MinRex Resources Limited (ASX: MRR) has announced the successful completion of a Reverse Circulation (RC) drilling program at the Fraser Range Copper-Gold Project, located roughly 120 kilometres northeast of Esperance in the prolific Albany-Fraser Belt of Western Australia. The drilling targeted five high-priority geophysical and structural targets, advancing MinRex’s footprint in one of Australia’s most promising mineral provinces.
This program represents a key milestone under MinRex’s option agreement with West Cobar Metals Limited (ASX: WC1), with the results expected to play a pivotal role in deciding whether MinRex exercises its right to acquire a 50% interest in the project.
The table shows detailed specifications of the nine RC drill holes completed across five target prospects, Talisker, Glenmorangie, Oban, Benriach, and Glendronach, at MinRex’s Fraser Range Copper-Gold Project. [MinRex Resources]
RC Drilling Program: Execution and Focus Areas
The completed RC program included nine holes totalling 1,958 metres, testing a suite of anomalies across five defined prospects — Talisker, Glenmorangie, Oban, Benriach, and Glendronach. The focus was on evaluating the mineral potential of these zones for Iron Oxide Copper-Gold (IOCG) and Broken Hill-type (BHT) systems, which are recognised for their copper, gold, lead, and zinc mineralisation potential.
The program was fully funded by MinRex, with West Cobar managing operations on the ground.
“We would like to thank Matt and the team at West Cobar for their efforts in undertaking the program successfully and without incident. We look forward to working with West Cobar once assays are received to evaluate the results and future work programs,” said MinRex Technical Director Ian Shackleton.
Location map of MinRex Resources’ Fraser Range Copper-Gold Project, showing key tenements (E63/2078, E63/2083, and E63/2056) and the five primary prospects, Talisker, Glenmorangie, Oban, Benriach, and Glendronach, within the Albany-Fraser Belt. [MinRex Resources]
The decision to drill was underpinned by the reinterpretation of gravity, magnetic, and electromagnetic (SkyTEM) data, combined with detailed geological mapping, which offered strong support for the prospectivity of these targets.
Structural and Geological Context
The Fraser Range Project is situated within the Biranup Zone, part of the broader Albany-Fraser Mobile Belt. This region has delivered some of WA’s most significant mineral discoveries, including IGO’s Nova-Bollinger deposit.
The host geology comprises Paleoproterozoic gneisses, granites, and amphibolites — ideal conditions for both IOCG and BHT mineral systems. All five drill targets lie on or near regional structural corridors and gravity highs, interpreted as deep-seated plumbing systems capable of concentrating metals.
“We have successfully carried out an RC drill program testing major greenfields targets from modelled geophysical data in outstanding structural settings under a funding deal with MinRex Resources Limited,” added West Cobar Managing Director Matt Szwedzicki.
The program also represents the first drilling in this tenure since the collection of modern geophysical datasets, giving it a strong chance to deliver new mineral insights.
Regional map of the Salazar Project showing West Cobar Metals’ tenements and joint venture areas with MinRex Resources, highlighting key prospects such as Talisker, Glenmorangie, Oban, Benriach, and Glendronach, along with adjacent REE resource areas held by Newmont and O’Connor. [West Cobar Metals]
Global Commodity Context: Tailwinds for Copper and Gold
MinRex’s exploration push comes at a time when both copper and gold are showing robust price performances, underpinned by structural global demand and macroeconomic uncertainty.
Copper Price Performance (as of 12:48 pm AEST, 24 June 2025)
- USD/lb: $4.87
- 1 Week: +1.76%
- 1 Month: +1.45%
- YTD: +22.47%
- 1 Year: +11.51%
Copper is widely considered the most important “green metal”, used heavily in electric vehicles, solar panels, wind turbines, and energy grid upgrades. Its supply remains constrained despite surging demand, driving strong prices.
Gold Price Performance (as of 12:32 pm AEST, 24 June 2025)
- USD/oz: $3,347.40
- 1 Month: +0.03%
- YTD: +27.55%
- 1 Year: +44.28%
Gold, meanwhile, is benefiting from global economic volatility, inflation hedging, and continued demand from central banks and private investors.
Performance of the gold price over the years
The Fraser Range Tenements: High-Impact Potential
The project comprises granted exploration licences E63/2078, E63/2083, and mineral rights over E63/2056. These licences are well-located in a geological corridor known for deep intrusive rocks and structurally controlled mineralisation, key ingredients for large-scale copper-gold systems.
