IOCG Exploration in Australia AMEC Investor Series, Perth, 14 July 2012 Andrew Woskett Managing Director
Cloncurry, Qld, IOCG Projects JOGMEC JV 500km2 tenement package JOGMEC spending $4M to earn 51% Priority geophysical drill targets such as: COTSWOLD Has similar amplitude magnetic anomaly as Ernest Henry 25km to south-east Target is ready to drill Landowner access impediments (finally) sorted MEP 100% 3,000km2 of tenure around Osborne & Eloise Drillready targets such as CAMEL WELL associated with strong historical Cu-Au intersections Diamond drilling to commence this Quarter
JOGMEC JVDrilling underway:3 Diamond drill holes into Cormorant target, then2 diamond holes into Cotswold targettotal 2100 metres over 2 monthsCotswold is an ‘Ernest Henry’Cu-Au EM look alike (a similarhigh-amplitude magnetic anomaly,25km to south-east)Cormorant is an ‘Eloise’ stylemagnetic linear featureTMI RTP Image
Cormorant: a 10km mineralised magnetic linear 2011 drilling revealed anomalous Cu-Au values over a 10km strike Extensive iron oxide copper-gold prospect with massive and brecciated iron sulphides with pyrrhotite ± chalcopyrite New & novel downholePyrrhotite-rich breccia at 275 m in Cormorant hole MN11D23 geophysics & structural modeling re-interprets the geophysical source bodies as highly discordant to bedding, requiring complete re-orientation of drilling azimuths to intersect the strong basement electrical conductorAlteration zone of pyrrhotite, garnet and amphibole containing A re-oriented diamond anomalous zinc at 328 m in Cormorant hole MN11D23 drill campaign was designed
Cormorant: SW oriented drilling from new EM data New interpretation suggests multiple conductive plate sets lie between and parallel to previous highly anomalous drill holes; eg: • 2011 hole 15B tested the east- dipping plate theory but failed to intersect a conductive source (!) • Downhole electrical surveys recently confirmed a strong conductor immediately adjacent to and west of hole 15B (see graphic) A fence of 3 SW oriented diamond drill holes (PH1, PH2, PH3) is underway across central Cormorant testing for NE orientation of the conductive magnetic linear plates
Cotswold: a classic IOCG target A prominent coincident Mag & gravity anomaly: No late-time EM response Weak early-time EM response coincident with peak of magnetic/gravity anomalies Weakly conductive flat lying target at top of bedrock, at ~60m depth, maybe due to supergene bedrock mineralisation under cover ERNEST HENRY: Only a weak EM conductor present at Ernest Henry due to zone of supergene TMI-RTP image: Gravity contours and ground EM lines enrichmentMagnetic anomaly = 12,500nT, Gravity anomaly = 2.5 mgal, IP anomaly = 5mrads
Cotswold: Magnetic response after Ernest Henry, the 2nd most prominent Magnetic feature in the Cloncurry region
Cotswold: drilling to target Magnetic responseNo evidence available to suggest any previous drilling into the Mag anomaly
Cotswold: drilling to target IP chargeability disseminated Sulphides generating the IP anomaly?
Osborne IOCG Projects Minotaur’s tenements are immediately adjacent to Ivanhoe’s operational Copper Concentrator IVA’s mine camp ‘Kulthor’ mineralised structures appear to extend south into a Minotaur tenement It represents a priority EM target to gauge its potential strike extent into Minotaur’s ground
MEP FactsMetrics as @ 30 June 2012Market Capitalisation @ 14c $14.5 million- Cash in Bank $14 million- Value of Investments in ASX listed explorers $4 million= Enterprise Value of Projects and tenements -$3.5 millionIssued Capital 103.6 million fpo1 Year Price Range $0.12 - $0.26Last Price (13 July 2012) $0.15
The reality disconnectEnterprise Value of Projects and tenements -$3.5 millionWere MEP to sell its whole portfolio of tenements and projects this EV suggests thatMinotaur would have to pay the buyer $3.5 million for the privilege! What has the Market been smoking? I want some.
DisclaimerThis presentation has been prepared by the management of Minotaur Exploration Limited (ASX: MEP) for the general benefit ofanalysts, brokers and investors and does not constitute specific advice to any particular party or persons. Information herein isbased on publicly available information, internally developed data and other sources. Where an opinion, projection or forwardlooking statement is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is anexpression of present opinion only. No warranties or representations are made or implied as to origin, validity, accuracy,completeness, currency or reliability of the information. MEP specifically disclaims and excludes all liability (to the extent permittedby law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connectionwith the information, its accuracy, completeness or by reason of reliance by any person on any of it. Where MEP expresses orimplies 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 projectedoutcomes are subject to risks, uncertainties and other factors which could cause actual results to differ materially from projectedfuture results. Such risks include, but are not limited to, exploration success, metal price volatility, changes to current mineralresource estimates or targets, changes to assumptions for capital and operating costs as well as political and operational risks andgovernment regulatory outcomes. MEP disclaims any obligation to advise any person if it becomes aware of any inaccuracy in oromission from any forecast or to update such forecast.Competent Person’s StatementInformation in the foregoing presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based oninformation compiled by Dr A. P. Belperio, who is a Director and full-time employee of the Company and a Fellow of theAustralasian Institute of Mining and Metallurgy. Dr A. P. Belperio has a minimum of 5 years experience, which is relevant to thestyle of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as a CompetentPerson as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and OreReserves”. Dr A. P. Belperio consents to inclusion in the presentation of matters based on his information in the form and contextin which it appears.