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Minotaur Exploration discovers 10km long copper gold mineralisation trend near Cloncurry

Minotaur Exploration discovers 10km long copper gold mineralisation trend near Cloncurry

Minotaur Exploration (ASX: MEP) has unearthed a large 10 kilometre long copper-gold mineralisation trend from recent drilling and geophysics at the Cormorant prospect near Cloncurry, western Queensland.

Two drillholes, located respectively 1.0 and 1.7 kilometres north of the historic Cormorant Prospect intersected 11 metres at 0.70% copper (Cu) and 55 metres at 0.25% Cu with individual 1-metre intercepts of up to 1.9% Cu.

The discovery has unveiled significant widths and a greatly expanded strike extent, confirming Cormorant as an extensive iron oxide copper-gold prospect.

The project area is located within the highly prospective Eastern Succession of the Mount Isa Inlier which hosts numerous large Iron Oxide Copper Gold style deposits including those at Ernest Henry, Osborne and Mount Elliot.

Confirmation of its presence beyond Gypsy Plains, 6 kilometres to the south of Cormorant, indicates the mineralized trend can now be traced for over 10 kilometres, making it a very large and significant new exploration target under the black soil plains north of Ernest Henry.

The mineralisation is characterized by massive and brecciated iron sulphides displaying a pyrrhotite +chalcopyrite association over a strike in excess of 10 kilometres.

New ground geophysical data continues to track the target body for a further 2 kilometres north of the current drilling.

A total of three drill holes were completed in July and August as part of a major exploration program with joint venture partner JOGMEC (the Japan Oil, Gas and Metals National Corporation) across 14 tenements north of Cloncurry and Xstrata's (LON: XTA) Ernest Henry Mine.

JOGMEC may earn a 51% interest by spending a total of $4.0 million by 31st March 2013.

The tenements cover an area of 546 square kilometres and basement units are concealed by Mesozoic sediments from 50 to 150 metres thick.

Previous drilling at the Cormorant Prospect confirmed the presence of an “Eloise-style” magnetite- and pyrrhotite-bearing alteration system with anomalous copper and gold. A subsidiary system has also recently been recognized at Gypsy Plains.

Drilling in late 2010 at the Gypsy Plains Prospect further confirmed a sub-parallel sulphide breccia system about 5 kilometres to the southeast of the Cormorant Prospect.

Best assay results included 12 metres at 0.33% Cu (346–358 metres) and 4 meters at 2.15% zinc (Zn) (200–204 metres).

Minotaur considers that the sulphide–rich breccias along the Cormorant and Gypsy Plains trends form part of a very large mineralized system extending proximal to the eastern faulted margin of the Cloncurry Block.

The scale of the system underlies the potential for a significant mineralized body.

The company is planning further geophysical surveys and drilling to identify more copper-rich portions of this exciting new mineralized discovery.

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