The prospects targeted by the current drill campaign were identified as discrete magnetic and gravity features with favourable structural settings, further supported by interpreted EM conductors.
MinRex’s geological team will now undertake a full review of downhole lithologies, alteration zones, and structure, pending assay results expected in August 2025. These findings will directly inform follow-up programs and guide the decision on whether to move forward with the 50% project acquisition.
Next Steps and Development Pathway
Post-assay evaluation, MinRex may proceed with:
- Follow-up RC drilling or diamond drilling
- Shallow air-core programs for geochemical footprinting
- Further geophysical surveys (e.g., IP or ground EM)
The option agreement between MinRex and West Cobar allows a three-month evaluation window following assay delivery. If exercised, MinRex will hold a 50% interest in the Fraser Range Project and may elect to operate the joint venture moving forward.
Investor’s Outlook: Low-Cap, High-Leverage Opportunity
MinRex Resources (ASX: MRR) is currently trading at $0.008 (as of 11:30 am AEST, 24 June 2025), placing it near the middle of its 52-week range of $0.007 – $0.011. With 1,084,867,503 shares on issue, the Company’s market capitalisation stands at approximately AUD 8.68 million.
While small in size, MinRex offers significant leverage to discovery success. Drilling in a Tier-1 jurisdiction like Western Australia, especially in a belt that hosts the Nova-Bollinger mine, positions the Company as a potential high-reward explorer.
The broader market environment also favours explorers. With copper and gold prices strong, investor appetite remains high for early-stage companies with credible geological models and exploration momentum.
Conclusion
MinRex Resources has taken a key step forward at the Fraser Range Copper-Gold Project, completing an RC drilling program that tested high-priority targets in one of Australia’s most prospective mineral belts. With assays due soon and a well-structured option to enter a 50% JV interest, the second half of 2025 could be transformative.
The Company’s strategy, combining low-cost exposure with technically driven exploration, aligns well with current commodity dynamics. If the assays are delivered, MinRex could transition from explorer to partner in a highly strategic district.
For investors seeking early-stage exposure to copper and gold exploration in a structurally significant belt, MinRex Resources may be one to watch closely.
Frequently Asked Questions
1.What was the goal of the recent drilling at Fraser Range?
Ans: The goal of the recent RC drilling program at the Fraser Range Copper-Gold Project was to test five high-priority geophysical and structural targets for their potential to host Iron Oxide Copper-Gold (IOCG) and Broken Hill-type (BHT) mineral systems. These systems are known for containing valuable metals, which include copper, gold, lead, and zinc. The program aims to evaluate the mineral prospectivity of these zones and generate data. MinRex’s decision to acquire a 50% interest in the project will depend on that data.
2.What makes the Fraser Range project compelling for MinRex?
Ans: The Fraser Range project is compelling for MinRex due to several factors:
- Location: It sits within the Albany-Fraser Belt. It is one of Australia’s most prospective mineral provinces and home to IGO’s Nova-Bollinger deposit.
- Geology: The project area contains favourable host rocks and regional structures ideal for IOCG and BHT mineralisation.
- Untested targets: This is the first drill program undertaken since acquiring modern geophysical datasets. It provides a fresh opportunity for new discoveries.
- Commodity backdrop: The global prices for copper and gold have a significant upward trend. It’s a very positive sign for Minrex.
3.What is the nature of MinRex’s relationship with West Cobar Metals?
Ans: MinRex Resources is operating under an option agreement with West Cobar Metals Limited (ASX: WC1). Under this agreement:
- MinRex fully funded the RC drilling program.
- West Cobar managed on-ground operations.
- After receiving and evaluating the assay results, MinRex has a three-month window to decide whether to exercise its option to acquire a 50% interest in the Fraser Range Project.
- If exercised, MinRex may also elect to become the operator of the joint venture.
4.How many drill holes were completed, and what was their total depth?
Ans: The RC drilling campaign completed a total of nine drill holes. The combined depth is 1,958 metres. These holes were drilled across five target prospects: Talisker, Glenmorangie, Oban, Benriach, and Glendronach.
5.What are the next steps if assay results are positive?
Ans: If the assay results are positive, MinRex has the plan to proceed with:
- Exercising its option to acquire a 50% interest in the Fraser Range Project.
- Conducting follow-up RC or diamond drilling to further investigate mineralised zones.
- Undertaking shallow air-core drilling to define geochemical footprints.
- Launching additional geophysical surveys. The surveys may include Induced Polarisation (IP) or ground-based electromagnetic (EM) surveys.
