Australia’s Foreign Investment Review Board (FIRB) has approved the joint venture between Minotaur Resources and the Japan Oil, Gas and Metals National Corporation (JOGMEC) covering the Osborne tenements south of Cloncurry in North Queensland.
FIRB approval paved the way for initiation of field activities on the Osborne JV with the aim of identifying IOCG and ISCG styles of copper-gold mineralization and Cannington-style silver-lead-zinc mineralization in the concealed eastern portion of the Mt Isa Block.
Three geophysical surveys to test a variety of concepts aimed at generating multiple targets for later drill testing are under way. The surveys include Induced Polarisation (IP), ground-based Electromagnetic (EM) and airborne magnetics data collection.
The IP survey will assess two main targets at Rosella and Jabiru. Rosella is a discrete positive gravity feature with an associated positive conductivity anomaly where basement is modelled to be around 50 metres below cover. Jabiru comprises two parts with an eastern bullseye positive magnetic anomaly and a western linear positive magnetic anomaly with a major deflection.
Both anomalies are interpreted to lie within a major north-northeast trending structural corridor parallel to the highly mineralized Mt Dore Fault Zone that hosts the Starra, Mt Dore and Mt Elliott/SWAN copper-gold deposits. The survey is expected to take two weeks to complete.
The EM survey will test up to six discrete targets in the central, northern and western portions of the project area. Three targets are selected for follow-up from anomalies defined by the Geoscience Queensland sponsored SuperMax VTEM survey flown earlier this year over parts of the JV area.
Three targets are selected for follow-up from historic QUESTEM airborne EM data that covers the central and northern-western portion of the JV area. The principal style of mineralization for these targets is ISCG. The survey will conclude in December.
An airborne magnetic survey comprising 7000 line kilometres of new data covering the southern and western portion of the JV area is under way. This new data will provide high resolution of the basement where the cover sequence is thicker.