Minotaur Exploration (ASX: MEP) has identified new iron ore, copper, gold style exploration targets at its Osborne project in Cloncurry, Queensland.
Induced polarisation and gravity surveys identified the targets within sulfide-rich and/or hematite-rich settings at the Osprey, Brolga and Wedgetail prospects.
A regional gravity survey over the Bustard, Ibis and Crane prospects is in progress with completion expected in about one week.
IP surveying at the Osprey prospect has tracked two key targets southwards for over 800 metres with four positive chargeable anomalies recorded, the strongest of which is the eastern most anomaly.
These anomalies are believed to represent southward extensions of known mineralisation at and around Ivanhoe Australia’s (ASX: IVA) Kulthor Mine.
The first IP line at the Brolga prospect has revealed a series of entirely new positive chargeability anomalies.
Minotaur said the successes in generating new targets confirm the interpreted geological-mineralisation model and a second parallel survey line is currently underway in order to better delineate the conductors and their magnitude.
At Wedgetail, two reconnaissance IP survey lines have been completed and a positive anomaly recorded on the eastern line.
An associated detailed gravity survey has also been completed and assessment and integration are in progress.
Diamond drilling to test the chargeable targets is planned for late in the current quarter.
Minotaur is trading at above 70% cash backing with $10.1 million, or $0.097 per share, in cash as of 31 December 2012. This compares to its current market capitalisation of $14.5 million and share price of $0.14.
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