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Minotaur Exploration to increase cash position

Minotaur Exploration to increase cash position

Minotaur Exploration (ASX:MEP) is heading to market with a capital raising. The ASX has granted the company a trading halt to prepare.

The company's shares have surged recently after intersecting a broad zone of polymetallic Eloise-style copper-gold mineralisation at the Artemis polymetallic prospect in Queensland.

Drilling highlights included:

- 24 metres at 2.12 grams per tonne gold, 1.58% copper and 4.74% zinc; 21 metres at 5.06% zinc, 1.85% lead, 69 g/t silver, 0.84% copper and 0.73g/t gold; and

- 22 metres at 3% copper, 3.8g/t copper, 112g/t silver and6.6% zinc.

The drilling at Artemis has confirmed polymetallic mineralisation downdip for at least 110 metres and with three holes intersecting high grade mineralisation indicating the project is a significant new discovery.

The halt will remain in place until the opening of trade on Wednesday 10th September 2014, or earlier if an announcement is made to the market.

 

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.

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