EPM 17838, 18442, 18624, 19500, 25237, 25238, 25239, 25801 and MDL431; Minotaur 100% (except on those parts of MDL431 and EPM17838 where Sandfire Resources NL can earn 80%), Area 728km2 OZ Minerals may earn up to 70% interest by expending $10 million over 6 years.
The Eloise tenements are subject to a farm-in joint venture with OZ Minerals Ltd (ASX : OZL), operating from April 2016. OZ Minerals is funding work programs and Minotaur is manager and operator. During 2016 OZ Minerals expended $2M on the tenements.
Iris-Electra ISCG prospects
Six diamond drill holes in late 2016 successfully tested and established the Iris prospect as a new iron sulphide copper-gold (ISCG) discovery, just 5km north of the operating Eloise copper-gold mine. All holes intersected hydrothermally altered breccia zones exhibiting various degrees of anomalous chalcopyrite (copper sulphide) mineralisation. Ground EM geophysical surveys over Iris and the adjacent Electra prospect were completed, encompassing 4km of strike along an interpreted shear zone, on which Iris and Electra conductors are located.
Conductive overburden is generally about 130m thick over the survey area, but station density confirms Electra to be a large, coherent and strong conductor modelled at 470m depth with up to 1.4km of strike, significant depth extent and conductance of 1100 S (Siemens).
The persistent nature of mineralisation exhibited in the 2016 drilling at Iris indicates a large mineral system with potential for higher grades in the vicinity of the EM conductors. The joint venture intends to continue diamond drilling in and around the Iris and Electra conductors at the end of the wet season, typically late March to early April 2017.
Figure 1: Eloise project magnetics with tenements and main prospects including Artemis, Sandy Creek and the new Iris Cu-Au prospect and Electra EM target. Locations of Sandfire JV and the Eloise Mine shown for reference