MINEX Forum

Tag: MinRex Resources

  • Minrex Resources Reports High-Grade Gold Discoveries at Barje Deposit in Serbia

    Minrex Resources Reports High-Grade Gold Discoveries at Barje Deposit in Serbia

    Minrex Resources has announced promising initial assay results from its 2026 drilling programme at the Barje deposit, a key component of the Tlamino gold-silver project in Serbia. The results highlight the potential for low-cost, high-margin growth, confirming the presence of shallow, high-grade gold and silver mineralisation. All nine holes drilled within the resource envelope intersected gold-silver, with the deposit estimated to contain 670,000 ounces of gold equivalent. The company has expanded its drill programme to approximately 9,000 metres to further explore both resource delineation and greenfield opportunities.

    CEO Max Piirto expressed confidence in the results, stating that they validate the geological model and demonstrate the continuity of high-grade mineralisation. Significant intercepts include 11.4 metres at 1.09 grams per tonne (g/t) gold equivalent from surface, and 10.6 metres at 4.04 g/t from a depth of 37.1 metres. The Barje deposit’s high-grade zone, which contains 470,000 ounces at 4.7 g/t, is particularly noteworthy, as it represents around 70% of the total resource despite comprising only 45% of the tonnage.

    The drilling results have also revealed that most mineralisation is located within 60 vertical metres of the surface, which is advantageous for future mining operations. Minrex is currently drilling into the deeper, thicker parts of the deposit and has expanded its greenfield programme to test the Barje-Liska corridor, a promising area that has not been systematically drilled before.

    In addition to the drilling activities, Minrex has initiated an environmental baseline study to support its permitting process, which is crucial for the development timeline of the project. The company is moving quickly, having only recently acquired the Barje asset, and aims to confirm the continuity of the mineralised system along the corridor.

    As the drilling programme progresses, assays for fourteen additional holes are pending, with results expected in September. The company’s strategic approach aims to replicate the success of the Barje deposit along the corridor, marking a significant step forward in Minrex’s exploration efforts in Serbia.

  • MinRex-Electrum Merger Clears Final Court Hurdle With April Completion on Track

    MinRex-Electrum Merger Clears Final Court Hurdle With April Completion on Track

    Canada-based, Serbia-focused explorer Electrum Discovery has received final court approval for its merger with Australian peer MinRex Resources, clearing the last major legal obstacle ahead of an expected closing date of around 9 April.

    The court order follows shareholder approval secured on 24 March, when 99.99% of Electrum’s shareholders voted in favour of the transaction. Under the terms of the deal, MinRex will acquire all issued and outstanding common shares in Electrum, with Electrum security holders receiving ordinary shares in the merged entity in exchange. Upon completion, Electrum’s security holders will hold 49% of the combined group, with MinRex shareholders controlling the remaining 51%.

    First announced in January, the merger is expected to create a gold-copper exploration group with a combined market capitalisation of approximately A$28 million ($19 million), bringing together Electrum’s Serbian asset portfolio with MinRex’s gold and base metals projects across approximately 438 square kilometres of tenements in Australia’s Lachlan Fold Belt.

    Electrum’s two Serbian projects add meaningful exploration upside to the combined entity. The Novo Tlamino gold-silver project in southern Serbia, situated on the border with North Macedonia, spans 521.8 square kilometres across seven mineral permits and carries an inferred mineral resource estimate of 670,000 ounces of gold equivalent, with a net present value of $101 million at an 8% discount rate. The copper-gold Timok East project in eastern Serbia covers 123 square kilometres across three exploration permits and is located in close proximity to Zijin Mining’s cluster of operating mines at Bor, Veliki Krivelj, Cukari Peki and Majdanpek — a neighbourhood that adds strategic context to the asset’s longer-term potential.

    MinRex is listed on the Australian Securities Exchange, while Electrum trades on the Toronto Stock Exchange.

  • MinRex and Electrum Shareholders Approve Merger to Create Gold-Copper Explorer Spanning Australia and Serbia

    MinRex and Electrum Shareholders Approve Merger to Create Gold-Copper Explorer Spanning Australia and Serbia

    Australian mining company MinRex Resources has confirmed that shareholders of its Canadian peer Electrum Discovery have overwhelmingly approved a planned merger of the two companies, paving the way for the creation of a combined gold-copper exploration group with assets across Serbia and New South Wales.

    An extraordinary shareholder vote held on 24 March returned 99.99% in favour of the transaction, with completion of the merger anticipated on or around 9 April. Under the agreed terms, Electrum’s security holders will hold a 49% stake in the merged entity, with MinRex shareholders retaining the remaining 51% controlling interest.

    First announced in January, the deal is expected to create a combined group with a market capitalisation of approximately A$28 million ($19.3 million). The merged company will bring together Electrum’s Serbian exploration portfolio with MinRex’s gold and base metals projects in Australia’s Lachlan Fold Belt, which spans approximately 438 square kilometres of tenements.

    Electrum, listed on the Toronto Stock Exchange, holds two projects in Serbia — the gold-silver Novo Tlamino and the copper-gold Timok East — both situated within the Western Tethyan Belt, a well-established and mineralised corridor known for significant gold and copper endowments. MinRex, listed on the Australian Securities Exchange, contributes its Lachlan Fold Belt holdings, a region with a strong track record of gold and base metal discoveries in New South Wales.