MinRex Resources has earned a 51% interest in exploration licence EL 7423 in New South Wales (NSW), Australia, from Australia United Mining subsidiary Fortuis Mines.

As part of the farm-in deal announced in February 2024, Minrex incurred A$750,000 ($490,477) of exploration expenditure on EL 7423.

EL 7423 comprises the Queenslander and Spring Gully gold (Au) projects as well as a large portion of the Sofala project.

The Sofala project, which includes tenements EL 7423 and EL 7974, has seen the latter's farm-in agreement with Wattle Resources extended to October 2026.

The Queenslander gold project, situated near the township of Sofala, is based around the historic Queenslander gold mine, operational until around 1935.

This mine produced approximately 3,696oz of Au from more than 7,000 tonnes of ore, averaging six grams per tonne of Au.

The Spring Gully gold project lies close to Wattle Flat Township and Bathurst in NSW.

Since February 2021, MinRex has funded various exploration activities on EL 7423, including data compilation, resource estimation, and the completion of maiden and second drill programmes at the Queenslander gold project.

MinRex will form an unincorporated JV with Fortuis to continue exploration on EL 7423.

The focus will be on untested old workings, applying modern exploration techniques to uncover further gold mineralisation.

In 2022, MinRex Resources agreed to acquire the Garden Creek lithium project (E45/5869) in Western Australia.