MinRex Resources : Outstanding Assays at MRR Tambourah North Lithium Project

ASX Code: MRR

ASX Release

OUTSTANDING LITHIUM ASSAYS AT MINREX TAMBOURAH NORTH

LITHIUM PROJECT, EAST PILBARA

For personal use only

RC Drilling Planning Currently Underway with Rapid Progress on the Granting of Marble Bar Projects

HIGHLIGHTS

•  Large pegmatites hosting visible Spodumene and Lepidolite have been identified over the Tambourah North Project area.

•  Rock chip assays confirmed lithium-tantalum mineralisation:

  •  2.56% Li2O, 1.59% Li, 105 ppm Cs, 80 ppm Ta, 40 ppm Nb, 100 ppm Sn, 1,293 ppm Rb.

  •  1.91% Li2O, 1.19% Li, 518 ppm Cs, 370 ppm Ta, 150 ppm Nb, 2,542 ppm Rb.

•  Tambourah North Project hosts large, stacked pegmatites over 1.5km length by 150m in width.

•  Tambourah North pegmatites stacked at surface in goldilocks zone in the Granite-Greenstone of the Pilbara Supergroup and have visible coarse and fine grained Spodumene & Lepidolites with zoning along strike and across strike.

•  The sampled Ta-Nb enriched pegmatites are considered to be part of zoned LCT pegmatite swarms with exploration ongoing to identify more extensive lithium-rich pegmatites.

•  The potassic geophysical survey over Haystack Well potentially has outlined buried pegmatites which could explain the source of strongly elevated surface lithium results.

•  Encouraging indicators for LCT pegmatite over Shaw River based on anomalous Rubidium (710 ppm Rb) and Tin (120 ppm Sn) assay results.

•  The identification of extensive untested zones over Haystack Well Project confirmed anomalous tin-tantalum-rubidium results shows strong indicator of localised LCT pegmatites.

•  Advancing Heritage Agreement and Heritage Surveys over Marble Bar Lithium Projects adjacent to the Global Lithium Resources Archer Deposit (ASX:GL1 hosting 10.1Mt @ 1.0% Li).

•  Ian Shackleton (ex-Global Lithium Resources Archer Deposit founding geologist) appointed as Exploration Manager.

MinRex Resources Limited (ASX: MRR) ("MinRex" or "the Company") is pleased to announce the results from its recent field program the Company's Lithium Projects in the East Pilbara of WA. In February 2022, MinRex conducted a first pass helicopter reconnaissance program over the new acquired Lithium-Tin-Tantalum Projects, which involved rock chip sampling of the identified pegmatites on the ground. Assay results received have validated previously reported lithium mineralisation from the previous project owners through the observation of spodumene and lepidolite mineralisation.

MinRex Resources Limited Managing Director Mr Karageorge commented:

"We are delighted to have confirmation of the high-grade lithium identified from the extensive spodumene hosted outcropping pegmatites over the Tambourah North Project areas. The high-grade lithium-tantalum-caesium-rubidium rock chip assay results indicates enrichment of fertile pegmatite field. These rich spodumene stacked pegmatites have extensive width, strike and zonation which have all the hallmarks of a potential Pilgangoora Lithium Deposit. MinRex is

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MinRex Resources Limited ABN 81 151 185 867

Tel +61 (08) 9481 0389 Emailinfo@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

ASX Code: MRR

currently working on the first RC drill program to test the extensive stacked pegmatites over its project areas with a view of signing a drilling contractor to undertake drilling over the projects imminently."

Tambourah North Lithium Project

Tambourah is located approximately 200 km south southeast of Port Hedland and 80km southwest of Marble Bar within the Pilbara Mineral Field. Access is via the Great Northern Highway or the Marble Bar - Port Hedland Road and the connecting Hillside Woodstock Road.

During the reconnaissance, a series of stacked pegmatites hosting spodumene striking 3300 over 1 km with approximately 50m in width were located within the greenstone belt. Spodumene rich pegmatites were identified in the northern portion of the tenement within the Apex Basalt greenstone belt. In conjunction, acicular-lepidolite-albite-muscovite rich pegmatites were located on the contact zone between the Petroglyph Gneiss (granite lithology) and Apex Basalt greenstone belt in the southern area.

