The Sofala Project is located in the East Lachlan Fold Belt, 180kms Northwest of Sydney, in a high profile mining and exploration region which contains several major gold, copper-gold and silver deposits (including the Cadia-Rigeway Mine, Lake Cowal, Northpakes and the Boda Deposit).
The Sofala Project comprises mining authorities EL7423 and EL7974, which host JORC 2012 Resources totalling ~352,000 ounces gold across various prospects.
MinRex is currently farming-into the Project from partners Australian United Mining and Wattle Resources and holds the right to acquire a 51% interest in the Project by spending a total of $1.5 million by October 2023, and further 19% (80% in total) by spending a total of $3.1 million in the same timeframe.
There are various prospects of interest including: Spring Gully, the subject of diamond and RC drilling completed by Renison Gold Corporation in the 1990s (6 diamond and 63 RC drillholes); Queenslander Mine, which is located at an intersection with the Big Oakley Fault structure in a metallogenic environment was also the subject of Renison Gold Corporations’ 1990s drilling program; and Surface Hill, which was the subject of diamond drilling by Noranda Australia Limited in 1984 (3 diamond drillholes).
MinRex continues to systematically explore the Project to continue to unlock value for shareholders.