Rex Minerals Ltd. (Rex or the Company) has received gold assay results from a recent drilling program at Bells, situated within the Company's Hog Ranch Gold Property in Nevada, USA. The drilling results have confirmed information that previously defined a shallow blanket of horizontally-dispersed gold mineralization, which in some cases extends at depth into further lower-grade gold mineralization. This new drilling confirms that both the higher-grade gold mineralization and surrounding halo of lower-grade gold mineralization can be defined in greater detail, using a combination of both the recent drilling and the extensive historical drilling information. The drilling program at Bells was designed to add confidence in the use of historical data in Rex's Maiden Mineral Resource for Hog Ranch. Additionally, it was expected to specifically improve confidence and provide additional data at Bells, required to upgrade the Mineral Resource. The drill holes were planned to cover a significant portion of the thicker and more continuous gold mineralization as defined by the historical drilling information. The assay results received from this drilling program have now been reviewed and interpreted, which includes the broader gold mineralization that was intersected above a grade of 0.2g/t gold. Most of the geological boundaries identified from the historical drilling information have been confirmed based on the results from the 2019 drilling program. The results have significantly increased the confidence in the historical information. In a few cases, the gold mineralization was found to extend further than previously predicted and therefore remains open at depth, particularly towards the north- east of Bells within the existing Mineral Resource estimate (ie. HR19-008 and HR19-009). Further analysis and interpretation will be conducted as part of a review of the Mineral Resource estimate at Bells with the added benefit of the recently received drilling results and other geological information.