Apollo Minerals edges closer in hunt for large IOCG deposits
Apollo Minerals (ASX: AON)
has closed a capital raising of $1.2 million to fund the next phase of
exploration at the Titan Base and Precious Metals Project in South
Australia’s Gawler Craton.
The capital raise was by way of a
placement of 81,616,667 million ordinary Apollo shares at a price of
$0.015 per share together with one free attaching option for every two
shares subscribed.
Now Richard Shemesian and Dominic Tisdell,
director and CEO of Apollo are known to be extremely bullish on the
ground in the Gawler Craton which is located in the highly sought after
new Iron Ore Copper Gold (IOCG) frontier.
Given the locality of
their Titan Project in the northern Gawler Craton copper-gold belt,
close to the world class Prominent Hill and Olympic Dam Deposits - there
is optimism in targeting large IOCG deposits.
Promisingly, the
placement was known to have gained support from resource focused fund
managers and new and existing investors in Apollo, so there is
encouragement aplenty for the upcoming exploration program.
Exploration Focus
Apollo will focus its upcoming exploration programs on the Bundi prospect at the project.
Bundi has been targeted as a major, high priority IOCG target, with the potential to host a large scale deposit.
Expanded footprint
In
December, Apollo expanded the exploration footprint of the Titan
base-precious metals project in South Australia that is prospective for
the IOCG mineralisation.
The newly granted EL5348 is adjacent and
contiguous to the southern boundary of the project area, increasing its
size by 50 square kilometres to 1,467 square kilometres.
It is
planned to follow-up confirmed targets with drilling program at Bundi to
start. Geophysical surveys are expected to be completed early in 2014
with a drilling program to commence upon verification of drill sites.
Analysis
Planned
exploration at Bundi will provide the company with a road map for this
interpretation and sets the tone for future exploration.
Upcoming share price catalysts include the geophysical IP and gravity survey as well as drilling at the Bundi prospect.
The Titan Project is located in a potentially game changing new IOCG frontier in the northern Gawler Craton copper-gold belt, not far from the world class Prominent Hill and Olympic Dam Deposits, so it is not short of blue sky potential.
With a "light" market cap. for Apollo Minerals of circa $6.5 million, and embarking on exploration and a quest for large IOCG deposit, there is significant potential for valuation upside with the hint of success. To find an "elephant" you have to be in elephant country - Apollo has ticked that box.
