- MinRex Resources (MRR) has raised $2.9 million and completed its purchase of the Sofala Projects in the Lachlan Fold Belt in NSW
- Under the raise, the company has issued 145 million shares at 2 cents each
- The Sofala projects include Mt Pleasant, First Find, Sunny Corner North and Sunny Corner South, which is now all fully owned by MinRex
- Additionally, MinRex has also commenced geological work to confirm and better define key targets in the new Lachlan Fold projects
- The company is aiming to drill test the targets in the first half of 2021
- On market close for the weekend, MinRex is down 4 per cent and trading at 2.4 cents per share
MinRex Resources (MRR) has raised $2.9 million to purchase the Sofala Projects in the Lachlan Fold Belt in NSW.
In October, the company announced it planned to enter the Lachlan Fold Belt following a string of purchases and farm-in agreements.
The company issued 145 million shares at 2 cents each, with a one-for-two free attaching option at 4 cents each.
The Sofala projects include Mt Pleasant, First Find, Sunny Corner North and Sunny Corner South, which is now all owned by MinRex. To purchase these projects, MinRex issued 92.5 million shares and paid $110,000 to the vendors.
Additionally, MinRex has also commenced additional desktop geological work that aims to confirm and better define key targets in the new Lachlan Fold projects. The company is aiming to drill test the targets in the first half of 2021.
With over $3 million in cash, MinRex is well-placed for future exploration activities.
The East Lachlan Fold Belt is a mining and exploration region that contains several major gold, copper-gold and silver deposits. Projects in this region include Newcrest Mining’s (NCM) Cadia-Ridgeway Mine and Alkane Resources’ (ALK) Tomingley Mine.
Recently, the U.S. Geological Service estimated that between four and ten porphyry systems remain to be found in the Lachlan Fold Belt. This has led to a number of companies, such as Newmont and Fortescue, purchasing land in the area.
On market close for the weekend, MinRex is down 4 per cent and trading at 2.4 cents per share.