mep portfolio review 1 sept 2010
TRANSCRIPT
PORTFOLIO REVIEW1 September 2010
Minotaur Exploration LimitedACN: 108 483 601
ASX: MEP
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 project towards commercialisation actively seeking new brownfields acquisition opportunities in metals
www.minotaurexploration.com.au
MINOTAUREXPLORATION
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 - 33c Last Price (31 Aug): $0.31 Market Capitalisation: $25M
Cash (30 July): $4.0M Listed Investments: $ 6.9M Enterprise Value: $14.1M Exploration Assets/share: $0.175 (as @ 31 August 2010)
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Strategic Investments
Leveraging ground exposure and technical skil ls via equity 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 13%)
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Minotaur is active in:
Nova Scotia, Canada Queensland New South Wales South Australia
Exploration
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Project Pipeline
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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 Drilling Lab Assays Lab Assays Report
Border SA Base metals Geophysics Geophysics Drilling Drilling
Mutooroo SA Magnetite Geophysics Drilling Drilling Lab Assays
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 Lab Assays Interpretation Report
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 in November
Exploration focus - Canada
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Exploration - Nova ScotiaSignificant Regional IOCG and iron play
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Tenure along 200km of the fault zone
Exploration - Nova ScotiaMineralisation types
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Exploration - Nova ScotiaIOCG anomalies, examples
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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)
Exploration - Nova ScotiaBass River Magnetite
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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
Exploration - Nova ScotiaBass River Magnetite
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Magnetite breccia mineralisation shows
magnetic high intensity sporadically along
20km of strike.High resolution ground magnetic survey now
underway to guide drill investigation
Lodestone (1988) produced 1,000t of
magnetite Con at grade of 83% Fe3O4 from
2,000t of ore
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.
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 a few hundred ppm Co while the pyrite concentrate averages 0.9% Cobalt.
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.
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 in September. Shows very distinct similarities to the nearby ‘Carrapateena’ gravity anomaly
Border (SA): base metals, AEM & EM underway, 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 (2 x wet processing modules)
Exploration focus - Australia
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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
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Cloncurry
Ernest Henry
Australia’s most productive copper belt vast areas under cover and
under-explored geophysics “sees through” the cover
to locate potentially mineralised targets (anomalies)
Drill ready Targets: Woolshed Flat Gypsy Plains Cormorant Cotswold
Exploration - Cloncurry
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ground geophysics underway drill selected
geophysical targets in October-November aka Eloise, Osborne,
Ernest Henry
Woolshed Flat: entirely new IOCG target coincident magnetics, gravity, positive ground TEM anomalies on prominent NW trending fault
Exploration - Cloncurry
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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 from 130m - 360m downhole hole NJVD12 on structure, intersected elevated Cu and high Fe; gravity being acquired
Exploration - Cloncurry
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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 October
Exploration - Cloncurry
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new drill trace, oriented to intersect conductive plate
Aphrodite; a major new IOCG gravity anomaly 35km SE of Olympic Dam MEP 100% Offset Gravity/Magnetic anomalism 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
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Aphrodite
Carrapateena pipesHole 2: 355m @ 1.25% Cu, 0.5 g/t Au
Hole 50: 905m @ 2.0% Cu, 1.0 g/t Au
Carrapateena-style hematite rich breccia system intersected 670m below surface core showed pervasive sericite alteration with hematite & chalcopyrite suggesting proximity to hydrothermal mineralisation new geophysics refined the centre of anomaly > new drill site located 600m S In September, will core drill down the anomaly to 800m depth
Exploration - Aphrodite IOCG target
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Exploration - Aphrodite IOCG target
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Carrapateena gravity anomaly, superimposed at same scale
0 1 2 3
km
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
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Exploration - Mutooroo Fe
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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
Exploration - Mutooroo Fe
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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★ Met test for optimal grind size★ estimate size of Exploration Target★ Scoping Study
Exploration - Mutooroo Fe
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08RCMUT-‐02 08RCMUT-‐01
Exploration - Mutooroo Fe3D ground Magnetic Intensity shells
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08RCMUT-‐02 08RCMUT-‐01
MUT02: 114m 20% DTR Fe with DTRC grade of 69.7% Fe
MEP 54.75% (Helix Resources 45.25%)
803,000 oz 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
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Commercialisation - Poochera Kaolin
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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
MEP 100% 20Mt Inferred Kaolin resource 5m - 50m below surface superior ‘Ultra white’ & ‘Ultra bright’ hydrous kaolin qualities; ISO Brightness R457 = 90 92% < 2u hydrous kaolin product pilot plant producing high quality calcining feedstock potential for +100kt pa operation for >50 years 100km from Port Thevenard, SA marketing exposure from October, leading to Offtake discussions leads into 2011 Pre-feasibility study
Commercialisation - Poochera Kaolin
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