Minotaur inks new exploration deal in Qld
PERTH (miningweekly.com) – ASX-listed Minotaur Exploration has signed a A$3.5-million exploration deal with Japan Oil, Gas and Metals National Corporation (Jogmec) over Minotaur's tenements south of Cloncurry.
Under the terms of the agreement, Jogmec would spend a minimum of A$500 000 in the first year of the joint venture (JV) and then a further A$1-million a year over the subsequent three years, to earn a 51% interest in the tenements.
The two companies would explore for iron-ore and copper-gold mineralisation in the region, as well as silver-lead-zinc mineralisation in the concealed eastern portion of the Mt Isa block, where basement units were overlain by cover sediments ranging up to more than 100 m thick.
Minotaur MD Andrew Woskett on Tuesday said Minotaur was delighted with Jogmec’s decision to embark on the JV.
“Both parties perceive the Osborne area to have high potential for discovery of base metal deposits and look forward to demonstrating the value of this new relationship,” Woskett added.
The JV project area, known as the Osborne project, covers nearly 1 800 km2 and a number of targets have already been identified from evaluation work. The JV partners were confident that additional targets would be delineated from new geophysical surveys across the project area.
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