PERTH (miningweekly.com) – ASX-listed junior Minotaur Exploration on Friday announced its intentions to acquire the Windsor project area, in Queensland, from its joint venture (JV) partners.
Minotaur had been working to earn an 80% interest in the JV by spending A$4-million in exploration, however, the junior company has now struck a A$500 000 deal to acquire full ownership of the tenements.
The acquisition costs will be a mix of cash and shares, Minotaur told shareholders.
The JV area covers some 631 km2 and includes 175 km2 of the notably prospective Trooper Creek Formation, which hosts numerous high-grade base metal deposits.
Minotaur on Friday said that the transaction offered an opportunity to consolidate its equity position in the project, rather than continue to earn into the JV.