Apollo Minerals (ASX:AON) and strategic partner, Robert Friedland's High Power Exploration (HPX), are on the exploration fast track with the start of drilling at their Commonwealth Hill joint venture project in South Australia.
Which given the partner and prospectivity, will be closely watched by investors.
The combined 1,000 metre reverse circulation and diamond core program will test prospective IOCG drill targets from the recent HPX-led Typhoon IP survey.
This will confirm the source of a number of strong chargeability anomalies at depth within, and along the margins of these prospects.
None of the targets have been drill tested.
Drilling has commenced on Target 5 in the south western margin of the Wirrida Intrusive Complex and is expected to then move on to targets 1 and 4 located within central Wirrida and the margin of4 Bundi North respectively.
Drilling is expected to take 4 weeks to complete with assay results expected over the next 8 weeks.
Commonwealth Hill Exploration
HPX had identified several large-scale, high priority iron-oxide-copper-gold drill targets from its 140 square kilometre survey.
These co-incident dense, chargeable targets may resent significant sulphide bodies that have the potential to host IOCG style mineralisation as seen at Prominent Hill and Carrapateena.
The targets are associated with the Hiltaba age Wirrida Intrusive Complex and surrounds, including the Bundi North IOCG prospect.
Bundi shares striking similarities to major IOCG deposits in the area including the Prominent Hill, and BHP's behemoth Olympic Dam deposit.
HPX's survey also generated a number of potential epithermal or sedimentary gold targets.
Its proprietary 'Typhoon' technology, which can penetrate to great depths with high accuracy, had previously being deployed in Australia, Africa and South America.
Its use in the Commonwealth Hill JV marks the first time the technology has been used in South Australia.
HPX is providing up to $3.4 million of funding to earn an 80% interest in Apollo's EL4960, EL5073, EL5074 and EL5348 licences in South Australia under the Commonwealth Hill JV.
Apollo Minerals and High Power Exploration will soon have a clearer understanding of the IOCG potential of the Commonwealth Hill JV.
Investors will not have long to wait with 2-3 holes to test geology over four weeks in differing locations and settings.
While all important drill results are expected over the next 8 weeks.
Drilling will confirm the source of a number of strong chargeability anomalies identified by HPX's proprietary 'Typhoon' technology, none of which have been drill tested.
Confirmation of IOCG mineralisation would provide a significant "value kick" to Apollo and a major uplift to Apollo's current and decidedly light market cap of circa $8 million given the quality of the JV partner.
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