Mep Portfolio Review 21 September 2010
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Transcript of Mep Portfolio Review 21 September 2010
MELBOURNE MINING CLUB, CUTTING EDGE SERIES21 September 2010
Andrew Woskett, Managing Director
Minotaur Exploration LimitedACN: 108 483 601
ASX: MEP
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Minotaur is:
www.minotaurexploration.com.au
MINOTAUREXPLORATION
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an active Explorer in:
Nova Scotia, Canada Queensland New South Wales South Australia Victoria
where the focus is on:
IOCG style Copper-gold, Magnetite iron IOCG style Copper-gold Base metals (Pb, Zn) IOCG style Copper-gold, Magnetite iron, kaolin Gold, VMS style base metals
Project Pipeline
www.minotaurexploration.com.au
MINOTAUREXPLORATION
PROJECT Location Type Sept Oct Nov Dec
Cobequid Nova Scotia IOCG Geophysics Geophysics Drilling Lab Assays
Bass River Nova Scotia Magnetite Geophysics Target generation
Drilling Lab Assays
Cloncurry Qld IOCG Geophysics Drilling Drilling Lab Assays
Aphrodite SA IOCG Road access Drilling Lab Assays Interpretation
Border SA Base metals Geophysics Geophysics Drilling Drilling
Mutooroo SA Magnetite Geophysics Target generation
Drilling Drilling
Poochera SA Kaolin Product Specifications
Marketing Marketing Off Take discussions
Tunkillia SA Gold Start CSIRO ISL Study
Regional Biogeochem
Regional Biogeochem
CSIRO ISL Study ends
Louth NSW Base Metals Drilling Drilling Lab Assays Interpretation
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Business Model
A multi-optioned approach to building value :
Active and diverse exploration effort in iron-oxide-copper-gold (IOCG, or Prominent Hill style), gold, base metals, & iron mineralised systems
Strategic ASX Investments broaden exposure to exploration success
steadily moving advanced Kaolin (China Clay) project towards commercialisation
actively seeking new brownfields acquisition opportunities in metals
www.minotaurexploration.com.au
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About Minotaur
ASX: MEP
Equity: 80.5M shares on issue
Top 5 hold 27.4%: Oz Minerals (9.98%); Newmont (6.61%)
52 week range: 16.5c - 38c
Last Price (20 Sept): $0.36
Market Capitalisation: $29M Cash (31 August): $3.7M Listed Investments: $ 6.9M Enterprise Value: $18.4M Exploration Assets/share: $0.23 (as @ 20 September 2010)
www.minotaurexploration.com.au
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Strategic Investments
Leveraging ground exposure and technical sk i l l s v ia equit y in :
Mithril Resources (MTH) nickel and copper explorer (16.6%)
Petratherm (PTR) geothermal energy developer (18.35%)
PlatSearch NL (PTS) base metals explorer (4.5%)
Thomson Resources (TMO) applying frontier geology to Thomson Fold Belt (NSW), expect ASX listing in October (Minotaur equity approx 13%)
www.minotaurexploration.com.au
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Significant ground position in Nova Scotia, offering multi-metal opportunities:
Cobequid: IOCG; geophysics underway on multiple IOCG anomalies, drill in November Bass River: Magnetite; proven iron ore province, geophysics underway
along 20km magnetic horizon, drill test in November
Exploration focus - Canada
www.minotaurexploration.com.au
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Exploration - Nova ScotiaSignificant Regional IOCG and iron play
www.minotaurexploration.com.au
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Tenure along 200km of the fault zone
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Exploration - Nova ScotiaMineralisation types
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Exploration - Nova ScotiaIOCG
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Exploration - Nova ScotiaIOCG anomalies, examples
www.minotaurexploration.com.au
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NS13West is a gravity only anomaly
(Haematite target)
NS13East shows coincident gravity and magnetic anomalies (Magnetite target)
1VD Magne*cs1VD Gravity
NS13West (Haematite) NS13East (Magnetite)
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Exploration - Nova ScotiaBass River Magnetite
www.minotaurexploration.com.au
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Magnetite deposit is: 15km from trans
Canada railway & highway 50km from Port of
Parrsboro 150km from major
Port of Halifax in a recognised iron
ore province
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Exploration - Nova ScotiaBass River Magnetite
www.minotaurexploration.com.au
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Magnetite breccia mineralisation shows
magnetic high intensity sporadically along
20km of strikeHigh resolution ground
magnetic survey underway to guide drill investigation at 5 high
intensity targets
Lodestone (1988) produced 1,000t of
magnetite Con at grade of 83% Fe3O4 from
2,000t of ore
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Exploration - Nova ScotiaBass River Magnetite, Geology
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Geology of the Bass River area showing the location of magnetite breccia outcrops between Bass River and Economy River relative to the Cobequid-Chedabucto Fault Zone (CCFZ) and the alkaline Pleasant Hills Pluton of Carboniferous age.
