MINOTAUR EXPLORATION LTD - ASX: MEP

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Description

Minotaur Exploration is a mineral explorer with an experienced and highly successful management team. The key strategy for Minotaur is to enhance shareholder value through new mineral discoveries and strategic investments. Significantly Minotaur is focused on repeating the success of its Prominent Hill discovery through innovative exploration in new areas. Minotaur Exploration listed on the ASX on 24 February 2005. The company is a spin-off from Minotaur Resources, which discovered the Prominent Hill copper-gold ore body, now owned by Oz Minerals Limited (ASX:OZL). Minotaur through its JVs and other agreements has built an enviable exposure to prospective regions in Australia and overseas.

Curnamona Craton (SA)

The Border project on the Curnamona Craton is a joint venture between Minotaur Exploration (41% diluting) and Sumitomo Metal Mining Oceania Pty Ltd (59%) covering 9 tenements near Broken Hill. Exploration is for Cu-Au and for Broken Hill type Pb-Zn-Ag mineralisation. During early 2009, a large airborne VTEM survey delineated several excelent bedrock conductors that were previously unknown. Anomalies near Record Dam and Birthday are concealed by shallow Quaternary sediments (<5m thick) and ground EM surveys and subsequent drilling are being planned. Minotaur Exploration also has a JV with BHPB on the Bonython Hill tenement (EL3521) where exploration for Broken Hill type Pb-Zn-Ag and Mutooroo type Cu-Co mineralisation is ongoing.

Gawler Craton (SA)

Minotaur Exploration has interests in 27 tenements on the Gawler Craton. The status of tenements varies considerably, including some owned and managed by Minotaur, some where Minotaur has joint ventured in and other tenements which have been joint ventured out to other parties. Exploration is primarily for Iron Oxide Copper Gold (IOCG) mineralisation, but also Au (e.g. Tunkillia). Cu-Pb-Zn (e.g. Nonning) and kaolin (Poochera).

Gympie Region (QLD)

Minotaur Exploration together with Mitsubishi Materials Corporation and Mitsubishi Corporation is exploring two tenements held by ActivEx Ltd in the Gympie region for Cu-Au mineralisation. Alteration styles recognised in recent drilling and the area reflect inner propylitic and advanced argillic alteration patterns which can be located either immediately above or proximal to a porphyry system. Various geophysical targets are being drill tested during July and August 2009.

Cloncurry Region (QLD)

Minotaur Exploration is building a significant tenement package north of Cloncurry in northwest Queensland. Exploration is for predominantly Mt Isa and Ernest Henry style Cu-Au mineralisation within basement units concealed by ~50-175m of Mesozoic sediments. Minotaur has been granted 5 tenements, 4 tenements are under application (as sole applicant) and another 3 tenements are under competing applications. Previous exploration by Minotaur has focussed on the Cormorant Prospect (EPM 8068) and its breccias rich in pyrrhotite + magnetite along with some chalcopyrite. Despite various ground geophysical surveys and drilling programs, the nature of rocks causing prominent EM anomalies remains elusive. Further ground EM surveys are currently being undertaken at both the Cormorant Prospect and also new targets on other tenements. Considerable scope exists for the discovery of significant new IOCG-style deposits.

Townsville Region (QLD)

Exploration for Mo-W mineralisation, associated with greisen developed at the margin of a Mid-Carboniferous granite, on two tenements in the Townsville region has now ceased. After active exploration during 2007 and 2008 including various drilling campaigns, it was perceived that the region did not contain sufficient Mo-W mineralisation for potential mine development and thus in early 2009 Minotaur withdrew from the Black Mountain joint venture project.

Cowra Region (NSW)

Minotaur Exploration together with Mitsubishi Materials Corporation and Mitsubishi Corporation is exploring for porphyry-related Cu-Au mineralisation and volcanic massive sulphides over 4 tenements held by Gateway Mining and/or 100% Minotaur. Tenements are located within the southern extension of Ordovician strata that host the Cadia-Ridgeway Cu-Au Deposit. A major airborne VTEM survey in early 2009 defined a number of significant bedrock conductors that have been field checked and further evaluated by ground EM surveys. The geophysical data are being assessed and select anomalies will be drill tested during September-November 2009.

Thomson Fold Belt (NSW)

Minotaur Exploration has various joint ventures with PlatSearch NL over 10 tenements in western New South Wales where the focus is gold and base metal mineralisation within Palaeozoic strata. The region is very poorly explored due to ~100-150 m thick sedimentary cover and it may represent a NW extension of the Palaeozoic Cobar Basin which hosts major deposits like Endeavour/Elura (Pb+Zn+Ag) and CSA (Cu+Pb+Zn). Small circular magnetic anomalies, similar in character to that at Endeavour, were drill tested during 2008 and proved that appropriate style alteration systems are present in the region. Intersected were disseminated and vein pyrrhotite and elevated geochemistry including high silver (up to 70.5 g/t) and tungsten (up to 389 ppm).

Nova Scotia (Canada)

Minotaur Atlantic, a wholly-owned subsidiary of Minotaur Operations Ltd, is in Joint Venture with Dundee Precious Metals exploring for IOCG-style mineralisation on a large regional tenement package along the Palaeozoic Cobequid-Chedabucto Fault Zone, central Nova Scotia, Canada. Mineral assemblages within the region are rich in Fe-oxides (magnetite, specular haematite) and Fe carbonates (ankerite, siderite) and associated pyrite, chalcopyrite and barite. There is also an enrichment of Co and Ni, resulting in an overall elemental association of Fe, Cu, Co and Au.

Navalmedio (Spain)

Minotaur’s wholly owned subsidiary Minotaur New Resources España has an option agreement with Minas de Almadén y Arrayanes (MAYASA) to explore and develop the Navalmedio lead-zinc-silver deposit within a 2,600 km2 tenement. Mineralisation comprises veins of coarse-grained galena and sphalerite within a fault breccia within a corridor extending along strike for over 2 km. Extensive historical drilling (>56, 000 m), shaft and decline development and metallurgical studies were undertaken pre 1986, with mining discontinued due to falling metal prices.

Buenaventura (Chile)

During 2008, Minotaur, together with Compania Minera de Chile Ltda, a wholly owned subsidiary of AIM-listed Mariana Resources Ltd, had a joint venture in the Buenaventura Project in the Chilean IOCG belt. Buenaventura comprises 44 km2 of tenements mid-way between the major Candelaria (Freeport) and Manto Verde (Anglo American) copper mines. The property is located along the Atacama Fault Complex which hosts all the major Chilean IOCG deposits. Copper mineralisation is found in outcrop at four locations that display intense hydrothermal alteration, brecciation and both haematite - copper and magnetite - copper association. Historical drilling focused in and around these areas of outcrop. Copper mineralisation encountered in a number of holes over intervals ranged from 10 to 90m with grades generally in the range 0.2 to 0.5% copper. With 75% of the project area covered by outwash gravels and soils, exploration by Minotaur / Mariana focussed on geophysical targets under shallow cover.

Mine For

gold, copper, lead, zinc, silver, cobalt, rare earths, platinum group elements, kaolin

Location of operation(s)

South Australia, Queensland, Northern Territory, Canada, Spain, Chile

Address

247 Greenhill Rd
DULWICH, SA, AUSTRALIA

Phone

(08) 8366 6000

Email

Website

http://www.minotaurexploration.com.au/

Last Updated

10/03/2010