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Mep Portfolio Review 21 September 2010
1. MELBOURNE MINING CLUB, CUTTING EDGE SERIES
21 September 2010
Andrew Woskett, Managing Director
Minotaur Exploration Limited
ACN: 108 483 601
ASX: MEP
1
2. Minotaur is:
MINOTAUR
EXPLORATION
an active Explorer in: where the focus is on:
Nova Scotia, Canada IOCG style Copper-gold, Magnetite iron
Queensland IOCG style Copper-gold
New South Wales Base metals (Pb, Zn)
South Australia IOCG style Copper-gold, Magnetite iron, Kaolin
Victoria VMS style base metals, Gold
www.minotaurexploration.com.au 2
3. Project Pipeline
MINOTAUR
EXPLORATION
PROJECT Location Type Sept Oct Nov Dec
Cobequid Nova Scotia IOCG Geophysics Geophysics Drilling Lab Assays
Target
Bass River Nova Scotia Magnetite Geophysics Drilling Lab Assays
generation
Cloncurry Qld IOCG Geophysics Drilling Drilling Lab Assays
Aphrodite SA IOCG Road access Drilling Lab Assays Interpretation
Border SA Base metals Geophysics Geophysics Drilling Drilling
Target
Mutooroo SA Magnetite Geophysics Drilling Drilling
generation
Product Off Take
Poochera SA Kaolin Marketing Marketing
Speci๏ฌcations discussions
Start CSIRO Regional Regional CSIRO ISL
Tunkillia SA Gold
ISL Study Biogeochem Biogeochem Study ends
Louth NSW Base Metals Drilling Drilling Lab Assays Interpretation
Maldon Vic Gold Option Deed Work Approval Access Drilling
www.minotaurexploration.com.au 3
4. Business Model
MINOTAUR
EXPLORATION
A mul t i -opt i one d a pproa c h t o bui l di ng v a l ue :
Active and diverse exploration e๏ฌort in iron-oxide-copper-gold (IOCG, or Prominent Hill
style), gold, base metals, & iron mineralised systems
Strategic ASX Investments broaden exposure to exploration success
steadily moving advanced Kaolin (China Clay) project towards commercialisation
actively seeking new brown๏ฌelds acquisition opportunities in metals
www.minotaurexploration.com.au 4
5. About Minotaur
MINOTAUR
EXPLORATION
ASX: MEP
Equity: 80.5M shares on issue
Top 5 hold 27.4%: Oz Minerals (9.98%); Newmont (6.61%)
52 week range: 16.5c - 38c
Last Price (20 Sept): $0.36
Market Capitalisation: $29M
Cash (31 August): $3.7M
Listed Investments: $ 6.9M
Enterprise Value: =$18.4M
Exploration Assets valued @: $0.23 per share (as @ 20 September 2010)
www.minotaurexploration.com.au 5
6. Strategic Investments
MINOTAUR
EXPLORATION
Leve ra gi n g gro u n d exp o su re a n d te chnic al sk ills via equit y in:
Mithril Resources (MTH) nickel and copper explorer (16.6%)
Petratherm (PTR) geothermal energy developer (18.35%)
PlatSearch NL (PTS) base metals explorer (4.5%)
Thomson Resources (TMO) applying frontier geology to Thomson Fold
Belt (NSW), expected to list on ASX in October
(Minotaur equity approx 13%)
www.minotaurexploration.com.au 6
7. Exploration focus - Canada
MINOTAUR
EXPLORATION
Significant ground position in Nova Scotia, offering multi-metal
opportunities:
Cobequid: IOCG; geophysics underway on multiple IOCG anomalies,
drill in November
Bass River: Magnetite; proven iron ore province, geophysics underway
along 20km magnetic horizon, drill test in November
www.minotaurexploration.com.au 7
8. Exploration - Nova Scotia
Signi๏ฌcant Regional IOCG and iron play MINOTAUR
EXPLORATION
Tenure along 200km of the fault zone
www.minotaurexploration.com.au 8
10. Exploration - Nova Scotia
IOCG MINOTAUR
EXPLORATION
www.minotaurexploration.com.au 10
11. Exploration - Nova Scotia
IOCG anomalies, examples MINOTAUR
EXPLORATION
NS13West (Haematite) NS13East (Magnetite)
1VD
ย Gravity 1VD
ย Magne*cs
NS13West is a gravity NS13East shows
only anomaly coincident gravity and
(Haematite target) magnetic anomalies
(Magnetite target)
www.minotaurexploration.com.au 11
12. Exploration - Nova Scotia
Bass River Magnetite MINOTAUR
EXPLORATION
Magnetite deposit is:
15km from trans
Canada railway &
highway
50km from Port of
Parrsboro
150km from major
Port of Halifax
in a recognised iron
ore province
www.minotaurexploration.com.au 12
13. Exploration - Nova Scotia
Bass River Magnetite MINOTAUR
EXPLORATION
Magnetite breccia
mineralisation shows
magnetic high intensity
sporadically along
20km of strike
High resolution ground
magnetic survey
underway to guide drill
investigation at 5 high
intensity targets
Lodestone (1988)
produced 1,000t of
magnetite Con at grade
of 83% Fe3O4 from
2,000t of ore
www.minotaurexploration.com.au 13
14. Exploration - Nova Scotia
Bass River Magnetite, Geology MINOTAUR
EXPLORATION
Geology of the Bass
River area showing the
location of magnetite
breccia outcrops
between Bass River and
Economy River relative
to the Cobequid-
Chedabucto Fault Zone
(CCFZ) and the alkaline
Pleasant Hills Pluton of
Carboniferous age.
