Minotaur Exploration soars 20pc on strong copper hits
Minotaur Exploration gained ground on Monday after drilling at a project in northwest Queensland hit multiple copper sulphide zones.
The junior explorer (ASX:MEP) gained as much as 20 per cent to 7.5c before cooling slightly to 7.1c in Monday lunchtime trade.
Minotaur drilled four holes to test three electromagnetic (EM) anomalies at the Jericho target, 5 to 13km south of its Eloise copper-gold mine.
Drilling at Jericho hit multiple copper sulphide zones in the first two holes.
The second hole in the middle of Jericho targeted three EM plates including the western, central and eastern conductors. The hole intersected copper sulphide rich mineralisation at each of the western and central zones.
The central zone includes massive and semi-massive copper sulphides in two horizons up to 7.2m wide.
“Intersections of visible copper mineralisation over multiple, wide horizons at Jericho marks a significant development in Minotaur’s targeting of copper prospects in the Eloise area,” the company said.
Minotaur said Jericho’s multiple conductors show strike extent of up to 4km and depth ranging up to 700m from 100m below the surface.
Lab results are expected in two to three weeks.
Meantime, a second drill rig is on site to test Arlington and St Louis targets. Another three to four holes will be drilled at Jericho.
The Eloise project is a joint venture between Minotaur and OZ Minerals. OZ is earning up to 70 per cent in the tenements by spending up to $10 million.