North west prospect faces delays

Posted March 6, 2015

Field work has been suspended on a north west exploration project as one half of the joint venture partnership reports financial delays.

The Eloise Copper JV near Cloncurry is managed and operated by Minotaur Exploration, on behalf of joint venture partner Golden Fields Resources GFR who, upon expenditure of $6m, may earn 50 per cent beneficial joint venture interest in the tenements.

GFR recently advised Minotaur that it was experiencing delays in receipt of funds with which to finance its contribution to the current work program.

While GFR has said delays are only temporary, Minotaur has served a Notice of Default on GFR.

“Given the volume of drill information now accumulated at Artemis the Company has elected to temporarily suspend the field work plan, allowing GFR a window in which to resume their funding contributions,” Minotaur said in a statement.

“Minotaur and GFR are working collaboratively to help resolve the current hurdle.

“In the outside case that GFR is unable to resume its funding obligations Minotaur’s project ownership level will progressively increase as GFR’s decreases through dilution. Minotaur’s decision to suspend field work in the interim provides space to evaluate the geological basis of Artemis and better plan work on similar geophysical targets in the vicinity and specifically notes that GFR’s funding hiatus bears no relationship to the progress of work or the results therefrom.”

Meanwhile,  five diamond drill holes have been successfully completed at the copper-gold-silver-zinc prospect.

Core from the holes is now being prepared for laboratory analysis.

 

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