Minotaur Exploration Ltd reports that the extended drilling program along the Jericho ‘J1’ and ‘J2 North’ copper conductors at the Eloise JV southeast of Cloncurry, Queensland, Australia, has been further expanded, upon geological interpretation of drill core.
The scope of the drilling campaign has been increased from the announced1 1,700 m to 2,500 m for a total of seven holes, along the J1 and J2 North conductors. Key points:
• Initial 2018 drill campaign for 5,000 m completed
• Drilling continues at J1 and J2 North with additional seven holes for 2,500 m
• New holes into J1 conductor all intersected copper sulphide mineralisation along 3.3 km of strike
• J2 North mineralisation extended to at least 900 m
• J1 and J2 North zones are open and drilling remains widely spaced.
Recent lab assays for intersections from the initial 2018 drill campaign of 5,000 m revealed Jericho’s J1 conductor delivered high grade copper-gold values2, upgrading the potential of J1.
The joint venture’s decision to keep drilling extended the 5,000 m program initially by 1,700 m and then to 2,500 m for seven more holes along J1 and J2 North. The new holes will reduce gaps in the drilling along the J1 and J2 North systems to between 150 and 300 m. Of the entire 7,500 m drill program 4,100 m has been directed at the Jericho sequence of conductive plates; the balance to regional EM anomalies.
Both Jericho’s J1 and J2 North conductors continue to deliver strong results and five holes of the extended campaign are complete (EL18D15-EL18D19). Each hole successfully intersected mineralisation at J1. Two of the holes (EL18D15 and EL18D17) pushed through to test J2 North, also intersecting copper sulphides, thereby extending its mineralised length to >900 m (previously 300 m). Assays for these five holes are awaited, however visual inspection of core indicates the tenor of mineralisation is consistent with earlier holes. The remaining two holes will be completed early August 2018.
Mineralisation intersected demonstrates persistently strong similarities to the nearby Eloise copper deposit. The main Eloise lodes (Elrose and Levuka lodes) exhibit an orebody footprint spanning only some 200 m north-south, whereas the lodes plunge to significant depth; in the case of the Levuka lode to +1,400 m below surface. It is clear that many of the gaps between drill holes on both J1 and J2 North offer potential for discovery of an Eloise scale deposit, particularly given the focus of drilling to date has been constrained to shallower levels of the structures.
Drill holes EL18D11-EL18D14 probed the J3 conductor and hole EL18D14 pushed on to pass through J2 South. Sulphides were intersected at each conductor position – adequately resolving the anomaly. In each case the principal sulphide was pyrrhotite with only small amounts of chalcopyrite (copper sulphide) present.
Sulphide bearing intervals have been sampled for geochemical analyses and assays will inform further attention, however the holes are not expected to contain significant copper mineralisation.
The Eloise project, 55 km southeast of Cloncurry, is a joint venture between Minotaur and OZ Minerals. OZ Minerals, having completed its $5 million Stage 1 earn-in, now has 51% beneficial interest in the tenements. Work currently underway forms part of the Stage 2 earn-in where OZ Minerals may earn additional 19% equity by spending further A$5M. Minotaur is manager and operator on behalf of the joint venture.
The Eloise JV is seeking Eloise-style copper-gold and Cannington-style silver-lead-zinc mineralisation, with both styles evident in the well-endowed mineral camp around the Eloise, Altia and Maronan deposits. The tenor of copper values and mineralising characteristics from the J1 and J2 North plates continues to provide encouragement that the Jericho system has potential to host copper mineralisation of a scale similar to lodes within the Eloise mine.
