Minotaur Exploration has underlined its interest in building its presence in the Charters Towers region in an annual report released this week.
Late last year Minotaur Exploration bought out its joint venture partner to acquire the Windsor base metals project south of Charters Towers outright.
And it reached a deal in August with Avira Resources to acquire the Pyramid tenement package, with 150sq km of gold prospective ground 180km south of Townsville.
In his chairman’s review Dr Roger Higgins this week said Minotaur was actively looking to build a tenement portfolio in the Charters Towers region with the Windsor project (tenements pictured above) as its core.
“Due diligence on purchase of the Pyramid gold project in the same region is underway and, if concluded satisfactorily, will complete late in 2020,” he said.
“Other opportunities in the region are being considered.”
Dr Higgins said the effect of COVID restrictions on cross-border travel had effectively cancelled half of the year’s field work season in North Queensland.
“Nonetheless, research, target generation and modelling in-house created
a selection of prospects to be pursued in time,” he said.
Minotaur is continuing its exploration push in North-West Queensland under the Eloise joint venture, originated in 2015 with OZ Minerals (which is funding the work).
“That activity is complemented by the adjacent joint venture with Sandfire Resources, where the OZ Minerals-Minotaur Cloncurry Alliance could earn 75 per cent interest in Sandfire’s Breena Plains tenements,” Dr Higgins said.
“The Cloncurry Alliance’s objective is to locate and define deposits similar to the Jericho copper-gold system, thereby creating critical mass for development of a regional processing hub.”
Dr Higgins said the company was coming into 2020-21 in a sound financial position, with more than $9 million cash held as at 30 September 2020.
This follows an oversubscribed placement of $4 million in August and September’s successful Share Purchase Plan accepting over $2.1 million.