Copper smelters hungry for concentrate and Minrex has new ingredients
Original announcement by stockhead on
- Company
- Minrex Resources
- Ticker
- MRR
- Exchange
- Unavailable
- Region
- Serbia
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Metallurgy, Resource update, Drill results
- Extracted
- 2026-09-07 21:04:22 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Minrex Resources is advancing its Tlamino project in Serbia through a 9,000m drill program and metallurgical testwork led by Ausenco. The company aims to define a JORC-compliant resource and optimize a high-sulphur gold-silver concentrate that is increasingly valuable to copper smelters.
Reasoning: The company is advancing a dual-track strategy of resource definition and metallurgical optimisation to capitalize on a structural shift in the copper concentrate market.
Positive factors
- High-sulphur concentrate is highly prized by smelters in the current market
- Metallurgical program led by reputable consultant Ausenco
- Drilling results supporting the geological model and potential extensions
- Significant increase in historical payabilities for similar concentrates
Negative factors
- Current resource is non-JORC compliant
- Metallurgical results are being validated/optimised from historical 2021 data rather than being entirely new
Facts used in scoring: 3
Classification and evidence
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The reported 670,000oz resource is explicitly described as non-JORC and is the subject of an upcoming JORC-compliant update.
Evidence · text
“hosts the Barje gold-silver deposit, with a non-JORC resource totalling 670,000 ounces of contained gold equivalent”
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: The document mentions a metallurgical program led by Ausenco to validate historical work, implying professional oversight, though specific lab methods aren't detailed in this snippet.
Evidence · text
“A metallurgical testwork program led by renowned engineering group Ausenco is also underway”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a mill_cil route ("CIP")
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 3. Some facts used in scoring do not have a stored record.
Metallurgical Results (3)
Fact 1goldHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Commodity
- gold
- Ticker
- MRR
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-07T00:00:00.000Z
Reasoning: The resource is a non-JORC estimate based on a 2021 PEA.
Positive factors
- Significant gold equivalent metal content
Negative factors
- Non-JORC compliant
- Historical data
Evidence · text
“non-JORC resource totalling 670,000 ounces of contained gold equivalent... grading 2.9g/t AuEq”
Fact 2goldRecovery: 70 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Commodity
- gold
- Ticker
- MRR
Test Work
- Sample
- Barje flotation testwork (historical)
Recovery
- Recovery
- 70 %
- Recovery Basis
- unspecified
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-07T00:00:00.000Z
Reasoning: Historical flotation testwork from the 2021 PEA.
Positive factors
- Produced clean, copper-free, high-sulphur concentrate
Negative factors
- Historical payabilities were lower than current market levels
Evidence · text
“Flotation testwork behind the 2021 PEA produced a clean, copper-free, high-sulphur gold-silver concentrate”
Tags used in scoring
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 70% is below the weak band (80%)
flotationgoldView all detailsHide details
Identity
- Commodity
- gold
- Ticker
- MRR
Test Work
- Program Status
- optimization
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- Barje flotation testwork (current program)
Lab
- Laboratory
- Ausenco
- Consultant
- Ausenco
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-07T00:00:00.000Z
Reasoning: New metallurgical program to validate and optimize historical work.
Positive factors
- Aims to optimize concentrate specifications for modern smelters
- Targets high-sulphur content which is currently in demand
Evidence · text
“A metallurgical testwork program led by renowned engineering group Ausenco is also underway”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.