Minotaur have told the Australian Stock Exchange that final assays have been compiled for the inaugural eight hole drill program at Jericho, at the Eloise Joint Venture south-east of Cloncurry.

Assays for three of the holes included seven metres at 3.17% copper and 0.67grams per tonne of gold.  

Minotaur said the results confirmed the continuity of copper-gold within Jericho conductors and some 7km of conductive plates remain to be tested with the 2018 drill program to be guided by updated geological model for Jericho.

The company said the eight drill holes at Jericho successfully tested part of a series of sub-parallel electromagnetic conductors along the southern Levuka Shear Zone, close to the Eloise copper-gold mine.

Copper-gold intersections at multiple locations along 300m of strike within two of the conductors confirm the pervasive nature of mineralisation, the company said and results to date are on par with early drill holes prior to discovery of the nearby Eloise deposit by BHP, providing guidance that Jericho exhibits potential to host a similar scale deposit.

“The information now assembled provides valuable input for development of a robust geological model, the beneft of which will direct the next round of drilling to follow cessation of the wet season,” Minotaur said.

“With some 7km of the known conductors yet to be drill tested, plus numerous other conductors not yet drilled, the 2018 field season offers substantial discovery upside.  

The Minotaur-OZ Minerals joint venture at Eloise 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.

JV partner OZ Minerals may earn up to 70% beneficial interest in the JV tenements by spending up to $10m in the venture.