Minotaur Exploration has explored for IOCG, ISCG, and BHT mineralization styles in several regions including the Gawler Craton, Cloncurry district, and Curnamona Craton. Experience in Cloncurry led to the recognition that different deposit styles require tailored exploration tools, including the use of electromagnetic surveys to identify pyrrhotite-rich ISCG deposits. Minotaur has applied these lessons at projects in the Southern Gawler Volcanics and Curnamona Craton, utilizing airborne and ground electromagnetic techniques to generate targets beneath cover. Current work focuses on follow-up of electromagnetic anomalies at the Border Project in the Curnamona Craton

1. 1
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

2. 2
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

3. 3
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

4. 4
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

5. 5
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

6. 6
IOCG and ISCG Districts - Cloncurry
1 0 1 Kilometers
470000
470000
475000
475000
7765000
7765000
7770000
7770000
7775000
7775000
Cormorant Prospect
Gypsy Plains Prospect
425000
425000
450000
450000
475000
475000
7725000775000077750007800000
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

7. 7
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

8. 8
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

9. 9
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

10. 10
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

11. 11
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
Elois
e
Artemi
s
IOCG – ISCG Districts - Cloncurry

12. 12
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.

13. 13
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

14. 14
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

15. 15
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

16. 16
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

17. 17
Example VTEM bedrock conductivity target MD026
Base of GRV
Target MD026 VTEM Profile and inversion
MEP Southern GRV Margin: 2006 - 2014
Ground EM Profile

18. 18
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

19. 19
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

20. 20
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

21. 21
Example - White Roo Prospect
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Conductive Body.
(Pyrrhotite-Chalcopyrite)
Magnetic Body
(Magnetite in Mafic Gneiss)
4m @ 0.105% Cu, 90ppm Co
4m @ 0.425% Zn
8m @ 1825ppm Zn
06RCMIN05
06RCMIN04
06RCMIN08
4m @ 0.196% Cu, 130ppm Co
Conductive Body.
(Pyrrhotite-Chalcopyrite)
Conductive Body.
(Pyrrhotite)
Conductive Body.
(Offhole, Not yet tested)
4m @ 255ppm Mo, 550ppm As
06RCMIN03
Projectedfrom
Line499250E
White Roo Prospect
Section 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

22. 22
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

23. 23
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

24. 24
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.

25. 25
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

26. 26
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

27. 27
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.

28. 28
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.

29. 29
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