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IOCG, ISCG and BHT Big Picture Exploration - Getting the Exploration Toolbox Right A . D. Thompson and A. P. Belperio Resources Investment Symposium Broken Hill, 27th May 2015
Minotaur Exploration Limited | ASX: MEP
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Outline
Ø Minotaur’s IOCG Exploration Ø from Gawler Craton to Cloncurry and back to Gawler Craton
Ø How this experience applies to Curnamona Craton Ø Minotaurs work in Curnamona
Ø Border Project
Ø Mingary Project
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The “classic” South Australian IOCG Belt along the eastern margin of the Gawler Craton
Ø Eastern margin of Gawler Craton Ø Associated with bimodal mafic and felsic
intrusives Ø Lower Gawler Range Volcanics Ø Characterised by intense iron oxide
replacement and alteration Ø Exploration toolbox dominated by
magnetics and gravity Ø Minotaur commenced exploring here in
2000 and made its first discovery in 2001.
IOCG Districts and Exploration Toolbox
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IOCG Districts - Gawler Gawler Craton IOCG – Magnetite and Hematite dominant Ø Exploration toolbox – magnetics and gravity work well in eastern Gawler Ø Map magnetite and hematite alteration and replacement Ø A lack of available ground in the eastern Gawler Craton forced Minotaur to look to other IOCG terranes Ø Distinct lack of success in western and southern Gawler Craton by explorers including Minotaur shifted
Minotaur's focus to another IOCG district - the Eastern Succession
Roxby area 1VD gravity image
Prominent Hill mag image and 1VD gravity contours
Vella and Cawood, 2012
10 km
Olympic Dam
Acropolis
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IOCG Districts - Cloncurry Minotaur increased exposure and activity in Cloncurry from 2008 Ø Built up tenement positions close to producing Cu-Au mines Ø Available ground was restricted to largely covered terranes Ø Commenced with conventional SA mag-gravity toolbox Ø Cloncurry has a far greater diversity of IOCG and ISCG deposit
styles Ø Appropriate exploration toolbox for each – a necessity
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IOCG and ISCG Districts - Cloncurry
1 0 1 Kilometers
470000
470000
475000
475000
7765
000 7765000
7770
000 7770000
7775
000 7775000
Cormorant Prospect
Gypsy Plains Prospect
425000
425000
450000
450000
475000
475000
7725000 7725000
7750000 7750000
7775000 7775000
7800000 7800000
Ernest Henry
North of Cloncurry (early days) Black soil plains cover • Obvious magnetic
alteration areas magnetite-IOCG – Ernest Henry
• More subtle targets Pyrrhotite-dominated ISCG style – Cormorant Prospect
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Naraku; Cormorant Prospect from 2008 Ø Recognition of ISCG mineralisation associated with abundant
pyrrhotite – highly conductive, but only weakly magnetic
Ø 100-200m of ultra-conductive Mesozoic cover. R&D on appropriate EM systems successful
Ø Regional tracking and drill testing confirms +15km, +20m thick iron sulphide system, massive & breccia Pyrrhotite, persistently mineralised
Ø 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
ISCG - Cormorant
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Minotaur move into Eloise region driven by: Ø Recognition of the ISCG style at Cormorant as a
significant and different, high grade style of Cu-Au mineralisation
Ø Understanding of different exploration tools required, particularly EM and AEM, including its limitations
Ø Requirement for tenure with shallow cover that would allow airborne techniques to be used as a more rapid screening tool
Ø Recognition of Eloise as the pre-eminent example of the ISCG style, with abundant prospects in the surrounding “reduced terrane” that was also amenable to AEM.
Ø Acquired BRW Eloise tenements December 2013 with pre-determined exploration strategy
Other ISCG Districts - Cloncurry
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The Artemis discovery exploration tool box involved: Ø Regional AEM survey (Dec13) and
prioritised target selection
Ø Ground truth and integration with other available data
Ø Ground EM follow-up at 16 selected targets (Feb-Apr14)
Ø Drill test 10 best targets (May-July 2014)
Ø Artemis Discovery July 2014
Other ISCG Districts - Cloncurry
Artemis
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Discovery hole EL14D09:
22m @ 27.5% Fe, 3.02% Cu, 3.81 g/t Au, 6.64% Zn, 1.35% Pb, 112 g/t Ag, 0.11% Co from 157 to 179 m
Ø Blind deposit of late fracture fill massive sulphide
Ø Fe-Cu-Zn-Pb sulphides. Very limited alteration halo or host rock brecciation
Ø Steep, tabular body, structurally controlled.
