HIGHLIGHTS
CORPORATE
- $7.25 million cash on hand at 31 December 2013.
- Off-market, all-scrip Takeover Offer for Breakaway Resources Ltd
(ASX:BRW) closed with Minotaur having acquired over 91% of Breakaway shares.
- Minotaur moved to compulsorily acquire the outstanding Breakaway shares and ASX removed BRW from the Official List.
PROJECT DEVELOPMENT
- The Carey’s Well kaolin project is being prepared for Cornerstone investment attraction preparatory to a possible public offer proposal.
EXPLORATION
- IP survey completed at the Arthurville JV project; two priority targets identified and ready for drill testing.
- Diamond drilling on the JOGMEC JV tested four geophysical targets. Four holes totaling 1,697m were completed at Woolshed Waterhole where copper was anomalous over the basement interval of 265m and at the Cotswold and Cormorant South targets where no significant results were returned.
- Four diamond holes drilled on several Osborne IOCG targets confirmed the presence of widespread copper mineralisation. Two new tenements were granted; one includes the prospective ‘Cassowary’ IOCG magnetic anomaly.
- Work commenced on the Eloise Copper JV project with an airborne EM survey (VTEM).
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