MinRex Resources Limited (ASX: MRR) has released its latest drilling results from the Fraser Range Project in Western Australia, revealing significant intersections of critical minerals, including Rare Earth Elements (REEs), Titanium Dioxide (TiO₂), and Scandium (Sc). The assay results indicate growing potential in sought-after industrial minerals.
Figure 1: Geological map (Geological Survey of WA) displaying prospects along with copper BHT and IOCG-style targets.
Drilling Program and Results
The drilling campaign, managed by West Cobar Metals Limited (ASX: WC1), consisted of nine Reverse Circulation (RC) holes for a total of 1,958 metres. The program targeted five priority geophysical anomalies — three Iron Oxide Copper Gold (IOCG) prospects and two Broken Hill Type (BHT) targets in the Biranup Zone.
Key intersections included:
- Benriach: 27m @ 102 ppm Sc₂O₃ and 2.23% TiO₂ from 171m.
- Oban: 117m @ 3.31% TiO₂ and 47 ppm Sc₂O₃ from 15m.
- Talisker: 27m @ 718 ppm TREO from 27m, including 9m @ 1,037 ppm TREO from 45m; and 36m @ 546 ppm TREO from 27m, including 3m @ 1,101 ppm TREO.
Figure 2: Cross-sectional view of drilling results facing north at the Talisker target.
These findings confirm the prospectivity of the region for critical minerals that are vital for a wide range of industries — from renewable energy and advanced manufacturing to aerospace and defence.
Significance of Titanium Dioxide and Scandium
The global Titanium Dioxide (TiO₂) market, valued at USD 20.72 billion in 2024, is projected to grow to USD 24.41 billion by 2029 at a CAGR of 3.3%. Demand is largely driven by paints and coatings, plastics, paper, and cosmetics due to TiO₂’s exceptional whitening, brightening, and UV resistance properties.
The Scandium market is also poised for expansion, estimated at USD 58.70 billion in 2024 and expected to more than double to USD 130.19 billion by 2034, growing at 8.29% annually. Scandium is sought after for its role in high-strength aluminium alloys for aerospace and automotive industries, solid oxide fuel cells, and high-intensity lighting.
Commentary from the Company
MinRex’s Technical Director, Ian Shackleton, commented:
“Although this greenfields drilling program did not intersect IOCG or BHT style copper-gold mineralisation, it did return significant critical mineral results which are encouraging. We are currently reviewing these results in more detail against other data sets and in context to known deposits in the region to determine their potential extent and significance.”
The Company has a three-month window to decide whether to exercise its option to acquire a 50% interest in the Fraser Range Project, which includes granted exploration licences E63/2078 and E63/2083, plus mineral rights to all basement minerals in E63/2056.
Market Implications and Strategic Positioning
The discovery of notable TiO₂ and Scandium intersections positions MinRex to benefit from robust global market trends:
- Decarbonisation and clean energy are driving increased demand for REEs, Scandium, and TiO₂ in EVs, wind turbines, solar panels, and aerospace alloys.
- Supply chain diversification efforts, particularly in Australia, are fuelling investment in local critical mineral projects to reduce reliance on single-country suppliers.
- Government policy support for critical mineral exploration is expected to enhance project viability through funding, tax incentives, and infrastructure development.
Technical Breakdown by Prospect
- Talisker: Significant REE values were found within upper saprolite zones, under 14–27m of transported overburden. Host rocks include felsic gneiss and granite, both known for REE enrichment.
- Oban: The single RC hole delivered an impressive 117m interval of TiO₂ mineralisation starting at just 15m depth, within highly magnetic amphibolite.
- Benriach: Drilling intersected both Scandium and TiO₂ within magnetic amphibolite, indicating potential for scalable mineralisation zones.
- Glenmorangie: Returned 6m @ 873 ppm TREO and 4.40% TiO₂ from 6m, though MinRex’s rights apply only to basement minerals, limiting its direct interest in the reported intersection.
- Glendronach: No significant assays were returned from the single hole drilled at this location.
Next Steps for MinRex
The Company will now undertake a comprehensive review of the data to evaluate the commercial significance of the TiO₂ and Scandium findings, alongside REE results. This review will consider:
- Correlation with geophysical anomalies.
- Comparisons with other mineralised systems in the region.
- Potential for expanded exploration in high-prospect zones.
Depending on the outcome, MinRex may move to exercise its option agreement with West Cobar Metals, thereby securing a strategic foothold in one of Western Australia’s most promising critical mineral corridors.
Investor’s Outlook
As of 14 August 2025, MinRex’s (ASX: MRR) share price stood at $0.008, with a market capitalisation of $9.22 million. Trading performance reflects a +6.25% gain over the past week, steady over the past month, and +6.25% year-to-date.
The market’s positive short-term response indicates investor recognition of the potential upside from critical mineral discoveries, even without copper-gold hits. If MinRex advances exploration and confirms resource scalability, its position in the TiO₂ and Scandium markets could attract increased speculative and institutional interest.
Given the global growth trajectory of these commodities, coupled with policy-driven support for critical minerals, MRR shares may present a speculative growth opportunity for risk-tolerant investors. However, as with all early-stage exploration plays, outcomes hinge on further drilling success, metallurgical recoveries, and eventual project economics.
Looking Forward
The Fraser Range drilling campaign has unveiled compelling intersections of TiO₂, Scandium, and REEs commodities with strong long-term market fundamentals. With robust demand forecasts and strategic government backing for critical mineral supply chains, MinRex is well-positioned to capitalise on the next phase of Australia’s mineral boom, should it proceed with its option agreement and further exploration.
