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Minotaur Exploration defines strong IP chargeability anomaly with potential volcanogenic massive sulphide mineralisation

The anomaly has been named Hastings and presents a highly prospective VMS base metals target worthy of drill investigation.

Minotaur Exploration Ltd -
Minotaur shares were up 3.77% to 5.5 cents in intra-day trading

Minotaur Exploration Ltd (ASX:MEP) has defined a very strong induced polarisation chargeability anomaly along more than 3 kilometres of strike at the Windsor joint venture project near Charters Towers in Queensland.

The discovery was made during an IP-resistivity geophysical survey on behalf of the JV which is 100% owned by a private entity with Minotaur able to earn up to 80% interest in the project.

IP survey guided by basement interpretation

The survey comprised 26.5 line kilometres of data collected along 6 north-south lines over an area of cover in the western portion of the JV area.

The placement of the survey was guided by a basement interpretation that hypothesised the same stratigraphic horizons hosting Thalanga, Highway Reward and Waterloo VMS deposits occur in the general vicinity of the survey area.

Potential VMS-style deposit

Strong IP chargeability responses are recorded on 4 consecutive lines producing an anomaly at least 3 kilometres long and open to the east.

The anomaly has been named Hastings and its modelled IP chargeability responses vary, but on lines 4 and 5 chargeability is very strong with coincident low resistivity responses.

VMS-type deposits worldwide typically have strong chargeability and low resistivity responses due to their high sulphide content (other geological features such as graphitic shale can also produce similar responses.              

Geophysical surveys enable investigation of basement areas

Part of Minotaur’s strategy for target generation across the Windsor JV area is that substantial portions of highly prospective basement remain untested.

Modern electrical geophysical systems are now better suited to these types of terranes and hence provide an opportunity to investigate areas of basement.

This approach has proven successful for Minotaur in the Cloncurry district, demonstrated by the discovery of the Jericho copper-gold deposit in late 2017, also located under conductive cover where the basement has an otherwise indistinct geophysical signature.

Prospective VMS base metals target worthy of drill investigation

The Hastings anomaly has scale in both strike length and dip extent as well as intensity, with a very high chargeability.

It appears to lie in a favourable stratigraphic position and presents a highly prospective VMS base metals target worthy of drill investigation.

The company has started field activities in preparation for drilling.

Previous exploration in the survey area comprised stream, soil and rock chip sampling and limited drilling.

Earn-in phase comprises $4 million total expenditure by Minotaur

Windsor is centred 200 kilometres southwest from Townsville in northeast Queensland and covers 631 square kilometres and is jointly held between Minotaur and the tenement holder.

Minotaur achieved its initial expenditure obligation of $400,000 and may proceed to earn up to 80% interest in the tenements through total expenditure of $4 million over a 5-year earn-in phase.

Quick facts: Minotaur Exploration Ltd

Price: 0.074 AUD

Market: ASX
Market Cap: $36.51 m

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