Ø No significant magnetic or gravity expression
Ø Responsive to Down-hole EM
Other ISCG Districts - Cloncurry
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IOCG deposits (magnetite-rich; disseminated)
(Ernest Henry, Osborne, Mt Elliott-Swan): Ø Significant positive magnetic anomalies Ø Positive gravity anomalies Ø Strong IP chargeability anomalies Ø Oxidised host rock terrane Ø Weak to no EM anomalies Ø Broad alteration haloes
ISCG deposits (pyrrhotite-rich; high grade)
(Cormorant, Eloise, Artemis, Kulthor, East Osborne, Greenmount): Ø No positive magnetic anomalies Ø No or limited gravity anomalism Ø Positive IP chargeability anomalies Ø Reduced host rock terrane (carbonaceous and graphitic shales) Ø Strong ground EM anomalies Ø Limited alteration haloes
Osborne
Ernest Henry
Kulthor
Eloise
Artemis
IOCG – ISCG Districts - Cloncurry
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Another ISCG Terrane? - the Southern GRV Margin
Ø The Cloncurry work has led Minotaur back to the Southern GRV province for a second look utilising tools other than magnetics and gravity.
Ø Fluid flow modelling work for this region, together with past (e.g. Meninnie Dam, Telephone Dam) and more recent base metal-rich discoveries (e.g. Parkinson Dam, Paris), suggest an ISCG model is appropriate for parts of the southern GRV region.
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VTEM Survey Ø In 2012, Minotaur, in part through a vend-out
arrangement with Spencer Resources, flew a VTEM airborne EM survey over part of Mt Double (EL 4776) tenement.
Ø The survey generated 37 high-priority targets, for epithermal and/or hydrothermal ISCG-style base and precious metal mineralisation.
Ø The targets occur at the basal Gawler Range Volcanics level, along structures and contacts and along the southern GRV fault margin.
MEP Southern GRV Margin: 2006 - 2014
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TMI-RTP magnetic image
The VTEM anomalies coincide, in part, with historic mineralised intercepts at the Paney and Tin Hut prospects, viz: Shell Billiton PP1: 2m @ 1.9% Pb, 1.0% Zn, 18 g/t Ag 2m @ 0.96% Pb, 2.0% Zn, 6 g/t Ag 2m @ 1.82% Pb, 0.5% Zn, 7.5g/t Ag PE1: 1.6m @ 0.27% Pb, 0.49% Zn, 5 g/t Ag Aurora Gold BEAC10: 18m @ 0.24% Pb, 0.55% Zn, 15 g/t Ag
MEP Southern GRV Margin: 2006 - 2014
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In 2014, our work, concepts and proposed activities were considered by, and duly accepted and included by the Department of State Development in their 2015 Mineral Systems Drilling project. Together with the DSD Mineral Systems team, a broader range of targets have now been selected to assist mineral system mapping and vectoring. The Mineral Systems Drilling project will utilise (and field test) new technologies being developed by the DetCRC, including real-time drillhole analyses and mineralogy.
SA Mineral Systems Drilling Program - 2015
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VTEM late-time conductivity Conductivity-generated basement Targets on EL4776:
Ø Within Hiltaba Suite pluton,
Ø Proximal to eastern margin of granite pluton,
Ø Along southern contact of Gawler Range Volcanic succession
Ø Some to be sharpened by ground EM
Ø Others to be tested from direct VTEM modelling Upcoming activity : o Ground EM surveys o Ground magnetic surveys o Proof of Concept drill testing o Real-time vectoring o Revise Exploration Models and
Exploration Toolbox
SA Mineral Systems Drilling Program - 2015
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Example VTEM bedrock conductivity target MD026 Base of GRV
Target MD026 VTEM Profile and inversion
MEP Southern GRV Margin: 2006 - 2014
Ground EM Profile
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Other DSD drillholes will targets through GRV on EL5232
Ø Key structures and pathways for hydrothermal and epithermal fluids and potential mineralisation
Ø All concealed by younger volcanic strata
Ø No erosion of palaeosurface
Upcoming Activity: o Ground magnetic surveys o AMT survey o Drill testing o Real-time alteration vectoring
SA Mineral Systems Drilling Program - 2015
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Curnamona Craton – ISCG mineralisation
How does this apply to the Curnamona? Ø An example of an ISCG systems in the Curnamona is Havilah’s Mutooroo Cu/Au Deposit
Ø Contains 13.1 MT @ 1.48% Cu + Co +Au Ø pyrrhotite dominant – chalcopyrite - pyrite, disseminated and massive sulphide mineralisation. High grade, primary sulphide milled breccia mineralisation is typically composed of pyrrhotite (60%) - quartz fragments (25%) - pyrite (5%) - chalcopyrite (5%) Example of core from Mutooroo Cu/Au deposit
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Ø Historic GEOTEM, Questem and TEMPEST AEM surveys flown over Bonython Hill, Mingary and Mutooroo project areas.
