MinRex Resources (ASX: MRR) will targeted precious and base metals in Australia, and has been admitted to the ASX after a successful IPO which offered 17.5 million shares at $0.20, to raise $3.5 million.
MinRex will hit the ASX boards of Friday 11 November at 2:00pm EDST.
The company has entered into two acquisition agreements which include Pembery Prospecting Pty Ltd and Stannum Resources Pty Ltd.
Under the acquisitions, MinRex has acquired 100% of the Deflector Extended Gold Project in Western Australia and the Heemskirk Tin Project in Tasmania for the payment of $10,000 and $1,000 respectively.
In the region of the Deflector project, gold production commenced in the late 1800's for several decades, and during this period a total of 35,726 ounces of gold was produced from a total of 24,000 tonnes of ore at the high grade of 46.3 grams per tonne gold.
In regards to the Heemskirk project, historical exploration was limited to no-systematic prospecting activities, and has only focussed on surface mineralisation.
The most substantial exploration efforts have focussed on the Peripatetic mine which consists of five adits, three shafts and numerous small open pits.
The IPO funds will now be allocated to advance exploration at these projects.