15 October 2008Company Announcements OfficeAustralian Stock...

15 October 2008
Company Announcements Office
Australian Stock Exchange Limited
Electronic Lodgement System
Dear Sir / Madam
Rock Chip Sampling at Mt Oscar Returns Assay Values of up to 55% Fe
Apollo Minerals Limited (“Apollo” or “the Company”) is pleased to advise that results from rock chip sampling
undertaken in July this year at Mt Oscar have now been received, confirming the presence of significant iron
mineralisation. 47 samples were taken from three of the five prominent magnetite-rich ridges present on
Apollo’s ELA 47/1379. These ridges are named Unit A to G (from south to north).
Samples taken from Unit A, B and D returned iron assays in excess of 40% Fe. The highest results were from
Unit D where three samples returning over 50% Fe, with the best being 55.81% 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 location of all samples with iron assays
greater than 40% Fe, and the layout of the area is shown in Figure 1.
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. The recent low level aerial magnetic survey compiled by Apollo in July outlined strong
magnetic signatures coinciding with these areas. These observations are further supported by the high iron
assay results now received.
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.
Apollo’s ground hosts the same magnetite units and is directly along strike from Fox Resources Ltd similarly
named Mt Oscar Iron project, currently being drilled by Fox. Fox has recently reported intercepting iron
mineralisation of around 80m thickness1 in holes drilled over magnetic anomalies than run across Apollo and
Fox’s tenements. Results of the rock chip sampling by Apollo now confirms the presence of a significant amount
of strongly magnetic rocks 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. Results from
rock chip samples MA163 to MA180 taken mainly from Units E, F and G, have not yet been received.
1 Fox Resources Ltd (ASX: ) Mt Oscar Exploration Update, ASX, 22 Sept 2008