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Proactive Investors, Melbourne16 March 2011
Andrew Woskett, Managing Director
Minotaur Exploration LimitedACN: 108 483 601
ASX: MEP
1. usual Disclaimer2. About Minotaur today; facts & figures3. Overview of Minotaur’s exploration & development priorities through 20114. Project Case Studies:
① Australia’s next big iron province – the Braemar Iron Formation, which includes;Minotaur’s Mutooroo Magnetite project
② The Maitland Iron oxide-copper gold & Rare Earths exploration target5. Q & A
Today’s Agenda:
Cautionary Statements:
About Minotaur
ASX ticker: MEPEquity: 92.7 million shares on issueTop 5 hold 23.7%: OzMinerals (8.7%), Newmont (5.7%)
52 week price range: 16.5c – 38cLast Price: 22c (@ close on 15 March)
Market Capitalisation:$20.5 million (@ close on 15 March)
Less Cash (as @ 31 Dec):$5.2 millionLess Listed Investments: $7.3 millionthus Enterprise Value: $8 million (@ close on 15 March)
Exploration assets: $0.08 per share
Minotaur’s priorities through 2011:
Minerals exploration: Magnetite Fe (SA) Iron oxide – copper gold IOCG (SA, Qld,
Canada) Base Metals Cu, Pb, Zn (SA, NSW) Gold Au (SA, Vic)
Project Development - towards commercialisation: Kaolin China Clay (SA)
2 case studies of activities in 2011:
Minerals exploration:① Magnetite Fe (SA)
② Iron oxide – copper gold IOCG (SA)
① Magnetite (iron) deposit, SA
Braemar Ironstones, SA: The next big (Fe) thing
a significant regional sequence of highly magnetised sediments
The Braemar Iron Formation is emerging to potentially be Australia’s next big iron ore province
100km SW of Broken HillHeavy duty rail link 300km to
Port Pirie several ASX listed explorers are
active along the Braemar Fe formation
Regional potential for up to 20,000 million tonnes of in-situ Fe mineralised siltstone, circa 20-25% Fe
Could anticipate ~10 billion tonnes of mineable magnetite ore to be defined
Potential for annualised output of 25Mtpa of blast furnace quality magnetite concentrates grading around 65% - 70% Fe
Braemar Ironstones: the vision
Exploration success being reported by all active explorers along the Braemar Iron formation
multiple zones, each potentially hosting hundreds of millions of tonnes of magnetite rich siltstones
Regional potential for ~10bt ore, with a foreseeable 100 year life of mining @ nominal 100Mtpa mining rate, producing 25Mtpa of concentrate, comprising:
4-5 processing operations for 5-10Mtpa concentrate each, at ~$2b Capex each, or
one 25Mtpa Super Plant and assoc infrastructure at ~$6b, saving ~$5b overall, with scale to include a Pellet Plant (producing a value added product)
equivalent to CITIC’s $5.5b for 28Mtpa huge magnetite project at Cape Preston, WA (see photos)
6 fully autogenous grinding mills @ 28MW each
450MW Power station, combined cycle, gas fired(photos sourced from www.citicpacificmining.com/resources/news)
The term "Exploration Target" should not be misconstrued as an estimate of Mineral Resources and Reserves as defined by the JORC Code (2004), and the term has not been used in that context. It is uncertain if further
exploration will result in the determination of a Mineral Resource. Refer Cl 18 of the JORC Code (2004).
