Infill EM survey underway at Eloise JV, Cloncurry

Minotaur Exploration Ltd (ASX: MEP, ‘Minotaur’) reports that an infill electromagnetic (‘EM’) survey is underway at the Eloise JV, 55km southeast of Cloncurry, NW Queensland (Figure 1).

The EM survey covers conductive anomalies at ‘Jericho’, ‘Arlington’, ‘Defiance’, ‘Yukon’ and ‘St Louis’, all identified in 2017 along 10km of the Levuka Shear zone1. First-pass drilling at Jericho intersected strong copper-gold mineralisation in two EM plates, including 27m @ 2.42% Cu and 0.71g/t Au in hole EL17D062
(J2 conductor) and 46m @ 0.74% Cu and 0.17g/t Au in hole EL17D093 (J1 conductor).

Data Intensity to aid Drilling

The 2017 survey was arranged at 800m-spaced E-W lines with stations typically spaced at 100m intervals,
which is relatively coarse. The new survey, at 400m-spaced lines with 50m station spacing, generates
higher data density, providing better definition of the known conductors for input to the upcoming
drilling. Additionally, the new data may locate new conductors. This was the case for a single infill line over
the centre of Jericho in the 2017 survey that revealed the J2 conductor – not obvious in the original, wider
spaced data.

A total of 35 line kilometres of EM data is being acquired on 23 lines; the survey will be complete by the
end of April. Drilling at Jericho is expected to commence early April, by which time sufficient new data
points will be available to assist the early phase of the drill program. Drilling at Arlington, Defiance, Yukon
and St Louis will follow Jericho.

1 MEP report to ASX 24 August 2017, EM survey reveals compelling drill targets for Eloise JV, Cloncurry 2 MEP report to ASX 03 November 2017, High grade copper-gold discovery confirmed at ‘Jericho’, Eloise JV, Cloncurry 3 MEP report to ASX 11 December 2017, Assays confirm wide copper-gold intersections at ‘Jericho’, Eloise JV, Cloncurry.

Project Background

The Eloise project, 55km south-east of Cloncurry, is a joint venture (‘Eloise JV’) between Minotaur and OZ
Minerals Ltd (ASX: OZL). OZ Minerals, having completed its A$5M Stage 1 earn-in, now has 51% beneficial
interest in the tenements. Work currently underway forms part of the Stage 2 earn-in where OZ Minerals
may earn an additional 19% equity by spending an additional A$5M.

The Eloise JV is seeking Eloise-style copper-gold and Cannington-style silver-lead-zinc mineralisation, with
both styles evident in the well-endowed mineral camp around the Eloise, Altia and Maronan deposits
(refer to Figure 1).