- Minotaur Exploration (MEP) is in the process of securing a 150-square-kilometre gold exploration property in Queensland from Avira Resources (AVW)
- The Pyramid properties are comprised of the West Pyramid and the East Pyramid ranges, located 180 kilometres south of Townsville
- As part of a binding term sheet agreement, the company will pay a $25,000 option fee to secure a 60-day exclusivity period
- Once this period elapses, Minotaur can choose to pay another $125,000 in cash and issue $150,000 in shares to Avira to finalise the acquisition
- Minotaur Exploration closed 3.45 per cent in the green for six cents each
Minotaur Exploration (MEP) is in the process of securing a 150-square-kilometre gold exploration property in Queensland from Avira Resources (AVW).
The Pyramid Tenement group is a cluster of exploration properties located 180 kilometres south of Townsville. As part of a binding term sheet agreement, the company will pay a $25,000 option fee to secure a 60-day exclusivity period.
The exclusivity period will allow Minotaur to perform diligence work on the property, before progressing the deal further.
Once the due diligence work is complete, Minotaur can choose to pay another $125,000 in cash and issue $150,000 in shares to Avira, which will finalise the titles transfer.
However, if Minotaur publishes a resource estimate for the property of at least 25,000 gold ounces grading at 1.8 grams per tonne gold or more, it will have to pay a further $100,000 to Avira. Meanwhile, if two years pass and no resource estimate is complete, Minotaur will have to pay $150,000 in share to Avira.
The Pyramid properties comprise the West Pyramid and the East Pyramid ranges, both of which Minotaur is eager to begin exploring.
Specifically, the company believes the West Pyramid site has the potential to offer short-term exploration rewards based on historic drilling work. Much of the previous exploration has focussed on the Gettysburg prospect, which sits on a one-kilometre long fault corridor within the claim.
The East Pyramid range has received much less attention, with only nine previous exploration holes on the site, none of which were drilled in the past two years.
Minotaur Exploration closed 3.45 per cent in the green for six cents each.