OZ Minerals expands Eloise JV with Minotaur

OZ Minerals and Minotaur Exploration are to expand exploration activity at the Eloise joint venture (JV) in Queensland.

Drilling at the Jericho copper system, which started in April 2018, is due to continue until mid-September, at which point 9000m of drill samples will have been accumulated for lab assays and compilation.

A new work plan near Jericho will add two follow-up holes at the Defiance prospect as well as 5000m of drilling into several untested targets. A geophysical program will also be carried out to develop further potential targets for drilling in 2019.

OZ Minerals will commit a further $2 million to help fund this expanded project scope through to the end of 2018. It is the latest of several expansions for the copper-gold-silver-lead-zinc project in recent months.

Commenting, Minotaur managing director Andrew Woskett said that OZ Minerals’ decision to expand their investment into the Eloise JV was an endorsement.

“Minotaur appreciates the reliance placed by OZ Minerals in our technical judgement and operational capabilities,” he said.

“The inherent value of new copper deposits, such as Jericho, identified in the neighbourhood of the Eloise copper concentrator is apparent.

“Minotaur’s strategic ground position and already defined drill targets close by provides the JV with multiple value-add opportunities.”

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