Minotaur Exploration (ASX: MEP) now holds over 91% of Western Australia and Queensland focused copper and gold explorer, Breakaway Resources (ASX: BRW), with Minotaur to now compulsory acquire the last outstanding shares.
The offer provides 1 Minotaur ordinary share for every 10 in Breakaway.
The completion of the offer allows Breakaway to trigger two new Minotaur-facilitated joint venture agreements, both in respect of Breakaway’s main projects.
Following the acquisition, Minotaur has built its position at Eloise (Cloncurry) IOCG prospects and drill ready targets, such as:
- BRW’s Sandy Creek Inferred resource (2Mt @ 1.3% Cu); MEP aims to extend through drilling;
- BRW’s recent ground EM identified new targets at Venus & Jupiter, ready for drilling;
- Sandfire Resources (SFR earning 80%) now drilling on Altia base metals JV with BRW;
- MEP’s 615km2 tenure near the Eloise Mine complements BRW’s tenure of 405km2 adjacent to Eloise Mine; and
- Achieves strategic ground consolidation around Eloise Mine, totalling 1,020km2.
Minotaur has also increased exposure at Leinster with the Breakaway move.
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