Joint venture partners OZ Minerals and Minotaur Exploration have concluded their 2018 field season at the Eloise project in north-west Queensland ahead of a ramp up of drilling at the Jericho prospect next year.
The JV partners have agreed to intensify its drilling program at the Jericho copper system, which is expected to commence in April 2019.
Jerico’s drilling will initially focus on the central portion, in the top 300 metres, where assays show good continuity of more than 2 per cent copper intersections at relatively shallow depth.
Minotaur said planning for this work was under way, with more details to be provided closer to the commencement of field work.
The decision follows positive results that signal clear potential for a significant mineral system at Jericho.
Three holes into Jericho reported more copper-gold mineralisation, with a third parallel copper-gold zone emerging. The holes brought the total to 38 for around 14,850 metres, before drilling was suspended at the onset of the northern wet season.
The JV partners have also completed two ground electromagnetic surveys at Mammoth East and Sybellah as they seek Eloise-style copper-gold and Cannington-style silver-lead-zinc mineralisation.
OZ Minerals has been the sole funder of the Eloise exploration. The company’s 70 per cent interest in Eloise is also forecast to be achieved by early 2019, three years earlier than predicted.
Under the terms of the JV, OZ Minerals can earn a 70 per cent interest in Minotaur’s Eloise tenements after sole funding the project for $10 million over six years.
From April 2019, Minotaur will contribute its 30 per cent share of costs to the JV work program, and will continue as manager and operator of the JV.
The Eloise project is 55 kilometres south-east of Cloncurry in Queensland.