Figure 1 - Tambourah North Rock Chip Sampling Assay Results Map

________________________________________________________________________________

MinRex Resources Limited ABN 81 151 185 867

Tel +61 (08) 9481 0389 Emailinfo@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

ASX Code: MRR

Zoned Spodumene-lepidolite-albite-muscovite rich pegmatite Dykes

Granite-

Pegmatite Contact

Geologists

Up to 50-100m visible width Goldilocks zone stacked Pegmatite

Pegmatite visible strike up to 1km to 1.5km from ground and air

Photo 1 - Tambourah North Prospect showing a wide 100 m wide stacked pegmatites running southerly direction hosted within the Greenstone Belt - Photo looking North

Fine grained acicular Spodumene in albite-muscovite Pegmatite Dykes

Photo 2 - Sample MRR028 Tambourah North assaying high grade lithium at 2.56% Li2O

________________________________________________________________________________

MinRex Resources Limited ABN 81 151 185 867

Tel +61 (08) 9481 0389 Emailinfo@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

ASX Code: MRR

Haystack Well Lithium Project Area

The tenement is located 170km north of Newman, and 35km south of Nullagine, accessed via Marble Bar Rd. The project includes historic tantalum alluvial workings. Based on the limited rock chip samples collected, anomalous tin-tantalum-rubidium shows strong indicator of localised LCT pegmatites. The Twin Wells Alluvial Prospect showed strong extensive stacked swarms pegmatites striking within a southerly direction over 650 metres. The potassic geophysical survey over Haystack Well potentially has outlined buried pegmatites which could explain the source of strongly elevated lithium in the soil samples anomalies (soils vary from 200 ppm to 589 ppm Li).

Figure 2 - Haystack Lithium Project Location Map highlighting the recent rock chip sample locations and untested ground targets

________________________________________________________________________________

MinRex Resources Limited ABN 81 151 185 867

Tel +61 (08) 9481 0389 Emailinfo@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

ASX Code: MRR

Based on the soil and most recent rock chip sampling, there is evidence of granite fractionation based on the enrichment of pathfinder elements such as 23 ppm Ta, 14 ppm Be, 45 ppm Nb and 50 ppm Cs within soils. Rock chip sample MRR029 and MRR030 yielded 40 ppm Ta, 90 -150 ppm Li, 20 ppm Sn, 1,257 - 2,355 ppm Rb with 45 - 597 ppm Cs. The trace elements analysis indicates that the granite is zoned anomalous in tin-beryllium-niobium grading to lithium and caesium in the surrounding zone - a typical zonation pattern for lithium pegmatites

The two lithium anomalies are greater than 1.5km long are situated in the pegmatitic aureole surrounding the granite and are open in all directions and follows the Goldilocks Zone perfectly. There is over 40km of Goldilocks zone untested by surface geochemistry and drilling. The soil anomalies equate to ~2.9km of contact strike-length, yet the remaining ~20km of granite aureole zone is yet to be adequately sampled.

Sample MRR029 30 ppm Ta, 90 ppm Li, 20 ppm Sn, 1,237 ppm Rb and 45 ppm CS

>200ppm Li

in soils

High Cs

High Cs

Figure 3 - Soil and Rock Chip highlighting trending pathfinder element anomalies (potential indicator of localised LCT pegmatites) on Haystack Lithium Project

Coondina Project

The Coondina Project (E45/4266) contains an abundant of late-stage pegmatites swarms which principally host the tin/tantalum mineralisation. Historically, 1,770.71t of tin concentrate and 84.33t of tantalite concentration was produced on site. No lithium exploration conducted over these pegmatites. The Coondina Project has a several historic non-JORC Tin/Tantalum mineral resource located on the tenement. A feasibility study of the historic resource was completed by Greenbushes Tin Ltd in 1987 over the current tenure of Coondina and the surrounding other historical tin/tantalum areas. The area was determined to be tin rich with considerable scope for increasing the historic mineral

________________________________________________________________________________

MinRex Resources Limited ABN 81 151 185 867

Tel +61 (08) 9481 0389 Emailinfo@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

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