Apollo Minerals (ASX: AON) is an iron ore and base metals exploration company advancing projects - in the Gawler Craton, South Australia, Pilbara, Western Australia and Gabon.
Apollo Minerals has a total exploration target in excess of 500Mt of magnetite-bearing banded iron formation at 31-37% Fe at the Commonwealth Hill iron ore project and has identified numerous copper, base metals, IOCGU targets. Apollo’s shareholders include a number of iron and steel producers including one of India’s largest companies, Jindal Steel and Power Ltd.
Apollo Minerals (ASX: AON) has been a star performer on the Australian Stock Exchange up 48% this year, today's results should continue the trend.
It has confirmation of highly anomalous base and precious metals responses above an EM conductor at the Acacia East Prospect in South Australia.
With the latest result, Acacia East is shaping up to become a potential iron ore, copper and gold hot spot.
Analysis of the recently received surface calcrete geochemistry from Acacia East confirms the presence of a wide range of highly anomalous base and precious metals including copper, silver, uranium, and platinum.
Dominic Tisdell, chief operating officer, commented: “We are pleased that the results of the surface geochemistry program have been as positive as they have.
"It is highly unusual to have such a large number of base and precious metals concentrated in one area.
Many of the results are in the top 1% of comparative samples from the SA Government’s 16,000 plus regional reference sample set.
"Some results, including 1.2 g/t silver, 125 ppm lead and 1.6 g/t platinum are at the absolute top end and set new benchmarks for the region. We look forward to discovering what our initial reconnaissance drill testing tells us over the coming months.”
Another plus for Apollo is that some results, including 1.2 g/t silver, 125 ppm lead and 1.6 g/t platinum are at the absolute top end and set new benchmarks for the region.
Tisdell added: "We look forward to discovering what our initial reconnaissance drill testing tells us over the coming months.”
Apollo said that the majority of highly anomalous results are situated above the inferred up-dip extension of the GS1 EM conductor, alongside the highest gravity response of 2.3mgal, indicative of very dense sub-surface geology. Many of the elevated results are situated within the confines of the target gravity high.
A ground EM survey team has been remobilised to site to test for extensions to the GS1 EM conductor, and the team will also survey several other high priority targets.
Shares in Apollo have rallied strongly this year, which should have a positive impact on the company's current Share Purchase Plan priced at $0.04.
Drilling is planned for Q1 so investors will be tuned into this campaign with an SPP in progress.
This could swell the company's bank balance, with the plan capped at 25 million shares to raise a maximum of $1 million.
Apollo's shares are now more than double where they were (under $0.03) in November 2012, and considering today's positive results, drilling and assay results from the upcoming drilling program could be the next price driving catalyst.
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