Mutooroo Magnetite Project - SA Explorers

Mutooroo Magnetite Project
Inferred Resource Estimate of the
Muster Dam Magnetite Fe Deposit
2 nd December 2011
Andrew Burtt, Project Geologist
8 th SA Exploration and Mining Conference
Adelaide, SA

Maiden JORC Inferred Resource
1.5 Billion Tonnes @ 15.2% DTR and 18.02% Fe (Head)
at 10% DTR cut-off
with
228 Mt of contained magnetite concentrate
Concentrate Grade
Fe 69.8%
Al 2 O 3 0.4%
P 2 O 5 0.002%
S 0.002%
SiO 2 2.8%
LOI -3.3%

Location

Braemar Ironstones

Regional TMI

Heli-magnetics
Area 1
Area 2
Area 3
3,497 line kilometres with flight line
spacing of 50m and terrain
clearance of 25m

Muster Dam Magnetic Anomaly
Outcropping steeply east dipping, magnetitebearing
diamictite and siltstone

Muster Dam TMI
Anomaly -
3D magnetic
modelling by MIRA
Geoscience
Magnetic Modelling

Muster Dam TMI
Anomaly -
3D magnetic
inversion by
MIRA Geoscience
Magnetic Modelling

Magnetic Modelling
3D Inversion of Muster
Dam anomaly -
0.4 SI Magnetic
Susceptibility
iso surface

15 Sections Modelled
2D Forward Modelling
Section:
MDN001
Section:
MDN001
Section: MDN001

Planned Resource Drillholes
36 planned RC
drillholes for
10,600m on
400m sections
150m apart
Section:
MDN001

Resource Drilling
49 x RC drillholes for 13,031m
10 x Diamond drillholes for 2,883m
Section:
MDN001
Diamictite
Siltstone

Resource Drilling
Excellent correlation between modelled and drilling
Section:
MDN001
Section MDN001

Resource Drilling
Excellent correlation between modelled and drilling
Section:
MDN001
Section MDN001

Davis Tube Recovery (DTR)
2,355 5m RC composite samples for DTR/XRF at 45µm grind size
558 5m ¼ core samples for DTR/XRF at 45µm grind size
Magnetite concentrate sample recovered (DTR)
Head sample input (20g)
DTR or Mass Recovery
= Wt Mag(g) / Wt Head(g)

QA/QC
Created our own Standard as there are no commercially available magnetite Fe standards
Mutooroo Magnetite Project
Resource Drilling Standards
25
20
15
10
DTR%
5
0
0 10 20 30
Fe% head
Standard 1 (High DTR)
Standard 2 (Moderate
DTR)
25
24
23
22
21
20
19
18
17
16
15
STD: STD1
553920
554140
554440
554620
554940
555140
555340
555620
555840
558120
556540
556740
556440
557020
557120
558240
558420
124040
558720
551540
DTR (%)
Sample ID

QA/QC
13 – 18% QA/QC samples including
standards, blanks, field duplicates and lab check samples
Duplicate Sample DTR%
40
35
30
25
20
15
10
5
0
Field Duplicates
DTR%
0 10 20 30 40
Alpha Sample DTR%

QA/QC
Diamond Drillholes
• Twin of RC holes to confirm RC is
representative
• Confirm dip of sequence – Alpha-Beta
measurements
• SG measurements
DTR%
45
40
35
30
25
20
15
10
5
0
MDD001 vs MD003 DTR
0 50 100 150 200 250 300 350
Depth (m)
MDD001 DTR%
MD003 DTR%

Resource Modelling
H&S Hellman & Schofield Pty Ltd
Independent review by Hellman & Schofield to produce
Inferred Resource:
• 2,913 x 5m DTR composites from drilling
• 280 estimated from magsus using Conditional
Expectation statistical technique
1
2
• Total of 3,193 x 5m composites used for resource
estimation
• Due to curved nature of deposit 4 sub-domains modelled
• Unconstrained Ordinary Kriging used with 10% DTR
cutoff and no top cut with a block size of 100 x 50 x 20m
• Av. density of 2.96 g/cm3 estimated from 2,357 x 5m
downhole geophysics composites with density assigned
to ore blocks
3
4
• Only Fresh Rock resource reported

