MINOTAUR 
By MINOTAUR EXPLORATION LIMITED ACN 108 483 601 ASX: MEP
ASX Release
www.minotaurexploration.com.au10 JUNE 2014
DRILLING MULTIPLE NEW COPPER- GOLD TARGETS
AT ELOISE PROJECT, CLONCURRY
HIGHLIGHTS
• Significant copper-gold discovery potential was highlighted late in 2013 over a large area west of
Eloise Mine
• On-ground EM surveys in 2014 validated numerous positively charged bedrock conductors
under thin surficial cover
• Geometry of 11 untested conductors refined through modelling
• Minotaur's inaugural drilling campaign is
now underway and fully funded by Minotaur's
JV partner.
An extensive heli-borne VTEM survey was completed late in 2013 over ~180km2 comprising portions
of tenements EPM 17838 and EPM 18442 within the Eloise Copper project, 50km SE of Cloncurry (Figure 1).
920 line kilometres were flown along 200m spaced east-west lines using Geotech's VTEM Max airborne EM system and included coverage of the Sandy Creek Inferred mineral resource of 2.0 Mt @ 1.32% Cu and
0.30 g/t Au (Figure 2) (classified under the JORC Code
2012; refer Breakaway Resources' Quarterly Report for the period ended 31 March 2013).
Assessment of the VTEM data revealed a total of 30 high-priority targets (see Minotaur's ASX announcement dated 18 December 2013).
Figure 1: The Eloise Copper project, one of four Minotaur Cu-Au projects in the Cloncurry region, with Eloise Cu-Au Joint Venture tenements coloured blue.
Ground EM surveys using both fixed-loop and moving-loop configurations were undertaken early in
2014 at 14 of the VTEM targets and successfully delineated positively charged basement conductors. After modelling and interpretation of the ground EM data, eleven have been selected for initial drill testing
to appraise their potential to host Cu-Au mineralisation (Figures 2-3; Table 1). Targets are veneered by cover sediments of less than 15m, except target EVT16 where depth to basement is ~90m. All are geophysically- modelled conductor plates, and are interpreted to be geologically analogous to the Sandy Creek copper deposit or the Eloise copper-gold deposit. None has
been previously drill tested.
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LEVEL 1, 8 BEULAH ROAD, NORWOOD, SOUTH AUSTRALIA 5067 T +61 8 8132 3400 F +61 8 8132 3499 E admin@minotaurexploration.com.au
Figure 2: The Eloise Copper project area showing prioritised EM drill target (EVT) locations.
Figure 3: Late-time, Z-component VTEM image over the Sandy Creek resource area.
Target | mE | mN | Dip | Azimuth | Total Depth |
EVT10 EVT13 EVT16 EVT36 EVT41 EVT43 EVT47 EVT49 EVT51 EVT54 EVT56 | 482203 487555 494170 493050 491675 491900 490791 479077 480260 479160 478878 | 7688506 7688766 7688700 7682500 7681160 7679100 7678449 7678306 7678350 7680025 7679268 | -60 -60 -60 -60 -60 -60 -60 -70 -60 -60 -60 | 270 180 270 300 0 270 165 0 300 290 90 | 200 200 200 200 100 200 200 250 150 250 250 |
Table 1: Regional targets and proposed drill collars.
Of the eleven prioritised drill targets (Table 1), eight have been surveyed for aboriginal heritage values and cleared for drilling. Three sites, EVT41, EVT51 and EVT54 await heritage survey of access options. Known mineralisation at the Sandy Creek deposit, clearly visible in the VTEM data (Figure 3), is not targeted by the present drill campaign, that being focused on regional delineation of new copper-gold targets.
Drill method is predominantly Reverse Circulation
(RC), with diamond tails should high groundwater flows be encountered. Drilling is expected to take around four weeks.
The Eloise Copper JV is managed and operated by Minotaur Exploration. All expenditure is contributed by the joint venture partner who, upon expenditure
of $6 million over 4 years, may earn a 50% beneficial joint venture interest in the tenements. The Eloise Copper project tenements (plus others) were acquired by Minotaur through its all-scrip take-over of the
then-listed Breakaway Resources Ltd late in 2013.
