Minotaur Exploration Ltd (ASX: MEP, “Minotaur”) has initiated diamond drilling for the Osborne JV (with Japan Oil, Gas and Metals National Corporation [“JOGMEC”]) in north-west Queensland.
• Drill program underscores strong, ongoing relationship with global explorer JOGMEC
• Osborne JV is focused on greenfields discovery potential
• A$1.5M allocated to exploration activities this year; JOGMEC-funded
• Drilling will test several EM anomalies, targeting zinc-lead-silver and copper-gold mineralisation
• The region has been sparsely drilled to basement Background The Osborne project, centred 175km south of Cloncurry, is a joint venture between Minotaur and JOGMEC.
JOGMEC may earn up to 51% equity in the project by spending up to A$3.5M. Expenditure to date is A$1.6M with a further A$1.5M allocated to exploration activities this year. The joint venture is seeking Cannington-style silver-lead-zinc and Eloise-style copper-gold mineralisation. The 2016 field season identified multiple geophysical anomalies where conductive basement targets were detected below sediment cover at the ‘Lark’, ‘Winter’ and ‘Robin’ prospects (Figure 1). Drilling is underway. One scout hole will test each target, with 2,700m in 5-6 holes planned over the next 8 weeks
Lark Target Two EM conductors are identified at Lark: a western conductor lying parallel and adjacent to a linear magnetic anomaly; and an eastern conductor occurring along strike of a discrete moderate-amplitude magnetic anomaly. An initial 450m hole will test the eastern conductor.
Winter Target Winter is a discrete low to moderate-amplitude magnetic anomaly, within a magnetic low, that appears similar in its geological setting to the Cannington silver-lead-zinc deposit. Ground EM defined conductors, coincident with the magnetic anomaly. One 700m hole is now testing the magnetic body and some of the modelled EM plates.