MinRex Resources Limited (ASX: MRR) (“MinRex” or “the Company”) is gaining momentum in 2025 as it prepares to commence a high-impact drilling program at the Fraser Range Copper-Gold Project in Western Australia (WA). In partnership with West Cobar Metals Limited (ASX: WC1), MinRex is targeting five priority IOCG (Iron Oxide Copper-Gold) and BHT (Broken Hill Type) targets in one of the most underexplored but highly prospective geological belts in Australia.
Figure 1: MinRex Resources and Locations of Its Project and Prospects [MinRex]
Let’s break down the latest developments of the Company and what they mean for investors.
Fraser Range Copper-Gold Project: Drilling Approved and Set to Commence
On 5th May 2025, MinRex announced that it had received all the necessary approvals, including heritage clearance and DEMIRS Programme of Works authorisation to commence RC drilling at the Fraser Range Project, situated approximately 120km northeast of Esperance, WA.
The Fraser Range Project comprises exploration licences E63/2078, E63/2083, and mineral rights to the basement of E63/2056, covering an area of approximately 360km2. The project lies in the Biranup Zone, a structural offshoot of the Fraser Zone, which hosts the world-class Nova-Bollinger nickel-copper deposit. The area shares geological similarities with the Iron Oxide Copper Gold (IOCG) mineralisation in the Gawler Craton.
Drilling Program Details:
- 8 RC drill holes totalling ~2,000m
- Testing 5 high-priority targets: Talisker, Glenmorangie, Oban (IOCG), and Benriach, Glendronach (BHT)
- Drilling expected to begin mid-May 2025
- Fully funded by MinRex under a $500,000 option granted by WC1 for MinRex to secure a 50% project interest
Technical Director, Mr Ian Shackleton said:
“With all the approvals now in place, clearing underway and the RC drilling rig just having arrived we look forward to making an immediate start together with West Cobar on drill testing these quality IOCG and BHT copper-gold targets in the highly prospective Fraser Range region.”
He further stated that, “There has been considerable amount of work undertaken to develop these targets and we are excited to make a start on drill testing. We look forward to the program commencing and updating the market on progress in what will be an exciting period as the priority targets are tested over the next four weeks.”
Figure 2: Geological map highlighting key prospects and high-priority targets with potential for copper mineralisation of both Broken Hill Type (BHT) and Iron Oxide Copper-Gold (IOCG) styles.
Why Fraser Range?
The Fraser Range remains vastly underexplored for IOCG and BHT mineralisation due to its thin surface cover (0–40m), which limits traditional geochemical exploration. However, geophysical data has revealed anomalies consistent with magnetite alteration and deep-seated mafic intrusives, which are typical features of major IOCG systems.
Key targets include:
- Talisker: Complex magnetic-gravity lows and highs supported by EM conductors located on a major east-west shear zone.
- Oban: Complex magnetic highs and lows on broad gravity anomaly and coincident regional structure.
- Glenmorangie: Bulls-eye magnetic high anomaly with elevated regional gravity trend.
- Benriach: Coincident magnetic and gravity highs.
- Glendronach: Gravity feature along an interpreted garnet quartzite horizon that is considered prospective BHT style of mineralisation.
These targets have been selected based on a combination of gravity, magnetic, and EM surveys, underscoring the scientific rigour behind this exploration push.
March 2025 Quarterly Activities Update
In its March 2025 Quarterly Activities Report, MinRex outlined a productive start to the year, with activities spanning NSW and WA.
Sunny Corner Project (NSW): High-Grade Rock Chip Results
MinRex’s Sunny Corner Project in central NSW returned significant gold and silver grades from surface sampling:
- Lagoon Creek: 2.85 g/t Au and 298 g/t Ag
- Mitchells Creek: up to 73 g/t Au
- East Napoleon: 6.42 g/t Au from shallow excavations
These results confirm the district’s high-grade potential and have prompted MinRex to prioritise follow-up sampling and target delineation at key prospects like Lagoon Creek and Sure Gift.
Table1: Presenting key element results from rock chip sampling at the Sunny Corner Project (Exploration Licence EL 9133).
Sofala Gold Project (NSW): Building on a 352,000 oz JORC Resource
Sofala remains the Company’s flagship gold asset in NSW, located in the renowned East Lachlan Fold Belt. It hosts several historic workings, including the Queenslander Mine, which historically produced 3,696 oz of gold at 6 g/t.
Recent fieldwork included:
- Mapping the 2 km gold trend between The Queenslander and Sofala deposits
- Collecting core samples from drill holes MQD001, MQD003 and MQD004
- Petro-physical testing to determine geophysical survey suitability
The overarching goal is to extend The Queenslander mineralisation along the 1.2km trend of historic workings where there have been only two shallow holes drilled previously in the 1990’s.
