Minotaur inks $3.5m JV deal with JOGMEC in Queensland

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Regional geology of the eastern Mt Isa Block showing locations of the Osborne and Cloncurry joint ventures with JOGMEC relative to select major mine Image credit: minotaurexploration.com.au

Minotaur Exploration has announced that it has inked a A$3.5 million exploration deal with Japan, Oil, Gas and Metals National Corporation (JOGMEC).

Regional geology of the eastern Mt Isa Block showing locations of the Osborne and Cloncurry joint ventures with JOGMEC relative to select major mine
Image credit: minotaurexploration.com.au

The joint venture project area, titled The Osborne project, covers nearly 1,800 km2.

The two companies will explore for iron ore and copper-gold mineralisation in the area near the Osborne Mine and silver-lead-zinc mineralisation south of South 32’s Cannington Mine in the Cloncurry region of the eastern Mt Isa Block.

According to the ASX Announcement, JOGMEC will invest A$500 000 in the joint venture during the first year and then will spend a further A$1 million per year for three years to earn a 51% interest in the tenements.

Adertisement

“As a generator of cutting-edge exploration targets, Minotaur is honoured that JOGMEC has seen fit to embark on a new collaboration project. The solid working relationship, originating in South Australia and developed over many years, is testimony to the mutual respect our technical teams have built through close cooperation. Both parties perceive the Osborne area to have high potential for discovery of base metal deposits and look forward to demonstrating the value of this new relationship,” said Minotaur’s Managing Director, Andrew Woskett.