MinRex adds exposure to cobalt with acquisition

MinRex Resources has secured an agreement to acquire Clean Power Resources, the owner of three projects with cobalt and scandium potential in New South Wales and Western Australia.

The projects, which are close to infrastructure and key ports, include Pacific Express in NSW and Knight and Dragon in WA.

MinRex’s priority, once the deal has been completed, will be to fast-track a desktop review of the projects, as well as legacy database compilation, geological modelling and resource estimation and reporting to the JORC (2012) code.

Simon Durack, MinRex director, said the opportunistic acquisition delivered exposure to in-demand specialty metals cobalt and scandium in the first instance, then nickel and copper.

“The board was highly encouraged by the geology across all three assets, noting the indicated resource for Pacific Express in NSW can be reassessed under the JORC (2012) code then potentially deliver an upgrade, as well as the high level of sulphide mineralisation apparent near Knight and Dragon in WA,” Durack said.

According to the Clean Power geology team’s analysis, recent imagery of the Pacific Express tenure shows that legacy drilling is over significant magnetic anomalies.

Each tenements that MinRex plans to acquire is still subject to being granted.

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