THE BOURSE WHISPERER: Minotaur Exploration (ASX: MEP) has entered into a Joint Venture with Falcon Minerals (ASX: FCN) to explore for copper-gold mineralisation on two Falcon tenements in the Cloncurry district of northwest Queensland.
The Joint Venture into the two Falcon-owned tenements (EPM 18289 and EPMA18313) allows Minotaur to earn a 51 per cent interest by spending $250,000 over two years or a 75 per cent interest by spending a total of $750,000 over a total period of five years.
The JV considers the tenements, which cover approx. 165 square kilometres, to be prospective for structurally controlled IOCG mineralisation of the Ernest Henry, Eloise and Osborne styles.
Initial targets on magnetic imagery for the Ernest Henry Mine region northeast of Cloncurry. Source: Company announcement
Falcon’s tenement EPM 18289, is located 20 km southwest of Ernest Henry Mine, and in close proximity to two existing Minotaur tenements.
“A combined exploration program will now commence on the granted tenements with initial emphasis on gravity, EM and IP surveys over selected, variably magnetite-dominant targets along the margins of, and selected structural conduits to, Williams-Naraku granitic intrusions,” Minotaur Exploration said in its ASX announcement.
“Particular attention will focus on the Tino, Neutrino, Taurino, Mindino and Marino gravity +/- magnetic features.”
The announcement indicated Falcon’s EPMA 18313, which is located west of the Mount Dore, Mount Elliott, Selwyn and Merlin deposits, is expected to be granted later in the year.
A similar exploration program is planned for the tenement once this has occurred.