leadf
logo-loader
viewMinotaur Exploration Ltd

Minotaur Exploration to acquire under-explored gold tenements in Queensland

Minotaur is acquiring the Pyramid Project, which comprises of three tenements and covers 150 square kilometres south of Townsville, Queensland.

Minotaur Exploration Ltd - Minotaur Exploration to acquire under-explored gold tenements in Queensland
Historical high-grade drill intersects include 35 metres at 6.1 g/t gold

Minotaur Exploration Ltd (ASX:MEP) has signed a binding terms sheet with Avira Resources Ltd (ASX:AVW) to acquire the Pyramid tenement group, 180 kilometres south of Townsville in northern Queensland.

The project consists of two main gold prospective areas –West Pyramid range and East Pyramid range- covering an area of 150 square kilometres.

Avira executive director David Deloub said: “The company considered a number of expressions of interest and determined that the proposal presented by Minotaur delivered the best outcome for its shareholders.

“We look forward to working with Minotaur to complete the sale and purchase of the Pyramid project.”

Potential to offer short-term rewards

Minotaur considers the West Pyramid area to have the potential to offer short-term rewards, based on historical high-grade drill intersects such as 35 metres at 6.1 g/t gold and 15 metres at 5.65 g/t gold.

The Gettysberg prospect is of keen interest to the company, where drilling outlined substantial gold mineralisation along over 500 metres of strike.

Minotaur believes the East Pyramid Range, which is relatively less explored with only nine holes drilled in more than 20 years, has potential for Intrusion Related Gold Systems (IRGS).

The company thinks IRGS in the East Pyramid Range could be similar to other well-known gold deposits in the district such as Mount Leyshon having 3.5 million ounces and Mount Wright having over one million ounces.

Quick facts: Minotaur Exploration Ltd

Price: 0.085 AUD

ASX:MEP
Market: ASX
Market Cap: $41.94 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Minotaur Exploration Ltd named herein, including the promotion by the Company of Minotaur Exploration Ltd in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Alto Capital's Tony Locantro talks through his stocks to watch for 2020

Alto Capital's Tony Locantro discusses with Proactive's Andrew Scott his list of stocks to watch - companies he reckons have a chance of making a decent hit in 2020. They include exploration firm Red Metal Limited (ASX:RDM), Minotaur Exploration Ltd (ASX:MEP), Dampier Gold Ltd (ASX:DAU), Hammer...

on 17/7/20

2 min read