MINOTAUR EXPLORATION LIMITED ACN 108 483 601 ASX: MEP
MINOTAUR
EXPLORATION
24 November 2016
ASX Release
Iris-Electra results confirm copper-gold potential
Highlights
-
Four additional diamond holes testing Iris North and Iris South completed by the Minotaur-OZ
Minerals joint venture near Cloncurry
-
Assays confirm iron sulphide hosted, copper-
gold mineralisation consistent with 2 initial holes
-
Mineralisation defined along 600m of strike
-
Geophysics indicate 2.7km strike potential for copper sulphide mineralisation
-
Electra conductive plate indicates a sizeable prospect, not yet drill tested
The Iris-Electra Prospect
The Iris-Electra copper-gold prospect lies under shallow cover approximately 5km north-east of the Eloise copper-gold mine (Figure 1). The prospect
sits along the Levuka Shear Zone within Mt Norna Quartzite, a regionally significant rock unit that hosts the Eloise and Osborne copper-gold mines
and South32's (ASX: S32) Cannington silver-lead-zinc mine. Minotaur's geological model for Iris-Electra
is iron sulphide, copper-gold (ISCG) mineralisation similar in style to the Eloise copper-gold deposit.
Latest Drill Assays
An accelerated program of 4 diamond drill holes at Iris was completed by the joint venture between Minotaur and OZ Minerals (ASX: OZL). This drill program followed promising results from the inaugural 2 diamond drill holes at Iris which returned anomalous copper and gold values associated with
pyrrhotite over broad intercepts, confirming Iris as a significant new ISCG discovery (refer to ASX announcement released 19 October 2016). Those results prompted the Minotaur-OZ Minerals joint venture to place a further 4 drill holes into the Iris conductors (Figures 2, 3 & 4, Table 1). These holes utilised existing heritage-cleared drill pads for expediency. All 4 holes successfully intersected hydrothermally altered breccia zones exhibiting
various degrees of anomalous chalcopyrite (copper sulphide) mineralisation.
Significant intercepts from the latest round of drilling include:
EL16D07:
• 5.8m @ 0.48% Cu and 0.06g/t Au from 277m
EL16D08:
• 26m @ 0.73% Cu and 0.61g/t Au from 168m,
-
including 0.4m @ 12.35% Cu and 14.3g/t Au from 175.3m EL16D09:
• 40m @ 0.25% Cu and 0.06g/t Au from 390m,
Copper-gold mineralisation is now documented along 600m of strike, reinforcing the potential scale of the mineral system. In addition, the presence of high-grade intervals within the broader mineralised
intercepts is considered a promising indicator of the prospect's potential.
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
Figure 1: Minotaur's 'Eloise' tenements and the 'Iris' and 'Electra' ground EM targets over magnetics, referenced to the Eloise copper-gold mine, owned and operated by FMR Investments Pty Ltd. Locations of Altia and Maronan base metals deposits shown.
Figure 2: Late time Z-component EM image (plan view) of Iris conductors with completed drill holes
Figure 3: a) left image shows gridded conductivity (red and white zones are conductive) of the X-component EM data of channel 35. Yellow polygons are the modelled conductive plates; b) right image shows conductive plates over RTP1VD magnetics
Interpretation of drill results and ground EM
The persistent nature of mineralisation in the drilling completed at Iris indicates a large mineral system with potential for higher grades in the vicinity of the EM conductors, as seen in hole EL16D08 where a chalcopyrite rich zone returned 0.4m at 12.35% Cu and 14.3g/t Au.
Mineralisation is open in all directions at Iris and, as reported on 16 November 20161, the in-fill ground EM grid completed over the Electra EM anomalies (Figure 3) shows conductive bodies modelled along 2.7km of strike, from about 130m below surface at Iris South to about 470m below surface at Electra (Figure 4).
Of special interest is the outstanding scale of the modelled conductor at Electra relative to those at Iris (Figure 4). Modelling and interpretation of the Electra EM anomaly and its relationship to Iris continues. Given the clear association at Iris between high conductance and the coexistence of chalcopyrite and pyrrhotite, results to date indicate that the Electra conductor is prospective for copper sulphide mineralisation and
merits drill testing.
1 2.7km conductive trend, Iris-Electra, at Eloise JV
Figure 4: Long-section looking west showing Iris and Electra modelled EM conductors and drill hole traces for hole EL16D04-05 and EL16D07-10.
Next steps
This collation of highly encouraging results from the first work program has given the joint venture sound reason to continue drill testing Iris and Electra. Field activity will diminish during the Queensland wet season, until March 2017. It is anticipated drilling will recommence at Iris-Electra around that time.
In the interim, geochemical assessment and geological modelling will provide a design basis for the next round of drilling, while native title heritage clearances are sought for drill site establishment.