RXM: December 2019 Quarterly Report

HIGHLIGHTS

  • Hog Ranch acquisition complete with an implied acquisition cost of ≈A$0.70/oz gold (Au) based on the current share price and the latest Mineral Resource Estimate.
  • Rex Minerals Ltd (Rex or the Company) delivers an updated Mineral Resource estimate for its exciting Bells Project, within the Hog Ranch Property in Nevada, USA, including:
    • 24.4Mt @ 0.52g/t gold Au for 415,000oz – a 35% increase on the previous Bells estimate;
    • A new global Mineral Resource for Hog Ranch of 936,000oz Au.
  • A Scoping Study for Bells is well advanced, with results due Q1 2020.
  • Mining legislation was passed in South Australia, giving greater certainty and confidence to the exploration and minerals industry.
  • Rex’s Annual General Meeting took place during the quarter in review, with all eight resolutions for shareholder consideration being well supported and approved.
  • Employees and Directors supported the Company and exercised options at 6.3c to the value of A$768k.
  • Limited visible progress on the Program for Environment Protection and Rehabilitation (PEPR) which continues to sit with the SA Government for determination.

On 29 January 2020, Rex announced that it had completed an updated Mineral Resource estimate for the Bells Project. For more detail, see information later in this report or see Rex’s progressive ASX announcements of 16 October 2019, 19 November 2019 and 29 January 2020.

To view the full report please click the following link:

RXM: December 2019 Quarterly Report

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