Ground close to Eloise copper-gold mine near Cloncurry is the subject of an intense end-of-year drill push to find new commercial base metals ore bodies.
The work program will be led by Adelaide-based Minotaur Exploration and its targets are close to the mine face yet have never been drilled previously.
Under the new campaign announced by Minotaur last week a 2,270m diamond drill program to test four shallow geophysical targets along strike of and to the south of the Eloise mine, 55kms south-east of Cloncurry, has commenced.
Minotaur's tenements have attracted investment to date by OZ Minerals of $3.2m under joint venture, targeting the iron sulphide (ISCG) style of mineralisation familiar at the Eloise mine.
Minotaur Managing Director, Mr Andrew Woskett, said today the targets are within 5km of Eloise and the Altia lead, silver, zinc deposit and only 10km from the Maronan lead, silver and copper deposit.
Mr Woskett said the exploration campaign meant a period of intense operational activity through to end of calendar year for the company which also has other base metals exploration work underway near Cloncurry with Japan’s JOGMEC.
It come as Minotaur has boosted its cash-in-bank with a $1 million private placement as well as a current Share Purchase Plan (SPP) to raise a further $1 million, proceeds of which will partly fund the new work at Eloise.
The SPP closes on October 20.