The Mitsubishi Materials (MMC) and Mitsubishi Corporations (MC) have joined Minotaur Exploration in a new joint venture to explore the Arthurville tenement in Australia’s central New South Wales.
It is Minotaur’s fourth JV with MMC and MC, and covers the company’s exploration tenement southeast of Dubbo. Arthurville straddles the northern extension of the Ordovician Molong volcanic belt, considered prospective for porphyry-related copper-gold mineralization and volcanic-hosted massive sulphide base metal deposits. It is near Augur Resources’ Yeoval copper deposit and Alkane Resources’ Toongi rare earth prospect.
Initial field work at Arthurville will aim to define a base metal target from airborne and follow-up ground geophysical surveys.
The terms of the JV include MMC and MC earning an option to collectively acquire a 32% participating interest in the tenement through a $370,000 cash injection within the next two years. The partners may elect to increase that interest to 49% with the expenditure of a further $600,000 within the following two years.
Minotaur’s managing director Andrew Woskett says the partnership will greatly assist in progressing exploration on the company’s 10th Australian project site.
Both MMC and MC have interests in copper mines and smelters throughout the world, including Japan, Indonesia and Chile.