Adelaide explorer Minotaur recognised in Queensland awards

Adelaide based exploration company Minotaur has landed the prestigious title of Queensland Explorer of the year, thanks to the discovery of the high grade Artemis copper/gold/zinc deposit near Cloncurry.

Queensland’s Natural Resources and Mining minister Andrew Cripps presented the award at the 2014 Annual Mining conference in Brisbane yesterday.

Runners up were Hammer Metals and Senex Energy.

With $6 million raised to drive the Eloise Copper joint venture until June next year, the Artemis program will have one of the most intensive exploration schedules in Queensland.

Minotaur managing director Andrew Woskett said the award recognised the success of the company’s technical team in methodically re-appraising the Eloise tenements and applying modern exploration modelling across prospective ground to deliver immediate positive outcomes within seven months of acquisition

“It’s always nice to be recognised by your peers and the industry,” he said.

“We’re relative newcomers to Queensland, having been working tenements here in the last four years or so, but in that space of time we’ve been able to draw our focus into that region and acquire 4000 square kilometres worth of tenements and attract a number of joint venture partners to the ground.”

Minotaur have four different tenement groups around Cloncurry, and will begin an intensive drilling program this week which will see 50 holes (20,000 metres) drilled by the end of March 2015, a program worth $4.3 million funded by joint venture partner, private equity group Goldfields Resources.

The work program includes major new ground geophysics and deep drilling in a polymetallic area 20 kilometres west of the producing Eloise copper mine.

The JV’s discovery hole returned a zone of massive sulphides with high grade copper peaks above 5 per cent, and including 22 metres at 3 per cent copper, 3.8 grams per tonne of gold, 112g/t silver and 6.6 per cent zinc from 157 metres.

“Our geological model has always been the Eloise Copper Mine, about 20km east,and the work we’ve done so far confirms the model is valid… which is encouraging as Eloise is a very large deposit.”

“It’s currently mining from 1300 metres below surface, and from what I’m hearing as anecdotal evidence it appears the grades are improving with depth.”

Images: Minotaur