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Minotaur secures 80% option on Windsor base metals project in Queensland

Minotaur Exploration Ltd. said Oct. 15 that it signed a joint venture agreement with a private entity to develop the Windsor project in Queensland, Australia.

Windsor comprises seven tenements across 629 square kilometers and is prospective for volcanogenic massive sulfide-style zinc-lead-silver-copper-gold mineralization.

Minotaur stands to earn up to an 80% interest in the property by spending A$4 million on exploration in stages within five years of signing. It also has the option to bring in a funding backstop partner.

The company will serve as manager and operator of the joint venture. Initial exploration activities will include ground geophysical surveys, followed by drill testing. A first-round drill program should be complete by June 2019.

Once the earn-in period concludes, the joint venture partners must contribute in proportion to their respective interests, or dilute.

ASX-listed Minotaur has exploration tenements in South Australia, New South Wales, Victoria, Queensland and Western Australia.