Resource Modelling
H&S Model validation demonstrates that the block model honours the drill hole
composite grades
Section Plot of DTR_Mag
Northing slice: 6409100.0 +/- 50.0
Plan Plot of DTR_Mag
RL slice: 80.0 +/- 10.0
400
300
000
200
000
100
0
000
-100
000
4
-200
-300
489500 489600 489700 489800 489900 490000 490100 490200
East
000
487000 488000 489000 490000 491000
East

Resource Estimation
Muster Dam
Concentrate Grades
Billion Magnetite Fe% Al 2 O 3 % P 2 O 5 % S % SiO 2 % LOI %
Category Tonnes DTR %
Inferred 1.5 15.2 69.8 0.4 0.002 0.002 2.8 -3.3
DTR Mag Cut Off % BTonnes DTR Mag Recovery % Fe Head Grade %
6 1.60 14.84 17.96
8 1.58 14.93 18.02
10 1.51 15.18 18.20
12 1.36 15.64 18.57
14 1.02 16.47 19.17
16 0.54 17.74 20.01
18 0.18 19.38 20.77

Exploration Target
Target Area No of Strike (km) Thickness Volume (Bill m 3 ) Tonnage (Bt)
Bands
(m)
Muster Dam 1 5.5 to 6.5 100 to 325 0.30 to 0.45 1.0 to 1.5
Muster Catch 2 1.7 to 2.3 80 to 150 0.03 to 0.06 0.05 to 0.15
Muster South 1 1.7 to 2.3 80 to 120 0.03 to 0.06 0.05 to 0.15
Duffield 1 1 3.0 to 3.5 100 to 300 0.09 to 0.13 1.0 to 1.5
Duffield 2 2 1.5 to 2.5 80 to 100 0.25 to 0.40 0.1 to 0.3
Surrender Dam 4 3.0 to 3.5 80 to 150 0.10 to 0.15 0.2 to 0.4
Totals 16.4 to 20.6 80-325 0.80 to 1.25 2.4 to 4.0
The term “Exploration Target” should not
be misconstrued as an estimate of
Mineral Resources and Reserves as
defined in the JORC Code (2004), and
the term has not been used in that
context. The term is conceptual in nature
and it is uncertain if further exploration
will result in the determination of a
Mineral Resource. Refer Clause 18 of
the JORC Code (2004).

Future
JORC statement directly
comparable to that for
CAP’s Hawson’s Project
25km distant
‣ Grind optimisation &
Scoping Study
underway; for
completion in February
2012
‣ Measured resource at
Muster Dam
‣ Inferred resource at
Duffields

Acknowledgements
Mutooroo Pastoral Company
Sumitomo Metal and Mining Oceania
Frank Walsh Drilling
Macquarie Drilling
ALS Laboratories
AMDEL
Hellman & Schofield
Euro Exploration
Minotaur personnel
Adelaide University students

Disclaimer
This presentation has been prepared by the management of Minotaur Exploration Limited (ASX: MEP) for the general benefit of
analysts, brokers and investors and does not constitute specific advice to any particular party or persons. Information herein is
based on publicly available information, internally developed data and other sources. Where an opinion, projection or forward
looking statement is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is an
expression of present opinion only. No warranties or representations are made or implied as to origin, validity, accuracy,
completeness, currency or reliability of the information. MEP specifically disclaims and excludes all liability (to the extent permitted
by law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection
with the information, its accuracy, completeness or by reason of reliance by any person on any of it. Where MEP expresses or
implies an expectation or belief as to the success of future exploration and the economic viability of future project evaluations,
such expectation or belief is expressed in good faith and is believed to have a reasonable basis. However, such projected
outcomes are subject to risks, uncertainties and other factors which could cause actual results to differ materially from projected
future results. Such risks include, but are not limited to, exploration success, metal price volatility, changes to current mineral
resource estimates or targets, changes to assumptions for capital and operating costs as well as political and operational risks and
government regulatory outcomes. MEP disclaims any obligation to advise any person if it becomes aware of any inaccuracy in or
omission from any forecast or to update such forecast.
Competent Person’s Statement
Information in the foregoing presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is
based on information compiled by Dr A. P. Belperio, who is a Director and full-time employee of the Company and a
Fellow of the Australasian Institute of Mining and Metallurgy. Dr A. P. Belperio has a minimum of 5 years experience,
which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is
undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves”. Dr A. P. Belperio consents to inclusion in the presentation
of matters based on his information in the form and context in which it appears.