OZ Minerals have undertaken a study to assess potential for Jericho to be developed as an underground mining operation.
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Jericho is a 3.7km long copper-gold system 3km south of the Eloise copper mine and 65km south-east of Cloncurry.
OZ Minerals own the prospect in a joint venture with Minotaur since 2017 and was first drilled in October that year. A total of 96 holes since completed, comprising 30km, outlined a substantial copper-gold mineral system which is open in all directions.
In its December 31 quarterly report Minotaur has told the ASX OZ Minerals has initiated a mining optimisation study aimed at assessing the potential for Jericho to be developed as an underground mining operation before committing to further drilling.
"That study is continuing and its outcome will determine the next course of action at Jericho," Minotaur said.
The two companies also own Eloise JV (Oz Minerals 70%, Minotaur 30%) and Minotaur said two new tenement grants which added 386 sq km of tenure there will allow pre-drill work to commence.
"Access is now available to the Big Foot/Little Foot EM anomalies, where ground EM refinement of those features will commence in Q2 readying for drilling," Minotaur said.
"Additional regional EM surveying will also be conducted elsewhere in the new tenements to search for basement conductors. All work, including drilling of the Seer EM anomaly, will be sole funded by OZ Minerals as part of a substantial work program planned for the Eloise JV in 2020."
In another JV between the two parties called the Cloncurry Alliance, Minotaur said it was looking to secure additional base metals projects within the Cloncurry district with $1 million of funding from OZ Minerals through 2020-2021.
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