Apollo Minerals increases Exploration Target in Gabon

THE DRILL SERGEANT: Apollo Minerals (ASX: AON) has upgraded the Exploration Target at the company’s Kango North iron project in Gabon.

The company said the upgrade was the result of a detailed review of exploration results achieved at the project.

The upgrade has taken the Exploration Target for the project to 2 to 3.5 billion tonnes at 30 to 40 per cent iron (up from a previous estimate of 200 to 300 million tonnes at 30 to 45 per cent iron), including a higher grade exploration target zone of 75 to 150 million tonnes at 45 to 60 per cent iron.

“Evaluation of modelled magnetic bodies against surface rock samples, with the inclusion of data from near-by cored drilling results and similar scale projects in the region, has led to revision of key assumptions in the exploration target,” Apollo Minerals said in its ASX announcement.

“The revised Exploration Target initially focusses on the south-eastern part of the project area (anomalies 3.8 to 3.15) that relates to an approx. 10 kilometre portion of the cumulative 17 kilometre strike length of magnetic anomalism identified from re-processing of airborne magnetic data from the project area.

“Modelling in the southeast has identified a series of parallel northeast trending mineralised iron bodies which have been substantiated through review of historical Government data, and an Apollo surface rock chip sampling programme conducted in 2012.”

Apollo has a 70 per cent interest in the Kango North iron project, which covers around 400 square kilometres in the north‐western Estauire Province in Gabon, which is located some 70km east from the Country’s capital, Libreville.

In determining the range for exploration target tonnages, Apollo examined the magnetic bodies (anomalies 3.8 to 3.15) situated in the southeast of the project, which it had identified to have suitable volume and grade comprising 582 million cubic metres at 34 per cent iron.

At an assumed average density of 3.3 tonnes per cubic metre Apollo said a confirmed upper limit Exploration Target of 1,920 million tonnes at 34 per cent iron can be estimated, including 161 million tonnes at 60 per cent iron from Anomaly 3.8.

 

Estimated Exploration Target assuming average density of 3.3 tonnes per cubic metre. Source: Company announcement

 

Apollo said all the modelled bodies at the project (Anomalies 3.7 to 3.15) cumulatively provide an upper limit estimate for the Exploration Target of 3.5 billion tonnes 30 per cent iron.

From this the company has regarded its Exploration Target estimate for the Kango North iron project to be reasonable.

Apollo is currently undertaking exploration activities, which include planning of a drilling program suitable to estimate a JORC code-compliant mineral resource.

The company has further project development appraisals in the planning stage, including environmental, sociological, transport, logistics and power generation studies to support the progression towards further metallurgical test work and pre-feasibility study.

Email:
info@apollominerals.com.au

Website:
www.apollominerals.com.au