In Queensland, it has three joint ventures with resources heavyweight Oz Minerals Ltd (ASX:OZL) being the Jericho JV, Eloise JV, and the Cloncurry Alliance.
Notably, drilling since April 2019 has discovered copper-gold at the Jericho JV with assays including 27 metres at 1.2% copper and 0.16 g/t gold from 295 metres including 7.9 metres at 3.16% copper and 0.39 g/t gold.
The drill program comprised 58 holes for 14,880 metres with assays for the last 18 holes to be published this month.
OZ Minerals to fund all activities on the Jericho
A recent binding term sheet between the JV partners detailed that Oz Minerals would fund all activities at Jericho with Minotaur being loan carried until production.
Under the JV, Oz Minerals will have 80% and Minotaur 20%, and Minotaur’s loan balance becomes payable only from a mining operation at Jericho.
Furthermore, should an operation not proceed or succeed Minotaur will be absolved of the debt
The 2019 drill program funded by Oz Minerals tested the parallel J1 and J2 copper-gold lodes to around 250-300 metres below top-of-basement.
The main objective was to improve geological confidence in lode continuity and grade along 2.3 kilometres of J1 and 1.7 kilometres of J2.
Jericho JV a blueprint for other opportunities
More broadly, across the Cloncurry region in Queensland, the Cloncurry Alliance has been established as a project generating joint venture.
It will seek opportunities that may complement a resource development project at Jericho.
Opportunities could include existing resource assets, infrastructure, tenement positions and mineralised systems.
At the Eloise JV in that area, OZ Minerals will contribute a further $3 million over 24 months towards an expanded exploration work plan.
Multiple projects exposed to multiple commodities
Elsewhere across Minotaur’s portfolio, it is in the process of completing the sale of its Leinster and Saints nickel tenements near Kalgoorlie to Auroch Metals Ltd (ASX:AOU).
Following the sale Minotaur will hold a 15.2% ownership of Auroch remaining leveraged to Auroch’s exploration plans for the tenements.