MinRex engages Keystone Gold for field program at East Pilbara
MinRex Resources (ASX:MRR) today announced that it has engaged renowned consultancy group, Keystone Gold Pty Ltd, for a seven-day field program. The program will include site inspections and metal detecting on MRR’s five highly prospective licences in WA’s East Pilbara region, some of which have conglomerate gold potential.
Site inspection will assist the company in determining which projects to target, and to plan for further exploration and a potential drilling program in 2018.
As MRR announced in late November, there are historical workings at some of the project areas, including previous rock chip samples of 30 grams per tonne of gold (Norm’s Find) and 1.28 grams per tonne (BC07). These historical workings and records have been assessed by both MRR and the consultants to help determine areas to target during the seven-day program.
MRR is acquiring a 70 per cent interest in each of the tenements via a binding heads of agreement (HoA) through controlling entities.
After reviewing historical workings, public records and consulting with MRR, the Keystone consultants will begin by orientating themselves at the Dalton’s Creek area and the Norm’s Find region. This will enable them to conduct prospecting activities at what they deem to be the most highly prospective areas for alluvial gold and conglomerate hosted gold potential.
At the same time, it’s worth noting that this is an early stage play and investors should seek professional financial advice if considering this company for their portfolio.
Major gold discoveries nearby
Notably, Novo Resources Corp (ASX:CVE), Haoma Mining NL (ASX:HAO) and Artemis Resources Ltd (ASX:ARV) have all recently announced landmark gold discoveries in surface conglomerate horizons in the Pilbara.
Correspondingly, MRR’s Bamboo Creek, Marble Bar and Daltons projects are strategically located, adjacent to projects owned by HAO. HAO recently revealed the presence of gold-prospective conglomerate horizons similar to those of the Witwatersrand in South Africa, located within the Fortescue Group in its project areas at Bamboo Creek and Marble Bar.
CVE also holds tenure near Marble Bar and Bamboo Creek, and is targeting Witwatersrand-style auriferous conglomerate at the base of the Fortescue Group, specifically the base of the Mount Roe Basalt, and has had success at the Purdy’s Reward and Comet Well prospects in the West Pilbara.
MRR non-executive chairman, Dr James Ellingford, said: “This program is an essential step for identifying which tenements we should focus on... in one of the most prospective gold regions in the world today. Recent announcements by Novo Resources Corp, Haoma Mining NL and Artemis Resources Ltd show they continue to view the Pilbara region positively for discovering an economical gold deposit on their projects.”
Short-term positions in small, early stage ASX companies,
with high potential and near term price catalysts.
Focusing on resource exploration, early-stage tech, and biotech.
Exceptional opportunities across a broad range of
early-stage growth sectors with strong management.
Seeking 1,000% plus returns across medium to long-term holds.
Longer-term positions in a variety of sectors.
Seeking strong management where traction is established and have entered into a growth phase.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.