Apollo Secures Farm-In and JV Agreement
February 11, 2013 (Source: Appollo Minerals) — Apollo Minerals Ltd (ASX: AON) is pleased to announce it has agreed the terms of an exploration farm-in and joint venture agreement with Mincor Resources NL (ASX: MCR) over exploration licence EL4932 in South Australia.
Apollo is actively progressing the development of an iron ore operation at Commonwealth Hill and is vigorously exploring the project area for further iron and base metals mineralisation. The EL4932 Agreement provides Apollo with improved access and infrastructure site selection options for its proposed iron ore development as well as a large, prospective land holding from which the Company hopes to expand its iron and base metals interests.
- Apollo has agreed on exploration farm-in and joint venture terms with Mincor Resources.
- The agreement relates to Mincor’s 624km2 EL4932 tenement situated immediately south, and adjacent to Apollo’s Commonwealth Hill Iron and Titan Base Metals projects in the Gawler Craton, South Australia.
- Under terms of the Agreement, Apollo may earn 75% of the mineral rights on EL4932 including iron-ore, base metals and gold through exploration expenditure totalling $2M over 3 years.
- Apollo’s expanded footprint now covers over 1,300km2 of the highly prospective northern Gawler Craton and encompasses a number of regional scale geological structures, geophysical and geochemical anomalies.
- Detailed exploration programme planning is now underway for the entire 1,300km2 project site.
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