Minotaur Exploration (ASX: MEP) is drilling five holes totalling 2100 metres to follow up on earlier exploration at the Cotswold and Cormorant copper gold targets near Cloncurry, western Queensland.
The drilling, part of the joint venture with Japan Oil, Gas and Metals National Corporation (JOGMEC), will be carried out on targets selected after extensive geophysical surveys and modelling of a range of data.
Minotaur plans to drill 2 holes at the Cotswold target is a prominent coincident magnetic and gravity anomaly with the magnetic anomaly similar in amplitude to that occurring at the cooper gold magnetite Ernest Henry Mine about 25 kilometres to the southeast.
A number of shallow historic drillholes around the magnetic complex have recorded anomalous copper intercepts, such as 14 metres at 0.25% copper and 30 metres at 0.18% copper while electrical geophysical surveys record a weak and shallow conductive response over the magnetic complex.
The company’s first hole will test the peak of the magnetic/gravity anomalies and the second hole will test the IP chargeability/magnetic target 200 metres to the south.
Meanwhile, Minotaur plans to drill a fence of three southwest oriented drillholes at the Cormorant target, to test its re-interpretation of the geophysical source bodies as highly discordant to bedding and requiring a complete re-orientation of drilling azimuths.
This was based on novel geophysical and structural modelling while downhole electrical surveys have also confirmed a strong conductor to the west of a 2011 drillhole that failed to intersect a conductive source but did intersect discordant chalcopyrite-bearing veins.
Previous drillholes at the more than 10 kilometre long Cormorant target have returned results such as 98 metres at 0.24% copper, 72 metres at 0.21% copper, 55 metres at 0.25% copper and 11 metres at 0.7% copper.
JOGMEC may earn a 51% interest in the 14 tenements north of Cloncurry 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.
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