Minotaur Exploration (ASX: MEP) has defined new targets at its Osborne project near Cloncurry, Queensland, after completing initial geophysical surveying over four prospects.
The survey, which focused on sulfide-rich or haematite-rich iron oxide copper gold mineralisation styles, defined four new drill targets at Wedgetail and a major gravity target at Ibis.
A ground gravity survey confirmed the company’s initial interpretation Wedgetail with a number of discrete residual gravity anomalies defined within and around the southern margin of the intrusive complex.
Several anomalies fall within demagnetised shear corridors and one coincides with an induced polarisation chargeability response along one of two north-south reconnaissance IP lines.
A single historic drillhole dating back to 1995 recorded basement rocks, from 98m, as intensely altered and brecciated with a matrix of biotite, chlorite, haematite and pyrite.
These are considered to be proximal indicators of IOCG-style alteration.
A new tenement application has been submitted to capture southward extension of one of the Wedgetail targets.
Regional gravity surveys over the Bustard, Ibis and Crane prospects revealed a number of positive gravity anomalies largely discordant to magnetic anomalies evident in airborne magnetic data.
Of particular interest is the discrete circular Ibis gravity anomaly, which is offset from adjacent magnetic features to the north and south.
Gravity infill and modelling of this anomaly and further electrical geophysics will be undertaken to refine a drill collar.
The new targets at Wedgetail and Ibis add to those previously announced at Osprey and Brolga, allowing Minotaur to build a strong portfolio of targets for drill testing later in the year.
Minotaur’s cash backing of $9.3 million, or $0.09 per share, as of 31 March 2013 is two thirds of its current market capitalisation of $13.98 million and share price of $0.135.
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