Annual technical report of exploration activities on EL 27733 Coolibah Bore for the year ending 8 July 2011

Abstract

EL 27733 is located approximately 250km northeast of Alice Springs. The EL is accessed via the Plenty Highway, which intersects the Stuart Highway approximately 65km north of Alice Springs. The tenement covers the Jervois and Tarlton Downs pastoral leases whose private tracks allow for limited access to some but not all scattered outcrop. Targeted mineralisation styles include Broken Hill style Pb, Zn, Ag & Au mineralisation hosted within the Palaeoproterozoic Strangways metamorphic complex, and IOCG style mineralisation associated with magnetic/gravity anomalies. Historical untested AEM anomalies within EL 27733 also remain a central to Minotaur's exploration strategy. Previous exploration has focused on the discovery of similar style mineralisation as the Jervois Copper deposit which sits 13 kilometres North West of EL 27733. There is also recognized potential for vanadium magnetite mineralisation within the Attutra metagabbro which outcrops immediately north of the Coolibah Bore tenement. Work for this year was delayed as it took considerable time for the Aboriginal Areas Protection Authority to process an Authority Certificate. Delays were attributed to an extremely wet summer, which created a backlog of requests that were then hampered by custodian's ceremonial commitments. Once verbal reassurance was given by an AAPA representative that light, non ground-disturbing work within the EL was permissible, Minotaur Exploration completed a reconnaissance trip and ground magnetic survey before the end of the first reporting period. The ground magnetic survey of the Coolibah bore magnetic/gravity anomaly successfully revealed a sinuous series of magnetic crests trending approximately north-south. The magnitude of the anomaly peaks at 3000nT which coincides with a regional gravity high. A reconnaissance trip involved rock chip/stream sediment sampling. Some samples yielded moderately elevated elemental chemistry. Ground EM surveys of historical AEM targets and the Coolibah Bore grav/mag anomaly are to be conducted in the next reporting period.