Apollo Minerals (ASX: AON) has identified a large-scale, Prominent Hill style IOCG target at the Mars Aurora Tank Prospect at the Titan Project in South Australia's Gawler Craton - providing a boost to the share price.
The age of the rocks appear to be similar as the primary source for IOCG mineralisation within the Gawler Craton and particularly the Olympic IOCG domain.
The new high priority target was identified from a recently completed ground gravity survey and recently acquired historic high resolution airborne magnetic and radiometric data.
Apollo is earning up to a 75% interest in the Mars Aurora Tank prospect located in the north-western corner of the Titan project area.
A near-surface rotary air blast drilling and geochemical sampling program across the area has been recently completed and the company is looking forward to receipt of the drilling geochem assays.
A reconnaissance Induced Polarisation program has also been completed and the processing and analysis of the IP survey data, in conjunction with the new geochemical data and the gravity and magnetic results, is expected to define IOCG drill targets.
The new IOCG target is situated immediately west of shallow, historic drilling which returned a large number of anomalous IOCG intersections, within and along strike of a discrete magnetic body.
Results of this shallow drilling include grades of up to 52% iron, 700ppm copper, 2 grams per tonne gold, and 4g/t silver over four-metre down-hole composite widths.
The target is interpreted to represent structurally controlled zones of high density material immediately west of the previously targeted high intensity magnetic zone.
The geophysical expressions are consistent with a spation separation between hematite dominant IOCG style alteration (dense but non-magnetic) and a primary magnetite dominant zone.
Notably, the geophysical responses have a very similar shape to those observed at the nearby Prominent Hill IOCG deposit.
Recently acquired high resolution airborne magnetic; and radiometric and gravity data also highlights a distinct zone of uranium enrichment along the south-eastern and south-western margins of the high priority IOCG target area.
These zones are coincident with large and discrete gravity lows and are within an area where an age date of 1584Ma was collected from heavily weathered outcrop identified by Apollo in late 2013.
It is believed that this area may represent a large, late stage Hiltaba granitic intrusion and related Gawler Range Volcanics, each of which may be important in the concentration of economic copper and gold mineralisation.
Apollo had last month kicked off its largest exploration program yet to find IOCG targets across joint venture areas - including Mars Aurora Tank - associated with its Titan Project in the Gawler Craton.
Previous work at the project has identified outcropping ironstone, drill intersections of iron, gold, silver and copper, indications of volcanics, fault-related brecciation.
Hiltaba-equivalent age dates at circa 1584Ma have also been identified - these are also found at Prominent Hill and other key IOCG deposits in South Australia.
Apollo is party to an exploration farm-in agreement with Marmota Energy (ASX: MEU) on Marmota's 48 square kilometre tenement EL4433 (Aurora Tank), situated immediately north of Apollo's Mars Prospect on its 100% owned Commonwealth Hill tenements.
Under terms of the Agreement, Apollo may earn 75% of the mineral rights at Aurora Tank through exploration expenditure totalling the greater of:
- $900k over a period of up to 3 years, or
- the costs incurred to Bankable Feasibility Study Stage.
The discovery of a large-scale, Prominent Hill style IOCG target provides a strong platform for a drill program at the Mars Aurora Tank Prospect at the Titan Project in South Australia's Gawler Craton.
Further work will assist with defining drill targets.
On current results, the Aurora Tank Prospect appears very promising for IOCG in terms of age of the rocks in the same vein as Prominent Hill and other large IOCG deposits in the region.
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