OZ Minerals and Minotaur reveal strong copper results at Jericho

Minotaur-Oz Minerals drilling at Eloise

Minotaur Exploration has reported drill assays for 13 more holes from its 2019 drill campaign at the Jericho deposit on behalf of the site’s joint venture (JV) with OZ Minerals.

The results mean that of the 46 holes drilled in 2019 at Jericho, 27 have now been assayed.

The drill program at the site is testing the parallel J1 and J2 copper-gold lodes to around 250-300 metres below top of basement.

Its principal aim is to improve geological confidence in lode continuity and grade along 2.3 kilometres of J1 and 1.7 kilometres of J2, where most drilling activity was placed in 2018.

The additional 13 holes reveal strong copper values and are reportedly similar in tenor to those already tested at the site.

They include intercepts at 27 metres at 1.2 per cent copper and 0.16 grams per tonne from 295 metres.

Drilling is expected to continue with two rig operations on a round-the-clock basis until the completion of the current campaign, which is anticipated to be around the end of July.

OZ Minerals has agreed to ‘loan carry’ Minotaur Exploration’s stake in the Jericho copper project in exchange for an increased stake.

As part of the deal, OZ Minerals stake increased from 70 to 80 per cent, leaving Minotaur with a 20 per cent share in the project.

Minotaur has also partnered with OZ Minerals in the larger Eloise JV project since April 2018.

The Eloise JV encompasses the tenement area in which the Jericho deposit is located, but the companies decided to enter into a smaller JV exclusively focused on Jericho earlier this year.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.