OZ Minerals, Sandfire to create QLD minerals hub

Image: Minotaur Exploration.

Minotaur Exploration and OZ Minerals’ Cloncurry Alliance has formed a joint venture (JV) with Sandfire Resources to explore a tenement group in Queensland.

The Breena Plains JV with Sandfire provides a pathway for the Cloncurry Alliance to create a minerals hub within the Cloncurry area.

It incorporates 1226 square kilometres of tenure surrounding the existing JV assets, the Eloise and Jericho JVs.

Minotaur has identified a number of priority areas from Sandfire’s database for initial investigation, with planning under way for fieldwork when the northern Australian monsoon season ends.

“Minotaur has progressively honed its investigative approach around Cloncurry over the past decade,” Minotaur business development and exploration manager Glen Little said.

“With OZ Minerals’ ongoing exploration funding support, we expect the Breena Plains package will deliver the alliance a library of prospecting options.”

The alliance is required to invest $1 million in exploration during the first year.

It may then earn an initial 51 per cent tenement interest by sole funding a further $3 million in the next two years.

If the alliance furthers its expenditure to $4 million in the two years after that, it may earn an additional 24 per cent interest, requiring $8 million of investment over five years to attain a maximum interest of 75 per cent.

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