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Minotaur Exploration kicks off drilling at Aphrodite IOCG target

Minotaur Exploration kicks off drilling at Aphrodite IOCG target

Minotaur Exploration (ASX: MEP) has commenced drilling at the Aphrodite IOCG target, 35 kilometres southeast of Olympic Dam in South Australia, as part of its fourth quarter 2010 drill program.

The program also encompasses the Louth Base Metals Project, the Cloncurry IOCG Project, the Mutooroo Magnetite Project and the Border Base Metals Project.

Aphrodite is a significant, 6 kilometre-long, gravity-only target interpreted to represent a number of sub-vertical hydrothermal, haematite-rich breccias pipes.

Initial drillhole AS09D03 drilled to a depth of 804 metres in 2009, intersected highly altered basement rocks cut by late-stage veinlets containing carbonate, fluorite, haematite bornite and chalcopyrite.

Alteration and veining are indicative of a fertile IOCG hydrothermal system in the near vicinity.

Subsequent more detailed geophysical surveys resulted in a significant shift of the target and a new drillhole is now being collared 600m to the southwest of AS09D03.

Diamond drilling is expected to continue for approximately 3 weeks, followed by core cutting and assaying as appropriate.

On October 12, a gold assay of 56.4g/t Au was returned from surface rock chips samples by Minotaur at Lisle's Reef at the Mt Tarrengower prospect at Maldon in Victoria, lending credence to a drill program to test Lisle's Reef below the old workings.

MEP has a market cap of A$24.16 million and had A$4.12 million cash at the end of the June quarter.

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