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Minotaur Exploration Ltd

Minotaur Exploration hits more high grade zinc at Artemis

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Minotaur Exploration's (ASX:MEP) second, shallower drill hole at its Artemis polymetallic prospect in Queensland has intersected massive and veined sulphides over 40 metres from 95 metres.

Assays returned 21 metres at 5.06% zinc, 1.85% lead, 69 g/t silver, 0.84% copper and 0.73g/t gold from 114 metres.

This included a higher grade interval of 7 metres at 8.3% zinc, 4% lead, 154 g/t silver, 1.1% copper and 0.82g/t gold from 125 metres.

Notably, down-hole electromagnetic surveys indicate that the upper zone of zinc-lead-silver enriched mineralisation has a different geophysical signature to the copper-gold-zinc polymetallic mineralisation encountered in the first hole.

A third, deeper drillhole is now underway to test down-dip extension of mineralisation reported from the discovery hole, with results expected in about 3 weeks.

This exploration work is covered by the Eloise Copper Joint Venture with Golden Fields Resources.

Upon expenditure of $6 million over 4 years, Golden Fields may earn a 50% interest in the tenements.

The zinc price is hovering around US$1.05 per pound, up from US$0.90 in April, and has been as high as US$1.10 in recent weeks.

Minotaur is capitalised at around $36 million, and also controls copper-gold projects in Western Australia, New South Wales and South Australia.

 

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Quick facts: Minotaur Exploration Ltd

Price: $0.06

Market: ASX
Market Cap: $20.06 m
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