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Company Statement
Apollo Minerals Limited (“Apollo”) is a mineral exploration company which is listed on the Australian Securities Exchange (“ASX”).
Apollo has a 100% interest in the exploration rights of two mineral tenements at Mount Oscar in the Pilbara region of Western Australia, containing a significant proportion of the recently discovered Mount Oscar Iron Ore Project.
Apollo has recently also acquired the Mount Oscar East project, 10km east of Apollo's Mount Oscar Project. Mount Oscar East is prospective for magnetite and haematite iron ore.
Apollo also holds the exploration rights to a portfolio of mineral tenements at Commonwealth Hill in the central Gawler Craton, a mineral rich region of South Australia.
The Mount Oscar Iron Ore Project
The Mount Oscar tenements lie within the Cleaverville geological formation. This formation also hosts the Cape Lambert magnetite project which is located about 25 km north of Mount Oscar. The Cape Lambert project contains a JORC compliant resource of 1.56 billion tonnes grading 31.2% Fe. It was sold to China Metallurgical Group Corporation for $400 million.
Mount Oscar: highlights
- Large Iron Ore Target – 800Mt global exploration target
- Close to transport and ports – railway passes through site
- Large Ore body, open at depth
- Proximity to markets
- Initial drilling programme intersected significant mineralisation in all holes drilled.
- Acquisition of Mount Oscar East gives Apollo greater scope to delineate an economic resource at Mount Oscar.
Commonwealth Hill is located in the Gawler Craton area of South Australia. In 2009 ASX-listed Western Plains Resources Limited (WPX) announced its withdrawal from the farm-in joint venture agreement with Apollo in respect of iron ore at Commonwealth Hill. As a result, Apollo retains all rights in respect of all mineralisation on the Commonwealth Hill project. The area is highly prospective for iron ore, copper, gold and uranium.
Commonwealth Hill: highlights
- Significant potential for the discovery of IOCG Uranium deposits
- World-class location: Challenger Gold Mine, Olympic Dam
- Large gravity anomaly found at Wirrida Complex
- Interpretation indicates possible presence of relatively thick magnetite rich horizons
- Combined strike length of about 7-8 km
- Ground magnetic surveys and modelling carried out in 2009 should enable accurate targeting of drill holes in the most prospective anomalies.
Company Diagram
Figure 1: White areas delineate higher intensity magnetic resonance
Current Operations
The Mount Oscar Iron Ore Project: latest exploration
Initial drilling programme
An initial drilling programme was carried out in late 2009, designated 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 (RC) holes drilled on four, approximately 200 metre-spaced sections, for a combined length of 1,440 metres.
Downhole intercepts of magnetite mineralisation ranging from 16 to 168 metres having iron grades ranging from 31.9% to 36.9% have been encountered within the two principal horizons targeted. The average iron grade for the intercepts reported is 35.2% Fe. The mineralisation remains open at depth and along strike for both horizons with the deepest holes extending to a vertical depth of 300 metres.
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. 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.
A total of 152 five metre composite samples have been submitted to an independent laboratory for further magnetite-specific metallurgical testwork including Davis Tube Recovery or DTR analysis. This work is being undertaken under the supervision of an independent specialist metallurgical consulting group.
Magnetic modelling
In April 2009, independent consultants Southern Geoscience completed a geophysical interpretation of the Global Mount Oscar Project Area (the Apollo and Fox Resources tenements combined). Twenty six forward magnetic models and one 3D inversion model were generated from airborne magnetic data to obtain estimates for the volume/tonnage of the highly magnetic banded iron formation (“BIF”) in the Global Mount Oscar Project Area.
It was determined from this that the Global Mount Oscar Project Area down to the first 250 metres of vertical depth from surface is estimated to contain 800 million tonnes of iron ore. Previously announced drill results from Fox Resources were utilised to confirm the accuracy of the model.
Southern Geoscience believe that, overall, the comprehensive modelling has provided a reasonably good indication of the total volume for the significant BIF sequence at Mt Oscar.
The higher areas of magnetic resonance on the Apollo tenement are shown circled in figure 1 above and indicate the potential targets for higher grade ore.
Acquisition of Mount Oscar East
In 2009 Apollo acquired the Mount Oscar East project, 10km east of Apollo's Mount Oscar project. Mount Oscar East is prospective for magnetite and haematite iron ore.
The Commonwealth Hill Project: latest exploration
A programme of ground reconnaissance geophysical surveys was completed over the Wirrida and Ibis magnetic anomalies in April 2009. At Wirrida a total of eight north-south and two east-west traverses for a total of 19.1 km were surveyed with ground magnetics and gravity. The data shows a broad gravity anomaly which is semi-coincident with the magnetics. The depth of the anomaly appears to be about 50m and possibly less in places. The magnetite-rich horizons extend over a combined strike length of about 7-8 km on the western side of the Wirrida anomaly.
Following the completion in 2009 of ground magnetic surveys and subsequent modelling, the Company is now in a position, with some minor additional modelling, to accurately target drill holes in the most prospective anomalies.
There are eight anomalies which can be classified into two types:
- Linear anomalies that may represent banded iron formation and/or magnetite in schist or gneiss; and
- Circular, more discrete anomalies that may represent small basic intrusions or pipe-like bodies containing magnetite that are less likely to have significant iron ore potential but may have base metal-gold potential.
Geographical Spread
Board of Directors and Key Management
| Sevag Chalabian | (Non-Executive Chairman) |
| Tony Ho | (Non-Executive Director) |
| Wang Jianguang | (Non-Executive Director) |
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| Gavin Daneel | (Executive General Manager) |
| Guy Robertson | (Company Secretary) |
| Ed Mead | (Exploration Manager) |
| John Bridson | (Geologist) |
Company AddressLevel 10,
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Additional Address/Key ContactPostal Address |
CapitalTotal issued ordinary shares: 109,897,608
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Major Shareholders
| Tiger Resources | 29% |
| Citicorp Nominees | 10% |
| Hugo Natural Resources | 10% |
| Artemis Resources | 5% |
Related News
09/03/10 - Apollo Minerals Will Deliver A JORC Resource And A Scoping Study For The Mt Oscar Iron Ore Project Later This Year24/06/09 - Apollo Minerals Is In Discussions About The Future Of The Mount Oscar Iron Ore Project With Several Potential Partners From China
Most Recent Statement
28/04/10 - Quarterly Activities Report12/04/10 - Mt Oscar Exploration Update
16/03/10 - Half Yearly Report Competent Person Declaration
15/03/10 - Half Yearly Report and Accounts
23/02/10 - Private Placement and Closing of Second Loyalty Option Issue
23/02/10 - Reinstatement to Official Quotation