www.minotaurexploration.com.au 14
15. Exploration - Nova Scotia
Magnetite sampling MINOTAUR
EXPLORATION
The Bass River Magnetite deposit was bulk
sampled as a source of high quality magnetite in
1988. The presence of Co-rich pyrite was
recognised. The deposit averages 500ppm Co
while the pyrite concentrate averages 0.9% Cobalt
(Co metal is ~US$42,000 per tonne).
The magnetite mineralisation has an obvious
structural control and is localised essentially along
the trace of the Cobequid Fault, a major suture of
the Cobequid-Chedabucto Fault Zone.
Fragments of Carboniferous age Pleasant Hills
Pluton are present in the brecciated magnetite
mineralisation. In addition, veinlets of pinkish
granite and/or K-feldspar are also present,
suggesting the granite and magnetite formed
contemporaneously.
www.minotaurexploration.com.au 15
16. Exploration focus - Australia
MINOTAUR
EXPLORATION
Project diversity, well funded, spending $7 million through 2010:
Cloncurry (Qld): geophysics underway on multiple IOCG targets
Aphrodite (SA): Major IOCG target 35km SE of Olympic Dam.
Ready to drill to 900m depth in October. Shows very distinct
similarities to the nearby โCarrapateenaโ gravity anomaly
Border (SA): base metals, AEM & EM complete, drill in November
Mutooroo (SA): Braemar sedimentary hosted magnetite Fe deposit.
Exploration target size to be assessed by end 2010 from Heli-EM
and drilling
Poochera (SA): Highest quality kaolin resource. +50 year life.
Planning new operation from end 2012, ramping from
50,000 tpa @ start up to +100,000 tpa (assumes 2 x wet
processing modules)
www.minotaurexploration.com.au 16
17. Exploration - Cloncurry
MINOTAUR
EXPLORATION
Australiaโs most productive
copper belt, but
surface deposits are depleted
vast areas under cover (obscured)
and are under-explored
geophysics โsees throughโ the cover
to locate potentially mineralised
targets (anomalies)
looking for Ernest Henry style
orebodies
multiple IOCG targets over 546 km2
Ernest Henry
30km N of Ernst Henry IOCG mine
JV with Japan Oil Gas & Metals Corp
JOGMEC earning 51%
Cloncurry
JOGMEC funding $4M over 3 years
www.minotaurexploration.com.au 17
19. Exploration - Cloncurry
MINOTAUR
EXPLORATION
Woolshed Flat:
entirely new IOCG target
coincident magnetics, gravity with
positive ground TEM anomalies on
prominent NW trending fault
www.minotaurexploration.com.au 19
20. Exploration - Cloncurry
MINOTAUR
EXPLORATION
Gypsy Plains:
coincident magnetic high &
gravity anomaly, adjacent a
major EM conductive linear
feature (dashed line)
in-๏ฌlling gravity sections
hole NRRCD-08 intersected
massive magnetite with
pyrite-chalcopyrite from130m
- 360m downhole
hole NJVD12 on structure,
intersected elevated Cu and
high Fe; gravity being acquired
www.minotaurexploration.com.au 20
21. Exploration - Cloncurry
MINOTAUR
EXPLORATION
Cormorant:
new geophysics shows
that previous
explorers appear to
have drilled parallel
to the conductive
structure (red line)
exceptionally strong
EM conductor to be
tested by new drill hole
in November
new drill trace, oriented to intersect conductive plate
www.minotaurexploration.com.au 21
22. Exploration - Louth base metals project
MINOTAUR
EXPLORATION
JV with JOGMEC (earning 51%)
Cobar Supergroup rocks host Pb, Zn,
Ag, Au, Cu mineralisation (Endeavour,
CSA & Peak mines)
discrete conductive anomalies
derived from VTEM and ground EM
surveys in 2009
Targets under 100m of sedimentary
cover
now drilling 3 targets into basement,
450-550m hole depths
JV budget is $400k in 2010
www.minotaurexploration.com.au 22
23. Exploration - Aphrodite IOCG target
MINOTAUR
EXPLORATION
Aphrodite; a major new
IOCG gravity anomaly 35km
SE of Olympic Dam
