Minotaur Exploration Limited and OZ Minerals Limited have established a farm-in joint venture over Minotaur's extensive exploration tenement group at the Peake and Denison project in South Australia. The area, located 750km NNW of Adelaide, is a first-mover exploration opportunity to search for new base metals discoveries in a considerably under-explored portion of South Australia, on the edge of the Gawler Craton. The Peake and Denison JV requires OZ Minerals to invest $869,300 on exploration in the first year (Minimum Commitment for the Initial Period). Thereafter OZ Minerals may earn an initial 51% tenement interest by sole funding $4 million (including the Minimum Commitment) through the next 3-year period (Stage 1). OZ Minerals may then earn an additional 19% interest for the further expenditure of $6 million over the subsequent 3 years (Stage 2). Thus, to attain its maximum interest of 70% over 7 years OZ Minerals must invest $10 million.