ASX-listed Minotaur Exploration Limited has inked an exploration joint venture heads of agreement with Australian mineral explorer Red Metal Limited over the Corkwood copper-gold-silver project located in the highly prospective Cloncurry region, northwest Queensland.
Under the terms of the agreement, Minotaur has the right to earn 51% of the Corkwood group of tenements by spending $3 million on exploration over the period of 3 years. Once it acquires 51%, the company will have a one-off election to earn further 19% of the project by sole funding another $3 million towards exploration over a period of 2 years. Red Metals equity in any discovery could vary between 40% or 49%, dependent upon Minotaur’s election.
The Corkwood copper-gold-silver project is located around 100 kilometres northwest of Glencore’s Ernest Henry copper-gold mine and 60 kilometres north of Altona Mining Limited’s Little Eva deposit.
“Intersections of wide zones of significant copper, gold and silver mineralisation have been achieved on the Jimmy’s Creek breccia prospect including a best intersection of 0.4% copper, 0.1 g/t gold and 10 g/t silver over a down-hole interval of 153 meters. This prospect shares similar geological characteristics to the Ernest Henry and Little Eva ore bodies and it is hoped that other mineralised breccia systems may exist nearby,” the company said in an ASX Announcement.
Last week, Minotaur signed a A$3.5 million deal with Japan, Oil, Gas and Metals National Corporation (JOGMEC) to 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.