Minotaur Exploration : Artemis Drilling Continues to Deliver Excellent Copper-Gold-Zinc Results

Hole ID

Easting (m)

Northing (m)

Dip

Azimuth (T)

Depth (m)

EL14D18

EL14D20

EL14D21

EL14D22

EL14D24

EL14D25

EL14D26

EL14D27

EL14D28

EL14D29

EL14D31

EL14D32

EL14D33

EL14D34

EL14D35

EL14D36

EL14D37

479127

479184

479161

479161

479111

479191

479103

479095

479120

479128

479161

479216

479162

479217

479214

479216

479214

7679960

7679965

7680053

7680053

7680044

7679988

7680020

7679998

7680069

7680091

7680053

7679980

7680053

7679980

7680005

7679980

7680006

-60

-60

-60

-60

-65

-60

-65

-65

-70

-70

-70

-65

-70

-65

-70

-61

-62

290

290

290

306.5

290

290

290

290

290

290

290

290

309

309

309

300

309

243.2

406.4

207.9

204.3

132

321.7

90

90

132

132

256.1

390.9

274

430.1

411.8

318.7

295

Hole

From

To

Interval m

Cu %

Au g/t

Zn %

Ag g/t

Pb %

EL14D22

145.28

154.25

8.97

0.55

0.79

2.1

12.2

0.59

EL14D25

225

244.89

19.89

1.44

0.8

1.79

17

0.35

including

237

240

3

2.99

1.08

8.54

65.2

1.61

EL14D31

170.81

192.96

22.15

1.17

0.47

3.46

26.3

0.36

and

199

204

5

0.68

1.66

9.95

74.4

1.26

Hole ID

From (m)

To (m)

Interval (m)

Cu %

Au g/t

Zn %

Ag g/t

Pb %

Co %

EL14D22

EL14D22

EL14D22

EL14D22

EL14D22

EL14D22

EL14D22

EL14D22

EL14D22

EL14D22

EL14D22

143

144

145.28

146

147

148

149

150

151

152

153

144

145.28

146

147

148

149

150

151

152

153

154.25

1

1.28

0.72

1

1

1

1

1

1

1

1.25

0.08

0.37

1.06

0.41

1.05

0.92

0.44

0.60

0.30

0.35

0.12

0.60

0.01

0.01

0.15

0.38

0.12

0.03

0.07

0.32

2.50

2.79

0.78

0.65

2.26

3.04

5.33

5.70

0.81

2.26

0.01

0.02

0.01

0.80

1.31

2.98

17.70

23.50

53.30

1.16

10.25

0.60

0.50

0.12

0.01

0.01

0.01

0.93

1.13

2.81

0.02

0.35

0.01

0.01

0.01

0.01

0.03

0.09

0.07

0.07

0.02

0.06

0.02

0.01

0.01

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

EL14D25

225

226

227

228

229

230

231

232

233

234

235

236

237

238

239

240

241

242.04

243

243.73

226

227

228

229

230

231

232

233

234

235

236

237

238

239

240

241

242.04

243

243.73

244.89

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1.04

0.96

0.73

1.16

1.52

0.29

1.00

1.17

1.21

0.69

1.15

1.39

1.25

2.24

3.09

1.37

1.56

2.16

5.26

0.59

0.38

0.43

0.57

1.28

1.05

0.04

0.78

0.73

0.44

0.46

0.59

0.34

0.26

0.32

0.58

0.31

0.55

1.75

0.95

1.09

3.01

0.30

0.21

1.74

0.41

0.02

3.86

2.63

0.34

0.35

0.37

0.27

0.50

0.62

0.15

0.17

3.42

14.75

7.45

0.20

0.11

0.02

0.02

0.01

5.13

1.22

25.80

25.20

7.71

5.17

5.81

5.35

11.45

15.35

20.20

7.29

53.80

104.00

37.90

2.83

1.02

0.88

0.90

1.77

0.01

0.01

0.52

0.47

0.12

0.09

0.06

0.04

0.25

0.21

0.25

0.11

1.42

2.94

0.48

0.06

0.01

0.01

0.02

0.02

0.09

0.14

0.26

0.18

0.19

0.18

0.07

0.09

0.12

0.16

0.14

0.24

0.25

0.08

0.06

0.01

0.01

0.03

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

170.81

172

173

174

175

176

177

178

179

172

173

174

175

176

177

178

179

180

1.19

1

1

1

1

1

1

1

1

0.66

0.81

1.16

1.93

1.21

1.17

1.65

1.05

1.48

0.88

0.30

0.36

0.41

0.17

0.23

0.49

0.34

0.61

6.65

2.55

2.76

2.05

1.12

1.06

2.47

0.08

1.57

28.70

24.60

23.80

21.10

12.10

13.00

25.30

17.70

12.40

0.42

0.34

0.28

0.20

0.09

0.12

0.33

0.24

0.11

0.12

0.09

0.09

0.10

0.12

0.11

0.12

0.16

0.15

Hole ID

From (m)

