MinRex Resources (ASX:MRR)
The Pilbara region has recently become subject to significant interest due to the discovery of ‘watermelon seed’ gold nuggets.
The region has attracted the likes of billion dollar capped Canadian-listed Novo Resources (TSX-V:NVO) and its joint venture partner, Australia’s own fast rising $191 million capped Artemis Resources (ASX:ARV).
One ASX Junior has now joined the fray having just agreed to acquire a 70% interest in five highly prospective gold licences in the Pilbara.
Importantly, for this company ARV, the company that started the gold rush, has thrown its support behind this company by taking a strategic stake.
This company’s newly acquired tenements border licences controlled by Novo Resources Corp, Haoma Mining (ASX:HAO), as well as the tenements of renowned prospector Mark Creasy.
They are some heavy hitting neighbours and encouragingly, HAO recently announced the presence of gold-prospective conglomerate horizons similar to those of the Witwatersrand Basin in South Africa.
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The final piece of the puzzle is this $13 million capped company’s association with ARV. The ground MRR is acquiring is in the heart of the Pilbara’s prospective conglomerate gold region.
As such, ARV, the company that started the Pilbara gold rush, obviously see something in today’s company’s tenements and have taken a $250,000 stake.