Minotaur Exploration has raised more than $2 million towards projects including its new Pyramid gold asset in North Queensland.

It had targeted $1 million in a share purchase plan that closed last week, but received applications of $3.4 million.

The company said it acknowledged the strong expression of support by electing to increase the SPP size to $2.1 million.

“This is a very gratifying result, replicating the recent over-subscribed placement and signifying shareholders’ confidence in the company and its suite of projects,” chairman Dr Roger Higgins said.

“Minotaur will work to invigorate its wholly owned portfolio and the board looks forward to realising their potential.”

At September 23 Minotaur’s cash position was $8.2 million and the company said it was well-positioned to activate field work at the Pyramid gold project next month and consider other growth options.

Minotaur signed a binding terms sheet in August to acquire the Pyramid tenement package, 180km south of Townsville, from Avira Resources. (See map below)

Ground geophysics programs are also slated to commence at the Warrawee prospect south of Charters Towers and the Breena Plains JV area in the Cloncurry region in October 2020.