Minotaur Exploration (ASX: MEP) and Falcon Minerals (ASX: FCN) are set to explore for copper-gold mineralisation on two Falcon tenements in the Cloncurry district of northwest Queensland.
The joint venture expands Minotaur’s operations within Australia’s premier iron oxide copper-gold (IOCG) province, while advancing some of Falcon's interests.
Covering EPM 18289 and EPMA18313, the joint venture allows Minotaur to earn a 51% interest by spending $250,000 over 2 years or a 75% interest by spending a total of $750,000 over a total period of 5 years.
The tenements cover 165 square kilometres in area prospective for structurally controlled IOCG mineralisation of the Ernest Henry, Eloise and Osborne styles.
EPM 18289 is located 20 kilometres southwest of Ernest Henry Mine, and in close proximity to two Minotaur tenements, EPM 19205 and EPMA 19775.
Minotaur held $9.3 million in cash at the end of March 2013. Minotaur last month entered into a binding Sale and Purchase Deed with Breakaway Resources (ASX: BRW) to acquire 14 tenements in Western Australia for $600,000 plus GST.
Exploration to kick-off
Minotaur said that a combined exploration program will commence on the granted tenements with initial emphasis on gravity, EM and IP surveys over selected, variably magnetite-dominant targets along the margins of, and selected structural conduits to, Williams-Naraku granitic intrusions.
Particular attention will focus on the Tino, Neutrino, Taurino, Mindino and Marino gravity +/- magnetic features.
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