adrianrig INTERSUISSE have a buy on apollo here it is Extract from Intersuisse Junior Resources Monitor 28 November 2007 (See Page 2 for Disclaimer and Disclosures)
Apollo Minerals Limited Gawler Craton and Pilbara targets
BUY $0.37
ASX Share Code AON
Issued Capital 71.5 million shares
2.25m unlisted options
Market Capitalisation $26.4 million
Monthly Share Turnover na
12-month High / Low $0.53 / $0.24
Cash Reserves $6.2 million
Top 20 Shareholders Hold 71.14%
Major Shareholder Tiger Resources Pte Ltd 41.93%
Recently listed AON is focused on mineral exploration
within the central Gawler Craton and Pilbara with a
focus on iron ore, but also aware of the prosectivity of
the Gawler Craton region for gold and uranium
deposits. The company is targeting both IOCGU and
sedimentary roll front deposits in its uranium quest and
magnetite and hematite iron ore projects. The tenements
are managed by Artemis Resources (ARV), a resource
investment and exploration company with copper and
molybdenum prospects in the East Pilbara region and
uranium projects in Niger. AON’s immediate interest
has shifted to iron ore and reconnaissance exploration is
about to commence.
KEY POINTS
AON’s has two key projects 1) South Australia (SA) –
Commonwealth Hill (100%) and 2) WA Pilbara – Mt Oscar
Iron Ore Project (80%). The SA project consists of five
contiguous granted tenements covering an area of 1,793 sq
km marginal to the Gawler Range Volcanics Domain in the
central Gawler Craton of South Australia. The area has
potential for gold, uranium, IOCGU and magnetite iron ore
deposits.
The Apollo project also holds potential for the discovery of
IOCGU deposits of the Olympic Dam or Prominent Hill
style. Previous exploration for this style of deposit assumed
that an IOCGU deposit would produce a geophysical
anomaly of similar magnitude to Olympic Dam, but
subsequent discoveries at Prominent Hill and Carrapateena
has shown the response may be more subtle. A new
geophysical interpretation is required, to identify more
subtle features that may reflect the denser iron
accumulations of IOCGU mineralisation, followed by
detailed gravity surveys to locate possible drilling targets.
AON intends to undertake detailed gravity surveys over
selected geophysical anomalies to define potential IOCGU
targets, which will by tested by RC and diamond drilling.
The northwest section of the project may have potential for
sedimentary roll front uranium deposits in a segment of a
palaeochannel system that is interpreted to cross through
one tenement and the corner of another. In order to define
sedimentary uranium targets, AON intends to assemble and
interpret all available remote sensing, geological and drill
hole data in a GIS database to delineate areas for follow up
by electromagnetic surveys and testing with aircore drilling.
Archaean basement rocks within the project area have
known potential for gold mineralisation, as demonstrated by
Dominion Mining’s (DOM) Challenger gold mine, which is
located about 30 km west. Challenger was discovered
through calcrete geochemical surveys, which subsequently
revealed numerous gold prospects in the surrounding region.
These included Birthday, Mars and Comet within the Apollo
project. AON intends to assemble available geochemical,
geological and geophysical data in a GIS database to define
areas warranting follow up exploration by further mapping,
geochemical sampling and detailed airborne geophysical
surveys. Targets defined by this work will be tested by
RAB, RC and core drilling.
In addition there is potential for Tanami style shear hosted
orogenic gold deposits, related to the Hiltaba Suite intrusion.
Researchers believe the Gawler Range Volcanics would
have provided a seal, trapping mineralising fluids in a
sustained hydrothermal system. Major northeast and
northwest trending fault structures active at the time would
represent pathways for the passage of gold bearing
hydrothermal fluids and could potentially host sizeable lode
gold deposits related to the Hiltaba Suite intrusion. AON’s
exploration intends to target fault zones that may have
provided favourable trap sites for this style of deposit.
Archaean banded iron formations (BIF) within the area
potentially host magnetite iron ore deposits – there are three
key prospects Sequoia, Ibis and St Andrews. A known
resource at the Sequoia prospect was investigated by the
Department of Primary Industry and Resources South
Australia (PIRSA). PIRSA found that the BIF was readily
beneficiated to a high grade magnetite concentrate of over
70% iron. Less advanced deposits include the St Andrews
and Sequoia East where previous drilling intercepted 28
metres of magnetite rich ore at a shallow depth averaging
53.4% iron. AON’s immediate target, however, is the Ibis
magnetic anomaly. Previous work outlined a total strike
length of 4 km of magnetic material.
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