A maiden Mineral Resource estimate of the Jericho copper-gold system on behalf of the Jericho Joint Venture between Oz Minerals and Minotaur has found the prospect is not strong enough to go ahead as a standalone mine.
Jericho is 65km south-east of Cloncurry and 3km from the Eloise copper-gold mine and its Inferred Mineral Resource is estimated at 9.1 million tonnes grading 1.4% copper, 0.3 g/t gold and 1.6 g/t silver.
Jericho mineralisation is primarily hosted within two main parallel lodes 120 metres apart along +3.5km of strike length, dips steeply west and is open along strike and at depth.
Oz Minerals' mining optimisation studies to assess the potential for Jericho to be mined as an underground operation indicate Jericho represents a significant discovery for the Cloncurry district and may be an important component of a centralised minerals hub in the future, however the present resource is not viable as a standalone underground mining operation.
"Consequently, the Alliance will direct its near-term focus to the adjacent Eloise and Breena Plains JV areas prospective for complementary base metal deposits," Minotaur said in an ASX statement.
"With the Queensland border now opening to cross-border travel, preparations are being made to resume on-ground activities in August in both areas."
At Eloise JV the Big Foot target, located 12km along strike north of Jericho, is a priority drill target defined by EM work completed in mid-March before the state border closed.
Big Foot is to be tested with twp cored drill holes to determine the source of the EM conductor. Native Title site clearances are to be completed early August followed by drilling.
Breena Plains is to the east of Eloise. The JV will use Minotaur's ground EM survey approach to look for buried,non-magnetic but conductive minerals systems.
Activity will commence late August.
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