Apollo Minerals' (ASX: AON) initial drill holes at its Acacia East Prospect in South Australia have indicated the presence of a large scale sulphide-based mineralisation system as predicted by electromagnetic modelling.
The ACEDD001 diamond core hole, which was designed to test the GS1 electromagnetic conductor intersected thick intervals of disseminated, massive and stringer sulphides over 95 metres from 245 metres.
Sulphides associated with the 400 metre plus diameter conductr appear to be dominated by pyrite and pyrrhotite with minor associated chalcopyrite.
The conductor remains open at depth and along strike.
Two other holes also intersected zones of stringer and disseminated sulphides.
The main sulphide zone in Hole ACEDD001 begins at 245 metres and is principally comprised of semi-massive, matrix and stringer sulphides and displays evidence of high energy brecciation
and widespread chloritic alteration..
The sulphides are dominated by pyrite and pyrrhotite, supported by low levels of chalcopyrite and may also contain precious metals such as silver and gold.
It was terminated at 420.8 metres once it was believed to have passed through the conductive fault zone.
Hole ACEDD002 was sited to test a local gravity high to the west of the conductive zone and intersected minor fracture hosted bornite (copper mineralisation) as well as blebby and stringer sulphides within iron-rich intrusives which appear to explain the gravity source.
Hole ACEDD003 was drilled to about 582.7 metres to test the heavily altered, iron-rich intermediate intrusive below and to the south of the intersection of the modelled GS1 conductor in hole ACEDD001.
The hole again intersected zones of disseminated and stringer sulphides hosted in iron-rich intermediate intrusive rocks.
Later stage granitic intrusions and other very coarse grained felsic intrusives were noted below 500 metres down hole.
Acacia East is a high quality target situated on Apollo's 100% owned tenements forming part of the
Company's Titan Base-Precious Metals Project in the Northern Gawler Craton, South Australia.
It covers about 4.2 kilometres by 1.6 kilometres and can be seen in gravity survey data to extend down for over 2,200 metres.
Acacia East displays the key elements of a large scale mineralisation system including a strong gravity response and firm indications of magnetite alteration alongside a major regional fault.
Apollo's technical experts are giving consideration to a variety of mineralisation styles associated with iron rich volcanic systems.
These include, amongst others, the copper-gold rich iron oxide copper gold (IOCG(U)) systems of South Australia and the closely related high-sulphur porphyry or epithermal base and precious metals models including gold and silver rich mineralisation systems associated with Gawler Range Volcanics (GRV) in the nearby Tarcoola Goldfields.
Apollo had $3 million in cash as of 22 March 2013 and had earlier this month received an overwhelming response to its recent $1 million Share Purchase Plan with subscriptions for $2.27 million worth of shares.
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