Deep drilling of a high-grade Cloncurry copper project is being assessed as part of a potential underground mine under consideration.
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Minotaur chair Roger Higgins told shareholders at the explorer's AGM of new 2020 plans to continue to develop the Jericho project in partnership with OZ Minerals
"We agreed with OZ Minerals to partition the Jericho copper deposit from the Eloise JV into a new joint venture owned 80% by OZ Minerals and 20% by Minotaur," Mr Higgins said.
"The Jericho system, discovered by Minotaur for the JV and known to extend for 3.7km, has been tested by 30km of drilling in the past two years. That effort has seen OZ Minerals invest $10.6 million at Jericho.
Mr Higgins said Minotaur was advocating for OZ Minerals to continue drilling to establish resource potential and accumulate sufficient data to enable estimation of a sizeable JORC resource.
"That is Minotaur's objective for the first half of 2020 and we look to OZ Minerals for approval," he said.
"Presently, OZ Minerals is considering underground mining options for Jericho and those scenarios will inform their position on further drilling."
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Meanwhile the Eloise joint venture was revamped and extended upon OZ Minerals attaining 70% interest.
"Now OZ will contribute an additional $3 million over the next two years - having already invested $4 million into the JV tenements," Mr Higgins said.
"A new tenement, named Matilda, has just been granted to Minotaur and integrated to the JV. Matilda provides high value EM targets very close to the Eloise copper mine. These will be refined for drill design by on-ground EM after the wet season ends in March 2020."
He said a Jericho-style EM target, 'Seer', will also be drill investigated in the new field season and Minotaur and OZ Minerals have agreed to work exclusively with each other across the broad Cloncurry region, to find opportunities to form the basis of a 'copper hub'.
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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.
