OZ Minerals has extensive experience in global greenfields exploration.
Australia
In Australia OZ Minerals is exploring for copper gold deposits in the Gawler Craton in South Australia. OZ Minerals is also exploring for copper-gold mineralisation in the Cobar Basin in NSW. OZ holds 3500 sq km of exploration licences and applications over prospective geological structures.
OZ Minerals is actively seeking to increase its project portfolio through sole or joint initiatives. Leveraging from its strong operating experience and technical knowledge in Asia, OZ Minerals is exploring for gold and base metals, both in its own right and in partnerships with other companies.
In the second half of 2009 OZ Minerals spent approximately A$13 million on exploration in Australia, Cambodia and project generation.
Prominent Hill
The Prominent Hill deposit is located within a large (approx 4,000km2) tenement holding, this is OZ Minerals’ highest exploration priority.
In 2009 on ground geophysical surveys were conducted using the Induced Polarisation technique and drilling work on the regional exploration program commenced.
IMX Joint Venture
In November 2009 the company announced a Heads of Agreement with IMX Resources Limited, ‘IMX’ for a proposed joint venture to explore for copper-gold projects on IMX’s tenements which adjoin OZ Minerals tenements to the west, north and south. When added to OZ Minerals tenement holding, this agreement will allow the company access to more than 7,000 square kilometres of highly prospective exploration acreage.
South east Asia
Cambodia
OZ Minerals commenced exploration in 2006 and has an exploration office in Phnom Penh. Three tenements in north-eastern Cambodia are being actively explored with local partners.
Okvau-Ochung (Shin Ha Joint Venture, OZL earning 80%)
Exploration is targeting intrusion-related gold mineralisation within the 440 square kilometre tenement area. Work has focussed on the Okvau prospect, where a total of 23 holes have been drilled to date. Results are encouraging, with moderate to high tenor gold mineralisation outlined over a 450m strike length.
Additional drill targets have been identified by extensive surface sampling programs. Trenching north of the main Okvau area returned 14m at 6.5g/t gold and rock chips collected 10 kilometres west of the Okvau grid recently returned up to 14.7g/t gold.
Ou Anlong (OZL 80%)
Exploration is targeting sediment-hosted copper mineralisation within a 16 square kilometre tenement area. Surface sampling and geological mapping has outlined an extensive area of strongly anomalous copper within a well defined stratigraphic unit. Rock chips have returned up to 8.8% copper and 196g/t silver. Reverse circulation (RC) drilling is planned.
O Khlek Khlok Joint Venture (OZL earning 85%)
An initial first pass reconnaissance program has recently been completed with encouraging results received from first rock sample assays. Regional stream programs will shortly commence with a view to drilling any defined targets during the first quarter of 2010.
Thailand
OZ Minerals is currently evaluating the potential for niche opportunities in both iron ore and potash. Exploration licence applications have been submitted and are awaiting granting of titles.
Thai Goldfields Joint Venture
OZ Minerals withdrew from the Chatree Gold Mine exploration project in north-central Thailand in late 2009.
Latin America
Sonora Mexico
San Eduardo
OZ Minerals has entered an exploration joint venture with Azure Minerals Limited on the San Eduardo property, located in Sonora Mexico in the Sierra Madre Occidental District in northern Mexico.
San Eduardo is a granted mineral concession covering 201km² and is prospective for porphyry copper deposits.
To earn an initial 51% participating interest in San Eduardo, OZ Minerals is required to spend US$3,000,000 over the next three years, with a minimum commitment of US$300,000. This initial investment is expected to be expended within 2010.
Phase 1 will comprise geological mapping and surface sampling, an airborne magnetic and radiometric survey, Induced Polarisation (IP) surveying and drilling. This is expected to be completed by the end 2010.
OZ Minerals can earn an additional 19% participating interest in the project by spending a further US$10,000,000, taking its total equity to 70%.