PERTH (miningweekly.com) – Australian minerals explorer Minotaur has signed a A$4-million joint-venture (JV) agreement with the Japan Oil, Gas and Metals National Corporation (Jogmec) to explore for copper and gold in the Cloncurry district of north Queensland.

Minotaur, through its subsidiary Minotaur Operations, would now explore for base and precious metals.

Under the terms of the agreement, Jogmec would have the right to earn a 33,15% stake in the project by spending A$2,6-million on exploration, over a three-year period. The Japanese company could further earn up to 51% of the project by spending A$4-million by the end of March 2013.

The Cloncurry JV covers about 546 km², and incorporates 14 tenements.  The project area is located within the Eastern Succession of the Mount Isa Inlier, which hosts numerous large iron oxide/copper/gold style deposits, including those at Ernest Henry, Osborne and Mount Elliot. 

Minotaur said in a statement on Friday that initial exploration activities, with Minotaur as operator, would include ground electro magnetics (EM), gravity and magnetic surveys followed by drilling of select geophysical anomalies. 

These activities built on past exploration undertaken over the previous 12 months where ground EM surveys have identified a number of basement conductors, including those at the Cormorant, Gypsy Plains and Woolshed prospects.

Minotaur noted that its agreement with the Japanese government organisation brought to five the number of Australian JVs with Jogmec since 2005, with two currently active. 

The Cloncurry project becomes, after Louth in central New South Wales, the second major focus area for current Minotaur and Jogmec JVs.

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