To (m)

Interval (m)

Cu %

Au g/t

Zn %

Ag g/t

Pb %

Co %

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

EL14D31

180

181

182

183

184

185.26

186

187

188

189

190

191.22

192

197

198

199

200

201

202

203

181

182

183

184

185.26

186

187

188

189

190

191.22

192

192.96

198

199

200

201

202

203

204

1

1

1

1

1.26

0.74

1

1

1

1

1.22

0.78

0.96

1

1

1

1

1

1

1

1.16

1.63

1.32

1.40

1.25

0.56

0.79

0.25

0.99

0.74

0.60

1.77

2.47

0.58

0.74

0.91

0.83

0.57

0.34

0.74

0.27

0.56

0.51

0.87

0.85

0.60

0.19

0.60

0.84

0.38

0.08

0.07

0.48

0.03

0.06

0.72

0.67

1.07

0.18

5.67

1.18

4.72

6.54

4.73

5.37

1.10

0.23

2.14

1.26

1.35

6.86

12.90

7.25

0.06

0.28

18.55

6.70

13.50

6.71

4.27

14.70

35.30

31.80

61.70

63.20

46.20

19.30

62.50

29.30

6.29

4.17

9.54

11.35

3.04

5.33

65.30

40.60

82.30

9.62

174.00

0.17

0.45

0.37

0.95

1.08

0.95

0.27

1.06

0.49

0.03

0.01

0.01

0.01

0.01

1.20

0.73

1.57

0.09

2.73

0.11

0.10

0.11

0.13

0.09

0.03

0.04

0.06

0.04

0.03

0.02

0.06

0.11

0.02

0.02

0.08

0.12

0.20

0.02

0.17

Criteria JORC Code explanation Commentary

Sampling techniques

Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting

the broad meaning of sampling.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

Aspects of the determination of mineralisation that are Material to the Public Report.

In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1m samples from which 3kg was pulverised to produce a 30g charge for fire assay'). In other cases more explanation may be required, such as where there

is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types

(eg submarine nodules) may warrant disclosure of detailed information.

Drill holes EL14D22, EL14D25 and EL14D31 were drilled from surface with diamond coring technique whereas EL14D24 and EL14D26-29 were drilled using reverse circulation (RC) drilling technique.

The NQ diamond drill bit size employed to sample the zone of interest in EL14D22, EL14D25 and EL14D31 is considered appropriate to indicate degree and extent of mineralisation.

Use of reverse circulation drilling with 3 ½ inch diameter rods to locate the upper extents of the Artemis mineralization and obtain rock chip samples for assay is considered appropriate to indicate degree and extent of mineralisation.

All drill core and RC rock chips have been geologically logged. All drill core had magnetic susceptibility measurements systematically recorded every 1m, specific gravity measurement recorded every 5m though every 1m within mineralized intervals, core orientation determined where possible, all drill core trays photographed/ select lithologies and zones of mineralisation photographed.

Selected 1 metre intervals of RC sample and selected intervals of quarter core were chosen for geochemical laboratory analysis based upon visual observations on lithologies and perceived zones of alteration and mineralisation. Unsampled intervals are expected to be unmineralised.

Drilling Techniques

Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

Professional drilling contractors Kelly Drilling

Pty Ltd drilled EL14D22, EL14D24-EL14D29 and EL14D31 under the supervision of experienced Minotaur geological personnel.

A digital downhole survey camera was used every

~30m by Kelly Drilling to monitor hole orientation during drilling of the cored holes. At completion of each drillhole a digital downhole camera was used to take an orientation survey every ~6m; these detailed downhole data have been used to plot drillhole traces and intercept position for EL14D22, E14D25 and EL14D31.

A downhole survey was conducted every 30 metres during drilling of the reverse circulation holes.

Drill Sample

Recovery

Method of recording and assessing core and chip sample recoveries and results assessed.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

Received drill core length is measured, recorded and compared to actual metres drilled as reported by the drill contractor. The ratio of measured length to drilled length is used to calculate total core recovery. In drill holes EL14D22, EL14D25 and EL14D31 recoveries were typically 100%

for the mineralised intervals.

