Minotaur Exploration – (ASX: MEP, Share Price: $0.09, Market Cap: $23m, coverage initiated @ $0.06 in Sep 2015 – 50% gain since initial coverage).
High-grade copper-gold mineralisation intersected at the Jericho Target in Queensland.
Positive assay results have been received from the first two holes designed to test the newly-defined Jericho electromagnetic (EM) complex within the Eloise JV project in Queensland, comprising multi-plate EM conductor zones (J1-J3) up to 4km in length. MEP’s share price rose by 11% on Friday the release of the latest results.
Hole EL17D06 in the middle of Jericho, was sited to intersect all 3 EM plates including the western (J1), central (J2) and eastern (J3) conductors. Particularly high grade copper-gold mineralisation was confirmed at J2, with lesser-grade but nevertheless highly significant copper-gold mineralisation intersected over wide sulphide stringer zones at J1 and J3. It intersected 27m @ 2.42% Cu and 0.71g/t Au from 435m (J2 conductor) – including 6m @ 4.23% Cu and 0.42 g/t Au from 440m and 9m @ 3.83% Cu and 1.73g/t Au from 453m.
Hole EL17D05 was located at the southern end of Jericho, targeting the J1 conductor. It intersected encouraging copper-gold mineralisation over a 28m down-hole interval comprising 9m @ 0.75% Cu and 0.48 g/t Au from 97m and 11m @ 0.37% Cu and 0.09 g/t Au from 114m.
Figure 1: Massive chalcopyrite and pyrrhotite from hole EL17D06 at 461m
The two holes situated 1.3km apart have confirmed chalcopyrite and pyrrhotite as the source at each of the conductors and have validated MEP’s iron sulphide copper-gold (ISCG) exploration model for this area. Most significantly, the mineralisation style at Jericho shares very strong similarities with the high-grade Eloise copper-gold deposit just 5 km north.
Figure 2: Priority drill-targets south of Eloise mine; EM image is Z component, channel 30 over magnetics
The Eloise project comprises a joint venture between MEP and OZ Minerals Ltd (ASX: OZL), where OZL can earn up to a 70% beneficial interest by spending up to $10m. The JV 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.
A second drill rig is being mobilized to expand the drill campaign at Jericho. The results will be keenly watched, as MEP’s share price has moved up strongly on the back of the release of the latest results. Six holes are to be drilled to probe for extensions to the high-grade zones reported here.