Joint venture partners have announced a maiden inferred mineral resource of 9.1 million tonnes, grading 1.4 per cent copper and 0.3g/t gold, at the Jericho project in North West Queensland.
Jericho is located 65km south-east of Cloncurry and within 3km of the Eloise copper-gold mine. Minotaur Exploration and Oz Minerals are partners in the Jericho JV.
Oz Minerals has undertaken mining optimisation studies using the resource estimate to assess the potential for Jericho to be mined as an underground operation.
The JV says those studies indicate that Jericho represents a significant discovery for the Cloncurry district and may be an important component of a centralised minerals ‘hub’ in the future.
However OZ Minerals determined the present resource is not viable as a standalone underground mining operation.
The Minotaur Exploration and Oz Minerals alliance will now direct its near-term focus to the adjacent Eloise and Breena Plains JV areas prospective for complementary base metal deposits.
“With the Queensland border now opening to cross-border travel, preparations are being made to resume on-ground activities in August in both areas,” Minotaur said in a market update today.
Big Foot, located 12km along strike north of Jericho within the Eloise JV area, is a priority drill target.