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  • Apollo Minerals Commences Drilling At Mars Aurora Tank  0 comments
    Aug 27, 2014 7:10 PM

    Apollo Minerals (ASX:AON) is expected to trade firmer after commencing highly anticipated drilling at the Mars Aurora Tank prospect in South Australia.

    The first drill hole will test a strong chargeability anomaly possibly associated with surface gold geochemistry, and the second hole will test an undrilled, non-magnetic dense body in proximity to historic drilling which returned anomalous iron, copper and gold.

    Large-scale IOCG targets at Bundi South and other Eaglehawk joint venture sites will also be tested as part of this drill program.

    The program consists of 2300 metres of reverse circulation and diamond drill core, and will be Apollo's largest to date.

    Preliminary results will be available from late September.

    Apollo is earning a 75% interest in the Mars Aurora Tank from Marmota Energy (ASX:MEU), and holds 100% of the adjacent Mars Prospect situated immediately south.

    In July, Apollo raised $2.2 million through a placement of 100 million shares at $0.022 to fund the drilling.

    Dominic Tisdell, CEO, commented: "We are very happy to have begun what is our first major copper and gold focused drilling program on the two joint venture properties Apollo has secured the rights to earn 75% interests in - Aurora Tank and Eaglehawk.

    "Each project has a number of exciting targets and we look forward to continuing to keep our shareholders informed of results as we continue with this drilling program over the coming months."

    High impact drilling

    This drilling program has been keenly awaited by many in the market for several months, which is not surprising given geological and geophysical similarities of the Mars Aurora Tank prospect to the giant Prominent Hill IOCG deposit.

    In 2013, Prominent Hill produced 73,362 tonnes of copper and 128,045 ounces of gold contained in concentrates - so if Apollo discovers anything of that magnitude it is likely to do very good things to its share price.

    Mars Aurora Tank is just one of a number of large IOCG targets identified as part of the joint venture with Marmota, including the Bundi South target.

    These will also be drill tested during this program.

    Analysis

    Given the size of the targets and Apollo's lean market cap of around $13 million, market interest in this drill campaign is high.

    Interest should continue to gather momentum as drilling progresses and assays draw near, as it is not every day that IOCG targets of this size and potential are drill tested.

    Add this to the current drilling at Commonwealth Hill with Robert Friedland's High Power Exploration, and Apollo has multiple high impact price catalysts to look forward to in the immediate future.

    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.

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