Criteria JORC Code explanation Commentary

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

The total length and percentage of the relevant intersections logged.

All drill core has been geologically logged with magnetic susceptibility and specific gravity measurements recorded every 5m throughout (1m measurements through the mineralized interval). Core orientation determined where possible. All drill core trays photographed with select lithologies and zones of mineralization photographed.

Lithological and magnetic susceptibility logging data for the entire hole was entered onsite into Minotaur's OCRIS Mobile logging system.

Rock quality data (RQD) have been measured and recorded for all core drilled to date, however, comprehensive geotechnical assessment has

not yet been undertaken on the drill core.

Such assessment is not required to adequately evaluate the significance of the results at this early exploration stage.

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all

sub-sampling stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/ second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

The cores from drill holes EL14D22, EL14D25 and EL14D31 were cut and quarter core samples were collected as generally 1 metre composites. The sampled intervals were selected based upon visual observations of lithologies and perceived zones of alteration and mineralisation. Unsampled core intervals are expected to be unmineralised.

Each laboratory submission sample was collected in an industry-standard calico bag with sample number written in black on the bag and sample number ticket inserted into the bag.

Samples were placed in large plastic polyweave bags, labeled with the sample number range and secured with a plastic cable tie for direct transport to ALS Laboratories in Mount Isa by a Minotaur representative.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

Results reported in the body of this Report pertain to quarter core samples from drill holes EL14D22, EL14D25 and EL14D31 analysed by ALS Laboratories. A 48-element suite including Cu,

Zn, Pb, Ag was analysed by four acid digest and ICP-MS/ICP-AES finish (ALS method ME-MS61): a four acid digest is considered a near total digest and appropriate for resource appraisal.

Cu, Zn, Pb and Ag results above the upper detection limit of ALS method ME-MS61 were repeated with ALS method OG46 (aqua regia digest and AAS finish): an appropriate method for evaluation of ore/high grade material.

Criteria JORC Code explanation Commentary

Quality of assay data and laboratory tests continued

Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

Gold content analysed by fire assay with AAS

finish (ALS method Au-AA25).

ALS analysed regular blanks (around 1 in 9), regular standards (around 1 in 3) and regular duplicates (around 1 in 5) when analysing the samples from drill holes EL14D22, EL14D25 and EL14D31.

Four different commercially-sourced standards were submitted by Minotaur to ALS simultaneously with drill core samples from EL14D22, EL14D25 and EL14D31. Twelve packets of standard pulps were submitted representing around 1 in 9 samples.

Gold standard results are largely within 2 standard deviations of expected value with one outlier currently being investigated.

Minotaur's QAQC indicates that Cu and Pb values may be reporting low (based on comparison of lab assays and expected values of commercially sourced reference material) and this issue is under investigation. Standard assays for other metals

are within tolerable limits.

Eight gravel blanks (around 1 in 12 samples) were also submitted to ALS as part of Minotaur's quality control procedure; assay results for blanks have been within expected limits.

Seven duplicate quarter core samples (around

1 in 14 samples) were submitted to ALS as part

of Minotaur's quality control procedure. Duplicate sample assays compare well to alpha samples.

For the laboratory results received and reported in the body of this Report an acceptable level

of accuracy and precision has been confirmed by

Minotaur's QAQC protocols.

Verification of sampling and assaying

The verification of significant intersections by either independent or alternative company personnel.

The use of twinned holes.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

Discuss any adjustment to assay data.

All drilling data including collar coordinates, hole orientation, total depth, sampling intervals and lithological logging were recorded using OCRIS Mobile logging software with inbuilt data validation.

Significant intersections have been verified by

Minotaur's Project Geologists: laboratory

assays are consistent with mineralised intervals highlighted by geological logging.

No twinned holes were undertaken.

No adjustments to assay data were undertaken.

Criteria JORC Code explanation Commentary

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.

Drillhole collar locations (GDA94, MGA Zone 54)

of EL14D24-EL14D29 were determined by Haines Surveys using Trimble 5700 series equipment with horizontal (easting, northing) accuracy +/- 1cm

and vertical (RL) accuracy +/-1.5cm. Drillholes

EL14D22 and EL14D31 have been located using a handheld GPS unit pending DGPS location as soon as possible. The drill collars are considered to be located with an appropriate level of accuracy for early-stage mineralisation appraisal.

Kelly Drilling used a digital survey system every

~30m downhole to determine hole orientation during diamond drilling, followed up with ~6m spaced surveys after completion of the hole; these data have been used to the plot drillhole traces

and intercept positions for EL14D22, EL14D25 and EL14D31.

