Minotaur Exploration (ASX:MEP) and joint venture partner Mitsubishi Materials Corporation (TYO:5711) will today commence drilling at the Arthurville copper-gold porphyry prospect in New South Wales.
Mitsubishi is capitalised at $425 billion, and may earn a 49% participating interest in the tenement through expenditure of $970,000.
The 1,200 metre reverse circulation campaign follows induced polarisation surveys carried out in 2013, resulting in selection of 3 geophysical targets, and is expected to take 3 weeks to complete.
The Arthurville tenement lies within Molong Volcanics of the Lachlan Fold Belt, host to several significant porphyry copper-gold deposits such as Northparkes and Copper Hill.
At Arthurville, outcropping exposures of Molong Volcanics exhibit copper mineralisation within porphrytic basalt and host numerous small, historic copper workings.
Minotaur is also involved in a copper-gold joint venture with Japan Oil, Gas and Metals National Corporation (JOGMEC) in the Cloncurry district, Queensland.
The company is capitalised at around $18 million.
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