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Apollo Minerals Discovers IOCG Alteration At Titan In The Gawler Craton

Apollo Minerals' (ASX:AON) recently completed drilling program has confirmed IOCG alteration at the NoBrainer prospect within the Titan IOCG Project in South Australia's Gawler Craton.

Visually identified sulphide rich zones at hole 14NB001 returned copper grades of up to 2,400ppm from handheld XRF instrument readings.

Assays have also confirmed elevated copper and gold over a number of three metre sample intervals down the hole.

The alteration and enrichment observed in this hole is similar to alteration described in IOCG drilling from the Mt Woods and Olympic domains

At the Bundi prospect, the follow-up downhole electromagnetic survey at hole 14BUN003 confirmed a strong conductor potentially representing a significant massive sulphide body.

The company is now reviewing a number of other targets across its tenements to generate a work program for further work in 2015.

In November, Apollo discovered significant iron oxide-titanium-phosphate systems in two prospects at the Titan project.

This deposit type occurs in a number of the world's iron oxide-copper-gold terrains and can be related to the same IOCG mineralising event.

NoBrainer IOCG alteration

Drilling at the NoBrainer prospect focused on testing the top of coincident gravity and magnetic anomalies situated to the immediate southwest of the mafic Wirrida Intrusive Complex.

This intersected Archean and Mesoproterozoic geological units including hydrothermally altered mafics, granitic gneisses and granitoids.

Alteration consists of carbonate veining, iron oxides as magnetite, disseminated sulphide and small sulphide veinlets comprised principally of pyrite and pyrrhotite.

Petrographic analysis confirmed minor copper sulphides in the form of chalcopyrite.

Geochemical halos associated with IOCG style alteration, with anomalous intervals of low tenor copper and gold assays, were intersected.

Laboratory assay results confirm anomalous iron, copper and gold to 14.3% iron, 118ppm copper and 0.2g/t gold over a 3 metre interval from 67 metres.

Other zones are similarly anomalous.

Spot testing using portable XRF analysis of smaller, more sulphide rich zones down the hole returned grades of up to 2400ppm copper.

Gold is the most significant indicator for possible IOCG alteration with anomalous intervals including 12 metre at 95ppb gold from 64 metres and 28 metres at 48ppb gold from 126 metres downhole depth. These correlate with anomalous iron.

Alteration and enrichment observed in drill hole 14NB001 is similar to alteration described in IOCG drilling from the Mt Woods and Olympic domains.

These characteristics support the encouraging visual results observed and the prospectivity of the Titan project area to host significant IOCG mineralisation.

Further test work including age dating of intrusive units from drill core is underway to establish the exact timing of the geological and mineralising events.

Bundi Prospect

At the Bundi Prospect, downhole EM confirmed the near miss of a conductor immediately northeast of the existing drill hole.

Conductors of this strength are typically observed in massive sulphide bodies and Apollo believes that this conductor represents a priority massive sulphide drilling target.

This target remains to be drill tested and will be reviewed as part of the 2015 exploration program.

Analysis

Apollo Minerals' discovery of IOCG alteration at the NoBrainer prospect further supports the potential of the Titan project area to host significant IOCG mineralisation.

It also follows on the discovery of iron oxide-titanium-phosphate systems in two prospects in November as well as high grade gold intersected at Mars Aurora Tank including 4 metres at 5g/t from 16 metres.

The company is certainly in the right spot to search for the next major IOCG deposit.

It holds one of the largest tenement holdings at over 1,500 square kilometres within the Gawler Craton, which hosts four of the world's largest IOCG deposits.

A number of parties are understood to have approached the company.

Looking ahead, Apollo is now reviewing the complete data set from its drilling program.

This includes work with High Power Exploration to identify targets to drill in the new year.

At the end of the September quarter 2014 Apollo had a cash balance of $1,595,000.

This balance will increase after the news earlier in the week that Apollo will sell its non-core Mt Oscar Iron Project in the Pilbara, with funds directed to the Titan IOCG project.

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