MEP 100%
O๏ฌset Gravity/Magnetic
anomalism bounded by
regional lineaments
2009 discovery hole drilled
to 800m below surface
distinctive Olympic Dam
style peripheral
mineralisation in core;
indicates close proximity to Aphrodite
signi๏ฌcant hydrothermal
system
www.minotaurexploration.com.au 23
24. Exploration - Aphrodite IOCG target
MINOTAUR
EXPLORATION
Carrapateena pipes
Hole 2: 355m @ 1.25% Cu, 0.5 g/t Au
Hole 50: 905m @ 2.0% Cu, 1.0 g/t Au
a Carrapateena look-alike
Carrapateena-style hematite rich
breccia system intersected 670m
below surface
core showed pervasive sericite
alteration with hematite & chalcopyrite,
suggesting proximity to major
hydrothermal mineralisation event
new geophysics re๏ฌned the centre of
anomaly > new drill site located 600m S
In October, will start new diamond hole
down the anomaly to 900m depth
www.minotaurexploration.com.au 24
25. Exploration - Aphrodite IOCG target
MINOTAUR
EXPLORATION
0 1 2 3
km
Carrapateena gravity anomaly, superimposed at same scale
www.minotaurexploration.com.au 25
26. Exploration - Border Base metals
MINOTAUR
EXPLORATION
multiple Pb/Zn targets
40km W of Broken Hill
JV with Sumitomo (MEP 40.9%)
ground geophysics
underway
drill selected targets Nov-Dec
$700k budget in 2010
www.minotaurexploration.com.au 26
27. Exploration - Mutooroo Fe
MINOTAUR
EXPLORATION
90km SW of Broken Hill
35km from E-W rail line
Heavy duty rail link 300km to
Port Pirie
JV with Sumitomo (MEP 40.9%)
initial drill intersections show
200m thick magnetite
mineralised beds
3,500 line km of heli borne EM
done to de๏ฌne magnetic
sedimentary horizons
drill targets through October -
November
$500k budget in 2010
www.minotaurexploration.com.au 27
28. Exploration - Mutooroo Fe
MINOTAUR
EXPLORATION
2 RC holes drilled to 200m.
Program for H2 2010:
โ low level Heli-Mag data
acquisition - completed in
August
โ 10 x RC & Diamond
holes planned along
40km strike extent of
magnetised beds
โ Bene๏ฌciation testing
โ estimate size of
Exploration Target
โ Scoping Study
www.minotaurexploration.com.au 28
30. Exploration - Mutooroo Fe
3D ground Magnetic Intensity shells MINOTAUR
EXPLORATION
08RCMUT-ยญโ02 08RCMUT-ยญโ01
MUT02: 114m 20% DTR Fe with DTRC grade of 69.7% Fe
www.minotaurexploration.com.au 30
31. Exploration - Tunkillia gold project
MINOTAUR
EXPLORATION
MEP 54.75% (Helix Resources 45.25%)
803,000 oz JORC resource established
multiple targets within 5km radius
tested 4 targets in June (RC; 1650m)
validated biogeochem method (gold in
plants) as a viable exploration tool
refer ASX release dated 30 June 2010
80km extents of Yarlbrinda shear zone
remain untested
www.minotaurexploration.com.au 31
32. Commercialisation - Poochera Kaolin
MINOTAUR
EXPLORATION
Granite decomposes to granitic kaolin through tropical weathering
!
Finished product size is 92% passing 2 microns.
World consumption of highest quality โChina
Clayโ exceeds 10 million tonnes per year.
Used in plastics, paints, paper coatings, tyres
www.minotaurexploration.com.au 32
33. Commercialisation - Poochera Kaolin
MINOTAUR
EXPLORATION
MEP 100%
20Mt Inferred Kaolin resource
5m - 50m below surface
92% < 2u hydrous kaolin product
world class โUltra whiteโ & โUltra brightโ
hydrous kaolin qualities; ISO Re๏ฌectance:
R457 = 90.7
pilot plant producing world class
calcining feedstock; R457 = 92.4
potential for +100kt pa operation for
>50 years
100km from Port Thevenard, SA
marketing exposure from October,
leading to preliminary O๏ฌtake discussions
leads into 2011 Pre-feasibility study
www.minotaurexploration.com.au 33
34. and to conclude......Minotaur has:
MINOTAUR
EXPLORATION
a divers e portfolio with plenty of zing
www.minotaurexploration.com.au 34