Minrex Resources (ASX:MRR) reports record Barje drilling intersections

Minrex Resources has reported assay results from 9 diamond holes completed within the central zone of the Barje Deposit at the Tlamino Gold Silver Project, where drilling returned intersections that materially exceeded the grades and widths predicted by the historical geological model.

Highlights

The drilling program targeted the approximate centre of the mineralised system, an area where the current Inferred resource model identified lower grade material between the eastern and western high grade zones.

Results from BAR045, BAR046, BAR047 and BAR050 now form a continuous line of domain grade or better mineralisation across this area.

BAR047 returned 18.3 m at 4.87 g/t AuEq from 57.7 m, including 6.5 m at 8.53 g/t AuEq, while BAR045 recorded 10.2 m at 4.16 g/t AuEq from 67 m, including 5.15 m at 7.31 g/t AuEq.

BAR043, located in the central north area, intersected 24.6 m at 2.39 g/t AuEq from 50 m, including 9.2 m at 4.87 g/t AuEq.

These results follow previously reported drilling from BAR040 and BAR041 in the south central portion of the deposit.

BAR040 returned 10.6 m at 4.04 g/t AuEq from 37.1 m, while BAR041 intersected 12.8 m at 2.43 g/t AuEq from 32.4 m.

Minrex Chief Executive Officer Max Piirto said:

“These are the best results ever drilled at Barje and they have come from the one part of the deposit where the model told us to expect the least. Rather than the low-grade gap we were meant to find between Barje's two high-grade zones, we have intersected the widest and highest-grade mineralisation on the project, at shallow depth and squarely in the centre of the system.”

The Barje Deposit is the most advanced prospect within the Tlamino Project and is located on an east west trending ridge.

Mineralisation extends over 700 m east west by 250 m north south and is interpreted to be controlled by a hydrothermal breccia up to 20 m thick, following a structure inclined approximately 18° towards the south.

The 2021 foreign Mineral Resource Estimate for Barje totals 7,100,000 tonnes at 2.9 g/t AuEq for 670,000 oz of contained gold equivalent.

Within that estimate, the high grade breccia accounts for 3,200,000 tonnes at 4.7 g/t AuEq and contains 470,000 oz of gold equivalent, approximately 70% of the contained metal.

The foreign estimate was reported in accordance with NI 43-101 and is not reported in accordance with the JORC Code.

A Competent Person has not completed sufficient work to classify the foreign estimate as a Mineral Resource under the JORC Code, and it remains uncertain whether further evaluation and exploration will result in an estimate reportable under that code.

AuEq grades are based on gold and silver prices of US$3,300/oz and US$45/oz respectively, together with overall metallurgical recoveries of 84% for each metal based on prior testwork.

Minrex stated that all elements included in the gold equivalent calculations have a reasonable potential to be recovered and sold.

Minrex is evaluating an expansion of the diamond drilling program, with additional holes aimed at growing and better defining the high grade breccia through the central zone.

Any material added through this work would be incorporated into the maiden JORC 2012 Mineral Resource Estimate scheduled for next quarter, while the diamond rig continues step out drilling to test extensions along strike from Barje.