Adelaide, May 1, 2006 AEST (ABN Newswire) - Minotaur Exploration (ASX: MEP) is aiming to discover 100,000 ounces of high grade gold at its Tunkillia resource with a new drilling program now underway.
Minotaur Chief Geologist, Mr Tony Belperio, told the 2006 Paydirt SA Resources and Energy Investment Conference in Adelaide that the gold mineralisation at the Tunkillia prospect, located north-east of Ceduna in SA's west, "appears to be more widespread than previously expected."
Mr Belperio said Minotaur was now using a new geological model for the area that is the basis for a six month drilling program now underway that will see a total of 30,000 metres of diamond, reverse circulation and aircore holes drilled by August.
"Our short term aim is to discover another 100,000 ounces of high grade resource, of more than 8 grams per tonne of gold, to upgrade the existing resource," Mr Belperio said.
"The results of the current drilling program will be the basis for a Board decision on whether to proceed to a full feasibility study on Tunkillia," he said.
Mr Belperio also told the conference that Minotaur's ambitions to drill its Cultana tenements, west of Whyalla, continue to be constrained by access issues.
Cultana is the site of a Commonwealth military training area but Minotaur has been unable to drill in the area despite spending about $40,000 on surveying for unexploded ordinance and indigenous negotiations.
"We have not been able to drill even though we have chosen an area that I thought no-one could argue against - with old drill holes, old copper mines, old homesteads, old cattle yards and tank tracks," he said.
Source:
Peter Gill, Field PR
Mob: 0417 784 059
About Minotaur Exploration Ltd
Minotaur Exploration Ltd (ASX:MEP) is a public company listed on the Australian Securities Exchange (ASX) under the market code MEP. MEP commenced trading on ASX on 25 February 2005. Minotaur has extensive minerals exploration tenements in South Australia, New South Wales, Victoria, Queensland and Western Australia.
The Company is governed by a Board of Directors according to Australian Corporate law and the Listing Rules of the ASX. Minotaur specialises in application of innovative geophysical techniques to locate virgin mineralisation deep below the surface. Often, economic mineral deposits are contained within basement rocks, buried below several hundred metres of transported cover (overburden) and cannot be located through conventional surface exploration methods such as soil sampling, geochemical assays and drilling. Minotaur's remote sensing and interpretative approach has proven very successful, time and time again.
The directors and management of Minotaur each have over 30 years of exploration, mining and mineral resource experience and are eminently qualified in their respective fields of expertise. Under their direction, Minotaur has earned a strong reputation for technical excellence and a high profile within the Australian resources sector. Minotaur's share register comprises 3500 shareholders.
Minotaur is actively exploring IOCG style targets in Australia, where geophysics have identified numerous sub-surface anomalies prospective for copper-gold mineralisation and other targets prospective for base metals such as zinc, lead, copper.
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