Australian mineral exploration and development company Apollo Minerals Ltd (ASX: AON) announced that as a result of their recently completed 35 hole-1,750metre drill programme at Mars Aurora Tank, a significant gold mineralisation has been intersected.
The results show a mineralisation system with a continuous strike length greater than 500m and depths of ~20m to ~50m with mineralisation in all directions and depths. With gold grades and intervals similar to the Challenger Gold Mine ~60km to the southwest, the company is highly encouraged and will now commence planning for the next phase of exploration at The Mars Aurora Tank Project. The next phase will involve deeper extensional and step-out drilling to close areas where mineralisation is open. A more thorough review of results will help delineate mineralised trends and contribute to planning future exploration to test the system below the weathered profile.
Apollo Minerals Ltd focusses on mineral exploration and development. Currently the company has two projects; The South Australian IOCG & Gold Project in Gawler Craton and the Western Australian Nickel Project in the Fraser Range Region. The Mars Aurora Tank Project makes up part of the overall gold project in the Gawler Craton. The company recently acquired a 70 percent interest in the Orpheus JV project in the Western Australian Fraser Range from Enterprise Metals Limited. In 2014 Apollo entered a strategic alliance with HPX to jointly explore the Titan Base Metals Project in South Australia. In Western Australia’s Fraser Range, Apollo Minerals is currently commencing exploration to identify the next ‘Nova’ like nickel-copper-cobalt deposit.
The last 12 months has shown a significant down trend in the share price of Apollo. January to March this year saw some signs of growth as directors increased their holdings however that was followed by a fall in May. Opening on the ASX today at 7.5cents, the company hopes that in light of the recent results, investors will convert their pessimistic outlook to a more positive one.
Author: Imran Valibhoy
Jun 09, 2015
Since Joining the firm in 2006, Imran has worked on a range of M&A and Capital Market transactions in the natural resources, mining as well as projects in the renewable energy sector. Prior to joining Wise-owl, Imran worked at Euroz Securities in Perth, aiding in the advisory and valuation of companies in the mining and industrial sectors in Australia. Imran has a Masters in Banking & Finance from City University's Class Business School in London and a Bacheloor degree in Commerce from UWA.