Apollo Minerals uncorks substantial exploration target in Pilbara
Last updated: 01:27 23 Feb 2010 EST, First published: 02:27 23 Feb 2010 EST
Pilbara-focussed Apollo Minerals (ASX: AON) has defined a substantial exploration target of 350 to 650 million tonnes of magnetite‐bearing banded iron formation grading 30% to 37% iron for Apollo’s 100% held tenements at Apollo’s Mt Oscar Magnetite Project in Western Australia.
This modelling is based on interpretation and modelling of geophysical data, rock‐chip sampling and the December 2009 drilling information from Mt Oscar, and geophysical data and rock‐chip sampling at Mt Oscar East.
Importantly, preliminary metallurgical testwork results have confirmed that beneficiation can produce concentrates grading greater than 60% iron.
Apollo’s Mt Oscar Magnetite Project consists of two prospects located within three exploration licences covering over 280km2 of ground which are considered highly prospective for iron mineralisation including the Company’s most recently acquired Mt Oscar East tenement.
Detailed forward and 3D magnetic models were generated in 2009 by independent geophysical consultants Southern Geoscience Consultants from airborne magnetic data flown over Apollo’s Mt Oscar project area.
This modelling was undertaken to obtain estimates of volume/tonnage of the highly magnetic BIF.
The modelled estimates over portions of Apollo’s licence (E47/1379) covering Apollo’s Mt Oscar Iron Project have been revised to incorporate the positive results of the Company’s recently completed drilling program - in which better than expected apparent thicknesses of magnetite‐bearing BIF were found.
Apollo’s Mt Oscar Magnetite Project has a number of significant advantages in that it is close to existing and planned port, rail and road infrastructure and the outcropping nature of the BIF in prominent ridges up to 150 metres in height enabling the project to be suitable for favourable mining parameters.
The company has received significant interest from overseas parties in regards to participating in this significant iron project which remains to be one of the few Pilbara iron projects wholly owned by an Australian ASX company.
