- Minotaur Exploration (MEP) and OZ Minerals (OZL) establishes a farm-in joint venture at the Peake and Denison project in South Australia
- OZ Minerals will take a 50 per cent stake for $10 million over a seven-year period
- Minotaur claims the targeted basement rocks are prospective for iron oxide copper gold type mineralisation
- The company’s have selected three initial targets for “proof of concept” drilling to commence next quarter
- Shares in MEP are up 2.78 per cent to 18.5 cents at 11:49 am AEDT while OZL shares are down 0.58 per cent to $25.84 at 11:49 am AEDT
Minotaur Exploration (MEP) and OZ Minerals (OZL) have established a farm-in joint venture over Minotaur’s exploration tenement group at the Peake and Denison project in South Australia.
OZ Minerals will initially invest approximately $869,300 in the first year, then over incremental contributions, OZ Minerals will take a 70 per cent stake for $10 million over seven years.
The area, located 750km North of Adelaide, is a first-mover exploration opportunity to search for new base metals discoveries in an area the company says is considerably under-explored.
Prospects at Peake and Denison are reportedly concealed under 100-350m of younger cover sediments where 23 historic drill holes have penetrated basement across 2,500 square kilometres.
The company claims the targeted basement rocks are prospective for iron oxide copper
gold (IOCG) type mineralisation.
Multiple areas of “strongly enhanced” magnetics occur across the project area which are key indicators for potential hydrothermal alteration, according to Minotaur, that could be linked to mineralisation.
Minotaur has reportedly assessed multiple magnetic anomalies and prioritised 18 targets and, in conjunction with OZ Minerals, selected three initial targets for “proof of concept” drilling, planned for Q1, 2022.
Shares in MEP are up 2.78 per cent to 18.5 cents at 11:49 am AEDT. Shares in OZL are down 0.58 per cent to $25.84 at 11:49 am AEDT.