Minotaur Exploration (ASX:MEP) has commenced a maiden drilling program at its Eloise copper-gold project in the Cloncurry region, Queensland.
Drilling will test multiple targets and is fully funded by Minotaur's JV partner. The partner can earn a 50% interest in the project via expenditure of $6 million over 4 years.
The Eloise Copper project tenements were acquired by Minotaur through its all-scrip take-over of Breakaway Resources late in 2013.
Of the 11 prioritised drill targets, eight have been surveyed for aboriginal heritage values and cleared for drilling.
On-ground electromagnetic surveys earlier this year validated numerous positively charged bedrock conductors under thin cover.
The company recently intersected broad gold assays from maiden drilling at its Mingary Mine in South Australia, which is located 75 kilometres southwest of Broken Hill, the home of BHP Billiton (ASX:BHP).
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.