Aug 27, 2018

Closing in on Cannington Mark 2

Closing in on Cannington Mark 2 Drillers on Minotaur Exploration's Eloise Lease

There’s another mighty base metals find-to-be in north west Queensland and Minotaur Exploration’s Andrew Woskett reckons he’s just the man to find it.

Not that he’d say it like that. Mr Woskett is humble before the science. 

But what he reads in the core samples and what’s being revealed by new geophysical exploration techniques brings a prospectors glint to the eye of this otherwise fastidious junior miner.

Minotaur’s Queensland acquisitions have been deliberate, located in already proven fields in the internationally acclaimed Isa Carpentaria Minerals Province.

The company is currently ploughing its energies into the Eloise Lease located around 65 kms south-east of Cloncurry, not to be confused with, but complemented by, the strategically located Eloise Mine three kilometres to the north of its recent Jericho discovery. 

Eloise Mine was discovered by BHP in the late 80’s and is now owned privately by FMR investments. 

Various owners including Barminco have mined more than 11 million tonnes at 2.2 percent copper over that period. 

“It’s been a profitable mine all the way through and is continuing to operate,” Mr Woskett said.

“We do use the Eloise orebody as a template and what is gratifying and very encouraging is the fact that when you lay out the core from the Eloise Mine itself and put it side-by-side with core trays from Jericho you cannot tell the difference.

“So that’s very helpful because it tells us that we’re in the right rocks; we’re in the same rocks that host the Eloise Mine.

“We’re getting the same rock alteration, the same sulphides, the same mineral assemblages and, you know, eventually we’ll get the same grade.”

Minotaur management is aggressive in their pursuit and will complete more than 10,000 metres of diamond drilling this calendar year before the wet season starts, with the backing of joint venture partner OZ Minerals.

The project needed more validation, said Mr Woskett in light of the potential contained within the 3.3 km long anomaly.

“You could squeeze, in between many of our drill holes, an Eloise-sized ore body,” he said.

“We’ve always had a view there should be another Eloise ore body close by and we’re getting lots and lots and lots of indications that is the case, but we have not yet hit the sweet spot.”

Minotaur is backing its confidence in the region with further investment and recently bought a 750 square km lease 50kms east of Mount Isa, just north of the Camooweal Highway. 

While they need to employ all the investigative power that geophysics can bring to the game in the south, the new holding –  previously owned by Syndicated Metals as its Mount Remarkable Project – has outcrop yielding 2.2 per cent copper, meaning rock exposures make it easier to locate drill targets.

Minotaur also owns another lease south of Cannington that shows promise said Mr Woskett.  

“We’re in fact looking right now for another Cannington, just to its south” he said. 

“Just last week (August) we completed a 30-odd line kilometre ground EM survey … looking for conductors that might be suggestive of a Cannington style event. 

“I mean Cannington was a great story. The very first drill hole into this big magnetic anomaly (and) bang, hit the ore body. 

“That’s what we’d like to do. Something like that would be fine, thank you.”

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