ASX Code: MRR

24 JANUARY 2022

ASX Release

only

HIGH-GRADE GOLD DRILLING RESULTS INTERSECTED AT

QUEENSLANDER GOLD MINE

Further RC drilling will be undertaken to determine mineralised extension along strike and depth

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HIGHLIGHTS

MinRex's maiden first pass drill program over the Queenslander Prospect has intersected thick high-grade gold mineralisation including 23m @ 5.08g/t Au.

These are the first 7 holes drilled by the Company proximal to the historic Queenslander Gold Mine which produced 3,696 ounces Au.

The Company is very encouraged by the initial scout drilling conducted and about the potential for high grade

extensions to the old mine; with more work programmes now planned to follow.

Gold mineralisation extending +350m in strike with gold loads open mainly in a northwest-south direction.

Significant drill assays include:

Drill Hole MQRC 2 - 10m @ 4.74g/t Au from 69m

inc 7m @ 6.59g/t Au from 72m inc 3m @ 11.86g/t Au from 73m

Drill Hole MQRC 3 - 2m @ 3.08g/t Au from 89m

Drill Hole MQRC 6 - 4m @ 3.51g/t Au from 64m

Drill Hole MQRC 7 - 23m @ 5.08g/t Au from 64m

. inc 3m @ 9.11g/t Au from 71m

inc 11m @ 5.61g/t Au from 76m inc 4m @ 9.28g/t Au from 83m

Untested magnetic linear structure striking over 700m in length - potentially hosting gold mineralisation.

ForMinRex Resources Limited (ASX: MRR) ("MinRex" or "the Company") is pleased to announce assay results for its first pass RC drilling campaign completed over the Queenslander Gold Prospect, within the Company's Sofala Project. From October to November 2021, 7 RC holes for 686m were completed designed to test the historical high-grade targets within a broad gold mineralisation structural corridor defined by coincident historical gold workings and to intersect the high-grade gold grades interpreted from geological interpretations.

About the Queenslander Project Area

The Queenslander Prospect is centred around the old Queenslander Mine which is approximately 2km south-west of the township pf Sofala in central NSW. Sofala is about 260km north-west of Sydney and can be accessed by the Great Western Highway. The Mine was first discovered in 1888 and worked until 1935 on a small scale. Total tonnage mined was in excises of 7,011t producing 3,696 oz Au averaging 6 g/t Gold. Currently within the tenement, access is restricted to four-wheel drive tracks.

MinRex Resources Limited

ABN 81 151 185 867

Tel +61 (08) 9481 0389

Email info@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

ASX Code: MRR

MinRex Resources Limited Chief Executive Officer Mr Kastellorizos commented:

"The highly successful drilling program has identified and confirmed the high-grade gold extensions of the Queenslander Gold Mine. These are spectacular results, with some very high-grade intercepts further adds excitement to the Queenslander prospect. The thick high-grade gold lodes show significant strike and down dip with strong gold mineralisation delineated at depth which

onlywarrants further RC drilling to the north and south of the current drilling area.

"As part of the identification of the gold mineralisation delineated, we recorded strong magnetic susceptibility readings within the gold mineralised lodes. These magnetic zones are closely associated with pyrite alteration that can be used as a targeting tool to delineate undiscovered gold mineralisation through magnetic surveys (iron pyrite will give a weak magnetic response and signal). This strongly positions MinRex to add to its existing 352,213 oz gold resource at our Sofala Gold Project".

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Drill collar plan and cross section are located as Figures 1 to 3 with intersections > 0.5 g/t gold are detailed in Table 1.

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Table 1: Significant Gold Intersection from 2021 RC Drilling Program (cut-ff grade > 0.5 g/t Au)

Hole Id

From (m)

To (m)

Interval (m)

Gold Grade (g/t)

MQRC 1

32

33

1

1.83

MQRC 2

27

28

1

0.50

69

79

10

4.74

including

72

79

7

6.59

For

including

73

76

3

11.86

MQRC 3

65

69

4

1.23

68

73

5

1.39

89

91

2

3.08

MQRC 5

53

55

2

0.66

76

77

1

1.41

MQRC 6

64

68

4

3.51

MQRC 7

53

59

6

2.21

57

59

2

6.66

64

87

23

5.08

including

71

74

3

9.11

including

76

87

11

5.61

including

83

87

4

9.28

MinRex Resources Limited

ABN 81 151 185 867

Tel +61 (08) 9481 0389

Email info@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

ASX Code: MRR

For personal use only

Figure 1 - Drillhole Assay Results Location Map with Interpreted Geology

MinRex Resources Limited

ABN 81 151 185 867

Tel +61 (08) 9481 0389

Email info@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

For personal use only

ASX Code: MRR

Figure 2 - Cross Section (eastern section) highlighting west dipping low/ high grade gold zones

Figure 3 - Cross section (western section) highlighting thick high grade gold mineralised lodes

MinRex Resources Limited

ABN 81 151 185 867

Tel +61 (08) 9481 0389

Email info@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

ASX Code: MRR

For personal use only

Figure 4 - Queenslander Mine Location Map with Sofala Gold Project Area1

1 Historical production figures are extrapolated from Stevens, B.P.J. 1972. Mine Data Sheets to accompany Metallogenic Map Bathurst 1:250,000 Sheet. New South Wales Geological Sheet. 513 pp.

MinRex Resources Limited

ABN 81 151 185 867

Tel +61 (08) 9481 0389

Email info@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

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MinRex Resources Ltd. published this content on 23 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 January 2022 22:33:06 UTC.