another annoucement

18 November 2008
Company Announcements Office
Australian Stock Exchange Limited
Electronic Lodgement System
Dear Sir / Madam
Apollo Encouraged by Latest Sampling Results at Its Mt Oscar Magnetite Project
Apollo Minerals Limited (“Apollo” or “the Company”) is pleased to advise that the final batch of results from
rock chip sampling undertaken in July this year at Mt Oscar has now been received, confirming the presence of
significant iron mineralisation.
A further 17 samples (MA164 to MA180) taken mainly from Units E, F and G of the Mt Oscar (Banded Iron
Formation) BIF have now been received. Observations by the Company’s geologists in the field suggest that by
far the most magnetic material was found over Units D, E, F and G and these observations are further supported
by the high iron assay results now received.
The location of all samples (including previously reported results) with iron assays greater than 40% Fe, and
the layout of the area, is shown in Figure 1.
Figure 1 – Mt Oscar Magnetite Horizons & Sample Results > 40% Fe
It appears that iron assays are increasing in grade from west to east, and are considered high for
magnetite, which ore type can typically be upgraded further by beneficiation to grades in excess of
60% Fe. The recent low level aerial magnetic survey compiled by Apollo in July outlined strong
magnetic signatures coinciding with these areas. The magnetic high’s are shown in Figure 2 below.
The company intends targeting these area in its initial drill programme which is planned for the first
quarter of 2009.
Figure 2 – Mt Oscar Magnetic High’s
Apollo’s ground hosts the same magnetite units and is directly along strike from Fox Resources Ltd’s similarly
named Mt Oscar Iron project, currently being drilled by Fox. The company has recently reported intercepting
iron mineralisation of around 80m thickness1 in holes drilled over magnetic anomalies that run across Apollo’s
and Fox’s tenements. The best intercepts from drilling reported by Fox are shown in Figure 2.
Results of the rock chip sampling by Apollo now confirms the presence of a significant amount of strongly
magnetic rocks and iron bearing material, indicating the presence of a substantial iron deposit on Apollo’s
ground.
Location details and iron assay results of all samples collected up to July are listed in Appendix 1
Ends
For Further Information please contact
Mike Drew
Chief Operating Officer
[email protected]
+618 9322 6544
1 Fox Resources Ltd (ASX: ) Mt Oscar Exploration Update, ASX, 22 Sept 2008
DISCLAIMER
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Frans Voermans,
who is a Fellow and Chartered Professional of The Australasian Institute of Mining and Metallurgy. Mr Frans Voermans is engaged as a Geological Consultant.
Mr Frans Voermans has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which 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’. Mr Frans Voermans consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
About Mt Oscar
Apollo’s Mt Oscar Magnetite Project is located within the Cleaverville formation which hosts a number of significant iron ore projects in
the Pilbara region including BHPB’s Yarrie Project and the Cape Lambert Magnetite Project.
Apollo’s Mt Oscar project lies 30 km south of the port of Cape Lambert and is located close to existing road and rail infrastructure and
towns such as the major regional centre of Karratha. The Mt Oscar formation outcrops as magnetite rich Banded Iron Formation (BIF)
which forms significant ridges within the project area. Rock chip sampling has retuned highly encouraging results of up to 55% Fe.
The initial stage drilling programme for Apollo’s Mt Oscar Project is planned for quarter 1, 2009.
Apollo is in a sound funding position with approximately $5m in cash, and in addition to progressing with its evaluation of Mt Oscar, we
are actively seeking quality value adding opportunities via the acquisition of new projects or possibly corporate activity.
