Adelaide drilling company Minotaur Exploration has told the ASX it has found high value drilling 55km south of Cloncurry at its Eloise Joint Venture with OZ Minerals.
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OZ Minerals is funding work programs and Minotaur is manager and operator of the JV.
Minotaur said a ground electromagnetic (EM) survey along 17km of Levuka Shear Zone was complete and data revealed numerous conductors immediately south of the Eloise copper-gold mine.
The survey returned multiple conductors suggestive of sulphide mineralisation; all within 12km of the Eloise mine.
Minotaur will now embark on a new drill campaign designed to test three high priority shallow targets: two holes at Jericho planned for 1020m, one for Arlington at 750m and one for St Louis at 500m all in close vicinity of several base metal deposits.
The company said the drill program would go until mid November depending on landowner access agreements and Native Title heritage clearance.
Eloise copper-gold mine is characterised by massive sulphides and has been a prolific producer with over 10 Mt of ore mined at 3.2% copper and 0.9g/t gold since 1996.
The Minotaur-OZ Minerals 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, Altia and Maronan deposits
The proposed drill campaign represent a significant on-going earnin investment by OZ Minerals.
OZ Minerals may earn up to 70% beneficial interest in the JV tenements by spending up to $10m, having spent $3.2m to June 30, 2017
Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
