Terramin Australia adds to Menninnie project
Menninnie Metals, a wholly-owned subsidiary of Adelaide-based base metal producer Terramin Australia has concluded a transaction with Minotaur Operations, a wholly owned subsidiary of Minotaur Metals.
The transaction will result in Menninnie owning 100% of a prospective group of tenements along trend from the Menninnie Dam lead-zinc deposits.
Terramin will be the ultimate winner from the agreement between the two subsidiary companies as it will acquire a 100% interest of the Nonning tenement, immediately north of the Menninnie Dam project on South Australia’s Eyre Peninsula.
The Nonning tenement is part of the group of four tenements that make up the Menninnie zinc project covering an area of 1,609 square kilometres.
Exploration work already carried out by Terramin has identified several prospects with similar geophysical signatures in close proximity.
The company has been acquiring tenements to the north it considers to be prospective for substantial lead-zinc deposits.
The Nonning tenement was previously subject to an earn-in arrangement between Terramin and Minotaur whereby Terramin could earn an interest of up to 70%.
Menninnie Dam currently boasts an Inferred Resource of 7.7 million tonnes at 5.7% lead and zinc and 27 grams per tonne silver, which is associated with an induced polarisation anomaly.
“The successful exploration on the Menninnie Dam tenement has shown that the mineralisation trends north on to Nonning and further,” Terramin Australia managing director Dr Kevin Moriarty said in the company’s release to the Australian Securities Exchange.
“This purchase will result in Terramin owning 100% of all the tenements in the Menninnie zinc project and positions the whole project to attract a substantial joint venture partner.”
Completion of the transaction is subject to approval by the responsible Minister.
In a separate ASX announcement Minotaur Exploration said although the tenements are prospective for base and precious metals, particularly lead-zinc, they do not, at this stage, fit the company’s current copper-gold exploration focus.