OZ Minerals is injecting a further $2 million into exploration work at its Eloise joint venture project with Minotaur Exploration.
The funding will expand activity after round-the-clock diamond drilling since April 2018 revealing consistent and wide spread copper-gold intersections at the project’s Jericho prospect, which lies within 3km of the Eloise copper mine.
Minotaur Exploration said drilling at Jericho would continue until mid-September, then pause for lab assays and compilation of the growing drill database, so the JV was best positioned to advance this asset on a resumption of drilling.
“OZ Minerals’ solid support has given tremendous impetus to our prospecting and their decision now to again expand their investment, based on the Jericho results, is another endorsement,” Minotaur managing director Andrew Woskett said.
“Minotaur appreciates the reliance placed by OZ Minerals in our technical judgement and operational capabilities.
“The inherent value of new copper deposits, such as Jericho, identified in the neighbourhood of the Eloise copper concentrator is apparent. Minotaur’s strategic ground position and already defined drill targets close by provides the JV with multiple value-add opportunities.”
The Eloise project is about 60km south-east of Cloncurry.