Exploration company Minotaur says assays have confirmed high grade copper-gold mineralisation at its Jericho target in the Eloise Joint Venture south of Cloncurry.
Assay data from drill intercepts at 6m have found 4.23% copper and 0.42g/t gold, while at 9m it is 3.83% copper and 1.73g/t gold.
The joint venture with Oz Minerals, situated 55km south of Cloncurry will now commit to additional drilling at Jericho with a second rig engaged to expand and accelerate the drill campaign.
Jericho comprises multi-plate electro-magnetic conductor zones up to 4km in length and two first-pass holes placed 1.3km apart, confirm chalcopyrite and pyrrhotite as the source at each of the conductors which the company says validate their iron sulphide copper gold exploration model for the area.
Minotaur said mineralisation style shares very strong similarities to the high-grade Eloise copper-gold deposit just 5 km north of the JV site.
Minotaur will now drill another six holes to probe for extensions to the high grade zones on the site.
Oz Minerals may earn up to 70% benefcial interest in the tenements by spending up to $10 million on the JV which is seeking Eloise-style copper-gold and Cannington-style silver-lead-zinc mineralisation
Both styles are evident in the well endowed mineral camp around the Eloise, Altia and Maronan deposits.
READ MORE: Minotaur’s good prospects at Jericho site