MINOTAUR EXPLORATION LIMITED ACN 108 483 601 ASX: MEP
10 September 2015
MINOTAUR
EXPLORATION
asx Release
Sandfire Resources continues earn-in at Altia project, Cloncurry
Highlights
• Sandfire Resources NL (ASX: SFR) completes its minimum interest earn-in program at the Altia Project thereby earning the right to acquire an initial 60% interest in the relevant tenement portions
• Sandfire has elected to continue sole funding exploration into the second earn-in period with the objective of earning the right to acquire an 80% interest through ongoing expenditure of $4 million over 3 years
Farm-In Agreement for the Altia Project
Minotaur subsidiaries Levuka Resources Pty Ltd and Breakaway Resources Pty Ltd are parties to a Farm-In Agreement with Sandfire Resources NL ('Sandfire'; ASX: SFR) giving Sandfire the rights to explore and earn interests in portions of EPM 17838 and MDL 431 and 432 (the 'Sandfire Tenements') 65km south-east of Cloncurry, Queensland (Figure 1).
Sandfire has provided notice that it has completed its initial $4 million work program, giving it the right to acquire its minimum interest of 60% in the Sandfire Tenements. Sandfire has elected to continue sole funding exploration at Altia with a view to earning the right to acquire an 80% interest over the next three years through
further expenditure of $4 million. At that point Sandfire's investment in Altia will total $8 million.
Sandfire's notification to Minotaur stated "The activities undertaken by Sandfire….provide encouragement for further discoveries and increases in the current mineral inventory".
Minotaur welcomes Sandfire's continuing participation in Altia and its view of the deposit's potential to be enhanced through the next phase of work.
The Altia Project
The Altia project comprises two main areas of interest, known as the Northern JV area and Southern JV area
and lies within Minotaur's broader Eloise copper project. (Figure 1). Both areas are interpreted to comprise mostly Mt Norna Quartzite, a host to some of the most significant deposits in the region including the Cannington Ag-Pb-Zn deposit and the Osborne and Eloise Cu-Au deposits.
The Northern JV area hosts the Altia Pb-Ag deposit and has been the main area of focus for exploration activities by Sandfire over the past 3 years. The Altia deposit
has some similarities to the Cannington deposit and is considered to be a Broken Hill-type (BHT ) system.
LEVEL 1, 8 BEULAH ROAD, NORWOOD, SOUTH AUSTRALIA 5067 T +61 8 8132 3400 F +61 8 8132 3499 E [email protected] www.minotaurexploration.com.au
ASX RELEASE 10 SEPTEMBER 2015
Other prospects within the Northern JV area include Altia
North, Boralis and Capricorn (Figure 1) which all show
For fur ther information contact:
Andrew Woskett
affinities with Altia and are considered to lie broadly within the same stratigraphic unit that hosts Altia.
The Southern JV area lies south along strike from the BHT style Maronan Pb-Ag deposit and contains a number of key prospects at Coral Reef, Tiberius and Plumtree Creek (Figure 1). The Southern JV area is prospective for both
Pb-Zn-Ag and Cu-Au mineralisation.
Managing Director
T +61 8 8132 3400
Figure 1: Altia Project location within EPM17838 and MDL 431 & 432
ASX: MEP
Minotaur Exploration Ltd
T +61 8 8132 3400
www.minotaurexploration.com.au
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