MinRex Resources Limited (ASX:MRR), which plans to acquire a 70% stake in five highly-prospective exploration licences in WA’s East Pilbara region, has been full steam ahead over the New Year period.
MRR is seeking to acquire tenements that border licences controlled by the $475.4 million capped Novo Resources Corp (TSX-V:NVO) and the $43 million capped Haoma Mining (ASX:HAO).
The tenements also border those of renowned prospector Mark Creasy, the 72-year-old mining veteran and BRW rich lister who reaped more than $500 million when Independence Group acquired Sirius Resources in 2014 – a company in which Creasey had a major stake.
There is a lot to like about the East Pilbara region and MRR is already seeing some reward with the results of a recent site inspection of its East Pilbara licences turning up six gold nuggets totalling 22.7 grams.
Also working in MRR’s favour is the $250,000 injected into MRR by the $150 million capped Artemis Resources (ASX:ARV) as part of a $750,000 placement to fund the acquisition of the Pilbara sites.
Artemis was the company that kicked off the new Pilbara gold rush and MRR will look to ride its coattails.
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MRR is set for a big 2018, with a lot of work to come including historical data compilation, target generation, prospecting and eventually drilling if results fall its way.
If the news flow continues in a positive manner, it could have a substantial positive impact on MRR’s current low value $8 million market cap.