MINOTAUR EXPLORATION LIMITED
ACN 108 483 601
ASX: MEP
9 December 2021 | ||
Release | ||
ASX | ||
only | Jericho copper acquisition to cornerstone Demetallica IPO | |
Key points | ||
• | Minotaur aggregates Cloncurry polymetallic assets as Chimera Polymetal Project | |
use | Centrepiece of the strategic portfolio will be 100% owned Jericho copper deposit | |
• | ||
• | Full ownership of Jericho and Eloise tenements will transfer to Demetallica | |
• | Portfolio forms strong growth platform for Demetallica IPO | |
• | Recent change in ownership of Eloise copper mine highlights copper-gold pedigree of Chimera district | |
personal | ||
Minotaur Exploration (ASX: MEP) subsidiary Demetallica Pty Ltd (formerly Breakaway Resources) and OZ | ||
Minerals Ltd (ASX: OZL) have agreed to transfer ownership of the Jericho and Eloise projects near Cloncurry, | ||
Queensland (Figure 1) to Demetallica. Currently, Jericho JV interests are disposed 80/20 as to OZL/MEP and | ||
El | ise JV interests are arranged 70/30 as to OZL/MEP. Deal terms are stated below. |
Chimera Polymetal Project
The transaction will result in the Jericho JV (28.5km2) and Eloise JV (817km2) tenements becoming 100% owned by Demetallica. Consolidation of tenement ownership in Demetallica is a logical and preferable outcome for both OZ Minerals and Minotaur, enabling Demetallica to pursue discovery objectives and its growth ambitions.
S parately, Sandfire Resource's (ASX: SFR) regional tenements and the Altia polymetallic deposit1 are in transition to Demetallica 100%.
Demetallica will thereby compile a strategic tenement position - named the Chimera Polymetal Project (Ky-mee-ra) in the region Forsu ounding the Eloise copper operation. The Chimera Polymetal Project is interspersed with several quality deposits; the
Jericho copper-gold deposit its nexus. Published resource inventories are:
•
•
Andrew Woskett, Managing Director, said "this transaction injects a cornerstone asset into Demetallica's proposed IPO. With all Minotaur's non-kaolinassets transferring into Demetallica the new business will be boosted by full ownership of the Chimera Polymetal Project. 2022 will be a formative year for Minotaur shareholders participating in the new explorer, Demetallica, through their in-speciedistribution of shares".
- Refer MEP report to ASX Minotaur acquires full ownership of Altia polymetallic project; 24 August 2021
- ibid
LEVEL 1, 8 BEULAH ROAD, NORWOOD, SOUTH AUSTRALIA 5067 T +61 8 8132 3400 F +61 8 8132 3499 E admin@minotaurexploration.com.au
www.minotaurexploration.com.au
9 December 2021
onlyObjectives for Jericho Copper-Gold Resource
Demetallica considers the Jericho deposit to be especially worthy of a renewed exploration effort. Under Demetallica's stewardship Jericho will be actively drilled, aiming for significant resource improvements and elevation to pre-development status. Through calendar 2022 Demetallica intends to resume resource drilling to build inventory and form the basis for an upgraded JORC resource estimate.
- metallica envisages the Jericho orebody is the hub of mine developments across the Chimera Polymetal Project, advancing usethe company towards developer and producer status.
For personal
Figure 1: Map showing main area of Chimera Polymetal Project and local mineral deposits
ASX: MEP | Minotaur Exploration Ltd | Page 2 |
www.minotaurexploration.com.au | ||
9 December 2021
onlyJericho Copper-Gold Resource
A JORC 2012 resource estimate by OZ Minerals was published by Minotaur Exploration in July 20203 and remains valid with no material changes noted within the data. The Inferred Mineral Resource was reported as 9.1 million tonnes grading 1.4% Cu, 0.3 g/t Au and 1.6 g/t Ag within an 0.8% copper constraining shell.
Jericho mineralisation is primarily hosted within two main parallel lodes (J1 and J2) approximately 120 meters apart along +3.5km of strike length, dips steeply west (Figure 2) and is open along strike and at depth. The published resource
usencompasses only 2km of strike through the central portions of J1 and J2 lodes, with the remainder of the mineralised zone remaining unclassified.
personalFor
Figure 2: Oblique 3D view (looking southwest) of the Jericho Inferred Mineral Resource blocks and
associated drill holes
3 Refer MEP ASX report Maiden Jericho Resource and Cloncurry exploration update; 16 July 2020
ASX: MEP | Minotaur Exploration Ltd | Page 3 |
www.minotaurexploration.com.au | ||
ASX: MEP
9 December 2021
onlySandy Creek Copper-Gold Resource
The Sandy Creek Cu-Au deposit has a published JORC 2012 Inferred Mineral Resource estimate of 2Mt @ 1.32% Cu, 0.3g/t Au at 0.3% Cu cut-off as reported4 in 2013 by Breakaway Resources Ltd (BRW, Figure 5). The resource estimate remains valid with no material changes noted within the data. Sandy Creek is situated about 20km west of Jericho (Figure 1) and presents as a readily accessible sub-cropping deposit that may have shallow open-pit mining potential.
For personal use
Figure 5: Oblique projection (view north-east) of Sandy Creek Inferred Mineral Resource blocks and associated drill holes (original data sourced from BRW and utilised to generate updated image)
Demetallica's initial assessment of Sandy Creek, under its control, will be to conduct a high-level mining concept (based on the resource model) and use that to determine further work to advance the asset. That might include further drilling into the resource area and below drilled depth of 200m. Sandy Creek could become a useful satellite resource should Jericho evolve to be a viable mining proposition.
4 | BRW ASX report dated 30 April 2013: Activity Report for the Quarter ended 31 March 2013. |
ASX: MEP | Minotaur Exploration Ltd | Page 5 |
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Minotaur Exploration Ltd. published this content on 08 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 December 2021 23:11:07 UTC.