Rex Resources Completes 100% Acquisition of Rex Property, Initiates Airborne Geophysical Inversion and Field Program Planning
228 – 1122 Mainland St. Vancouver, BC V6B 5L1 www.rexresourcescorp.com
November 28, 2024 TSX-V: OWN
Rex Resources Completes 100% Acquisition of Rex Property, Initiates Airborne Geophysical Inversion and Field Program Planning
November 28, 2024 – Vancouver, B.C. – Rex Resources Corp. (TSXV: OWN, FRANKFT: 94G) (“Rex” or the “Company”) is pleased to announce the completion of the Company’s previously announced acquisition from Broadstone Resources Inc. (“Broadstone”) of the Rex Property comprising eight (8) contiguous mineral claims totalling approximately 1,562 hectares located near Port Alberni, British Columbia (the “Acquisition”).
Rex has now satisfied all cash payment and share issuance obligations to Broadstone under the securities exchange agreement dated May 18, 2023 among the Company, 1414447 B.C. Ltd. (“BCCO”) and Broadstone, the former sole shareholder of BCCO. For additional information regarding the Acquisition and that agreement, see the Company’s news releases dated May 18, 2023 and June 19, 2023, both of which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
Rex Property Details and Next Steps
The Rex Property, located on central Vancouver Island, is easily accessed by a series of paved and gravel roads from Port Alberni. Geologically, the Property is underlain by Triassic mafic volcanic rocks of the Karmutsen Formation, and local inliers of Triassic Quatsino Formation sediment and Jurassic Bonanza Group volcanics, which are intruded by granodiorite sills, stocks and dikes of the Jurassic Island plutonic suite.
The Rex Property is an early-stage project that has the potential to host porphyry copper, volcanogenic massive sulphide, copper-gold skarn, and gold-rich polymetallic vein mineralization. Select rock grab samples from the Foss, Kola and Rex prospects have yielded base and precious metal values including 8.64% copper and 11 grams-per-tonne (g/t) silver; 7.3% copper, 23 g/t silver and 2.8 g/t gold; and 13.9% copper, 29 g/t silver, and 2.7 g/t gold, respectively1.
The Company has recently acquired primary digital data for a 1,661 line-km Fugro DIGEM airborne magnetic, electromagnetic and radiometric survey flown at 100 metre line spacing over the Rex Property and surrounding area. APEX Geoscience Ltd., geological consultants to the Company, are currently generating magnetic and electromagnetic inversion products that are expected to facilitate the identification of additional exploration targets.
Geophysical inversion work is being conducted concurrently with a digital data compilation for the Rex Property. Following the integration of these datasets, the Company plans to complete and initial 2–3-week field-based rock and soil sampling program designed to further evaluate and advance existing and validate new targets leading to a potential summer 2025 diamond drill program.
1 See NI 43-101 Technical Report on the Rex Property, with an effective date of June 17, 2024, prepared by Derrick Strickland, P.Geo., and filed under the Company’s profile on SEDAR+ at www.sedaplus.ca.
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Craig Taylor, President, CEO and Director of Rex, stated:
“We are pleased to have completed this transaction to acquire 100% ownership of the Rex Property. With the acquisition of the high-quality airborne geophysical survey dataset the Company is now in a position to meaningfully advance existing high-grade copper occurrences and evaluate new potential targets with the Rex Property toward a potential summer 2025 drill program.”
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (B.C.), Principal and Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, who is a director of the Company and a “Qualified Person” as defined in National Instrument 43- 101.
About Rex Resources Corp.
Rex is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. Rex owns an undivided 100% interest in eight contiguous mineral claims located near Port Alberni, British Columbia, generally known as the Rex Property, and has the option to acquire an undivided 100% interest in an additional eight mineral claims in proximity thereto known as the Mactush Property.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Leahy, Director (604) 681-8835 [email protected] www.rexresourcescorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Information
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, the potential plans for the Company’s projects, other statements relating to the technical, financial and business prospects of the Company, its projects, its goals and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner and that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market
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or business conditions, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological assumptions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to obtain or maintain surface access agreements or understandings from local communities, land owners or Indigenous groups, fluctuation in exchange rates, the impact of viruses and diseases on the Company’s ability to operate, capital market conditions, restriction on labour and international travel and supply chains, decrease in the price of gold, copper and other metals, loss of key employees, consultants, officers or directors, failure to maintain or obtain community acceptance (including from the Indigenous communities), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.