Perth, Jan 25, 2008 AEST (ABN Newswire) - Minotaur Exploration Limited (ASX: MEP) is pleased to announce that drilling at the Cormorant Prospect, on EPM 8608 Bendigo Park 50 km north of Cloncurry has intersected broad intervals of copper-cobalt mineralization including :
- MN08 : 64 m @ 0.11% copper from 198m downhole
- MN10 : 72 m @ 0.21% Cu, 0.02% Co from 414m downhole
Drilling has now outlined a variable system of brecciated, massive and disseminated sulphides over an area in excess of 1200 x 800 metres. Broad intervals of low grade copper-cobalt mineralization accompany these significant sulphide intercepts.
Minotaur has now earned a 70% equity in the project. Results from the drilling only partially explain the geophysical anomalies under investigation and further work is planned for 2008.
The Cormorant Prospect was discovered by BHP Minerals (now BHP Billiton) in 1999, targeting a magnetic anomaly. Minotaur, with support from Oxiana under an exploration alliance, is earning a 70% interest in the Naraku Project from BHP Billiton. Prior to the current drilling program eight drillholes had been completed largely targeting magnetic anomalies. In late 2007 four diamond drillholes were completed by Minotaur at the Cormorant Prospect. Three of the four holes were targeted on electrical geophysical anomalies whilst a fourth targeted a magnetic anomaly.
Details of the 2007 drill collars are shown in Table 1 and their location relative to magnetic data in Figure 2. Drillholes MN-08, MN-09 and MN-11 were designed to test electrical geophysical (TEM) anomalies, while MN-10 was targeted at an aeromagnetic anomaly below previously drilled NRRCD09.
-------------------------------------------------------Site Easting Northing Dip Azimuth End Target ID Depth-------------------------------------------------------MN-08 472067 7773367 -60 360 555.6 TEM anomalyMN-09 472327 7773379 -60 45 634.5 TEM anomalyMN-10 472799 7773168 -60 360 585.6 Magnetic anomalyMN-11 472367 7772766 -70 45 582.45 TEM anomaly-------------------------------------------------------
Drillhole MN-08
Drillhole MN-08 was targeted at a strong TEM anomaly located to the west of a strong magnetic anomaly. The drillhole intersected Proterozoic basement at a downhole depth of 174m. Basment lithologies are predominantly a sequence of biotite gneiss and amphibolite. Mineralisation comprises minor pyrite with a zone of abundant pyrite-pyrrhotite from 200m-266m. Chalcopyrite is present in trace amounts and increases to around 1% maximum, within the pyrrhotite rich zone. This pyrrhotite rich (and albite altered) interval from approximately 200m to 250m hosted predominantly by gneiss, would appear to be partially responsible for the TEM anomaly. Best results for this hole were 64m@ 0.11% Cu and 95ppm Co (198m-262m), including 4m @ 0.29% Cu and 152 ppm Co (246m-250m).
Drillhole MN-09
Drillhole MN-09 was targeted at a TEM conductor adjacent to a magnetic anomaly. Drillhole MN-09 intersected basement at 180m downhole depth. Basement lithologies include amphibolite, metadacite and gneiss. Minor pyrite mineralisation with trace chalcopyrite is present throughout the hole. A zone of semi-massive iron-sulphides (pyrite and pyrrhotite) was intersected from about 230 260m. Best results for this hole were 4m@ 0.24% Cu and 83ppm Co (252m-256m)
Drillhole MN-10.
Drillhole MN-10 was designed to go below the original BHP Billiton drillhole NRRCD-09 and test the strong magnetic anomaly at greater depth. The hole intersected basement at 158m downhole. Basement comprised weakly foliated, strongly siliceous, volcanic rocks and granite before intersecting magnetite bearing skarn and highly altered quartz-feldspar-hornblende rock from 350m. At a depth of 409m a further sequence of acid-volcanics were intersected which continued until the completion of the drillhole at 559m. Magnetite was present from 350m-458m.
Pyrrhotite (10-20%) is dominantly semi massive to massive and occurs as veins and aggregates, whilst chalcopyrite (1-2%) occurs mainly as fine grains disseminated throughout or as very small blebs associated with pyrrhotite veining. Base metal rich mineralisation in MN-10 comprises fine grained chalcopyrite that displays a close association with pyrrhotite. Minor intervals of brecciation with a massive pyrrhotite matrix occur throughout the hole. Chalcopyrite occurs throughout the lower portion of the hole even in the absence of magnetite.
Best results for this hole were 72m@ 0.21% Cu and 216ppm Co (414m-486m), including 4m @ 0.48% Cu and 198ppm Co (426m-430m).
Drillhole MN-11
Drillhole MN-11 was targeted at a discrete TEM anomaly located south-west of the Cormorant magnetic anomaly. Basement was intersected at a depth of 164.5m. Basement lithologies consisted of biotite gneiss and skarn. At 545m a sequence of siliceous altered volcanics was intersected. Trace pyrite and chalcopyrite mineralisation was present throughout the drillhole. Massive pyrrhotite and pyrite mineralisation was intersected at 277m and 433m.
Best results were 4m@ 0.27% Cu and 206 ppm Co (276m-280m), and 4m@ 0.11% Cu and 134 ppm Co (432m-436m)
CONCLUSIONS
Three drillholes at the Cormorant Prospect, MN-08, MN-09 and MN-11, were targeted on strong electrical geophysical anomalies. Narrow intervals of massive sulphides, predominantly pyrite and pyrrhotite, were intersected within a broader halo of low grade copper mineralisation. The cause of the TEM anomalies is, at best, only partially explained.
Drillhole MN-10 targeted a magnetic anomaly. This hole intersected a wide interval of low-grade chalcopyrite mineralisation hosted within volcanics. The mineralisation continued to the end of hole.
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr A. P. Belperio, who is a Director and full-time employee of the Company and a Fellow of the Australasian Institute of Mining and Metallurgy. Dr A. P. Belperio has a minimum of 5 years experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr A. P. Belperio consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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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