PERTH (miningweekly.com) – Junior Minotaur Exploration has struck a farm-in and joint venture (JV) agreement with copper/gold miner Oz Minerals over the Peake and Denison exploration projects, in South Australia.
Under the terms of the agreement, Oz Minerals will spend nearly A$900 000 on exploration over the Peake and Denison project areas in the first year, and thereafter could earn an initial 51% interest in the project areas by sole funding A$4-million through the next three-year period.
Oz Minerals could then earn an additional 19% interest in the project area by spending a further A$6-million over the subsequent three years, taking its stake in the project to 70%.
“Oz Minerals continues to be a supportive partner of Minotaur, the working relationship enduring across many years and we welcome their new involvement,” said Minotaur MD Andrew Woskett.
“The project is a true frontier exploration play that covers most of the prospective Peake and Denison Inliers, providing ready access to a large, poorly explored terrain. The geology provides an excellent JV first-mover opportunity for exploration success.”