ASX-listed Apollo Minerals Limited has achieved a major milestone at its wholly owned Commonwealth Hill iron ore project in South Australia as it continues its transition from explorer to developer.
Apollo has announced a maiden JORC estimate of 72 Mt @ 25.9 Fe at its Sequoia deposit, the smallest of its four iron ore targets at Commonwealth Hill in the highly prospective Gawler Craton in South Australia. This new JORC- compliant estimate represents a 227% increase in the historic mineral resource of 22 Mt @ 28.4% Fe reported in February.
The initial resource estimate includes a higher grade resource core of 5.4 Mt @ 38.9 within the larger mineral resource.
The newly identified resource will now be evaluated, with pit optimization and scoping studies underway and expected to be complete by the end of the third quarter of this year.
Apollo’s chief operating officer Dominic Tisdell said the estimate had “exceeded” the company’s expectations, and now formed a “strong foundation” for the further development of Commonwealth Hill as a viable iron ore project.
“Importantly the Company now has the resource base to commence initial mine development plans and articulate our development strategy to investors,” Mr Tisdell said.
“The next twelve months will see the Company continue its transformation from explorer to developer.”
In addition to Commonwealth Hill, Apollo also has 100 percent of the Mount Oscar Project in the Pilbara region of Western Australia.
At Mount Oscar, Apollo Minerals has a total exploration target of 500 million tonnes of magnetite-bearing banded iron formation (BIF) grading 31-37% Fe.