- Junior explorer MinRex Resources (MRR) adds another lithium asset to its exploration portfolio through the purchase of the Garden Creek Lithium Project in WA’s Pilbara region
- MinRex will purchase the Garden Creek project from private company True Fella through Odette Five, which will soon be owned by MinRex
- MinRex Non-Executive Director George Karageorge says the Garden Creek project lies nearby to Global Lithium’s (GL1) Archer Lithium Deposit
- MinRex is now planning field mapping surface soil/rock chip sampling and reconnaissance ground proofing in several pegmatites to begin before the end of the month
- Shares in MinRex close1.54 per cent lower at 6.4 cents e
Junior explorer MinRex Resources (MRR) is adding another lithium asset to its exploration portfolio through the purchase of the Garden Creek Lithium Project in WA’s Pilbara region.
The company this morning told investors Odette Five, which will soon be owned by MinRex, has secured the rights to buy Garden Creek from private company True Fella. MinRex said the project was a strategic addition to its Sisters and Moolyella North projects, which all lie near Global Lithium’s (GL1) Archer Lithium Deposit.
MinRex will pay True Fella $15,000 in cash 33.33 million shares for Garden Creek and will also grant the seller a one per cent gross overriding royalty on any materials extracted from the project area.
MinRex Non-Executive Director George Karageorge said the company was “delighted” to close out the deal for the Garden Well project.
“The deal now has MinRex sharing tenement boundaries in the East Pilbara world-class battery metal endowment and the rapidly increasing lithium resource at Global Lithium’s Archer deposit,” Mr Karageorge said.
“Global Lithium has commenced a 60,000-metre reverse circulation (RC) drilling program and will be drilling in close proximity to all of MinRex’s Sisters, Moolyella North, and Garden Creek project boundaries.”
He said a MinRex team would be on the ground in the area in the next seven to ten days.
MinRex first announced its planned purchase of Odette Five back in November 2021, with the buyout to give MRR control of Odette Five’s 483sqkm of granted exploration licences across four Pilbara projects.
MinRex shareholders voted in favour of the Odette Five purchase on February 16, with the acquisition to be completed on Monday, February 21.
Looking ahead, MinRex said it was now planning field mapping surface soil/rock chip sampling and reconnaissance ground proofing in several pegmatites to begin before the end of the month.
The company is also planning some geological reconnaissance and detail mapping across its lithium portfolio, among other early-stage exploration work.
Today’s news follows the purchase of seven WA lithium projects announced in November 2021, shortly after the Odette Five acquisition.
Shares in MinRex closed 1.54 per cent lower at 6.4 cents each. The company has a $45.5 million market cap.