Appendix 1 Mt Oscar Rock Chip Sample Results
TABLE 1
MT OSCAR ROCK CHIP SAMPLE DETAILS
Sample No GDA Coordinates Location Fe%
Easting Northing
MA101 519243 7685870 Unit A 30.53
MA102 519240 7685870 Unit A 37.37
MA103 519305 7685865 Unit A 28.47
MA104 519349 7685845 Unit A 36.79
MA105 519417 7685830 Unit A 38.8
MA106 519470 7685787 Unit A 45.53
MA107 519486 7685793 Unit A 46.09
MA108 519490 7685800 Unit A 30.6
MA109 519884 7686760 Unit C 20.86
MA111 519918 7686715 Unit C 28.15
MA112 519955 7686680 Unit C 35.56
MA113 519455 7687050 Unit C 37.13
MA114 519480 7687030 Unit C 47.69
MA116 519525 7687010 Unit C 28.67
MA117 520060 7686340 Below Unit B 25.53
MA118 520093 7686306 Below Unit B 24.68
MA119 520083 7686230 Below Unit B 24.69
MA120 520158 7686116 Unit B 26.62
MA121 520107 7686145 Unit B 21.94
MA122 520004 7686211 Unit B 30.47
MA123 519888 7686200 Unit B 27.95
MA124 519860 7686229 Unit B 38.41
MA125 519776 7686263 Unit B 41.24
MA126 519750 7686276 Unit B 29.09
MA127 519618 7686279 Unit B 33.01
MA128 519611 7686274 Unit B 38.96
MA129 519567 7686275 Unit B 42.04
MA130 519477 7686230 Unit B 37.10
MA131 519433 7686305 Unit B 37.52
MA132 520310 7686116 Unit B 34.64
MA133 520344 7686111 Unit B 29.81
MA134 520061 7685812 Unit A 47.24
MA135 520118 7685821 Unit A 37.37
MA136 520169 7685831 Unit A 27.32
MA137 520190 7685811 Unit A 43.23
MA138 520254 7685779 Unit A 34.87
MA139 520342 7685756 Unit A 36.30
Sample No Easting Northing Location Fe%
MA140 520378 7685735 Unit A 35.11
MA141 519880 7685800
Unit A
27.97
MA142 519800 7687065 Unit D 30.24
MA143 519869 7687061 Unit D 29.86
MA144 519896 7687018 Unit D 44.61
MA145 519973 7686981 Unit D 44.66
MA146 519970 7686997 Unit D 33.57
MA147 520011 7686976 Unit D 28.96
MA148 520082 7686928 Unit D 28.66
MA149 520122 7686905 Unit D 46.24
MA150 519964 7686867 Unit D 45.48
MA151 520034 7686780 Unit D 31.26
MA152 520053 7686769 Unit D 34.55
MA153 520096 7686745 Unit D 34.05
MA154 520221 7686624 Unit D 41.76
MA155 520180 7686650 Unit D 27.54
MA156 520278 7686631 Unit D 38.84
MA157 520339 7686583 Unit D 38.94
MA158 520410 7686540 Unit D 50.32
MA159 520457 7686506 Unit D 42.75
MA160 520502 7686490 Unit D 39.45
MA161 520574 7686481 Unit D 55.82
MA162 520589 7686481 Unit D 54.75
MA163 520611 7686457 Unit D 33.38
MA164 519133 7686729 North of Unit B 33.43
MA165 519160 7686579 Unit B 33.94
MA166 519272 7686514 Unit B 33.90
MA167 519299 7686479 Unit B 34.59
MA168 520701 7686704 Unit G 23.44
MA169 520754 7686043 East of Unit B 21.74
MA170 520740 7686084 East of Unit B 33.80
MA171 521074 7686411 Unit F 37.42
MA172 521040 7686371 Unit F 43.65
MA173 520850 7686589 Unit G 43.94
MA174 520819 7686605 Unit G 30.17
MA175 520705 7686691 Unit G 35.85
MA176 520671 7686639 Unit E 36.01
MA177 520858 7686422 Unit E 40.47
MA178 520959 7686475 Unit F 47.00
MA179 521255 7686319 Unit F 38.46
MA180 520609 7685745 Unit A 27.56
Note : Results from earlier sampling (MA101 to MA163) were previously announced to the ASX on 20th June and 15 October
2008