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Minotaur Exploration awarded A$50,000 grant to accelerate drilling at Copper Lake

Minotaur Exploration awarded A$50,000 grant to accelerate drilling at Copper Lake

Minotaur Exploration (ASX Code: MEP) has been awarded a A$50,000 grant by the Nova Scotia Department of Natural Resources which will allow the company to accelerate plans to drill test the Copper Lake iron oxide copper-gold (IOCG) target.

Drilling is scheduled to begin on 17 September, with the grant supporting 50% of the eligible costs related to geophysical surveys and drilling of the target.

Minotaur, through its wholly owned subsidiary Minotaur Atlantic Exploration, has an agreement with Blackfly Exploration and Mining, whereby Minotaur will fund exploration on EL 6914 under a three year option to purchase.

The exploration licence comprises nine mineral claims centred on the historic Copper Lake workings in Antigonish County, Nova Scotia.

At Copper Lake, historic mining of high grade (above 5%) chalcopyrite mineralisation associated with iron carbonate and iron oxide veining and brecciation is considered a prime indicator of the IOCG style of mineralisation along the Cobequid-Chedabucto Fault Zone.

From 2007 to 2010, Minotaur undertook regional exploration along the entire Cobequid-Chedabucto Fault Zone based around a modified IOCG model.

A large number of targets were generated through systematic regional and infill gravity surveys along an over 300 kilometre corridor.

The Copper Lake gravity target was defined some 400 metres to the southeast of the historic workings.

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