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Minotaur Exploration Ltd.
Summary
| Project: | Eloise | |
|---|---|---|
| Deposit: | Iris | |
| Location: | Australia | |
| Commodities: | Copper-Gold | |
| Date: | 7/10/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 10-7-2017: Minotaur Exploration Ltd. announces an Exploration/Drilling Update report for its Iris deposit at the Eloise project. JV with Oz Minerals - 37m @ 0.31% Cu, 0.04g/t Au from 438m. Minotaur Exploration Ltd (ASX: MEP, ‘Minotaur’) has received final | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Glen Little (Internal) | |
| ABSTRACT: | Minotaur Exploration Ltd (ASX: MEP, ‘Minotaur’) has received final assay results for the remaining three exploration holes drilled at the Iris and Electra targets, part of a continuing exploration program at the Eloise JV with OZ Minerals (ASX: OZL) in northwest Queensland. All holes reported low grade copper-gold mineralisation over the 2km strike length of structure tested, proving system fertility within 5km of the operating Eloise copper-gold mine. The Eloise project, centred 55km southeast of Cloncurry, is a joint venture between Minotaur and OZ Minerals. OZ Minerals may earn up to 70% beneficial interest in the tenements by spending up to A$10m with A$3.2m spent since formation of the JV in December 2015. The joint venture is seeking Eloise-style copper-gold and Cannington-style silver-lead-zinc mineralisation, with both styles evident in the well-endowed mineral camp around the Eloise and Altia deposits (refer to Figure 1). The recent drilling campaign comprised 4 diamond drill holes at the Iris and Electra prospects, with assay results from the first hole, EL17D01, having been released previously (refer to ASX announcement dated 16 June 2017). Assay results for the remaining 3 diamond drill holes are reported within this release. A significant A$250,000 ground EM survey covering the Levuka Shear Zone east and south of the Eloise copper-gold mine (refer to Figure 1) continues and is on schedule to conclude mid-August. Geophysical techniques have clearly proven their value in generating prospective targets under highly conductive cover in close proximity to the Eloise mine. Drill assays reported here, while sub economic, build confidence that an extensively mineralised structural system exists beyond the known Eloise deposit and could conceivably host a repetition. The joint venture will soon assess the new EM data for evidence to further support that hypothesis. | |
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