JV partners Minotaur Exploration and OZ Minerals expand exploration activity across their Eloise joint venture south-east of Cloncurry, Queensland.
|New geophysical survey areas over magnetics|
Round-the-clock diamond drilling since April 2018 reveals consistent and wide spread copper-gold intersections at Jericho, only 3km south of the Eloise copper mine. By mid-September, 9000m of drill samples1 will be accumulated along 3.5km of Jericho’s extent.
Fully funded by OZ Minerals, a 51 per cent participant, the work has matured to the point where OZ Minerals endorses Jericho as a basis to expand activity onto similar targets.
Drilling at Jericho will continue until mid-September then pause for lab assays and compilation of the growing drill database.
Minotaur’s managing director, Andrew Woskett, said that OZ Minerals’ solid support has given tremendous impetus to the company’s prospecting.
“OZ Minerals decision to again expand their investment, based on the Jericho results, is another endorsement. Minotaur appreciates the reliance placed by OZ Minerals in our technical judgement and operational capabilities.
“The inherent value of new copper deposits, such as Jericho, identified in the neighbourhood of the Eloise copper concentrator is apparent. Minotaur’s strategic ground position and already defined drill targets close by provides the JV with multiple value-add opportunities,” says Mr Woskett.
The new work plan, in proximity to Jericho, includes two follow-up drill holes into the Defiance prospect and 5,000m of drilling into several untested EM targets. Drilling will start mid-September and continue until the wet season shut down.
In parallel, a comprehensive regional geophysical program – comprising two large EM surveys, a gravity survey and airborne magnetics surveys – will develop a suite of new targets for drill investigation in 2019.
The test areas canvass new ground that Minotaur has acquired over recent months for the Eloise JV, including an area encompassing a major regional fold of Mount Norna Quartzite, the host sequence to the Eloise mine orebody and Jericho.
The expanded scope involves further AUD$2 million of investment by OZ Minerals through to the end of calendar 2018.