THE DRILL SERGEANT: Apollo Minerals (ASX: AON) has received the results from a recently-completed ground gravity survey at Acacia East, which is part of the company’s Titan base-precious metals project in South Australia.
According to Apollo the survey has demonstrated Acacia East to hold geophysical characteristics common to high-quality IOCGU deposits in South Australia.
Apollo said the Acacia East ground gravity survey had delineated a large, dense body covering an area approximately 4.2 kilometres by 1.6 kilometres in size at its widest points.
Overview of residual gravity response from the Acacia East
ground gravity survey showing modelled EM conductor and likely magnetite
The company believes this dense body may have a vertical extent of over 2,500 metres while displaying ‘classic IOCGU alteration’ patterns in profile.
“The success of the gravity survey at Acacia East achieves another important milestone for increasing our confidence that this target has the potential to be an important discovery,” Apollo Minerals chief operating officer Dominic Tisdell said in the company’s announcement to the Australian Securities Exchange.
“While by no means definitive, the combination of the classic alteration patterns we’re seeing in the geophysics and the strong EM conductors are everything you would want to see at this early stage of exploration.
“The next step is to understand what our recent surface geochemistry programme tells us once results are in. We expect drilling to quickly follow.”
3D inversion modelling of the gravity data has implied the presence of near-surface, ultra-high density zones, which Apollo feels can be interpreted as an indication of supergene enrichment and a potential high grade cap.
The Acacia East target is centred on a discrete 2km by 2km zone of magnetite destruction, which has been assumed as being likely to be associated with a large-scale hydrothermal system located immediately alongside a regionally significant structure, The Coorabie Fault.
The company believes this setting could be ideal for the discovery of major base metals deposits similar to other uranium-rich iron-oxide-copper-gold (IOCGU) deposits of South Australia such as Olympic Dam.
Apollo said it considers Acacia East to be a high priority drill target, and the company plans to commence its first phase drilling at the prospect this quarter.