Mt Pleasant Project (NSW): Targeting Au and Mo-W-Cu Systems
At the Mt Pleasant Au and Mo-W-Cu project, field teams collected structural data from historic workings at the Crown Gold Mine, contributing to a refined geological model. At the Crown Prospect the target is Orogenic style gold mineralisation identified from historic workings. Landholder access discussion commenced to access the Mt Pleasant porphyry Mo-W-Cu deposit.
Financial Strength:
MinRex is entering this active exploration phase with ample cash reserves of $9.29 million and a lean operational structure:
- Exploration spend in Q1: $89,804
- Corporate and staff costs: $141,000
- Net cash used in operating activities: $182,000
- Net financing inflow: $71,000 from options and capital activities
A successful Loyalty Option Offer raised $97,581 in February 2025, with a further $127,500 in shortfall options announced post-quarter, bringing the total to $225,018 before costs.
This capital flexibility ensures MinRex can execute its Fraser Range program while continuing its NSW campaigns without diluting shareholder value unnecessarily.
Upcoming Catalysts for Investors
With multiple active projects and a drilling program about to commence, the remainder of 2025 promises to be eventful for MinRex.
Key near-term catalysts include:
- Commencement of Fraser Range drilling (mid-May 2025)
- Further exploration and sampling at gold projects in NSW.
- Ongoing project reviews for potential M&A activity in Australia and overseas
Strategic Partnership with West Cobar Metals: A Joint Vision for Discovery
In late March 2025, MinRex Resources (ASX: MRR) took a decisive step in its growth strategy by securing an option to acquire a 50% interest in the Fraser Range Copper-Gold Project through a binding farm-in agreement with West Cobar Metals Limited (ASX: WC1). This agreement represents more than a transactional partnership—it is a collaborative push into one of Australia’s most prospective but underexplored copper-gold provinces.
What Makes This Farm-In Agreement Unique:
- MinRex earns 50% ownership by solely funding $500,000 of exploration, broken into staged milestone payments (deposit, approvals, rig mobilisation, and drilling completion).
- An exclusive partnership clause ensures neither party engages in third-party project sales during the option period.
- If drilling results are promising, MinRex has the right to form a joint venture and convert its exploration commitment into a long-term project interest.
- If a party’s JV interest dilutes below 5%, it is automatically converted into a 5% NSR royalty, preserving long-term value.
This deal provides MinRex with substantial upside at minimal up-front cost, while leveraging West Cobar’s historical data, geophysical models, and local exploration experience. It also enables rapid progression, with a heritage survey already completed and drilling scheduled to begin mid-May 2025.
Conclusion
MinRex Resources is positioning itself as a diversified explorer across high-potential terrains in New South Wales and Western Australia. Its pivot into Fraser Range represents more than just a geographical expansion—it reflects a strategic shift toward copper-gold systems that are increasingly vital in the clean energy transition.
Backed by a strong balance sheet, high-quality targets, and a clear execution strategy, MinRex offers ASX investors a compelling mix of:
- Discovery upside at Fraser Range
- Resource scale potential at Sofala
- High-grade silver and gold prospects at Sunny Corner
- Multi-commodity exposure including Mo, W, Cu, Zn, and Ag
As drilling commences and results flow in, the Company could emerge as a serious contender among mid-tier explorers. Investors should watch closely as the next chapter of MinRex’s growth story unfolds.
Investor’s Outlook
MinRex Resources (ASX: MRR) presents a speculative yet high-leverage opportunity for investors seeking exposure to Australia’s base and precious metals exploration sector. With a share price of $0.008 and a market capitalisation of just $8.67 million, the Company is trading near the bottom of its 52-week range of $0.007 to $0.012. This places MinRex firmly in microcap territory ideal for investors hunting asymmetric upside driven by near-term catalysts. MinRex may be undervalued because its share price and market capitalisation potentially does not reflect the high-grade exploration results, large landholding in a prolific region, and strong financial position, all of which position it for upside if exploration progresses successfully. MinRex Resources Limited is an emerging battery and precious metals explorer with a highly prospective portfolio that includes Gold, Silver, Copper, and other critical metals projects. With growing demand driven by the electric vehicle sector and increased interest in stable investments like gold, the Company is expected to achieve significant growth over the coming years.
The Company currently has 1.08 billion shares on issue, making it a highly liquid stock that frequently attracts active interest from retail traders and small-cap funds looking for early-stage discoveries in emerging resource zones.