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Exploration - Nova ScotiaMagnetite sampling
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The Bass River Magnetite deposit was bulk sampled as a source of high quality magnetite in
1988. The presence of Co-rich pyrite was recognised. The deposit averages 500ppm Co
while the pyrite concentrate averages 0.9% Cobalt (Co metal is ~US$42,000 per tonne).
The magnetite mineralisation has an obvious structural control and is localised essentially along the trace of the Cobequid Fault, a major suture of the Cobequid-Chedabucto Fault Zone.
Fragments of Carboniferous age Pleasant Hills Pluton are present in the brecciated magnetite mineralisation. In addition, veinlets of pinkish granite and/or K-feldspar are also present, suggesting the granite and magnetite formed contemporaneously.
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Project diversity, well funded, spending $7 million through 2010:
Cloncurry (Qld): geophysics underway on multiple IOCG targets
Aphrodite (SA): Major IOCG target 35km SE of Olympic Dam.Ready to drill to 900m depth in October. Shows very distinct similarities to the nearby ‘Carrapateena’ gravity anomaly
Border (SA): base metals, AEM & EM complete, drill in November
Mutooroo (SA): Braemar sedimentary hosted magnetite Fe deposit.Exploration target size to be assessed by end 2010 from Heli-EM and drilling
Poochera (SA): Highest quality kaolin resource. +50 year life. Planning new operation from end 2012, ramping from 50,000 tpa @ start up to +100,000 tpa (assumes 2 x wet processing modules)
Exploration focus - Australia
www.minotaurexploration.com.au
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looking for Ernest Henry style orebodies
multiple IOCG targets over 546 km2
30km N of Ernst Henry IOCG mine
JV with Japan Oil Gas & Metals Corp
JOGMEC earning 51%
JOGMEC funding $4M over 3 years
Exploration - Cloncurry
www.minotaurexploration.com.au
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Cloncurry
Ernest Henry
Australia’s most productive copper belt, but
surface deposits are depleted vast areas under cover (obscured)
and are under-explored geophysics “sees through” the cover
to locate potentially mineralised targets (anomalies)
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Drill ready Targets modeled at: Woolshed Flat
Gypsy Plains
Cormorant
Cotswold
Exploration - Cloncurry
www.minotaurexploration.com.au
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ground geophysics underway drill selected
geophysical anomalies in October-November aka Eloise, Osborne,
Ernest Henry
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Woolshed Flat: entirely new IOCG target
coincident magnetics, gravity with positive ground TEM anomalies on prominent NW trending fault
Exploration - Cloncurry
www.minotaurexploration.com.au
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Gypsy Plains: coincident magnetic high &
gravity anomaly, adjacent a major EM conductive linear feature (dashed line)
in-filling gravity sections hole NRRCD-08 intersected
massive magnetite with pyrite-chalcopyrite from130m - 360m downhole
hole NJVD12 on structure, intersected elevated Cu and high Fe; gravity being acquired
Exploration - Cloncurry
www.minotaurexploration.com.au
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Cormorant: new geophysics shows
that previous explorers appear to have drilled parallel to the conductive structure (red line)
exceptionally strong EM conductor to be tested by new drill hole in November
Exploration - Cloncurry
www.minotaurexploration.com.au
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new drill trace, oriented to intersect conductive plate
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JV with JOGMEC (earning 51%)
Cobar Supergroup rocks host Pb, Zn, Ag, Au, Cu mineralisation (Endeavour, CSA & Peak mines) discrete conductive anomalies
derived from VTEM and ground EM surveys in 2009 Targets under 100m of sedimentary
cover now drilling 3 targets into basement,
550m hole depth JV budget is $400k in 2010
Exploration - Louth base metals project
www.minotaurexploration.com.au
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Aphrodite; a major new IOCG gravity anomaly 35km SE of Olympic Dam
MEP 100% Offset Gravity/Magnetic
anomalism bounded by regional lineaments
