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The Artemis Cu-Au Deposit – and what it means for IOCG exploration in SA

A. P. Belperio

SA Exploration and Mining Conference

Adelaide, 5 December 2014

Minotaur Exploration Limited | ASX: MEP

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Artemis polymetallic Cu-Au-Zn-Ag discovery

was announced 31 July 2014. • How was the discovery made?

• What is it?

• What are the plans going forward?

• What does it mean for IOCG exploration (in SA) ?

Artemis Cu-Au Discovery

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Minotaur IOCG Focus Areas since 2001

• Gawler Craton

• Cloncurry

Mineralisation Styles

• Haematite-hosted IOCG

• Magnetite-hosted IOCG

• Pyrrhotite-hosted ISCG

Targeting undercover, particularly the highly

reduced and conductive cover marginal to

Cloncurry, necessitates a focused and selective

geophysical approach.

Artemis Cu-Au Discovery

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IOCG deposit styles – an extremely broad church

Almost every deposit is different

Artemis Cu-Au Discovery

IOCG Deposit Examples Mineralisation Form of Iron Targeting

Styles Methodology

Barren Ironstone SE Missouri, Kiruna n/a Mag, Hm Magnetics, Gravity

Tenant Ck Ironstone Peko, Geko Au-Cu-Bi Mag, Po, Hm Magnetics, Gravity

Osborne ironstone Osborne Cu-Au Mag, Hm, Py, Po Magnetics, Gravity

Haematite Breccia Olympic Dam, Prominent Hill Cu-Au-U-REE Hm Gravity, IP

Magnetite Breccia Ernest Henry, Candelaria, Salobo Cu-Au Mag, Bio Magnetics

Magnetite-Apatite Kiruna, Acropolis n/a Mag Magnetics

Iron Sulphide Cormorant, Eloise, Artemis, Kulthor Cu-Au-Zn-Pb-Ag-Co Po, Py Electrical Conductivity

Cobaltiferous Nico Au-Bi-Co-Cu Mag, Hm, Bio Magnetics, Radiometrics

Common Features: Bimodal igneous activity, mantle tapping structures, extensive regional Na and K alteration and widespread Fe metasomatism

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IOCG style of deposits – an extremely broad church

Almost every deposit is different

Artemis Cu-Au Discovery

Mt Woods Inlier

TMI

Joes Dam South Prospect

Prominent Hill

Chalcocite – haematite - gold breccia

+200m @ 1.5% Cu, 0.5 g/t Au, Ur, REE

Mt Woods : Manxman and Joes Dam Prospects

Magnetite hosted Cu-Au : 287m @ 0.23% Cu

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Cloncurry - Naraku

Naraku

• Black soil plains north of Ernest Henry

• No geochemical signals

• Limited electrical geophysical penetration

• Initially gravity and magnetics

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Cormorant ISCG

JOGMEC JV since 2010

• Successfully penetrated ultra-conductive cover

beneath black soil plains

• Major Iron Sulphide Copper Gold system (ISCG)

encountered within reduced host rock terranes

• 15+km, 20+m thick, massive & breccia pyrrhotite,

persistently mineralised Cu-Au-Co

• Epigenetic Fe system as large as Prominent Hill

• Weakly magnetic, highly conductive

MIN04 : 20m @ 0.2% Cu, 0.02% Co from 160m

MIN07 : 56m @ 0.1% Cu, 0.03 g/t Au from 186m

MIN10 : 72m @ 0.21% Cu, 0.02% Co from 414m

Cormorant

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IOCG – ISCG Geophysical characteristics

IOCG deposits (magnetite-rich; large; disseminated)

(Ernest Henry, Osborne, Mt Elliott-Swan):

Significant positive magnetic anomalies

Positive gravity anomalies

Strong IP chargeability anomalies

Oxidised host rock terrane

Weak to no EM anomalies

Broad alteration haloes

ISCG deposits (pyrrhotite-rich; small; high grade)

(Cormorant, Eloise, Kulthor, East Osborne, Artemis):

No positive magnetic anomalies

No or limited gravity anomalism

Positive IP chargeability anomalies

Reduced host rock terrane

Strong ground EM anomalies

Limited alteration haloes

Osborne

Ernest Henry

Kulthor

Eloise

Artemis

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Eloise ISCG

Shift towards Eloise driven by:

