On 18 December 2018, Mineral Exploration company Minotaur Exploration Ltd (ASX: MEP) reported about the completion of the 2018 field season for the Eloise Joint Venture (JV) with OZ Minerals which is located in northwest Queensland.
The assays from final three drill holes have reported more copper-gold intersections which has strengthen the JV’s view that Jericho demonstrates potential to be a significant discovery.
In one of the drill hole (EL18D40), three zones of mineralization were intersected, and a new shallow zone named J1a with the strike of 400m was recognized. Another drill hole (EL18D41) skimmed across the top of J1 enroute to J2 where narrow but very high-grade copper-gold mineralization was intersected, with the nearest hole some 500m away. Further, a thin zone of high-grade copper-gold was intersected precisely at Hole EL18D42.
The copper-gold intersections for holes EL18D40-EL18D42 are as follows –
J1a: 6m @ 1.02% Copper and 0.25g/t Au from 105m.
J1: 1m @ 1.91% Copper and 2.22g/t Au from 273m.
J2: 4m @ 2.74% Copper and 0.16g/t Au from 516m.
J1: 3m @ 1.32% Copper and 0.17g/t Au from 90m.
J2: 14m @ 1.55% Copper and 0.22g/t Au from 255m, including 4.1m @ 4.6% Copper and 0.65g/t Au.
J1: 1m @ 1.66% Copper and 0.27g/t Au from 124m.
J2: 20m @ 0.42% Copper and 0.06g/t Au from 236m, including 1m @ 4.78% Cu and 0.25g/t Au.
With J2 zone expanding from 1km to +3km of strike coupled with strong copper grades, there is clear potential for a significant mineral system at Jericho. To develop this objective, the Joint Venture has agreed for an intensified drilling program at Jericho which will commence in April 2019 after the end of the wet season.
It is expected that the initial phase of drilling will comprise around 23,000m with two rigs drilling continuously. Initially, the focus will be in the central portion of Jericho, in the top 300m, where assays are showing good continuity of more than 2% copper intersections at relatively shallow depth.
In FY18, the company reported revenue of $0.225 million and total comprehensive loss of $2.66mn. The basic and diluted loss per share of the company was 1.05 cents per share in FY 2018 which was 1.80 cps in FY17.
In the last six months, the share price of the company decreased by 38.81 percent as on 14 December 2018. MEP’s shares last traded at $0.041 with a market capitalization of circa $12.43 million.
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