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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	AON
Latest Price:	0.04 (0.00%)
52-week High:	0.10
52-week Low:	0.04
Market Cap:	10.51M

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Apollo Minerals

Apollo Minerals (ASX: AON) is an iron ore exploration company advancing two wholly owned projects - the Mount Oscar Project in the Pilbara region of Western Australia and the Commonwealth Hill Project in South Australia.

At Mount Oscar, Apollo Minerals has a total exploration target of 500Mt of magnetite-bearing banded iron formation at 31-37% Fe.

Apollo Minerals further encouraged by potential at Mt Oscar

Tuesday, December 15, 2009 by Proactive Investors

Mineral exploration company Apollo Minerals (ASX: AON) has received further encouragment about the potential of the Mt Oscar tenement in the Pilbara after high-grade magnetite mineralisation was uncovered during the company's recently completed maiden drilling campaign.

The significant magnetite mineralisation intersected in all 5 RC holes drilled 133 metres @ 36.9% iron from 215 metres in OSRC001, 168 metres @ 35.3% iron from 31 metres in OSRC003, 139 metres @ 36.0% iron from 14 metres in OSRC004.

There were also cumulative intercepts of 271 metres @ 34.8% iron from 14 metres in OSRC004 and 192 metres @ 35.9% iron from 25 metres in OSRC001.

Gavin Daneel, Executive General Manager of Apollo said this was an "exciting and most encouraging initial result and confirms the Mt Oscar iron project warrants more extensive and detailed exploration”.

Individual composite assays return grades up to 5 metres @ 43.8% iron

The initial drill programme was designed to target the highest magnetic amplitudes as modelled by independent geophysical consultants of high resolution airborne magnetic data flown over the Mt Oscar project area.

The drilling comprised five reverse circulation holes drilled on four, approximately 200 metre-spaced sections, for a combined length of 1,440 metres. Further detailed geological mapping and geophysical modelling is being planned in order to better understand the geometry and continuity of the mineralisation.

Shallow cumulative intercepts of 271 metres @ 34.8% iron and 192 metres @ 35.9% iron were returned from 14 metres in hole OSRC004 and 25 metres in hole OSRC001 respectively.

Several individual composite assays exceeded 40% iron with the highest being 43.8% iron returned from the composite sample comprising between 74m and 79m down hole OSRC004.

In October, Apollo announced the intercepts comprising magnetite rich iron ore horizons surpassed the expectations of the company by a margin of 37 per cent during a drilling campaign.

The Mt Oscar Project has particular appeal to overseas interested parties due to its proximity to infrastructure.

The ore project is located 30 km south of the port of Cape Lambert and Aquila’s proposed multi user Ankatell Point port.

More importantly, it is hosted within the Cleaverville Formation which is also the host to the 1.6 billion tonne Cape Lambert magnetite deposit.

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