MINOTAUR Exploration has moved quickly to capitalize on its recent takeover of Breakaway Resources by commencing field work on the Eloise copper-gold tenements. It is the first of two earn-in joint ventures facilitated by Minotaur over Breakaway tenements.
The Eloise joint venture provides for up to $6 million of expenditure over a 4 year period, including a first year minimum commitment of $1.7 million. When the entire $6 million program is completed the incoming JV party will earn 50% beneficial interest in the Eloise project. Minotaur is operator and manager of the JV.
The initial JV program will test for copper-gold mineralization in the immediate vicinity of the Eloise underground copper-gold mine. Breakaway’s Eloise copper-gold tenements cover 405sqkm adjacent to the operating Eloise mine.
Eloise is situated on the Levuka Shear zone, a significant regional structure. In 2011 Breakaway defined copper-gold mineralization 20km west of the mine at the Sandy Creek prospect and subsequently reported a modest near-surface JORC-compliant inferred copper resource. Minotaur views Breakaway’s tenement holding to be very prospective for new copper discoveries.
Minotaur’s approach through the Eloise JV will be to assess the tenement-wide potential for base metal mineralization using geophysical methods before embarking on specific drill programs. On that basis a helicopter borne survey is under way to directly detect massive sulphide mineralization, utilizing Geotech Airborne’s deep penetrating VTEM Max system. Approximately 1000 line km of airborne electromagnetic (EM) data will be collected during the VTEM survey covering the tenement area just west of the Eloise mine.
Previous exploration was conducted in a piecemeal fashion, focusing on near surface mineralization. The EM survey will cover a large number of known occurrences, such as the Sandy Creek deposit, but will primarily enable Minotaur to rapidly assess prospectivity of the overall area and focus on those areas most likely to host massive sulphides.
The new data will be assessed alongside historical data from Breakaway’s Eloise Copper-Gold Project. Prioritized targets will then be further investigated by detailed ground EM surveys.
In April 2014, after the wet season, a 3000 metre RC drill campaign will test the top 6 targets generated. An extensive ground EM program will also be carried out at this stage, extending north of the Eloise mine along the highly prospective Levuka Shear Zone. The aim of this survey is to detect mineralization at depth, beneath thicker cover that is typically difficult to penetrate using airborne EM systems. Prospective targets generated from this survey will be drill tested in mid-2014.