MINOTAUR
EXPLORATION
Quarterly Report Period ended 31 March 2017MINOTAUR EXPLORATION LIMITED ACN 108 483 601 ASX: MEP
www.minotaurexploration.com.au
CorporateThe value of Company investments in listed explorers improved in line with overall market trends. Exposure to Thomson Resources (ASX: TMZ) lifted to capitalise on its mooted, new joint venture for the Bygoo tin project in NSW. On market trades adjusted the overall pool valuation to $1 million. With joint venture receipts the end of March Quarter cash balance is $3.2 million.
A sale agreement for the Chameleon gold deposit was finalised and the first staged payment received accordingly. The sale of nickel mining rights over third party tenements at West Kambalda was finalised.
Solicitor Mr George McKenzie, an accomplished Native Title and commercial practitioner, joined the Board on 31 January 2017 following many years as principal of Finlaysons Lawyers in Adelaide.
Figure 1: Minotaur Exploration's project locations
Project Location | Tenement Area km2 |
South Australia§ | 6,459 |
Queensland§ | 3,270 |
Victoria§ | 295 |
Western Australia | 273 |
Total Area | 9,854 |
Table 1: Minotaur Exploration Limited's tenement areas, under application and/or held 100% and/or in joint venture§
LEVEL 1, 8 BEULAH ROAD, NORWOOD, SOUTH AUSTRALIA 5067 T+61 8 8132 3400 F+61 8 8132 3499 Eadmin@minotaurexploration.com.au
www.minotaurexploration.com.au
Exploration, R&DQUEENSLAND
Minotaur is actively exploring along the Cloncurry mineral belt of Northwest Queensland. Proterozoic basement rocks prospective for iron oxide copper-gold (IOCG), iron sulphide copper-gold (ISCG) and Cannington-style lead-silver- zinc mineral systems (Figure 2) are obscured by up to 180m of conductive Mesozoic sediment cover, necessitating the finessed use of geophysical methods to locate drill targets.
No field work occurred on the Eloise and Osborne joint ventures during the extended wet season, however both projects have now reactivated with the return to dry weather.
Figure 2: Location of Minotaur tenements in the Cloncurry region of Northwest Queensland
QUEENSLAND
Eloise Farm-In (OZ Minerals)Minotaur 100% (except on those parts of MDL431 and EPM17838 where Sandfire Resources NL can earn 80%), Area 670km2
Native Title heritage clearances were obtained for proposed drill collar positions at the Iris-Electra copper-gold prospect. Cooperation provided by the Mitakoodi and Mayi claimant group is acknowledged.
OZ Minerals committed $1.5 million to the joint venture program January through to June. A third phase, 3,700m drill program is underway at Iris-Electra (Figure 3). Drilling is initially focussed on the undrilled 'Electra' EM conductor along strike from 'Iris'. Modelling and interpretation of the Electra anomaly suggests that it is highly prospective for copper sulphide mineralisation, given the demonstrated relationship between high conductance and coexistence of chalcopyrite and pyrrhotite at both the adjacent Iris conductors and the Eloise mine some 5km distant.
The drill campaign seeks to build on highly encouraging results from the maiden drilling completed late 2016
at Iris (Figure 4), which indicated potential for a copper mineralised system with higher grades in the vicinity of EM conductors. This was evident in hole EL16D08 where a chalcopyrite rich zone returned 0.4m at 12.35% Cu and 14.3g/t Au (see ASX announcement dated 24 November 2016).
The Company secured new tenement EPM 26233, named 'Route 66', immediately south of the Eloise mine, along which a ground EM survey will investigate some 18km of strike along the Levuka Shear (Figure
5). This zone is interpreted to be a continuation of the Mt Norna Quartzite that hosts Eloise, Iris-Electra and Altia locally and Artemis, Sandy Creek, Maronan and Cannington deposits regionally.
Figure 3: Eloise project depicting the Iris Cu-Au prospect and Electra EM target over RTP1VD magnetics. Locations of the Sandfire JV 'Altia' Pb-Ag deposit and the Eloise Mine shown for reference. The coloured image embracing Iris and Electra is Channel 35 of the X-component EM response where white and red are strong responses.
Figure 4: Long-section looking west showing Iris and Electra modelled EM conductors, 2016 drill traces and planned 2017 drill hole pierce points (green dots).
QUEENSLAND
Figure 5: Eloise project depicting the Iris Cu-Au prospect, Electra EM target and new ground EM survey area on EPM 26233, over RTP1VD magnetics (and Channel 35 X-component EM at Iris/Electra). Locations of the Sandfire JV 'Altia' Pb-Ag deposit, the Maronan Pb-Ag and Cu-Au deposits and the Eloise Mine shown for reference.
JOGMEC Osborne Joint Venture
Minotaur 100%, Area 1,923km2
The 2016 field season at the Osborne project identified three geophysical anomalies for follow-up drilling where copper-gold and zinc-lead-silver mineralisation styles are targeted. Conductive basement targets were detected below sediment cover at the 'Winter', 'Lark' and 'Robin' prospects (Figure 6). Winter and Robin are prospective for Cannington style Zn-Pb-Ag mineralisation and Winter is interpreted as a possible analogue to Cannington itself - a low-amplitude positive magnetic anomaly within a broad and structurally complex magnetic low. A 700m diamond
hole in the June Quarter will test the magnetic body and multiple, coincident EM plates at Winter.
An infill ground EM survey at Robin will help refine the EM model and finalise the initial drill trajectory. Two conductive bodies are identified at Lark, where structurally-controlled copper-gold mineralisation is
anticipated. New ground EM will close-off the EM plates and guide first-pass drill collar positioning.
Figure 6: Osborne project - drill target locations over RTP magnetics image
Regional Cloncurry ProjectMinotaur 100%, except in relation to EPM 8608 which has a net smelter royalty of 2% payable to South 32; Area 631km2
Minotaur seeks to introduce a new JV partner into the tenement package.
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