Apollo Minerals (ASX:AON) has received a notice of initial...

Apollo Minerals (ASX:AON) has received a notice of initial substantial shareholding from Robert Friedland’s High Power Exploration (HPX) with a 8.41% interest.

HPX had acquired 50 million AON shares on 7 May 2014 for $1 million under the strategic alliance between the two companies to explore for IOCG deposits on Apollo’s licences in South Australia’s Gawler Craton.

Drilling at their Commonwealth Hill joint venture project has intersected anomalous iron, copper, gold and silver consistent with IOCG style deposits.

Follow up petrology and petrophysics are underway to as part of the interpretation of HPX’s proprietary ‘Typhoon’ IP surveys and the two companies will determine the next steps for the project.

The results also support Apollo’s regional exploration model including the high quality targets identified from recent geophysical programs at the Eaglehawk JV, where a drill program is currently underway.

HPX needs to spend $2.4 million to earn a 80% interest in the Commonwealth Hill JV.

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