Rex Minerals Ltd. (Rex or the Company) has received assay results from the Bells and Airport Projects at Rex's 100% owned Hog Ranch Gold Property in Nevada, USA. These results include the discovery of a significant new gold intersection approximately 250m south of Airport, drilled on an untested interpreted structure and targeted using new 3D Induced Polarisation (IP) data. In late 2020, Rex identified the potential for an IP survey to assist with the discovery of gold mineralisation at the Airport and Cameco area (see Rex's announcement dated 5 November 2020). Following on from this initial test work, a 3D IP survey was completed in early 2021 over a broad 1km2 area surrounding the Airport Project area, which was then used as a targeting tool for a number of unique new drill targets. Rex has now received assay results from three drill holes that were designed to test targets from the 3D IP data. Drill hole HR21-008 was designed to test the possible deeper extensions to the system based on historical drill holes which ended in gold mineralisation. This drill hole was also used to target a changeability anomaly which exists at depth at this location. The drill hole intersected anomalous gold mineralisation all the way to end-of-hole at 250m depth. The outcome has enabled us to extend the previously known gold mineralisation with the prospect that some of the thick historical drill hole intercepts may link up. Rex's earlier observations suggest that the Airport to Cameco area appears to host a significantly large hydrothermal system. HR21-008, with anomalous gold over 250m, and 111m @ 0.83g/t gold supports this contention. Drill hole HR21-009 was targeted on a resistivity anomaly which is directly south of the gold mineralisation at Airport and along strike of an interpreted controlling fault. This drill hole successfully intersected gold mineralisation at surface in addition to another section of gold mineralisation from 57.9m down hole (for 16.8m), once again potentially extending the known gold mineralisation at Airport further south than previously interpreted. Drill hole HR21-010 (a new discovery) was targeted on a chargeability anomaly in the position where an interpreted north-east fault intersects the interpreted southern extension of the controlling north striking fault from the Airport area. This discovery intersection of 114m @ 0.64g/t, including a higher- grade zone of 36.6m @ 1.4g/t gold from 143.3m, indicates that a new thick interval of gold mineralisation exists at depth. Rex interprets that this gold mineralisation is likely to extend along strike and up and down dip, the full extent of which will require additional drilling to confirm. Rex commenced drilling at Bells in late April 2021, with all results now received. The first drilling program was designed to test for possible lateral (horizontal) extensions to the gold mineralization (drill holes HR21-001 to HR21-004) in addition to testing of the northern position of a newly identified hyperspectral anomaly (drill holes HR21-005, 006 and 007). In tandem with the drilling program in April and May this year, further mapping from internationally experienced epithermal gold experts was undertaken at both Bells and the broader Hog Ranch area. Key findings from the mapping are that there are several large-scale breccias at both Bells and further afield which appear to have an important influence on the emplacement and location of the gold mineralisation at Hog Ranch. Both the historical drilling information and recent drilling results support this updated interpretation. This interpretation also opens the possibility for larger-scale and higher-grade gold mineralization focussed around where these breccias are extending to greater depths beyond the current drilli. There were four drill holes designed to test for horizontal extensions to the gold mineralisation at Bells. All these drill holes have confirmed further gold mineralisation which has dispersed within the host rocks in a horizontal orientation. In addition, and in line with the information obtained from the mapping activities, the drilling results are supportive of a general trend for the gold mineralisation to be higher grade when close to an interpreted breccia (I Away from these vertically orientated breccias, the gold mineralisation is typically found to disperse along a relatively horizontal plane close to the surface with gold grades decreasing away from these controlling breccias. Results from HR21-001 are near an interpreted breccia position and results from HR21-002, 003 and 004 are reflective of gold mineralisation which has dispersed some distance away horizontally from the interpreted breccias. A further group of drill holes was designed to test a new target area to the south-west of Bells which was recently defined by a hyperspectral survey. The hyperspectral survey has identified the location of specific hydrothermal clay minerals which are typically found associated with epithermal gold deposits such as is observed at Hog Ranch. The drilling at this target area was focused initially to the north of the hyperspectral anomaly which was a previously untested position. These drilling results did not pick up immediate gold mineralisation except for end-of-hole HR21-007, which intersected 7.6m @ 0.13g/t gold. The results from HR21-007 are interpreted to be leading into the gold position underneath the hyperspectral anomaly which appears to be further south than the location of this initial drill test. Some historical drill holes have already shown that the edge of this hyperspectral target area has gold mineralisation close to the surface. It is interpreted that the broad hyperspectral anomaly is representative of a dispersed area of strong hydrothermal clay minerals, and that within this defined area Rex interprets that there exists further breccia bodies and shallow disseminated gold mineralisation. a vertical orientation) which is considered to be a key conduit for the gold-bearing fluids.