Diamond drilling is under way at the joint venture project of Minotaur Exploration and Japan Oil, Gas and Metals National Corporation (JOGMEC) near Cloncurry in north Queensland. The drilling campaign is targeting four prospects to test a range of geophysical anomalies.
The JV believes the targets are prospective for iron sulphide copper gold (ISCG) mineralization under cover. The targets to be tested are at Emu South, Gidyea Bore, Woolshed Waterhole and Cormorant.
JOGMEC is sole funding the exploration program within a $750,000 joint venture budget through to the end of March 2016.
The geophysical targets have been generated by Minotaur from ground geophysical surveys comprising gravity, ground magnetics, ground EM and DHEM data.
Geological settings represent structurally-controlled pyrrhotite dominant domains prospective for copper, gold and zinc mineralization. The Mesozoic cover sequence varies between 75 metres and 125 metres thickness.
The drilling program is expected to take six weeks to complete with an early August date anticipated.
JOGMEC was established on February 29, 2004 pursuant to the Law Concerning the Japan Oil, Gas and Metals National Corporation, which was promulgated on July 26, 2002. JOGMEC integrates the functions of the former Japan National Oil Corporation, which was in charge of securing a stable supply of oil and natural gas for Japan, and the former Metal Mining Agency of Japan, which was in charge of ensuring a stable supply of nonferrous metal and mineral resources and implementing mine pollution control measures.