MinRex Resources Limited (ASX: MRR) has kicked off an exciting new phase of exploration with the launch of its latest reverse circulation (RC) drilling program at the Fraser Range Project in Western Australia. The company has partnered with West Cobar Metals Limited (ASX: WC1) to conduct the drilling operations, which are specifically targeting promising copper-gold prospects across the project area. Located approximately 120km northeast of Esperance, the Fraser Range Project sits in a region renowned for its mineral potential and geological significance.
This strategic drilling initiative marks a significant milestone in MinRex’s ongoing efforts to unlock the mineral wealth believed to lie beneath this highly prospective terrain.
Figure 1: RC drilling rig at the Talisker (IOCG) target at the Fraser Range Project
MinRex Technical Director, Mr Ian Shackleton shared insights on the ongoing program.
He stated,
“The next month will be an exciting time as the drilling progressively tests the five high quality geophysical Iron Oxide Copper Gold and Broken Hill Type targets in this highly prospective Fraser Range region. We look forward to updating the market on progress of drilling and timing for receipt of assays in due course.”
Figure 2: Mr Ian Shackleton, Technical Director
Five High-Priority Targets to Be Drilled
The current drilling program will systematically test five carefully selected copper-gold targets, each representing significant exploration potential in this highly prospective region. These targets encompass two distinct but equally promising mineralisation styles: Iron Oxide Copper Gold (IOCG) deposits and Broken Hill Type (BHT) prospects.
Strategically positioned within the Biranup Zone, these targets benefit from their location in what geologists recognise as a structural extension of the renowned Fraser Zone. This geological connection is particularly significant, as the Fraser Zone is home to the world-class Nova-Bollinger nickel-copper deposit, which has proven the region’s exceptional mineral endowment.
The Biranup Zone shares many of the same favourable geological characteristics that made the Fraser Zone so successful, with structural features and rock formations that indicate strong potential for discovering economically viable mineral deposits.
Program Details and Scope
MinRex Resources has committed to drilling eight RC holes. Each hole will extend between 200 and 300 metres deep. The drilling program will cover approximately 2,000 metres in total. The operation is scheduled to take between three to four weeks. Drilling is fully funded by MinRex up to $500,000.
The program is part of MinRex’s option agreement with WC1. The agreement grants MinRex the right to acquire a 50 percent interest in the Fraser Range Project. The Fraser Range Project includes exploration licences E63/2078 and E63/2083. It also includes mineral rights to the basement of licence E63/2056. The Company’s exploration strategy targets mineral deposits in underexplored regions. MinRex’s financial backing confirms its confidence in the project’s potential.
Industry Context and Market Trends
Australia holds significant copper and gold resources. According to Geosciences Australia, the country had over 88 million tonnes of copper resources as of 2024. Global demand for copper continues to rise due to its essential role in electrification and renewable energy infrastructure.
The global copper market was valued at over USD 304 billion in 2023. Analysts project the market to exceed USD 400 billion by 2030. Growing demand for electric vehicles and clean energy technologies drives this trend. Gold remains a key commodity in global markets. Investors use gold to hedge against inflation and economic uncertainty. Australia ranks as the second-largest gold producer globally, after China.
Project Ownership and Financial Framework
MinRex is funding the drilling program through an option agreement with WC1. Under the agreement, MinRex can acquire a 50 per cent stake in the project. The option agreement was first announced on 26 March 2025. The Company committed up to $500,000 towards drilling and exploration activities. This investment enables MinRex to secure future production rights while managing near-term financial risk.
Expected Outcomes and Next Steps
MinRex will provide updates on drilling progress and assay timelines. The Company expects to complete the drilling campaign within four weeks. Further results will guide next-stage exploration decisions. The Company remains focused on expanding its mineral footprint in high-potential regions. The Fraser Range Project forms a key part of this strategy.
Investor’s Outlook
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 a share price of $0.008 and a market capitalisation of just $9.22 million, the Company is trading near the bottom of its 52-week range of $0.007 to $0.012.
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.
About MinRex Resources Limited
MinRex Resources Limited is an Australian-based exploration Company listed on the ASX under the code MRR. The Company operates gold and base metals projects primarily located in New South Wales. Its portfolio includes the Sofala Gold Project, which hosts JORC 2012. Resources totalling 352,000 ounces of gold. The total exploration footprint spans approximately 438 square kilometres. MinRex’s strategic focus lies in identifying underexplored tenements with high-value mineral potential. The Company adopts a data-driven approach to exploration and resource estimation.
