Explorex Resources Inc. announced that it has entered into a Letter of Intent with New Tech Minerals Corp. ("New Tech") for a 100% option to acquire the Buena Vista Hills Cobalt - Iron Oxide Copper Gold ("IOCG") project ("Buena Vista" or "Project") in Pershing County, Nevada. Buena Vista is a unique opportunity and setting for a large scale near surface cobalt target. The Project is centered around the past producing open-pit Segerstrom-Heizer ("SH") iron ore mine that produced more than 1.2 million tons of iron ore between 1943 and 1966 (Nevada Bureau of Mines, Bulletin 89, Johnson, 1977). The massive magnetite is localized within the northeast-striking, northwest-dipping Segerstrom-Heizer fault zone ("SH Fault") and is coincident with a series of northwest-trending cross faults. Subsequent to the emplacement of the magnetite, an intense 'Cobaltoan' pyrite-marcasite sulfide mineralizing event occurred (i.e. Cobaltoan pyrite is simply a name given for pyrite containing an appreciable content of cobalt). The Cobaltoan forming fluids were introduced along the local structures, favorably constrained by the massive magnetite unit, with Cobaltoan iron-sulfide deposition focused along the hanging wall and foot wall margins of the massive magnetite body. A significant amount of Cobaltoan iron-sulfide mineralization is exposed in the open pit walls and within the waste dumps presenting two distinct prime exploration target styles: 1.) The Cobaltoan miner lization appears to be strongly oxidized to about 50-60m below surface and represents a shallow, thick and well developed hanging wall open pit target; and 2.) A Cobaltoan massive pyrite-marcasite sulfide target is indicated below the oxidized cap. The potential of the 'at surface' oxidized zone was revealed in a reverse circulation ("RC") drill hole completed by the property owner, Zephyr Minerals, in 2008 ("Zephyr Hole"). The Zephyr Hole was located approximately 100 m northeast of the main exposed mineralized zone at the NE pit wall and drilled vertically with fixed 3.05 m (10 foot) sample intervals. The cobalt mineralization was intersected under the mine waste at a 6.1 m (20 foot) depth and graded 0.09% CoO over 27.4m (90 feet). This interval included 12.2m (40 feet) grading 0.12% CoO from 12.2-24.4m (40-80 feet). New Tech recently collected grab samples from several small development pits occurring along the NE extension of the SH fault zone. Four samples were collected up to 305 m (1000 feet) NE of the SH pit grading 284, 465, 825 and 921 ppm Co and one grab sample collected from a development pit located approximately 457 m (1500 feet) NE of the SH pit contained 837 ppm Cobalt. Of note, the significant cobalt mineralization reported in the Zephyr Hole combined with the cobalt mineralization observed in grab samples quite distant from the Zephyr Hole indicates the potential for a large at surface cobalt mineralized target area along the extent of the magnetite body and SH Fault. In 2018, New Tech collected two semi-massive magnetite grab samples exhibiting significant pyrite replacement (~30% to 50% pyrite content) from the open pit waste dump that graded 0.15 and 0.48% Cobalt*. Independent from New Tech, three massive Cobaltoan pyrite samples were collected from the dump that returned grades of 0.45, 0.82 and 1.20% cobalt* (T.A. DeMatties, unpublished preprint data). The semi-massive to massive pyrite samples collected from the dump material reveal a high cobalt tenor and emphasises the potential for a sizable near surface cobalt iron sulfide mineralized zone below the oxidized cap.Except for the Zephyr Hole, all historic holes at Segerstrom-Heizer did not analyze for cobalt.