Information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Ian Garsed, who is a Competent Person and a Member of the Australian Institute of Geoscientists. Mr Garsed is a full-time employee of the Company and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined
in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Garsed consents to inclusion in the report of the matters based on his information in the form and context in which it appears.
For further information contact: Andrew Woskett (Managing Director) or
Tony Belperio (Director, Business Development) Minotaur Exploration LtdT +61 8 8132 3400
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APPENDIX
JORC CODE, 2012 EDITION
Section 1: Sampling Techniques and Data
Criteria Explanation | |
Sampling techniques | VTEM: Geotech helicopter-borne VTEM Max system with flying height of 90m and sensor height of 35m. Configuration included: 35m diameter transmitter loop, 865,000 NIA peak dipole moment, 25 Hz 3 Component BField & dB/dt. Ground EM: Data was collected in a moving loop and fixed loop array using GEM Geophysics ground EM contractors. The contractors used an EMIT Smartem ground EM Receiver with a Zonge ZT30 transmitter and a 3 Component Jessy High Temperature SQUID sensor to collect readings. |
Drilling techniques | Not applicable. |
Drill sample recovery | Not applicable. |
Logging | Not applicable. |
Sub-sampling techniques and sample preparation | Not applicable. |
Quality of assay data and laboratory tests | Not applicable. |
Verification of sampling and assaying | Not applicable. |
Location of data points | VTEM: On board differential GPS with accuracy of 1.8m. Ground EM: Hand held GPS with accuracy of 3-5 metres. |
Data spacing and distribution | VTEM: Readings taken at 2-3m intervals along flight lines nominally 200m apart. Ground EM: Moving Loop Ground EM data collected at 50 metre intervals along single lines. Ground EM: Fixed Loop Data collected at 25 metre intervals along survey lines generally 100 metres apart but also at 50 metre line intervals for EVT54 and 200 metre line intervals for EVT10. |
Orientation of data in relation to geological structure | VTEM: Flight lines oriented across dominant strike direction of rock units and structures. Ground EM: Survey lines oriented across dominant strike of airborne EM conductors. |
Sample security | Not applicable. |
Audits or reviews | No independent audit or review undertaken. |
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APPENDIX
JORC CODE, 2012 EDITION
Section 2: Reporting of Exploration Results
Criteria Explanation | |
Mineral tenement and land tenure status | The VTEM and ground EM surveys were conducted on portions of tenements EPM17838 and EPM18422 which form part of the Eloise Copper Joint Venture between Levuka Resources Pty Ltd, Breakaway Resources Ltd (each a wholly-owned subsidiary of Minotaur Exploration Limited), and Golden Fields Resources Pty Ltd. Exploration activities are managed by Minotaur Exploration under a jointly agreed work programme. There are no existing impediments to any tenement within the Eloise Copper Joint Venture. Proposed ground disturbing activities require prior consultation with traditional owners to identify and avoid aboriginal cultural heritage sites. Eight of the eleven targets have been cleared for immediate drilling. |
Exploration done by other parties | Extensive historical exploration by other companies across the tenements includes surface rock chip analyses, geological mapping, airborne magnetic surveys, gravity surveys, induced polarisation (IP) survey, EM surveys, RC drilling and Diamond drilling. The ground EM targets reported herein represent new targets not previously tested by drilling. |
Geology | Within the eastern portion of Mt Isa Block, IOCG-style mineralisation at ~1590 -1500Ma is associated with granitic intrusions and fluid movement along structural contacts. Mineralisation styles sought are similar to the nearby Eloise copper-gold deposit. |
Drill hole Information | Not applicable. |
Data aggregation methods | Not applicable. |
Relationship between mineralisation widths and intercept lengths | Not applicable. |
Diagrams | See Figures 2 - 3 of this Report. |
Balanced reporting | All results of significance have been reported within this Report. |
Other substantive exploration data | No significant exploration data has been omitted. |
Further work | Extent of any future investigations at these drill targets is dependent upon results achieved in the current drill programme. |
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