve the acquisition of the East Pilbara battery mineral project package (8 exploration licences, 5 exploration licence applications and mineral rights to battery metals over an additional 3 exploration licences and 2 exploration licence applications, with a total project area of 890km2) is being held today.
Some additional catalysts in the near term for MRR:
Results from the first pass reconnaissance sampling on new East Pilbara Projects are due in March.
Assay results from drilling at the Queenslander Gold Prospect are due this month.
The Board has stated it is focussed on strengthening the management team by adding "technical experience".
MRR share price bouncing off 6c today and starting to turn bullish again.
I think they are going to have to pull a rabbit out of the hat.
MD strung a few words together for the last quarterly;
MinRex Resources Limited Managing Director Mr Robert Boston commented:
“I was pleased with the June quarter ongoing field work in WA and NSW assessing the current asset portfolio.”
“MinRex maintains a strong cash balance of $11.7m and continues to review multiple new lithium projects both domestically and internationally.”
Not a lot to go on there, and I bet he struggled to pad it out a bit. ?
For a MC of $16.8mil, that's a good amount of cash...to burn?
Will the heyday for spec stocks return?
I'm quite sure the answer is a firm no, for now at least anyway. I can't see the unique conditions that fueled the fire returning.
A lot of similar looking charts.
Ashes to ashes, dust to dust.
Shouldn't go broke by then ?
They are supposed to be coming up with a Jorc compliant MRE from historic drillings around Sofala etc (Lachlan Fold) in the 3rd quarter.
That might just be a rabbit in the hat, or a hare brained idea.
From the latest quarterly released 31/10/2023,
"The soil sampling programs at the Garden Creek and Sisters Project are now completed with assay results anticipated to be available during the fourth quarter of 2023 (with the objective of potentially defining drill targets in the first quarter of 2024)."
Over 13 quarters of funding available or $11 mill of "total available funding", figure same as cash figure.
A director, Ian Shackleton, has (on 5th October, 2023) stumped up $57,600 on 3,600,000 shares via on market trade. (~$0.016 each)
That's quite an upgrade to his existing 1,3000,000 shares.
He now holds 4,900,000 FPO shares.