Drilling underway at Eloise JV, Cloncurry

Drilling underway at Eloise JV, Cloncurry

• Diamond and RC drill campaign to test 4 EM targets has commenced
• 4 holes for 2,270m in close vicinity to several base metal deposits
• Conductors are immediately south of the Eloise copper-gold mine
Minotaur Exploration Ltd (ASX: MEP, ‘Minotaur’) has initiated drilling on recently modelled electromagnetic
(‘EM’) targets on strike from the operating Eloise copper-gold mine (refer to Figure 1), northwest Queensland.
Basement Conductors
Several high conductive responses, along the Levuka Shear Zone and south of the Eloise mine, are being drill
Jericho: comprises two linear, multi-plate conductive zones 3-4km in length, modelled to be 50-275m below
surface. The anomaly lies coincident to a weak magnetic unit that may represent pyrrhotite or thin banded
iron formation. A central conductor occurring between the linear trends is interpreted to not be related to
stratigraphy. This conductor’s subdued magnetic response, suggests a non-magnetic source, with similar
geophysical characteristics to mineralisation at the nearby Eloise mine. No prior drilling is recorded in the
Arlington: a multi-plate anomaly up to 2.5km in length, modelled to be 300-450m below surface. Magnetic
inversion modelling places several Arlington conductors immediately adjacent to interpreted ironstone/
amphibolite. This setting is considered analogous to the Cannington and Pegmont deposits. Three historic
drill holes penetrated 30m into basement, reporting minor chalcopyrite and pyrrhotite/pyrite, but well above
the modelled position of the conductors.

St Louis: a two-plate anomaly up to 2km in length, modelled to be 135-265m below surface. The northern
plate lies on the intersection of a major northwest-striking fault and an interpreted rotational fault plane,
with minimal magnetic response. No prior drilling is recorded in the area.

All targets are sited on the eastern flank of the Levuka Shear Zone, structural host of the Eloise deposit
and within 12km of the mine. Close by, the Altia Pb-Ag-Zn deposit and the Maronan Pb-Ag-Cu deposit collectively demonstrate base metal and copper-gold prolificacy in the immediate region.

Drill Program
A diamond and RC drill campaign to investigate at least six of the EM anomalies is underway, with all holes
expected to be completed by mid November.

Approximately 2,270m of drilling across 4 holes is planned, as follows:
• Jericho: two holes planned for 1,020m
• Arlington: one hole planned for 750m
• St Louis: one hole planned for 500m


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