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Minotaur Exploration Ltd.
Summary
| Project: | Eloise | |
|---|---|---|
| Deposit: | Iris | |
| Location: | Australia | |
| Commodities: | Copper-Gold | |
| Date: | 11/24/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 24-11-2016: Minotaur Exploration Ltd. announces an Exploration/Drilling Update report for its Iris deposit at the Eloise project. JV - drilling results incl. 26m @ 0.73% Cu, 0.61g/t Au from 168m. The Iris-Electra copper-gold prospect lies under shallow co | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Glen Little (Internal) | |
| ABSTRACT: | The Iris-Electra copper-gold prospect lies under shallow cover approximately 5km north-east of the Eloise copper-gold mine (Figure 1). The prospect sits along the Levuka Shear Zone within Mt Norna Quartzite, a regionally significant rock unit that hosts the Eloise and Osborne copper-gold mines and South32’s (ASX: S32) Cannington silver-lead-zinc mine. Minotaur’s geological model for Iris-Electra is iron sulphide, copper-gold (ISCG) mineralisation similar in style to the Eloise copper-gold deposit. An accelerated program of 4 diamond drill holes at Iris was completed by the joint venture between Minotaur and OZ Minerals (ASX: OZL). This drill program followed promising results from the inaugural 2 diamond drill holes at Iris which returned anomalous copper and gold values associated with pyrrhotite over broad intercepts, confirming Iris as a significant new ISCG discovery (refer to ASX announcement released 19 October 2016). Those results prompted the Minotaur-OZ Minerals joint venture to place a further 4 drill holes into the Iris conductors (Figures 2, 3 & 4, Table 1). These holes utilised existing heritage-cleared drill pads for expediency. All 4 holes successfully intersected hydrothermally altered breccia zones exhibiting various degrees of anomalous chalcopyrite (copper sulphide) mineralisation. Copper-gold mineralisation is now documented along 600m of strike, reinforcing the potential scale of the mineral system. In addition, the presence of high-grade intervals within the broader mineralised intercepts is considered a promising indicator of the prospect’s potential. | |
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