KANGO NORTH IRON PROJECT (AON 70%)
The Kango North Iron Project covers an area of 400km2 in Gabon, on the west coast of Central Africa. The Project is located 110km by road from the country’s capital Libreville and is positioned close to well-maintained roads, the national electricity grid, shipping ports and open access railway.
Apollo Minerals has an earn-in joint venture with a diversi ed Middle Eastern group who are required to sole fund exploration at the Project. The JV partner can earn up to a 50.1% interest in the Project through the contribution of ~$4m (US$3m) in exploration and development. Apollo Minerals will be free carried at no cost during exploration until the JV partner earns a 50.1% interest or ceases funding prior to completing the earn-in.
In the first stage of the JV, the partner has earned a 30% interest through their commitment to sole fund the initial 2015/2016 work program totalling ~$1m (US$750k), including the maiden diamond drilling program completed in 2015. In April 2016, a follow-up ground based magnetic survey was completed over the P2 (infill) and P3-P4-P6 prospects. This was followed by a field geological mapping and sampling program over the P2 and P3-P4-P6 prospects in mid-2016 to provide greater geological understanding of the mineralised anomalies and to better identify targets for further iron ore exploration activities. Based on the accumulation of historical technical data and in conjunction with this mapping campaign, the recommended next phase of exploration is to conduct an initial scout drilling on the P3-P4-P6 Prospect and additional infill drilling at the P2 Prospect.
Titan Base-precious Metals Project
The Titan Base and Precious Metals project area is situated in the Gawler Craton of South Australia and comprises several 100% held tenements at Commonwealth Hill that are prospective for iron ore-copper-gold.