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Source: Streetwise Reports 10/15/2024
A recent flurry of activity and a new chief executive officer make this Canadian explorer worth watching, a newsletter writer pointed out. Read on to learn what all this junior has been up to.
For Rex Resources Corp., a British Columbian (B.C.) mineral explorer that went public in June 2021, the last five months have been a whirlwind of activity after a lull.
"This type of situation can be intriguing to investors" Kyle Kuzyk, newsletter writer for Equity Guru, wrote in an Oct. 4 article. "Rex Resources Corp. is definitely on my watchlist."
At the start of 2024, the Canadian mining junior owned one asset, the Rex property, which it had acquired in May 2023, according to a May 18, 2023 news release. The property consists of eight contiguous mineral claims over 1,562 hectares (1,562 ha) near Port Alberni on Canada's Vancouver Island in B.C.
The Rex property hosts multiple mineral occurrences that have yielded multiple gold and silver mineralized surface rock samples including assays between 3.6% to 13.9% copper, with limited or no diamond drilling follow up. With the prices of gold, silver, and copper significantly higher than 2006 when the project last saw significant exploration, the surface sampling results are clearly of interest.
Looking at the price highs in 2006 and today's prices, gold was US$982 per ounce (US$982/oz) versus US$2,637/oz, silver was US$14.94/oz versus US$30.90 and copper was US$3.90/oz versus US$4.45/oz.
"These higher commodity prices, combined with projections of continued strong demand, could potentially alter the economic assessment of the property" added Kuzyk.
Accomplishments Since April 2024
Raised Capital: In April, Rex Resources raised gross proceeds of CA$257,500 in a nonbrokered private placement, in which it issued 5,150,000 (5.15M) units at CA$0.05 per unit, as noted in an April 25 news release. Each unit consisted of one common Rex Resources share and one-half of one common share purchase warrant. The company indicated it would use the funds for general working capital purposes.
Received Technical Report: An NI 43-101 technical report was completed on the Rex property on June 17, and it indicates the presence of copper and gold mineralization as well as skarn and massive sulphide-type base metal mineralization there. Results of geochemical soil sampling and geophysics showed the known mineralization extends further than previously thought, suggesting the potential for areas of previously undiscovered mineralization.
To continue evaluating the potential of the Rex property, the report pointed out, follow-up work, consisting of the evaluation of geophysical targets, geological mapping, and grid expansion, should be done.
Acquired Asset: Soon after, Rex Resources acquired the nearby Mactush property, about 1.5 kilometers south-southeast of the Rex property, a June 25 news release outlined. Like Rex, Mactush encompasses eight mineral claims, too, but these are contained within 275 ha.
Exploration work carried out at Mactush dates to 1968 and includes extensive prospecting; soil, silt and rock sampling; limited trenching; geophysical campaigns; and limited percussion and diamond drill programs.
Appointed Director: In July, Rex Resources appointed Michael Leahy as a director and audit committee member, as announced in a July 3 news release. Leahy has 12-plus years of entrepreneurial experience and expertise in business and corporate development, as well as operations in a range of sectors, including natural resources.
He is the chief executive officer (CEO) and a director ...
