Minotaur Demonstration Slides


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Minotaur Demonstration Slides

  1. 1. ANNUAL GENERAL MEETING 22 November 2010Monday, 22 November 2010
  2. 2. ANNUAL GENERAL MEETING 22 November 2010 Andrew Woskett, Managing Director Minotaur Exploration Limited ACN: 108 483 601 ASX: MEPMonday, 22 November 2010
  3. 3. Background MINOTAUR EXPLORATION I joined Minotaur on 1 March 2010 and I am delighted to be part of such a great team I am an engineer with 30 years multi-disciplinary, mining industry experience & in technology plus a Masters in Commercial Law, Fellow of AusIMM I have been directly responsible for creating numerous large, new gold & copper processing operations, such as: Bougainville Copper concentrator & mine area infrastructure Kalgoorlie Super Pit, Fimiston plant & Gidgee fluidised bed Roaster Kanowna Belle Marymia, Granny Smith mods Ballarat Goldfields Iv’e managed studies for a range of new projects in gold, silica, coal, iron ore, copper and coal-to-liquid fuels, such as: Cockatoo Island - restructured the high grade {64% Fe} iron ore fines operation, defined new mineable reserves and extended the life of mine by several years, saving it from closure Olympic Dam - planned the new open pit operation & organisation (for WMR) Pilbara Iron - planned the Hamersley iron expansion to 230Mtpa Extension Hill - PFS for a 5Mtpa hematite/magnetite plant and open pit mine Eneabba Coal - PFS for a 500ktpa DRI pig iron nugget plant & open pit mine www.minotaurexploration.com.auMonday, 22 November 2010
  4. 4. today’s Agenda: MINOTAUR EXPLORATION www.minotaurexploration.com.auMonday, 22 November 2010
  5. 5. today’s Agenda: MINOTAUR EXPLORATION 1. About Minotaur today; facts & figures 2. Minotaur’s achievements through 2010 3. Minotaur’s aims for the end of 2011 4. Minotaur’s aims for the end of 2012 5. Cloncurry IOCG exploration 6. Mutooroo Fe exploration and a regional perspective 7. Poochera Kaolin; the pathway to commercialisation 8. usual Disclaimer 9. Q&A www.minotaurexploration.com.auMonday, 22 November 2010
  6. 6. About Minotaur MINOTAUR EXPLORATION Equity: 92.7M shares on issue Top 5 hold 23.7%: Oz Minerals (8.67%); Newmont (5.74%) 52 week range: 16.5c - 38c Last Price (as @ 19 Nov): $0.245 Market Capitalisation: $22.7M Cash (31 Oct): $6.2M Listed Investments: $7.5M Enterprise Value: =$9.0M (the disturbingly low value that the market ascribes to our real assets) Exploration Assets valued @: $0.097 per share (as @ 19 November 2010) www.minotaurexploration.com.auMonday, 22 November 2010
  7. 7. Minotaur’s priorities through 2010: MINOTAUR EXPLORATION www.minotaurexploration.com.auMonday, 22 November 2010
  8. 8. Minotaur’s priorities through 2010: MINOTAUR EXPLORATION exploration mainly in: Queensland New South Wales South Australia and Victoria www.minotaurexploration.com.auMonday, 22 November 2010
  9. 9. Minotaur’s priorities through 2010: MINOTAUR EXPLORATION exploration mainly in: where the focus has been on: Queensland defining and drilling new IOCG Copper-gold targets New South Wales defining and drilling new Base metals (Pb, Zn) targets South Australia investigating IOCG style (Cu-Au), Magnetite, Kaolin, and and Gold prospects Victoria acquiring new VMS style base metal targets & Gold www.minotaurexploration.com.auMonday, 22 November 2010
  10. 10. Minotaur ‘s achievements in 2010: MINOTAUR EXPLORATION www.minotaurexploration.com.auMonday, 22 November 2010
  11. 11. Minotaur ‘s achievements in 2010: MINOTAUR EXPLORATION Project diversity, well funded by JV’s, investing $7 million through 2010: Cloncurry (Qld): geophysics completed on multiple IOCG targets, first drillhole successfully completed, but program now hampered by early onset of ‘wet‘ season Aphrodite (SA): IOCG target 35km SE of Olympic Dam. Access approvals gained. Drilled to 829m depth in October. The gravity anomaly was tested but not explained by core. New downhole geophysical methods needed to assess and understand the anomaly Border (SA): AEM & EM surveys completed on base metals targets, drill in 2011 Mutooroo (SA): High quality sedimentary hosted magnetite deposit discovered. Drilling delayed by wet, to re-commence in January 2011 Poochera (SA): Highest quality, ‘world class’ kaolin resource characterised. Planning for a new mine operation from end 2012; +50 year life. Production to ramp from 50,000 tpa @ start up to +100,000 tpa (assumes 2 x wet processing modules) Victoria: Successfully tendered for new VMS tenure; Option taken on exploration & acquisition of 2 historic gold fields, drilling started www.minotaurexploration.com.auMonday, 22 November 2010
  12. 12. Minotaur’s vision for end 2011: MINOTAUR EXPLORATION www.minotaurexploration.com.auMonday, 22 November 2010
