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- Minotaur Exploration (MEP) agrees to buy the remaining interest from Sandfire Resources (SFR) in the Altia project for full ownership
- Under the agreement, Minotaur will buy the project for $3 million, based on the current Minotaur share price, through a share and cash deal
- Additionally, the company will also buy Sandfire’s interest in the Breena Plains tenements, which are close to Altia
- Minotaur closed flat at 11 cents per share on August 24
Minotaur Exploration (MEP) has agreed to full ownership of the Altia polymetallic project near Cloncurry, Queensland.
Currently Altia is a joint venture project with Sandfire Resources (SFR) and Minotaur will purchase Sandfire’s 60 per cent interest.
Altia is a base metal resource, located about four kilometres south-west of the operating Eloise copper-gold mine. It is one of a group of Cannington-style lead-silver-zinc deposits in the district, including the world-class Cannington mine.
Under the agreement, Minotaur will buy the project for $3 million, based on the current Minotaur share price, through a share and cash deal.
Additionally, the company will also buy Sandfire’s interest in the Breena Plains tenements, which are close to Altia. These tenements include the Jericho and Eloise copper-gold deposits, as well as the Cannington tenements.
Notably, the Breena Plains tenements are subject to an option earn in agreement between SFR and OZ Minerals.
Work under the option, being funded by OZ Minerals, is due to be completed at the end of August.
Minotaur’s Managing Director Andrew Woskett is looking forward to exploring the area further.
“Minotaur continues to hold a strong view that the geology around the Altia and Jericho deposits offers discovery potential, especially where basement is obscured by younger cover,” Mr Woskett said.
“Bringing 100 per cent of Altia into Minotaur’s portfolio contributes a drill defined resource, which Minotaur may seek to improve, to the portfolio.”
At the end of June, Minotaur had $5.1 million cash.
Minotaur closed flat at 11 cents per share on August 24.
