announcement

Drilling results at Gypsy Plains IOCG target, Cloncurry
HIGHLIGHTS
 Drilling at the Gypsy Plains IOCG target has revealed an extensive sulphide-rich hydrothermal system with abundant veins and breccia zones rich in pyrrhotite and associated copper-gold mineralisation. Best mineralised intersections recorded in hole MNDDH016 are 12 m @ 0.33% copper (346?358 m downhole) and 4 m @ 2.15% zinc (200?204 m).
 Identified basement conductors extend along strike for approximately 10 kilometres and further drilling will commence immediately after the current wet season.
BACKGROUND
Minotaur Exploration Limited (?Minotaur‟ ASX: MEP) is manager for a Joint Venture with Japan Oil, Gas and Metals National Corporation (JOGMEC) which commenced in February 2010 for iron oxide copper-gold (IOCG)-style mineralisation in the Cloncurry area of northwest Queensland. The Cloncurry Joint Venture covers 546 km2 incorporating 14 tenements located north of Cloncurry and 30 kilometres north of Ernest Henry Mine in a region where pervasive Mesozoic sediments, approximately 100?150 metres thick, have hindered past exploration.
During 2010 exploration activities on EPM 8608 included a number of geophysical surveys, comprising gravity, magnetics and ground electrical geophysics that generated significant new targets at Gypsy Plains, Cormorant and Cormorant North (Figure 1). A four hole drilling program (total 1,700 metres) was planned to appraise the nature and mineralisation potential of these geophysical anomalies.
GYPSY PLAINS TARGET
At the Gypsy Plains target, a single angled-hole (MNDDH016) intersected widespread alteration, pyrrhotite- and pyrite-bearing veins and pyrrhotite-rich breccias from top of bedrock at 130 metres (downhole depth) to end of hole at 401 metres (Figures 2?3). Pyrrhotite is the dominant sulphide species, with lesser pyrite and sporadic chalcopyrite. The best mineralised intersections, based on 2-metre sampling intervals, are 12 m @ 0.33% copper (346?358 m) and 4 m @ 2.15% zinc (200?204 m). No significant gold or cobalt assays were recorded. The dominance of iron sulphide (pyrrhotite, pyrite) over iron oxide (magnetite, haematite) is a characteristic feature of the Eloise copper mine south east of Cloncurry.
The results from MNDDH016 are significant and encouraging, suggesting the presence of a major, well-developed hydrothermal system. Assessment is continuing to ascertain if a more copper-rich portion is present within the hydrothermal system that apparently extends for over 10 kilometres to Cormorant and Cormorant North as per the ?Eloise-style? mineralisation model.
MINOTAUR EXPLORATION LTD
Minotaur Exploration Limited, MEP
ASX Release 20 January 2011
Page 2 of 3
CORMORANT AND CORMORANT NORTH TARGETS
The more than 10 kilometres northward extension of intense iron sulphide alteration under cover, expressed as a subtle linear magnetic anomaly in Figure 1, provides a major exploration target on this tenement. Further targets at Cormorant and Cormorant North, developed from a combination of magnetic, gravity and electrical geophysical data, await drill testing. This is expected to occur as soon as the current intense wet season activity ameliorates, possibly in April. Further targets are being developed in the interim.
Table 1. Drillhole Data
Target
Drillhole
Easting
Northing
Dip
Azimuth
Total Depth (m)
Gypsy Plains
MNDDH016
475914
7768526
65
240
401
Cormorant
MNDDH015
472670
7773150
65
225
Planned
Cormorant North
MNDDH014
471950
7774850
65
240
Planned
Cormorant North
MNDDH018
472177
7774158
65
240
Planned