AON nears completion of drilling at the Titan IOCG Project
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Apollo Minerals (ASX:AON) has completed two drill holes at Mars Aurora Tank and three at Eaglehawk as part of a 2,300m drilling program at its Titan IOCG Project in the Gawler Craton, South Australia.
Laboratory assays are expected to be progressively available in the coming weeks.
There is more than 1,000m of drilling still to be completed at Eaglehawk as part of this initial IOCG exploration drilling program.
Mineralogical investigations of drill core from JV partner High Power Exploration’s recently completed maiden drill program, provided further confirmation of the area’s potential to host significant IOCG deposits similar to Prominent Hill and BHP’s Wirrda Well.
The drilling targeted the Wirrida Intrusive Complex and confirmed that oxidized ultra potassic igneous rocks form the bulk of the complex. These same rocks are evident at the White Hill Intrusive Complex adjacent to the Prominent Hill deposit, and in the Olympic Dam district.
In line with its funding model for the JV, High Power Exploration has exited a substantial equity position in AON in order to apply the funds directly to their JV and exploration activities.
Mars Aurora Tank JV
Drilling at Mars Aurora Tank tested a chargeability anomaly associated with surface gold geochemistry, and a non-magnetic body close to historic drilling which assayed anomalous iron, copper and gold.
AON is earning a 75% interest in the Mars Aurora Tank from Marmota Energy (ASX:MEU).
In July, AON raised $2.2 million via placement of 100 million shares at $0.022 to fund this drilling.
Eaglehawk JV
AON can earn 75% interest of the Eaglehawk joint venture with Mincor Resources (ASX:MCR) by spending $1.7 million. As part of the JV, a 20 km2 extension to the Bundi IOCG target was defined.
This “Bundi South” prospect has a similar gravity footprint close to that at Olympic Dam.
Other prospects are Boulder, Claypan, Cedric Bore West, Cedric Bore Central, and Cedric Bore East, in addition to several smaller anomalies.
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