Minotaur’s Mutooroo Fe project
2011 Work Plan:40km strike extents of highly magnetised sedimentary beds identified from helimag data
9 RC & diamond holes drilled to 200m vertical depth
thick magnetite beds intersected at surface or under thin cover
consistently high quality (~69%) magnetite concentrates made from composited drill chips (holes MUT01 & 02 to date)
Davis Tube Recovery Concentrate (DTRC) quality testing underway for holes MUT08-17
Will lead to an estimate of potential size of the Exploration Target; aiming for ~1b tonnes at Muster Dam
Mutooroo Fe project
www.minotaurexploration.com.au
Muster Dam deposit Magnetic intensity
indicates strike extent of 7km, width > 500m
Drill intersections define mineralised beds over package width of >700m
Beds outcrop and sub-crop low strip ratios
DTRC tests underway for holes MUT08-17
Metallurgical results due in April
Estimate of Exploration Target due in April
JV to consider $5M phase of work for remainder of 2011
The Mutooroo Fe project is a
contributing joint venture between Sumitomo Metals Mining Oceania
Pty Ltd (50.1%) & MEP (40.9%)
Mutooroo Fe project
Mutooroo Fe project
Cross Section – Muster Damapprox width of mineralised package 700m
Mutooroo Fe
08RCMUT-02 08RCMUT-01Magnetite Pellet Fines - Quality Criteria
SpeciesBF Pellet
fines grade(target %)
MUT01/02DTRC % Comment Result
Fe >60.0 69.3pure magnetite is 72.4% Fe (maximum grade achievable)
✔
FeO >25 ~26.4 calculated by differences ✔
SiO2 <5.5 3.57SiO2<5% preferred for Blast Furnace (‘BF’) feed.For DRI grade Si+Al <2% (preferred) and certainly <3%
✔
Al2O3 1.0-1.5 0.36 low Al2O3 can be considered ‘preferred’ by BF ✔
CaO <3.0 0.10 moderate CaO can offset flux addition in BF ✔
MgO <3.0 0.05 moderate MgO can offset flux addition in BF ✔
TiO2 <0.75 0.06 Concentrate is unsaleable if TiO2 > 1% ✔
Mn <0.050 0.02 Mn increases coke rate in BF ✔
P <0.030 0.01P<0.08% preferred as P reports to pig iron smelt
✔
S <0.010 <0.01S contributes to acid rain (SO2) gases in BF exhaust
✔Mutooroo DTRC grade, for holes MUT01&02, ticks all the boxes
DTRC: Davis Tube Recovery ConcentrateBF: Blast Furnace; a steel making furnace Metallurgical results for holes MUT08-MUT17 not yet
available; expected to be released in April 2011
② A new IOCG target on SA Yorke Peninsula
08RCMUT-02 08RCMUT-01
Maitland IOCG & REE Target
08RCMUT-02 08RCMUT-01
Located 15km south of the Moonta copper township on South Australia’s Yorke Peninsula. Moonta-Wallaroo were the World’s richest copper mines, operating 1861-1923
Within the world class Gawler Craton (host to OD, Prominent Hill, Carrapateena, Hillside, Wirrda Well, Challenger, Tunkillia)
Extensive exploration conducted by MIM, CRAE, BHP & WMC/NBH since 1962 had detected anomalous Ce and Co
Minotaur earning 51% in Joint Venture with Red Metal Ltd (100%), targeting Cu-Ni-Co-REE mineralisation
VTEM aerial magnetic survey to start this month for 500 line km, enabling basement interpretation from geophysical data
EL 3413
Maitland IOCG Target
08RCMUT-02 08RCMUT-01
Maitland IOCG Target
08RCMUT-02 08RCMUT-01
Core review of mineralised zones from three best drill holes (operator CRAE)
DD85WE1 – Tea Tree 17.4m @ 0.35% Cu, 0.1% Ni, 0.14% Ce & 0.07% La
DD86WE3 – Hillview Altered brecciated meta-volcanic zone at 156m, 1m @ 0.18% Cu & 90ppm U
DD86WE6 – Tea Tree 2.6m @ 0.77% Cu, 0.35% Ni, 0.12% Co & 1.2% Ce
DD85WE1
Upper mineralised zone (72.7-89.2m) – intensely altered carbonate rock interbedded (protolith) with biotite-rich metasediment (tightly folded) . Pyrite and chlorite (after biotite) replacing earlier red rock altered (hematite-dusted albite?) fine-grained meta-sediments. K-feldspar alteration replaced by fine-grained magnetite (discontinuous stringers & disseminations).
Pyrite/biotite (chlorite)/magnetite replacement concentrated in more permeable zones of biotite-rich metasediment – biotite developed along alteration selvedge
Maitland IOCG Target
08RCMUT-02 08RCMUT-01VTEMLow level (50m) helicopter borne electro-magnetic array; a cost and time effective regional target data acquisition method
Ask me Questions
Minotaur Exploration LimitedACN: 108 483 601
ASX: MEPwww.minotaurexploration.com.au