Minotaur Exploration : Attractive gold assays from Chameleon Deposit, Kalgoorlie

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MINOTAUR EXPLORATION LIMITED ACN 108 483 601 ASX: MEP

4 July 2016

MINOTAUR

EXPLORATION

ASXRelease Attractive gold assays from Chameleon Deposit, Kalgoorlie

Highlights

• Positive results returned from infill drilling program at Chameleon gold deposit,

  near Kalgoorlie

• Standout assay results include:

  • 11m @ 4.6 g/t Au from 75m downhole in hole 16RCCM005; including 5m @ 7.5 g/t Au from 80m

  • 5m @ 4.4 g/t Au from 170m downhole in hole 16RCCM011

• Gold mineralisation occurs in structurally controlled shear-hosted lodes

• Mineralisation open down-plunge

Gold assays have been received from 12 holes recently drilled at the Chameleon gold deposit, testing approximately 275m of strike length to 150m below surface. Assays were also returned

from one historic core hole (LSGD0010 drilled by Scotia Nickel Ltd in 2005)that was previously only partially sampled; this hole intersected the Chameleon gold zone at approximately 200m below surface.

Figure 1: Core from hole 16RCDCM012, interval from 171.19m to 172.25m, reported 8.0g/t Au (Au grade rounded to one decimal)

LEVEL 1, 8 BEULAH ROAD, NORWOOD, SOUTH AUSTRALIA 5067 T+61 8 8132 3400 F+61 8 8132 3499 Eadmin@minaturexploration.com.au

www.minotaurexploration.com.au

Drill Results and Analysis

Three holes intersected gold in the fresh zone, as follows:

• 16RCCM011: 5m @ 4.4 g/t Au from 170m

• 16RCDCM012: 1.06m @ 8.0 g/t Au from 171.19m

• LSGD0010: 2m @ 3.0 g/t Au from 228m

Of the 12 drill holes, 1 hole (16RCCM010) was abandoned before reaching full target depth due to unfavorable ground conditions. 5 holes returned attractive assay results for gold (Figure 2). Historic hole LSGD0010 also returned positive gold values over a 2m interval. Results below are given as downhole intercepts and use 0.5g/t Au cut-off. Detailed drillhole information is presented in Table 1.

Three holes intersected gold in the oxide zone, as follows:

• 16RCCM002: 5m @ 1.9 g/t Au from 32m

  • 16RCCM005: 11m @ 4.6 g/t Au from 75m;

  including 5m @ 7.5 g/t Au from 80m

• 16RCCM006: 3m @ 3.0 g/t Au from 84m

Gold mineralisation primarily occurs within a steeply dipping shear zone between ultramafic and mafic volcanic units hosting quartz veining and silicification (Figure 3). The better gold grades and widths are mostly developed in the central portion of the deposit where the mineralisation is relatively coherent and remains open down-plunge to the south (Figure 2).

Figure 2: Chameleon gold deposit long section (looking west). The Central gold zone, above 0.5g/t Au, is shown in brown and is open down-plunge.

Labelled drill holes relate to intersections described in text above.

Figure 3: Chameleon gold deposit cross section (looking north). Drill intersections are at 0.5g/t Au cut-off

Next Steps

These encouraging drill results confirm internal continuity of the lodes and down-plunge extrapolation potential. Results are being incorporated into the database with the objective that an inaugural JORC 2012 standard resource estimate may be published by the end of July 2016.

About the Chameleon Deposit

The Chameleon deposit is within E29/661, part of the Scotia group of tenements (Figure 3) held by Minotaur Gold Solutions Ltd (MinAuSol), a controlled subsidiary of Minotaur Exploration Ltd (Minotaur 73%, GFR 27% and diluting).

Past exploration programs by a number of operators established the presence of high-grade gold lodes at Chameleon, extending from near surface to about 200m depth within a steeply dipping, narrow but coherent zone of gold mineralisation, as has now

been confirmed by Minotaur.

Figure 3: Location of the Chameleon gold deposit relative to the Goldfields Highway and Scotia group tenements.

COMPETENT PERSON'S STATEMENT

Information in this report that relates to Exploration Results, is based on information compiled by Mr Glen Little, who is a full-time employee of the Company and a Member of the Australian Institute of Geoscientists (AIG). Mr Little has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to

the activity that he is undertaking 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 Little consents to inclusion in this document of the information in the form and context in which it appears.

For further information, please contact:

Andrew Woskett

Managing Director Minotaur Exploration Ltd T+61 8 8132 3400

www.minotaurexploration.com.au