Minotaur Exploration is entering into a joint venture (JV) with Falcon Minerals to explore for copper-gold mineralization on two Falcon tenements in the Cloncurry region of northwest Queensland. The JV expands Minotaur’s operations within Australia’s premier iron oxide copper-gold province.
The JV into two tenements held by Falcon allows Minotaur a 51% interest by spending $250,000 over 2 years or a 75% interest by spending a total of $750,000 over 5 years. The tenements, totalling 165sqkm, are prospective for structurally controlled iron-oxide copper-gold mineralization of the Ernest Henry, Eloise and-Osborne styles.
One of the Falcon tenements is 20km southwest of Ernest Henry Mine and in close proximity to two other Minotaur tenements. A combined exploration program will now start on the granted tenements with initial emphasis on gravity, EM and IP surveys over selected variably magnetite-dominant targets along the margins of, and selected structural conduits to, Williams-Naraku granitic intrusions. Particular attention will focus on the Tino, Neutrino, Taurino, Mindino and Marino gravity +/- magnetic features.
Falcon’s other tenement grant is expected later in 2013. This tenement is west of the Mount Dore, Mount Elliott, Selwyn and Merlin deposits, along a major N-S trending bounding structure and possible a conduit for iron oxide-copper-gold style hydrothermal fluids.
Minotaur Exploration specializes in high-tech geophysical techniques to locate deep virgin mineralization. Often, economic mineral deposits are within basement rocks buried below several hundred metres of transported cover and cannot be located through surface exploration like soil sampling, geochemical assays and drilling. Minotaur is known for its remote sensing and interpretative approach.
Minotaur is actively exploring iron oxide copper-gold style targets in Australia, where geophysics have identified numerous sub-surface anomalies prospective for copper-gold mineralization. Each represents a possible Prominent Hill-type ore body, and numerous other targets ready for drilling include prospective for base metals such as zinc, lead, copper.