Data spacing and distribution

Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is

sufficient to establish the degree of geological and

grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

Whether sample compositing has been applied.

Results reported in the body of this Report pertain to quarter core samples from drill holes EL14D22, EL14D25 and EL14D31 analysed by ALS Laboratories. Typically 1 metre intervals coincident with mineralisation and alteration selected for downhole geochemical sampling.

The total intervals sampled in drill holes EL14D22, EL14D25 and EL14D31 are considered appropriate for the perceived degree of mineralisation present.

Historic exploration drilling is of insufficient density to determine extents of mineralisation along strike or at depth from Minotaur drillholes.

No mineral resource or ore reserve estimation has been undertaken.

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

Drillhole orientation was optimized to intersect the centre of the target geophysical anomalies.

No orientation-based sampling bias has been identified.

Sample security

The measures taken to ensure sample security.

All drill samples were stored at a secure location and delivered to the Laboratory for analysis

by Minotaur personnel. Remnant drill core and laboratory pulps from EL14D22, EL14D25 and EL14D31 have been retained by Minotaur.

Audits or reviews

The results of any audits or reviews of sampling techniques and data.

No independent audit or review undertaken.

Criteria JORC Code explanation Commentary

Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

The drilling reported herein was conducted on tenement EPM17838 which forms part of the Eloise Copper Joint Venture between Levuka Resources Pty Ltd, Breakaway Resources Ltd (both subsidiaries of Minotaur Exploration Limited)

and Golden Fields Resources Pty Ltd. Exploration activities are managed by Minotaur Exploration under a jointly agreed work program.

There are no existing impediments to any tenement within the Eloise Joint Venture.

Ground disturbing activities require consultation with regard to appropriate aboriginal heritage site avoidance. All drillsites within the current program have been cleared for drilling.

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties.

Extensive historical exploration by other companies across the JV tenements includes surface rock chip analyses, geological mapping, airborne magnetic surveys, gravity surveys, induced polarization (IP) survey, EM surveys, RC drilling and diamond drilling.

Historic exploration drill hole data and down-hole geophysical data have been re-assessed,

but are of insufficient density to determine the extent of mineralisation along strike or at depth Minotaur holes.

Geology

Deposit type, geological setting and style of mineralisation.

Within the eastern portion of Mt Isa Block

targeted mineralisation styles include: IOCG-style mineralisation associated with ~1590-1500Ma granitic intrusions and fluid movement along structural contacts e.g. Eloise Cu-Au; and sediment-hosted Zn+Pb+Ag±Cu±Au deposits

e.g. Mt Isa, Cannington.

Drill hole Information

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

• easting and northing of the drill hole collar

• elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

• down hole length and interception depth

• hole length.

If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

Full drill collar details for drill holes EL14D22, EL14D25 and EL14D31 including location coordinates, orientation and final depth are provided in Table 1 of the body of this Report.

Assay results are reported in Tables 2-3 of the body of this Report.

Criteria JORC Code explanation Commentary

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should

be stated.

Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

The assumptions used for any reporting of metal equivalent values should be clearly stated.

Assay results reported in the body of this Report pertain to quarter core samples from drill holes EL14D22, EL14D25 and EL14D31 analysed by ALS Laboratories.

EL14D22 was drilled at approximately -60 degrees towards 306.5 degrees (True bearing) to intersect the interpreted EM plate at a moderately high angle.

EL14D25 and EL14D31 were drilled at approximately -60 and -70 degrees respectively towards 290 degrees (True bearing) to intersect the interpreted EM plate at a moderately high angle.

No maximum and/or minimum grade truncations have been used. Most (but not all) assays are for

1 metre representative splits, therefore intervals and grade reported for EL14D22, EL14D25 and EL14D31 include weighted averages based upon down-hole distance.

Relationship between mineralisation widths and intercept lengths

These relationships are particularly important in the reporting of Exploration Results.

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

All depths and intervals are reported as downhole measurements. True widths are estimated to be approximately 75% of downhole interval lengths

for hole EL14D22, 70% for hole EL14D25 and 65%

for hole EL14D31.

Diagrams

Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

See Figures 2 and 3 of this Report.

Balanced reporting

Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

All results of significance have been reported within this Report.

Other substantive exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples

- size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

No significant exploration data have been omitted.

Further work

The nature and scale of planned further work

(eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

Diagrams clearly highlighting the areas of

possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Extent of future investigations at the Artemis Prospect is dependent upon results achieved through completion of the current drill program and receipt of outstanding geochemical analyses.