Minotaur Exploration Ltd has been awarded exploration funding, from the Queensland Government’s Collaborative Exploration Initiative for a ground geophysical survey at the Osborne joint venture in northwest Queensland.
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Minotaur will receive up to $112,750 towards the EM1 survey, half of the estimated survey cost.
The survey will cover a 22km section of a key structural corridor targeting conductive sulphide zones that may be associated with Cannington-style silver-lead-zinc mineralisation or Iron Sulphide Copper Gold style mineralisation similar to the Eloise copper-gold deposit further north.
The survey will be conducted early in 2018 after the wet season.
The Collaborative Exploration Initiative is designed to increase exploration investment in Queensland and provides funding to test innovative exploration concepts to develop a new understanding of the geology and prospectivity, and expand exploration into under-explored areas.
Under the CEI, drilling and non-drilling activities are funded jointly by industry and government and the initiative supports companies in developing high quality, innovative exploration targets into potential economic deposits.
The first round of CEI funding, totaling $1.13m, was awarded in December to nine companies supporting 12 projects.
In a statement Minotaur said it applauded the Queensland Government for its support for innovative exploration activity, particularly in the northwest.
“Government funded programs were introduced originally via the Collaborative Drilling Initiative with nine previous rounds of funding and the CEI, a welcome extension of the CDI, is designed to assist explorers with the collection of new data to assist targeting prior to drilling,” the company said.
“This is particularly beneficial to the Minotaur-JOGMEC JV as we deploy our exploration tool box into substantially underexplored areas such as the Osborne JV tenements.”
Minotaur said it appreciated the Government’s recognition of its project generation capabilities and track record in the Cloncurry region.
The Osborne JV, 175km south of Cloncurry, is a joint venture between Minotaur and Japan Oil, Gas and Metals National Corporation.
JOGMEC may earn up to 51% equity in the project by spending up to $3.5 million.
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.
