Apollo Minerals exceed expectations with latest drilling results at Mt Oscar, by Amy Dry
Shares in Pilbara magnetite explorer Apollo Minerals (ASX: AON) have reacted to the news of further success from its drilling campaign at its Mt Oscar tenement in the Pilbara.
Apollo director and chief operating officer Richard Sealy said the intercepts comprising magnetite rich iron ore horizons surpassed the expectations of the company by a margin of 37 per cent.
As a result, the share price rose 1.5c, or 4.2 per cent, 37.5c following the announcement.
“The expectation was that the drilling would produce total intercepts widths of 560 metres whereas the drilling produced total intercept widths of 768 metres,” Mr Sealy said.
“Thickening of the Banded Iron Formation appears to be associated with intense folding resulting in these significant magnetite intercepts.
“The iron ore samples from the intersections have now been sent for assay and DTR testing and testing is in progress.”
The results from these tests will be reported as soon as they become available. Apollo will immediately commence the planning for its next drilling campaign which will have as an objective of defining an initial maiden resource at the project site.
Earlier this month, Apollo struck significant magnetite iron ore intercepts at Mt Oscar with a combined intercept of a stunning 196 metres – more than double the expected amount.
The first drillhole, A6N, intercepted two significant magnetite rich horizons.
The first intercept was from a depth of 25 metres to 87 metres for an approximate true width of 62 metres. The second unit, which lies underneath the first, was intercepted at 215 metres and ended at 349 metres for an approximate true width of 134 metres (combined total of 196 metres).
The second unit, which lies underneath the first, was intercepted at 215 metres and ended at 349 metres for an approximate true width of 134 metres (combined total of 196 metres).
The Mt Oscar Project has particular appeal to overseas interested parties due to its proximity to infrastructure.
The ore project is located 30 km south of the port of Cape Lambert and Aquila’s proposed multi user Ankatell Point port.
More importantly, it is hosted within the Cleaverville Formation which is also the host to the 1.6 billion tonne Cape Lambert magnetite deposit.
Apollo Minerals is an ASX listed Australian Iron Ore Company (ASX:AON). Apollo has a large iron ore deposit located close to existing port, rail, electricity and water infrastructure. Apollo’s major focus is on Mt Oscar which is prospective for magnetite iron ore. It has been determined by geophysical interpretation that there may be an 800Mt global target deposit which outcrops at surface and is open at depth.
Apollo also has 6 tenements in the Gawler Craton region of South Australia at Commonwealth Hill. These tenements are prospective for iron ore, gold and copper because of their proximity to operating mines in these minerals. The company has a Joint venture with Western Plains Resources Limited to develop these tenements.
AON Price at posting:
37.5¢ Sentiment: Buy Disclosure: Held
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