JV Partners Lift Exploration Tempo on Arthurville Project
Adelaide, May 1, 2013 AEST (ABN Newswire) - Minotaur Exploration Limited (
ASX:MEP) is pleased to announce that its partners in the Arthurville Copper-Gold exploration joint venture, Mitsubishi Materials Corporation ("MMC") and Mitsubishi Corporation ("MC"),have elected to increase the level of exploration investment.
During this second year of the joint venture the budget will be increased to $557,000 following a review of airborne geophysical surveys completed in 2012. The expanded program includes gravity surveys, further induced polarization surveys, structural analysis and drill testing of select geophysical targets. Under the terms of the joint venture, MMC and MC will earn an option to collectively acquire a 49% participating interest in the Arthurville tenement through total expenditure of $970,000.
The Arthurville Joint Venture covers exploration licence EL7588 located approximately 20 kilometres south of Dubbo. The tenement straddles the northern extension of the Ordovician Molong volcanic belt, considered prospective for porphyry-related copper-gold mineralization and volcanic-hosted massive sulphide base metal deposits. The Yeoval copper deposit of Augur Resources and Goodrich Resources Ltd is located 5 kilometres to the south and the Toongi Rare Earth deposit of Alkane Resources is located 6 kilometres west of the tenement .
In early 2012 Minotaur undertook an airborne electromagnetic (VTEM) survey along 362 line kilometres. Numerous geophysical anomalies were evaluated by satellite image analysis, field reconnaissance, geological mapping, soil geochemistry and rock chip sampling. Priority targets were then further examined by a reconnaissance Induced Polarization (IP) geophysical survey from which Target A118, with a positive chargeability anomaly of amplitude 12 milliradians at a depth of 50-60 metres below ground level has been selected for drill testing.
To view charts and diagrams, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MEP-733231.pdf
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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