Apollo Minerals (ASX: AON) has received firm commitments to raise $650,000 as part of a broader capital raising of up to $1.65 million to fund exploration at its Titan Base and Precious Metals Project in South Australia.
Proceeds will be used for further exploration of Titan and targets including geophysics, surface sampling and a drilling program.
This will allow Apollo to make significant progress in the projects development including initial drilling of the Acacia East Base Metals Prospect as well as acquiring electromagnetic and gravity data over similarly prospective ground elsewhere on the Project.
Institutional and sophisticated investors have committed to subscribe for 16.25 million new shares at A$0.04 each to raise the $650,000.
Apollo has also launched a Share Purchase Plan to raise up to A$1 million on the same terms as the placement.
Titan Base and Precious Metals Project
The company had recently identified strong electromagnetic (NYSE:EM) conductors indicative of massive sulphides at its Acacia East within the project.
These EM conductor patterns are indicative of supergene-enrichment above a large-scale mineralised body, typical of high grade iron-oxide-copper-gold (IOCGU) targets.
The system is located immediately alongside the regionally significant Coorabie Fault.
This setting is believed to be ideal for the discovery of major base metals deposits such as the nickel sulphide deposits of the Thompson Nickel Belt, Canada and the uranium-rich IOCGU deposits of South Australia, including BHP Billiton's (ASX: BHP) Olympic Dam.
Field XRF analysis of limited outcrop exposures immediately west of the EM responses at Acacia East returned grades of up to 45.4% iron, 0.31% copper, and 99 grams per tonne (g/t) gold.
Results also included 31 parts per million selenium, which is regarded as a reliable indicator of copper sulphide based mineralisation.
The Acacia East prospect is situated around 3 kilometres east of the previously shallowly drilled Acacia Prospect where drilling returned results of up to 12g/t silver, 0.32% nickel, 310 parts per million copper and 0.21% zinc in mafic and ultramafic lithologies.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.