Minotaur Exploration says assay results have proven the presence of a copper-gold mineralised structure more than 3km long at its Eloise joint-venture project, 55km south-east of Cloncurry.
The results came from drilling along the Jericho ‘J1’ corridor at the project and have prompted the JV partners to extend the drilling program at that target by 1700m.
“The new assays reinforce the 2017 inaugural results and support the joint venture’s view that Jericho is an expansive copper-gold system with potential to host an orebody similar to the nearby Eloise mine,” Minotaur managing director Andrew Woskett said.
The present 5000m drilling campaign is nearing completion in other areas of the Jericho structure.
The Eloise project is a joint venture between Minotaur and OZ Minerals.
OZ Minerals, having completed its $5 million Stage 1 earn-in, now has 51 per cent beneficial interest in the tenements. Work under way forms part of the Stage 2 earn-in where OZ Minerals may earn additional 19 per cent equity by spending an additional $5 million.