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Minotaur Exploration inks maiden 1.5Bt magnetite JORC Resource for Muster Dam

Minotaur Exploration inks maiden 1.5Bt magnetite JORC Resource for Muster Dam

Minotaur Exploration (ASX: MEP) has achieved a major milestone with the inaugural JORC Inferred Resource of 1.5 billion tonnes at a Davis Tube Recovery (DTR) of 15.2% magnetite for the Muster Dam deposit.

Consultants Hellman and Schofield estimated the resource at Muster Dam, which is one of several magnetite prospects within the Mutooroo Magnetite project in South Australia, 100 kilometres southwest of Broken Hill.

The Resource confirms the Muster Dam deposit has the scale and grade to produce the required throughput of a high-quality magnetite concentrate.

Importantly, the extremely low level of deleterious elements measured in the concentrate suggests that the product will be attractive to blast furnace consumers.

It also confirms the continuity of grade in the formation and provides significant confidence in the ability of the other prospect areas to add significantly to the tonnage of magnetite mineralisation at similar grades.

Mutooroo Magnetite is a joint venture between Sumitomo Metal Mining Oceania Pty Ltd (59.1%) and Minotaur (40.9%) and contains laterally consistent, well bedded, magnetite-bearing strata that occurs over a strike extent of 40 kilometres.

To date, the Muster Dam drilling has covered just 6 kilometres of strike length of the magnetite-bearing Braemar Iron Formation.

Metallurgical test work on diamond drill samples continues for a project Scoping Study, with completion due in the first quarter of 2012.

In addition to Muster Dam, magnetite deposits occur at the Duffields, Surrender Dam, Peaked Hill, Peaked Hill West and Muster Catch prospects where the company is undergoing regional exploration.

Minotaur had A$1.8 million cash at the end of the September quarter.

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