Apollo is an Australian iron ore exploration company listed on the Australian Securities Exchange (ASX:AON).
Apollo owns the exploration rights of two mineral tenements at Mount Oscar in the Pilbara region of Western Australia, containing a significant iron ore deposit.
The Mount Oscar Project is located only 25 kilometres south of the Cape Lambert Iron Ore Project which delivered resource estimates of 1.5 billion tonnes at 31.2% Fe and was sold in July 2008 to China Metallurgical Group Corporation (MCC) for $400 million. Apollo's tenements are believed to host the same iron ore unit as found at Cape Lambert.
Extensive geophysical models compiled by an independent consultant, Southern Geoscience Consultants, have estimated a total global tonnage of 800 million tonnes of iron ore between surface and a depth of 250 metres (see the more detailed description of this work under "Mount Oscar - Overview and Exploration"). The adjacent "Apollo Fly-through Video" provides detailed, 3D imagery of the Project location and geophysical modelling.
Apollo has completed geological mapping and rock chip sampling, aerial stereo photography, contour mapping, aerial magnetometry and radiometrics. Preliminary beneficiation test work suggests that a saleable iron concentrate can be produced from Mt Oscar magnetite using conventional magnetic separation.
An initial drilling programme was carried out in late 2009, designed to target the highest magnetic amplitudes as modelled by independent geological consultants of high resolution airborne magnetic data flown over the Mt Oscar project area. The drilling comprised five reverse circulation (RC) holes drilled on four, approximately 200 metre-spaced sections, for a combined length of 1,440 metres. Downhole intercepts of magnetite mineralisation ranging from 16 to 168 metres having iron grades ranging from 31.9% to 36.9% have been encountered within the two principal horizons targeted. The average iron grade for the intercepts reported is 35.2% Fe. The mineralisation remains open at depth and along strike for both horizons with the deepest holes extending to a vertical depth of 300 metres.
Prior to the recent drilling programme, analysis of a limited number of rock chip samples collected from Apollo's part of the Mount Oscar Project returned grades of up to 52% Fe. Fox Resources, whose tenements are adjacent to Apollo, recently drilled on its part of the Mount Oscar Project and returned grades in excess of 55% Fe with the highest grade returned being 66.2% Fe in a magnetite/haematite band.
In 2009, Apollo acquired the Mt Oscar East project, 10km east of Apollo's Mt Oscar project. Mt Oscar East is prospective for magnetite and haematite iron ore.
Apollo also holds exploration rights to a portfolio of mineral tenements at Commonwealth Hill in the central Gawler Craton, a mineral-rich region of South Australia. The Tenements are located near some of South Australia's world-class uranium, iron ore and base metal projects, including the iron-oxide-copper-gold-uranium (IOCGU) deposits of the Olympic Dam and Prominent Hill mines.
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