Oar Resources Ltd Market Release dated 16 February 2021
Our attention has been drawn to the report High-Grade Halloysite with Kaolinite Confirmed by Air-Core Drilling Test Work at Gibraltar, SA published on ASX on 16 February 2021 by Oar Resources Ltd (ASX: OAR).
That announcement, in our view, contains erroneous information. Specifically, Appendix 2 - JORC Table 1 section “Sub-sampling techniques and sample preparation” references ‘Andromeda’ and section “Verification of sampling and assaying” references ‘MEP’, that being Minotaur Exploration Ltd’s ASX market code. These inclusions could be construed to mean that Andromeda Metals Ltd (Andromeda) and Minotaur Exploration Ltd (Minotaur) have provided input to the exploration results as published by Oar Resources or contributed to verification of sampling and assaying.
That is not the case and neither Andromeda (ASX: ADN) nor Minotaur (ASX: MEP) have had and do not have any association with Oar Resources or the Gibraltar project.
Andromeda and Minotaur are joint venture participants in the Great White Kaolin JV at Poochera in South Australia.
Minotaur to vend-out Highlands Cu project
Minotaur Exploration announces that a binding Terms Sheet has been signed with private company Larvotto Resources Ltd by which Larvotto will acquire full ownership of the Highlands copper-gold prospective tenements, 50km north-east of Mt Isa, Queensland. Minotaur purchased the ground package in 2018 and carried out ground geophysical surveys and limited drilling. Minotaur now views the asset as being low priority and non-core.
Larvotto intends to include Highlands in an initial public offer on ASX in early 2021. Minotaur has granted Larvotto exclusivity through to end of June 2021 for non-refundable payment of $25,000. Subject to the IPO proceeding by that date Larvotto will pay Minotaur $100,000 cash and issue new IPO shares to the value of $500,000, such shares being escrowed as ASX requires. A 1% NSR will attach to the tenements on transfer to Larvotto. Divestment of the project allows Minotaur to maintain its focus on higher priority assets.
26-Nov-2020: Appointment of Financial Advisor
Minotaur Exploration Limited (ASX: MEP) is pleased to announce appointment of Argonaut as financial advisor to identify and help execute opportunities to maximise Company value, particularly from its share of the high-value Great White Kaolin project and Minotaur’s highly prospective copper and gold portfolio.
Argonaut is a leading specialist natural resources financial advisor with offices in Perth and Hong Kong and significant experience in corporate advisory and capital markets.
Commenting on the appointment of Argonaut, Minotaur’s Managing Director, Andrew Woskett;
“I look forward to working closely with Argonaut as we continue to advance and grow our attractive portfolio of assets including the world class Great White Kaolin Project. Argonaut’s long term relationship with Minotaur, depth of experience and proven capability to deliver innovative value adding financing and advisory outcomes for clients will realise shareholder value for Minotaur.”
For further information please visit www.minotaurexploration.com.au
[I hold MEP shares.]
MEP are one of my preferred base metals and precious metals explorers (mostly base metals in their case), although I do not currently hold any MEP shares. They are on my Strawman.com scorecard however. As well as their 100%-owned projects, MEP are involved in a number of JVs with other companies, including OZ Minerals (OZL) and Andromeda Metals (ADN). For more info on the ADN-MEP collaboration on the research and development of commercial applications for halloysite-kaolin nanotube material from the Poochera project in South Australia - see the following links:
Today's announcement is all about a Queensland gold project that MEP have just bought. If you like the speculative end of the market, there's always something going on with Minotaur (MEP). Just be aware that they never produce anything, they just discover stuff, firm up discoveries, and then sell them, and move on. Their expertise is in finding stuff, not mining stuff. They found Prominent Hill, which became OZL's flagship copper-silver-gold mine. MEP have been at it a long time, and have enyoyed some success. However, don't expect dividends from MEP because they are not producers and never will be. Your gains with MEP, when they come, will be entirely via Capital Gains, and if you check out their graph you will see that there is money to be made in such companies if you buy near their lows and sell out (or trim your position) at much higher levels. I've done this in the past, but I don't consider them to be trading at or near their lows now, so I'm not a current MEP shareholder. In hindsight I did sell out too early, but that's the thing about hindsight...
Last months trading price discrepancy between ADN and MEP is 222% increase for ADN versus 53% for MEP. The market will realises that MEP should actually be the same e price if not higher than ADN as a result of the JV value on the basis of shares on issue