Minotaur Exploration is buying out its joint venture partner to acquire the Windsor base metals project in the Charters Towers region outright.
The purchase will cost $500,000 in cash and shares.
The tenements stretch for 631sq km and include a swathe of the Trooper Creek Formation, which also hosts the Thalanga and Highway Reward deposits.
While recent drilling at the Hastings anomaly within the project area failed to show mineralisation, Minotaur says it is encouraged by Red River Resources’current drill success at its Liontown deposit – also hosted by the Trooper Creek Formation.
Before the acquisition deal, Minotaur had the right to earn up to 80 per cent interest in the Windsor tenements by spending $4 million on exploration over a five-year period.
The outright acquisition annuls the joint venture arrangement without it spending the $3.5 million of earn-in expenditure that remained outstanding.