Apollo Minerals identifies new IOCG target, Olympic Dam similarities
Apollo Minerals (ASX: AON) has identified a new large-scale IOCG target at the Mars Aurora Tank prospect from fieldwork, which is located in the north-western corner of the company's Titan base-precious metals project in South Australia.
Promisingly, historic drilling had returned some interesting results
in several holes up to a maximum of 2.0g/t gold, 4g/t silver and 52%
iron, as well as some copper.
Adding to the potential, it would appear a recently discovered brecciated outcrop is similar to the geology at BHP Billiton's (ASX: BHP) Olympic Dam and the nearby Vulcan IOCG Prospect.
Importantly, intense haematite alteration has been confirmed, with a regionally rare, volcanic mesa discovered nearby.
Titan is situated along the regional Coorabie Fault and its splays, and covers 1450 square kilometres - and is at the junction of the world recognised Thompson Nickel Belt analogue and high potential IOCGU terranes.
Dominic Tisdell, chief operating officer, commented: “Our initial work on the Mars Aurora Tank Prospect has delivered some unexpected new discoveries.
"We believe Apollo’s Mineral Systems based appraisal has highlighted a very real potential for this part of the Gawler Craton to host the next major IOCG discovery.
"With encouraging drilling results earlier this year at Acacia East, an excellent near-drill-ready IOCG target at Bundi and earlier stage targets evolving at Mars Aurora Tank and Wirrida we remain confident that we are working with some of the highest potential greenfield targets in one of the world’s great iron, copper and gold districts.”
Historical results provide platform for exploration
Historic drilling targeting epithermal gold along southern edge of system returned significant iron, copper and gold results including maximum intersections at: 52% iron, 470ppm copper, 2.0g/t gold and 4.0g/t silver.
The surface geochemical anomaly extends for over 1.7 kilometres along the eastern margin of target, with a second zone along northwest margin trends for over 800 metres.
The preliminary geological age dating underway to confirm association with key IOCG mineralisation timing of 1560 – 1620Ma.
The Mars Aurora Tank Prospect covers around 65 square kilometres and straddles Apollo’s wholly-owned Commonwealth Hill tenements and its Aurora Tank joint venture farm-in tenement with Marmota Energy (ASX: MEU).
Apollo said that planning underway for detailed ground gravity and airborne magnetic surveys to support drill targeting.
A recently completed ground EM profile within the historic epithermal gold focused drilling at the southern margin of the target (6,714,400mN) identified a conductive zone below the mineralisation, dipping at approximately 45o degrees to the east.
This zone may be related to mineralisation controlling structures and / or a fluid flow pathway and is being investigated further.
Although only early days for Apollo at Titan, the geology similarities to Olympic Dam and the location in an emerging base metals hot spot is building an emerging "story" that has yet to play out.
Gravity and airborne magnetic surveys are planned to identify targets for drill testing. This is where the upside is, which will potentially build on results from earlier in the year from Acacia East and Bundi.
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