Today appears to have something of a Greek theme. First, Medusa won the favour of Olympus (somewhat ironically, given the actual myth), thanks to a fruitful third quarter for its gold production in the Philippines, and now Minotaur is apparently joining in too.
The company has seen positive results from its inaugural copper drilling at the Jericho target in northwest Queensland — part of the Eloise joint venture with OZ Minerals — intersecting multiple copper sulphide zones in its first two holes.
The first hole, EL17D05, drilled to 200.3 metres, and disseminated stringer/veinlet pyrrhotite-chalcopyrite sulphide mineralisation over 97–125 metres.
The second hole, EL17D06, stopped at 894.1 metres, after passing through three EM plate positions. The central drilling zone, based on visual estimates, contains two horizons of massive and semi-massive copper sulphides up to 7.2 metres wide.
Minotaur’s results also show depth potential for copper-sulphide extraction up to 700 metres, starting from 100 metres below the surface. OZ Minerals is entitled to up to 70 per cent beneficial interest in exchange for $10 million as part of the joint venture agreement. Assay results are expected within the next three weeks.