Tag: Pyramid

Minotaur Exploration has completed its due diligence and will proceed to acquire the Pyramid gold project in North Queensland from Avira Resources.

Minotaur said it was attracted to the tenement group by the very credible drilling history and an extensive geochemical database, positioning Pyramid as a compilation of advanced gold exploration prospects.

West Pyramid Range offered significant potential to expand the gold mineralisation footprint defined through historic work, especially along an 8km section of the Gettysberg Fault corridor, the company said.

The East Pyramid Range is less advanced, however Minotaur believes it offers potential for Intrusion Related Gold Systems (IRGS. . .

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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. . .

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Minotaur Exploration is buying into 150sq km of gold prospective ground 180km south of Townsville.

It has signed a binding terms sheet to acquire the Pyramid tenement package from Avira Resources.

Minotaur will make an option fee payment of $25,000 to Avira Resources for a 60 day exclusivity period in which to complete its due diligence.

Should the deal proceed Minotaur would pay $150,000 cash (including the option fee) and allot $150,000 in shares in return for final transfer of titles.

It would pay a further $150,000 in cash or shares upon certain milestones, and a. . .

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