Minotaur Exploration Limited JV Partners Lift Exploration Tempo on Arthurville Project
01.05.2013 | ABN Newswire
10:39 AEST May 1, 2013 ABN Newswire (C) 2004-2013 Asia Business News PL. All Rights Reserved.Adelaide, Australia (ABN Newswire) - Minotaur Exploration Limited (ASX:MEP) is pleased to announce that its partners in the Arthurville Copper-Gold exploration joint venture, Mitsubishi Materials Corporation ('MMC') and Mitsubishi Corporation ('MC'),have elected to increase the level of exploration investment.
During this second year of the joint venture the budget will be increased to $557,000 following a review of airborne geophysical surveys completed in 2012. The expanded program includes gravity surveys, further induced polarization surveys, structural analysis and drill testing of select geophysical targets. Under the terms of the joint venture, MMC and MC will earn an option to collectively acquire a 49% participating interest in the Arthurville tenement through total expenditure of $970,000.
The Arthurville Joint Venture covers exploration licence EL7588 located approximately 20 kilometres south of Dubbo. The tenement straddles the northern extension of the Ordovician Molong volcanic belt, considered prospective for porphyry-related copper-gold mineralization and volcanic-hosted massive sulphide base metal deposits. The Yeoval copper deposit of Augur Resources and Goodrich Resources Ltd is located 5 kilometres to the south and the Toongi Rare Earth deposit of Alkane Resources is located 6 kilometres west of the tenement .
In early 2012 Minotaur undertook an airborne electromagnetic (VTEM) survey along 362 line kilometres. Numerous geophysical anomalies were evaluated by satellite image analysis, field reconnaissance, geological mapping, soil geochemistry and rock chip sampling. Priority targets were then further examined by a reconnaissance Induced Polarization (IP) geophysical survey from which Target A118, with a positive chargeability anomaly of amplitude 12 milliradians at a depth of 50-60 metres below ground level has been selected for drill testing.
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About Minotaur Exploration Limited:
Minotaur Exploration Limited (ASX:MEP) specialises in application of cutting-edge geophysical techniques to locate virgin mineralisation deep below the surface. Often, economic mineral deposits are contained within basement rocks, buried below several hundred metres of transported cover (overburden) and cannot be located through surface exploration methods such as soil sampling, geochemical assays and drilling. Minotaur’s remote sensing and interpretative approach has proven very successful.
The directors and management of Minotaur each have around 30 years of exploration, mining and mineral resource experience and are eminently qualified in their respective fields of expertise. Under their direction, Minotaur has earned a strong reputation for technical excellence and a high profile within the Australian resources sector.
Minotaur is actively exploring IOCG style targets in Australia, where geophysics have identified numerous sub-surface anomalies prospective for copper-gold mineralisation. Each of these represents a possible Prominent Hill type orebody. Numerous other targets that are ready for drilling are prospective for base metals such as zinc, lead, copper.
Contact:
Minotaur Exploration Limited
T: +61-8-8366-6000
F: +61-8-8366-6001
E: admin@minotaurexploration.com.au
WWW: www.minotaurexploration.com.au