Exploration in the poorly explored Thomson Fold Belt in north western New South Wales where Minotaur Exploration (ASX: MEP) has a joint venture with PlatSearch NL (ASX:PTS), just received a huge boost. Minotaur and PlatSearch will form a new investment vehicle, Thomson Resources Ltd to explore the nine tenments held for gold and base metals.
The region is under explored due to ~100 m thick sedimentary cover. Since early 2007 the two companies have formed seven joint ventures to explore 10 exploration licences covering 2,229 square kilometres. Three holes intersected iron sulphides in the form of disseminated and vein pyrrhotite, and intervals of elevated geochemistry including high silver (up to 70.5 g/t Ag) and tungsten (389ppm), signifying that a metalliferous, hydrothermal system has been operative in the area.
The system may represent a NW extension of the Palaeozoic Cobar Basin which hosts major deposits as the world class Endeavour/Elura (Pb+Zn+Ag) and CSA (Cu+Pb+Zn).
Thomson Resources is proposed as the public company vehicle to fast track exploration in this region and both Minotaur and PlatSearch will seek to have Board representation and a significant shareholding in TMO.
Minotaur and PlatSearch now hold a dominant ground position within a belt that can be expected to generate new mineral discoveries provided sufficient, long term, well targeted exploration funding is focused into the region.
Minotaur also owns investments in listed companies: Toro Energy, Petratherm, Mithrill Resources, PlatSearch and ActivEX.