2009 discovery hole drilled to 800m below surface
distinctive Olympic Dam style peripheral mineralisation in core; indicates close proximity to significant hydrothermal system
Exploration - Aphrodite IOCG target
www.minotaurexploration.com.au
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Aphrodite
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Carrapateena pipesHole 2: 355m @ 1.25% Cu, 0.5 g/t Au
Hole 50: 905m @ 2.0% Cu, 1.0 g/t Au
a Carrapateena look-alike Carrapateena-style hematite rich
breccia system intersected 670m below surface
core showed pervasive sericite alteration with hematite & chalcopyrite, suggesting proximity to major hydrothermal mineralisation event
new geophysics refined the centre of anomaly > new drill site located 600m S
In October, will start new diamond hole down the anomaly to 900m depth
Exploration - Aphrodite IOCG target
www.minotaurexploration.com.au
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Exploration - Aphrodite IOCG target
www.minotaurexploration.com.au
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Carrapateena gravity anomaly, superimposed at same scale
0 1 2 3
km
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multiple Pb/Zn targets
40km W of Broken Hill
JV with Sumitomo (MEP 40.9%)
ground geophysics underway
drill selected targets Nov-Dec
$700k budget in 2010
Exploration - Border Base metals
www.minotaurexploration.com.au
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Exploration - Mutooroo Fe
www.minotaurexploration.com.au
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90km SW of Broken Hill
35km from E-W rail line
Heavy duty rail link 300km to Port Pirie
JV with Sumitomo (MEP 40.9%)
initial drill intersections show 200m thick magnetite mineralised beds
3,500 line km of heli borne EM done to define magnetic sedimentary horizons
drill targets through October - November
$500k budget in 2010
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Exploration - Mutooroo Fe
www.minotaurexploration.com.au
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2 RC holes drilled to 200m.
Program for H2 2010:★ low level Heli-Mag data acquisition - completed in August★ 10 x RC & Diamond holes planned along 40km strike extent of magnetised beds★ Beneficiation testing ★ estimate size of Exploration Target★ Scoping Study
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Exploration - Mutooroo Fe
www.minotaurexploration.com.au
MINOTAUREXPLORATION
08RCMUT-‐02 08RCMUT-‐01
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Exploration - Mutooroo Fe3D ground Magnetic Intensity shells
www.minotaurexploration.com.au
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08RCMUT-‐02 08RCMUT-‐01
MUT02: 114m 20% DTR Fe with DTRC grade of 69.7% Fe
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MEP 54.75% (Helix Resources 45.25%)
803,000 oz JORC resource established
multiple targets within 5km radius
tested 4 targets in June (RC; 1650m)
validated biogeochem method (gold in plants) as a viable exploration tool
refer ASX release dated 30 June ’10
80km extents of Yarlbrinda shear zone remain untested
Exploration - Tunkillia gold project
www.minotaurexploration.com.au
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Commercialisation - Poochera Kaolin
www.minotaurexploration.com.au
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Granite decomposes to granitic kaolin through tropical weathering
Finished product size is 92% passing 2 microns.World consumption of highest quality ‘China
Clay’ exceeds 10 million tonnes per year.Used in plastics, paints, paper coatings, tyres
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MEP 100%
20Mt Inferred Kaolin resource
5m - 50m below surface
92% < 2u hydrous kaolin product world class ‘Ultra white’ & ‘Ultra bright’
hydrous kaolin qualities; ISO Reflectance: R457 = 90.7
pilot plant producing world class calcining feedstock; R457 = 92.4
potential for +100kt pa operation for >50 years
100km from Port Thevenard, SA
marketing exposure from October, leading to preliminary Offtake discussions
leads into 2011 Pre-feasibility study
Commercialisation - Poochera Kaolin
www.minotaurexploration.com.au
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and to conclude......
Minotaur, a diverse portfolio with plenty of zing
www.minotaurexploration.com.au
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