  13. 13. Minotaur’s vision for end 2011: MINOTAUR EXPLORATION Project outcomes: Cloncurry: drill testing done on multiple IOCG anomalies for new mineral deposits Mutooroo: have completed a Scoping Study of 1 billion tonne Magnetite target with possible mineralisation upside to 3 billion tonnes. An initial JORC Inferred resource reported. A case made to JV to proceed to PFS from March 2012 Poochera: have completed PFS & DFS studies into Kaolin commercialisation. Offtake agreements in place, ready to make an Investment decision to proceed to design, construction and commissioning in 2012 Victoria: have delineated and drilled VMS style base metals targets. Identified Gold resource and potential production prospects www.minotaurexploration.com.auMonday, 22 November 2010
  14. 14. Minotaur’s vision for end 2012: MINOTAUR EXPLORATION www.minotaurexploration.com.auMonday, 22 November 2010
  15. 15. Minotaur’s vision for end 2012: MINOTAUR EXPLORATION Project outcomes: Cloncurry: intensive drilling completed on several new IOCG mineral deposits Mutooroo: PFS completed. A case made to JV for progression of a $50M BFS, from March 2013, into a 40Mtpa magnetite mining & processing operation Poochera: design, construction & commissioning complete; readying for first commercial production early in 2013 Victoria: VMS base metals targets advanced to new discovery stage. Gold resources advanced to production proposition www.minotaurexploration.com.auMonday, 22 November 2010
  16. 16. Cloncurry IOCG MINOTAUR EXPLORATION Australia’s most productive copper belt, but surface deposits are depleted vast areas are under cover (obscured) and are under-explored geophysics “sees through” the cover to locate potentially mineralised targets (anomalies) looking for ‘Ernest Henry’ style iron oxide, copper-gold (IOCG) 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.auMonday, 22 November 2010
  17. 17. Cloncurry IOCG MINOTAUR EXPLORATION ground geophysics completed geophysical anomalies selected for drilling aka Eloise, Osborne, Ernest Henry drilling to resume in 2011, after Wet season Drill Targets at: Gypsy Plains, drilled 12 Nov to 401.5m target depth, core being transported to Adelaide for full technical assessment Cormorant Cotswold Woolshed Flat www.minotaurexploration.com.auMonday, 22 November 2010
  18. 18. Cloncurry MINOTAUR EXPLORATION Cloncurry River flows (Saturday 13 November) as a result of first rains overnight www.minotaurexploration.com.auMonday, 22 November 2010
  19. 19. Mutooroo Fe MINOTAUR EXPLORATION a major new magnetite deposit JV: Minotaur 40.1%, Sumitomo 59.9% Australia’s next big iron province? 90km SW of Broken Hill 35km from E-W rail line Heavy duty rail link 300km to Port Pirie a case could well arise for regional consolidation of new infrastructure to deliver multi-user Processing, Rail, Port, Power, Water supply facilities etc, supporting all magnetite mines in the area www.minotaurexploration.com.auMonday, 22 November 2010
  20. 20. Mutooroo Fe MINOTAUR EXPLORATION 2 RC holes drilled to 200m thick magnetite beds intersected under thin cover consistently high quality (~69%) magnetite concentrates made from composited drill chips low level Heli-Mag data reveals extensive regional arrangement of magnetised siltstone bedsWork Plan (rain delayed):★ 8 x RC & Diamond holes planned along 40km strike extent of highly magnetised sedimentary beds★ Concentrate quality testing★ to estimate size of the potential Exploration Target(s); aiming for ~3b tonnes The  term  "Explora/on  Target"  should  not  be  misconstrued  as  an  es/mate  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  explora/on  will  result  in  the   www.minotaurexploration.com.au determina/on  of  a  Mineral  Resource.  Refer  Cl  18  of  the  JORC  Code  (2004).Monday, 22 November 2010
  21. 21. Mutooroo Fe MINOTAUR EXPLORATION 08RCMUT-­‐02 08RCMUT-­‐01 www.minotaurexploration.com.auMonday, 22 November 2010
  22. 22. Mutooroo Fe MINOTAUR EXPLORATION Magnetite Pellet Fines - Quality Criteria08RCMUT-­‐01 08RCMUT-­‐02 BF Pellet MUT01/02 Species fines grade Comment Result (target %) DTRC % Fe >60.0 69.3 pure magnetite is 72.4% Fe (maximum grade achievable) FeO >25 ~26.4 calculated by differences SiO2<5% preferred for Blast Furnace (‘BF’) feed. SiO2 <5.5 3.57 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 0.01 P<0.08% preferred as P reports to pig iron smelt S <0.010 <0.01 S contributes to acid rain (SO2) gases in BF exhaust DTRC: Davis Tube Recovery Concentrate Mutooroo DTRC grade, to date, ticks all the boxes BF: Blast Furnace; a steel making furnace www.minotaurexploration.com.auMonday, 22 November 2010
