Eloise JV

EPM 17838, 18442, 18624, 19500, 25237, 25238, 25389, 25801, 26223, 26521, 26684, 26703 and MDL431; Minotaur 100% (except on those parts of MDL431 and EPM17838 where Sandfire Resources NL hold 60% interest), Area 766km2 OZ Minerals may earn up to 70% interest by expending $10 million over 6 years. 

Minotaur’s Eloise tenements are subject to a farm-in joint venture with OZ Minerals Ltd (ASX: OZL). OZ Minerals is sole funding work programs and Minotaur is manager and operator. OZ Minerals is expected to increase its tenement interest early in 2019 to 70% through total expenditure of $10 million.

Jericho Copper-Gold Discovery
A ground EM survey conducted in 2017 delineated numerous basement EM anomalies, the largest of which – Jericho – measures 4km in strike length. The Jericho EM conductor lies 3-5km southeast of the Eloise copper-gold mine, along the same shear zone, but had never been drill tested previously (it is largely invisible in all other datasets). Eloise mine, currently owned by FMR Investments Pty Ltd, has been in operation for more than 20 years mining high-grade copper-gold lodes from underground.

Jericho & Eloise Locations

An initial 2-hole drill investigation of the Jericho anomaly, in October 2017, intersected strong sulphide mineralisation at the modelled EM conductor positions. The second drill hole, EL17D06, returned strong copper-gold mineralisation comprising 27m @ 2.42% Cu and 0.71g/t Au. Mineralisation in that hole looked remarkably similar to the nearby Eloise copper-gold deposit and Jericho’s high copper-gold grades and extensive strike extent provided strong encouragement for the Joint Venture to continue drilling.

Follow up drilling defined two main sub-parallel copper-gold lodes, J1 and J2, and a third small lode J1a. J1 lode has a known strike length of 3.7km, J2 has around 3km of strike extent and J1a is around 500m long; all three lodes are open along strike and up/down dip. By December 2018 a total of 38 holes for around 14,850m have probed Jericho, however given the long strike of the structures drilling remains relatively widely spaced, ranging from 75m (limited to a 300m zone in the middle of J1 and J2) up to 400-600m. Despite the wide spacing, J1 and J2 both show remarkable geological continuity, both along strike and down dip, where every hole to date has intersected mineralisation at the predicted down hole position.

Significant drill intercepts include:

  • EL17D06: 27m @ 2.42% Cu, 0.71g/t Au (J2)
  • EL17D08: 7.5m @ 1.67% Cu, 0.63g/t Au (J1)
  • EL17D09: 8.4m @ 2.78% Cu, 0.66g/t Au (J1)
  • EL17D12: 11.9m @ 1.56% Cu, 0.31g/t Au (J1)
  • EL17D13: 7m @ 3.17% Cu, 0.67g/t Au (J1)
  • EL18D02: 17m @ 2.3% Cu, 0.5g/t Au (J1)
  • EL18D04: 9m @ 1.43% Cu, 0.5g/t Au (J1)
  • EL18D05: 17m @ 1.29% Cu, 0.22g/t Au (J1)
  • EL18D15: 12m @ 1.03% Cu, 0.31g/t Au (J1)
  • EL18D15: 11m @ 1.54% Cu, 0.13g/t Au (J2)
  • EL18D17: 8m @ 2.49% Cu, 0.37g/t Au (J2)
  • EL18D18: 17m @ 2.39% Cu, 0.58g/t Au (J1)
  • EL18D22: 14m @ 1.27% Cu, 0.09g/t Au (J1)
  • EL18D23: 11m @ 2.05% Cu, 0.41g/t Au (J1)
  • EL18D23: 9m @ 1.98% Cu, 0.40g/t Au (J2)
  • EL18D24: 12m @ 2.23% Cu, 0.34g/t Au (J1)
  • EL18D26: 12m @ 1.23% Cu, 0.36g/t Au (J1)
  • EL18D28: 7m @ 1.44% Cu, 0.13g/t Au (J1)
  • EL18D29: 12m @ 2.39% Cu, 0.42g/t Au (J1)
  • EL18D30: 11.3m @ 3.43% Cu, 0.44g/t Au (J1)
  • EL18D30: 10.1m @ 1.09% Cu, 0.19g/t Au & 6m @ 1.89% Cu, 0.49g/t Au (J2)
  • EL18D41: 4.1m @ 4.6% Cu, 0.65g/t Au (J2)

Given the large scale of the mineralised lodes, coupled with strong copper grades, there is clear potential for a significant mineral system to be revealed at Jericho through further drill testing. The Joint Venture will embark on an intensified drilling program in April 2019. The initial phase is expected to comprise around 21,000m with 2 rigs drilling continuously. Focus will initially be in the central portion of Jericho, in the top 300m, where results to date show good continuity of +2% copper intersections at relatively shallow depth.

Drill collars and location of J1 and J2 zones over magnetics image

 

3D perspective of the Jericho structures, looking southwest. Mineralised drill intercepts are displayed as red discs

 

Long Section of Jericho J1 zone, viewed East, showing drill traces. The interpreted J1 mineralised structure is the light blue feature

Long Section of Jericho J2 zone, viewed East, showing drill traces. The interpreted J2 mineralised structure is the dark blue feature

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