MinRex Resources Ltd. estimated a JORC 2012-compliant maiden inferred mineral resource at its Pacific Express project in New South Wales, Australia, of 697,000 tonnes at 1,157 parts per million cobalt, 9,043 ppm nickel and 39.5 ppm scandium.
At a cutoff of 600 ppm cobalt, the project contains 806 tonnes of cobalt, 6,301 tonnes of nickel and 27.5 tonnes of scandium, according to a June 6 release.
The company agreed in March to acquire Clean Power Resources Pty. Ltd., which holds the tenement applications for the Pacific Express project and the Dragon and Knight cobalt-copper-nickel projects in Western Australia.
MinRex said the resource can be materially expanded with additional exploration work on high-priority areas. An initial exploration program will target the Pacific Highway prospect, where high-grade cobalt intersections of up to 6,000 ppm have been confirmed.
The company said its geology team is now focusing on completing due diligence on the two West Australian projects.