Ø More recently large detailed VTEM surveys flown in 2008 Ø Government Frome AEM survey flown in 2010 at 2.5 km line
intervals Ø System struggled to penetrate through to basement in the north Ø White Roo obvious example of ISCG mineralisation
Questem late time image VTEM late time image Border Project AEM Coverage
Curnamona Craton – ISCG mineralisation
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Example - White Roo Prospect
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Conductive Body.(Pyrrhotite-Chalcopyrite) Magnetic Body
(Magnetite in Mafic Gneiss)
4m @ 0.105% Cu, 90ppm Co4m @ 0.425% Zn
8m @ 1825ppm Zn
06RC
MIN0
506
RCMI
N04
06RC
MIN0
8
4m @ 0.196% Cu, 130ppm Co
Conductive Body.(Pyrrhotite-Chalcopyrite)
Conductive Body.(Pyrrhotite)
Conductive Body.(Offhole, Not yet tested)
4m @ 255ppm Mo, 550ppm As
06RC
MIN0
3Pr
ojecte
d fro
mLin
e 49
9250
E
White Roo ProspectSection 499350E
Looking West
S N
16m @ 1.07 g/t Au, 5.22 g/t Ag and 0.26% ppm Cu from 80m in hole 14RCBH07 and 40m @ 0.60 g/t Au, 1.21 g/t Ag and 0.395% Cu from 92m in hole 14RCBH09.
Example of core from White Roo Prospect
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Minotaur’s Border Project – Current Activity
Project Summary:
Ø Involved in Curnamona since 2000 for IOCG, ISCG and BHT style exploration
Ø 6 Tenements, 1417 Square km Ø Recent work has been focussed on the
Mingary Mine Project straddling the northern boundary of the Bonython Hill tenement and the southern boundary of the Mingary tenement
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Mingary Mine Project
Ø Following up historic AEM
target, surface geochem and historic drillholes which intersected 18m @ 0.2% Cu in the vicinity of the Mingary Mine. Note no gold assays conducted
Ø Lines of ground EM were surveyed and a weak conductor was targeted
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Mingary Mine Project In 2014, Minotaur drilled 3 holes targeting ground EM anomalies in the vicinity of the historic Mingary mine
Ø Two of the three holes intersected the Mingary Mine line-of-lode re-crystalised quartzite unit with significant Au-Cu-Ag±Zn mineralisation intersected in drillholes 14RCBH07 and 14RCBH09.
Ø Main sulphide in these holes was disseminated Po/Py and chalcopyrite.
Ø Due to the presence of garnet sandstone and gahnite indicators, Minotaur has interpreted the mineralisation to be a BHT style Gold /Copper rich end member.
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Mingary Mine Project
Intersections include: Ø 16m @ 1.07 g/t Au, 5.22 g/t
Ag and 0.26% Cu from 80m in hole 14RCBH07
Ø 40m @ 0.60 g/t Au, 1.21 g/t Ag
and 0.395% Cu from 92m in hole 14RCBH09.
Ø The downhole magnetic susceptibility data for drillholes 14RCBH07 and 14RCBH09 clearly show that the mineralised quartzite unit with up to 5% pyrrhotite is weakly to highly magnetic
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Mingary Mine Project
Upcoming Work Ø Minotaur has been targeting
potential extensions to the line of load horizon using detailed mapping, rock chip and soil sampling, and ground magnetics.
Ø A series of detailed ground mag traverses has assisted in tracking the stratabound feature for over 12 kms, and allowing target definition of local thickened zones of the lode horizon
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Mingary Mine Project
Upcoming Work: Ø Minotaur has been awarded
$75,000 PACE funding grant from the SA Government towards the drilling of 10 holes along +10km strike extent of the interpreted ”line of lode”
Ø Drilling is expected to occur in July - August.
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Conclusions Ø Know your exploration model and the appropriate exploration toolbox Ø EM in particular is a powerful tool to search for ISCG mineralisation Ø Don’t rely on traditional gravity/magnetic tools for ISCG Ø Mineralisation is typically
Ø Highly conductive Ø Weakly to non magnetic Ø May have no significant gravity response
Ø Lack of magnetics and gravity responses associated with ISCG’s make piecemeal exploration high risk, so need to target tenure with shallow cover which is suitable for large Airborne EM surveys which can quickly vector in on prospective areas
Ø Potential ISCG mineralisation may have been overlooked during current exploration programs as the focus has been targeting Broken Hill style mineralised systems
Ø Learn to apply experience from different terranes to your own backyard. You never know what you’ll find hidden there.
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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