Minotaur Exploration has discovered a copper-gold mineralization trend which is 10 km long in the Cormorant prospect located near Cloncurry. The discovery was made during a recent drilling and geo-physics based exploratory program at the prospect in western Queensland.
The board of directors of Minotaur Exploration said that Cormorant was an extensive iron oxide, copper-gold prospect characterized by massive and brecciated iron sulphides displaying a pyrrhotite+chalcopyrite association over a strike in excess of 10 kilometres.
A total of three drill holes were drilled in July and August as part of the exploratory program undertaken at the joint venture project. The two drill holes at 1 km and 1.7 km north of the Cormorant Prospect intersected at 11 meter with 0.70% copper and at 55 meter with 0.25% Cu with individual 1-metre intercepts of up to 1.9% Cu. This confirms that the prospect is an extensive iron oxide and copper gold project.
The region is situated within the Eastern Succession of the Mount Isa Inlier which hosts numerous large iron oxide copper-gold style deposits including those at Ernest Henry, Osborne and Mount Elliot. The mineralization is characterized by massive and brecciated iron sulphides displaying a pyrrhotite +chalcopyrite association over a strike in excess of 10 kilometres.
Minotaur Exploration is in the joint venture with JOGMEC or the Japan Oil, Gas and Metals National Corporation. The tenements cover an area of 546 square kilometres and basement units are concealed by Mesozoic sediments from 50 to 150 metres thick. JOGMEC may earn 51% interest in the project by spending $4.0 million by 31st March 2013.