• Recognition of the ISCG style as a

significant and different (small, high

grade) style of Cu-Au mineralisation

• Understanding of different exploration

tools required, particularly EM and AEM

• Requirement for shallower ground that

would allow airborne techniques to be

used as a more rapid screening tool

• Acquired BRW Eloise tenements

December 2013 with pre-determined

exploration strategy and funding partner

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Eloise JV

November 2013

• $1.7M Year 1 Work Program

commenced

Primary AEM survey

(Nov-Dec13)

Ground EM follow-up at

16 targets (Feb-Apr14)

Drill test 10 best targets

(May-July 2014)

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EVT54

Late-time, Z-component VTEM image

VTEM target EVT 54

Late-time VTEM image and line profile

• VTEM target EVT54 of particular

interest – 350m west of the Sandy

Creek inferred resource

• Outcropping BIF and some ironstone

“gossan” had attracted some past

attention, some historic EM, and “sniffs”

of copper and gold mineralisation

encountered

• EVT54 therefore became a priority

target for ground EM follow-up

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EVT54

Late-time, Z-component VTEM image

VTEM Target EVT 54 - Ground EM

• Ground EM at EVT54 confirmed a

steeply dipping, high conductance

body, from c. 80m below ground level

• Original plate model from the fixed

loop ground EM neatly fitted between

historic drillholes in the vicinity

• EVT54 recommended as the premier

target based on conductance and

associated gold and copper hits

nearby.

• Drillhole EL14D09 successfully tested

the target, named Artemis

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Artemis

• Discovery hole 22m @ 3.02% Cu, 3.81 g/t

Au, 6.64% Zn, 1.35% Pb, 112 g/t Ag from 157 to

179 m

• Two further holes 50m up-dip and

down-dip

• Drillhole EL14D10 : 21m @ 0.84% Cu, 0.73

g/t Au, 5.06% Zn,, 1.85% Pb, 69 g/t Ag

• Drillhole EL14D12 : 24m @ 1.58% Cu, 2.12

g/t Au, 4.74% Zn, 1.13% Pb, 54 g/t Ag

• 122m vertical section drilled at this

point plus down-hole EM can “see” a

further 50m incrementally

• Drilling suspended to allow new

heritage clearance surveys, new

geophysics, planning of systematic drill

programs and Joint Venture approvals.

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Artemis

Drillhole EL14D09, 166.6m: coarse, massive sulphides including chalcopyrite (yellow), sphalerite

(black), pyrrhotite (bronze-grey) and calcite (white to pale grey) – no host rock brecciation.

Metre interval assay: 36% Fe, 2.7% Cu, 1.5 ppm Au, 6.7% Zn, 1.1% Pb, 111 ppm Ag

What is Artemis:

• Blind deposit of late fracture fill massive sulphide

• Fe-Cu-Zn-Pb sulphides. Very limited alteration halo or host rock brecciation

• Steep, tabular body, structurally controlled. No significant magnetic or gravity expression

• Responsive to Down-hole and Across-hole EM

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Artemis - mineralogy

Cu Au Zn

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Artemis – Eloise Comparison

• Mineralogical associations (Eloise after Baker, 1998)

Element Artemis Eloise Major mineral

EL14D09

Fe 20-38% No data Pyrrhotite

Cu 0.2-8% 0.1-25% Chalcopyrite

Zn 0.02-14% 0.1-1.0% Sphalerite

Au 0.1-20 ppm 0.1-15 ppm Electrum

Ag 0.1-289 ppm 0.1-60 ppm Electrum

Pb 0.1-36,000 ppm 0.1-300 ppm Galena

As 0.1-9000 ppm 0.1-500 ppm Arsenopyrite

Bi 0.1-500ppm 0.1-100 ppm Bismuthinite

Co 0.1-2200 ppm 5-750 ppm Cobaltite

Bright whitish-yellow gold grains (or

possible electrum) (2µm to 20µm)

circled, mostly in pyrrhotite, some in and

on margins of chalcopyrite.

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Artemis – Eloise Comparison

• Mineralogical association, physical and structural styles at

Artemis appear remarkably similar to the Eloise deposit

• Eloise comprise a number of offset pyrrhotite-dominated

massive sulphide lenses of short strike length (<200m) but

great down dip extent.

