MEP: Progress Report

MINOTAUR EXPLORATION LIMITED

ACN 108 483 601

ASX: MEP

17 November 2020

ASX Release

Minotaur confirms acquisition of Pyramid gold project, Queensland

Highlights

• Sale and Purchase Agreement executed
• Ready to drill higher-grade gold shoots at Gettysberg

• New geological model developed for 'Gettysberg' prospect identifies discrete zones of higher-grade gold mineralisation

• Historic IP geophysical data at Gettysberg reveals strong spatial association with known gold mineralisation
• IP to be a useful tool for exploration targeting along the 8km-longgold-anomalous Gettysberg fault corridor
• 'Marrakesh' prospect shows potential for Gettysberg-like gold mineralisation

Pyramid Gold Project

Minotaur Exploration (ASX: MEP) completed its due diligence and will proceed to acquire 100% ownership of the

Pyramid Gold Project from Avira Resources Ltd (ASX: AVW). The Pyramid tenement group is located 180km south of Townsville (Figure 1). The project, covering 150km2 embraces two main areas prospective for gold, being the West Pyramid Range and East Pyramid Range (Figure 2).

Minotaur is attracted to the project by the very credible drilling history and an extensive geochemical database, positioning Pyramid as a compilation of advanced gold exploration prospects. West Pyramid Range offers significant potential to expand the gold mineralisation footprint defined through historic work, especially along an 8km section of the Gettysberg Fault corridor. The East Pyramid Range is less advanced, however Minotaur is of the view the area offers potential for Intrusion Related Gold Systems (IRGS), similar in style to other well-known gold deposits in the district (Figure 1) such as Mount Leyshon (+3.5Moz) and Mount Wright (+1Moz).

LEVEL 1, 8 BEULAH ROAD, NORWOOD, SOUTH AUSTRALIA 5067 T [phone] F [phone] E [e-mail]

www.minotaurexploration.com.au

17 November 2020

Figure 1: Location of Pyramid Project, Queensland

Figure 2: West Pyramid and East Pyramid Ranges gold-in-soil

anomalies and main prospect locations

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17 November 2020

Minotaur's Review of Historic Exploration

West Pyramid Range

Most of the drilling at the Pyramid project was focused along theWest Pyramid Range, adjacent the northeast trending Gettysberg Fault (Figure 2), targeting surface gold geochemical anomalies at Sellheim, Gettysberg, Marrakesh and Pradesh with bedrock gold mineralisation discovered at each location. Mineralisation is hosted in sedimentary rocks (sandstone, siltstone, phyllite) with strong sericite-silica+/-chlorite alteration, variable quartz veining, and fine- grained sulphide (mostly pyrite) and is best described as fault-related,lode-style gold mineralisation.

Gettysberg Prospect

Gettysberg is the most advanced prospect within the Pyramid project and remains highly prospective for additional gold mineralisation. Drilling covered around 600m of strike defining an NNE gold envelope around 500m long, ranging 25m-100m wide (Figure 3) to a vertical depth of 165m. The gold envelope plunges shallowly NNE.

A thorough review of historic exploration drilling data has been undertaken and a summary of all significant gold drill intercepts is presented in Table 1 and Figure 3. Selected, stand-out historic gold assays include:

■	35m	@ 4g/t Au (MGTRC016)	■	12m	@ 4.8g/t Au (MDRC034)
■	15m	@ 4.22g/t Au (MGTRC018)	■	35m	@ 2.22g/t Au (MDD002)
■ 8m @ 7.31g/t Au (MDRC031)	■	20m	@ 2.18g/t Au (MGTRC009)
■	23m	@ 3.22g/t Au (MDRC033)	■	16m	@ 2.6g/t Au (MGTRC020)

Mineralisation is primarily hosted in sandstone that is sericite altered and variably quartz-veined with attendant silica alteration. Gold mineralisation appears to be later and associated with dark chlorite and fine-grained sulphide (pyrite +/- arsenopyrite) in fracture veinlets and breccia where more advanced.

Minotaur's new geological model for mineralisation indicates there are discrete higher-grade gold zones within the broader gold envelope, termed'shoots'. These shoots appear to coalesce toward the SSW where very high-grade gold mineralisation occurs in a zone of breccia adjacent an interpreted fault (Figure 4). The main zone of mineralisation stops abruptly at the SSW end against a set of interpreted north-south faults, west of which only sporadic gold mineralisation was intersected in drilling. Similarly, the higher-grade shoots appear to stop toward the NNE and may end against another north-south fault. In both instances, on-strike extensions to mineralisation may exist offset by later movement of those faults but not tested by existing drill coverage. Additionally, in the central part of the prospect where multiple shoots are defined down dip and potential exists there for extensions to mineralisation.

IP geophysical surveys are typically undertaken to map out the presence of sulphide; sulphide occurs with gold mineralisation at Gettysberg. Raw data files were sourced from an Induced Polarisation (IP) geophysical survey conducted over Gettysberg in 2007. Five (5) lines of IP data over Gettysberg, each spaced 200m apart, covered 800m of strike. These data were deemed to be of poor quality at the time and not used to guide subsequent drilling.

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17 November 2020

Minotaur reprocessed the data and determined it to be of suitable quality for modelling. Minotaur's models show chargeability zones on all 5 lines producing an anomaly at least 800m long, open at each end. The chargeability anomaly shows a very clear spatial association with gold mineralisation and is poorly drill tested at both ends (Figure 5).

Figure 3: Gettysberg prospect showing location of drilling with significant gold intercepts labelled, the main zone of gold mineralisation (including higher-grade shoots) and generalised geology

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