  23. 23. Mutooroo Fe MINOTAUR EXPLORATIONA Regional Vision: Australia’s next big iron province? several aspiring developers side-by-side 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 6 autogenous grinding mills @ 28MW each one 25Mtpa Super Plant and assoc infrastructure at ~$6b, saving ~$5b overall, with scale to include a Pellet Plant (producing a value added product) equal to CITIC’s $5.5b for 28Mtpa huge magnetite project at Cape Preston, WA (see photos) 450MW Power station, combined cycle, gas fired www.minotaurexploration.com.au (photos sourced from http://www.citicpacificmining.com/resources/news)Monday, 22 November 2010
  24. 24. Poochera Kaolin MINOTAUR EXPLORATION Granite decomposes to granitic kaolin through tropical weathering ! Finished product size is 92% passing 2 microns (or 2 thousandths of one millimetre). World trade of highest quality ‘China Clay’ exceeds 10 million tonnes per year. Used in plastics, paints, paper coatings, tyres, www.minotaurexploration.com.au pharmaceuticals, ceramicsMonday, 22 November 2010
  25. 25. Poochera Kaolin, ‘world class’ MINOTAUR EXPLORATION MEP 100% Poochera kaolin ticks all the quality boxes 20Mt Inferred Kaolin resource 5m - 30m below surface, soft digging 92% < 2um hydrous kaolin product world class ‘Ultra white’ & ‘Ultra bright’ hydrous kaolin qualities; Reflectance (ISO): R457 = 90.7 pilot plant producing world class calcined product: R457 = 92.4 potential for new operation producing +100kt pa for over 50 years * * 100km from Port Thevenard, SA marketing exposure expected to lead to preliminary Offtake discussions Note: * elevated Alumina level is beneficial Pre-feasibility study in H1 of 2011 www.minotaurexploration.com.auMonday, 22 November 2010
  26. 26. so, to conclude......Minotaur has: MINOTAUR EXPLORATION a divers ified portfolio with real growth as s ets www.minotaurexploration.com.auMonday, 22 November 2010
  27. 27. Disclaimer and Competent Person’s Statement MINOTAUR EXPLORATION This  presenta/on  has  been  prepared  by   the  management  of  Minotaur  Explora/on  Limited  (ASX:  MEP)  for  the  general  benefit  of  analysts,  brokers   and   investors   and   does   not   cons/tute   specific   advice   to   any   par/cular   party   or   persons.   Informa/on   herein   is   based   on   publicly   available   informa/on,   internally   developed   data   and   other   sources.   Where   an   opinion,   projec/on   or   forward   looking   statement   is   expressed   in   this   presenta/on,   it   is   based   on   the  assump/ons   and   limita/ons   men/oned   herein   and   is   an   expression   of  present   opinion   only.  No   warran/es   or   representa/ons   are   made  or   implied   as   to   origin,   validity,   accuracy,   completeness,   currency   or   reliability   of   the   informa/on.   MEP   specifically   disclaims  and  excludes   all  liability  (to  the  extent  permiVed  by  law)  for  losses,  claims,  damages,  demands,   costs  and  expenses  of  whatever  nature   arising  in   any  way  out  of  or   in  connec/on  with   the  informa/on,  its  accuracy,  completeness  or   by  reason   of  reliance   by   any  person   on  any  of  it.   Where  MEP   expresses   or   implies   an   expecta/on   or   belief   as   to   the   success   of   future  explora/on   and   the   economic   viability   of   future   project   evalua/ons,   such   expecta/on  or  belief   is  expressed  in  good  faith  and  is   believed  to  have  a  reasonable   basis.  However,  such   projected  outcomes   are  subject  to  risks,  uncertain/es  and  other   factors  which  could  cause  actual  results  to  differ  materially  from  projected  future  results.  Such   risks   include,   but   are  not   limited   to,   explora/on  success,   metal  price  vola/lity,   changes  to   current   mineral  resource  es/mates  or   targets,  changes   to   assump/ons   for   capital   and  opera/ng  costs   as  well   as   poli/cal  and   opera/onal  risks  and  government   regulatory  outcomes.  MEP   disclaims   any   obliga/on  to  advise  any  person  if  it  becomes  aware  of  any  inaccuracy  in  or  omission  from  any  forecast  or  to  update  such  forecast. Information in the foregoing presentation that relates to Exploration Results, Mineral Resources or Ore Reserves 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 Australasian Institute of Mining and Metallurgy. Dr A. P. Belperio has a minimum of 5 years experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr A. P. Belperio consents to inclusion in the presentation of matters based on his information in the form and context in which it appears. www.minotaurexploration.com.auMonday, 22 November 2010
  28. 28. and if imitation is the highes t form of flattery.... MINOTAUR EXPLORATION www.minotaurexploration.com.auMonday, 22 November 2010
  29. 29. ANNUAL GENERAL MEETING 22 November 2010 Questions please............then a cup of tea. Minotaur Exploration Limited ACN: 108 483 601 ASX: MEPMonday, 22 November 2010