• Blind at surface, late brittle offsets

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Artemis – Proposed Work

Accelerated $6M workplan from

Oct 2014 to Jun 2015

• Systematic drill testing at Artemis

• Along strike and down dip extent

to be guided by systematic downhole surveys

• Thickness – grade variation mapping

• 40+ holes, 18,000m, 2 DDH Rigs

• Metallurgy, petrology and resource definition

• Along-structure extensions to north and south

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Artemis – Long Section View and Eloise Comparison

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Artemis – Proposed Work

Accelerated $6M workplan from

Oct 2014 to Jun 2015

• Systematic drill testing at Artemis

• Along strike and down dip extent

to be guided by systematic downhole surveys

• Thickness – grade variation mapping

• 40+ holes, 18,000m, 2 DDH Rigs

• Metallurgy, petrology and resource definition

• Along-structure extensions to north and south

• Connections with Sandy Creek and greater Artemis area

• Greenfield targeting: Drill testing a further 10 regional target

• Greenfield targeting: Deep EM along the Levuka Shear

Artemis

Sandy Creek

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Artemis – Proposed Work

Accelerated $6M workplan from

Oct 2014 to Jun 2015

• Systematic drill testing at Artemis

• Along strike and down dip extent

to be guided by systematic downhole surveys

• Thickness – grade variation mapping

• 40+ holes, 18,000m, 2 DDH Rigs

• Metallurgy, petrology and resource definition

• Along-structure extensions to north and south

• Connections with Sandy Creek and greater Artemis area

• Greenfield targeting: Drill testing a further 10 regional targets

• Greenfield targeting: Deep EM along the Levuka Shear

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SA IOCG

So what are the lessons for SA

• Successful exploration requires the right

mix of models, tools and financial

commitment

• What are the most appropriate tools given

the particularly hostile Australian cover

problem

• Don’t fixate on one model. Make sure the

exploration program is funded appropriately

for the task

• Size isn’t everything, grade is king

• Where are the key structures controlling

fluid flow in IOCG systems

• What are the host rock packages and how

will that determine preferred Fe species

• What are the appropriate tools to for these

targets in these environments

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This presentation has been prepared by the management of Minotaur Exploration Limited (“Minotaur”, ASX: MEP) for the general benefit of analysts, brokers and

investors and does not constitute specific advice to any particular party or persons. Information herein is based on publicly available information, internally developed

data and other sources. Where an opinion, projection or forward looking statement is expressed in this presentation, it is based on the assumptions and limitations

mentioned herein and is an expression of present opinion only. No warranties or representations are made or implied as to origin, validity, accuracy, completeness,

currency or reliability of the information. Minotaur specifically disclaims and excludes all liability (to the extent permitted by law) for losses, claims, damages, demands,

costs and expenses of whatever nature arising in any way out of or in connection with the information, its accuracy, completeness or by reason of reliance by any

person on any of it. Where Minotaur expresses or implies an expectation or belief as to the success of future exploration and the economic viability of future project

evaluations, such expectation or belief is expressed in good faith and is believed to have a reasonable basis. However, such projected outcomes are subject to risks,

uncertainties and other factors which could cause actual results to differ materially from projected future results. Such risks include, but are not limited to, exploration

success, metal price volatility, changes to current mineral resource estimates or targets, changes to assumptions for capital and operating costs as well as political and

operational risks and government regulatory outcomes. MEP disclaims any obligation to advise any person if it becomes aware of any inaccuracy in or omission from

any forecast or to update such forecast.

Information in this presentation that relates to exploration results for Minotaur Exploration Ltd is based on information compiled by Dr. A. P. Belperio, who is a Director

and full-time employee of the Company and a Fellow of the Australian Institute of Mining and Metallurgy. Dr. Belperio has sufficient experience relevant to the style of

mineralisation and type of deposits under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of

the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Dr. Belperio consents to inclusion of this information

in the form and context in which it appears.

Competent Person’s Statement

Disclaimer

Disclaimer

Daughter of Zeus and Leto and the twin sister of Apollo. She was the Hellenic goddess of the hunt.

Artemis