In Queensland, it has three joint ventures with resources heavyweight Oz Minerals Ltd (ASX:OZL) being the Jericho JV, Eloise JV, and the Cloncurry Alliance.
At the most advanced Jericho deposit, Minotaur and Oz have drilled 96 holes for 29,740 metres in five drill programs since September 2017 with nearly half of that drilled in the April-June 2019 program.
The 2019 drill program tested the parallel J1 and J2 copper-gold lodes to around 250-300 metres below top of basement.
The principal aim was to improve geological confidence in lode continuity and grade along 2.3 kilometres of J1 and 1.7 kilometres of J2.
OZ Minerals to fund all activities on the Jericho
Formal documentation between the JV partners detailed that Oz Minerals would fund all activities at Jericho with Minotaur being loan carried until production.
Under the JV, Oz Minerals will have 80% and Minotaur 20%, and Minotaur’s loan balance becomes payable only from a mining operation at Jericho.
Jericho JV a blueprint for other opportunities
More broadly, across the Cloncurry region in Queensland, the Cloncurry Alliance has been established as a project generating joint venture.
It will seek opportunities that may complement a resource development project at Jericho.
Opportunities could include existing resource assets, infrastructure, tenement positions and mineralised systems.
At the Eloise JV in that area, OZ Minerals will contribute a further $3 million over 24 months towards an expanded exploration work plan.