Apollo Minerals’ (ASX: AON) strategic partner Robert Friedland’s High Power Exploration has started an eagerly anticipated high powered induced polarisation survey to define Iron Oxide Copper Gold drill targets in the Gawler Craton, South Australia.
This uses HPX’s proprietary ‘Typhoon’ technology, which can penetrate to great depths with high accuracy, at the Bundi North and Wirrida prospects.
The survey grid covers approximately 140 square kilometres and includes over 350 line kilometres, making it one of the largest IP surveys undertaken in South Australia and the first time HPX technology has been used in the state.
The survey is expected to be completed by end of May with results available in June.
Subject to results, this could lead to the drilling of identified targets.
*Alliance Details*
Under the alliance, HPX can provide up to $3.4 million of funding to earn an 80% interest in Apollo’s EL4960, EL5073, EL5074 and EL5348 licences in South Australia, under the joint venture to be known as the Commonwealth Hill Joint Venture.
The transaction does not affect Apollo’s existing joint venture arrangements in the adjacent Eaglehawk JV and the Aurora-Tank JV.
HPX will apply its in-house ‘Typhoon’ technology to evaluate the Bundi and Wirrida Prospects.
Previous exploration by Apollo in the area has identified widespread copper anomalism directly above large, high density targets variously associated with magnetic and non-magnetic zones, which are interpreted to extend from a depth of approximately 150 metres to more than 1,000 metres below surface.
Bundi shares striking similarities to major IOCG deposits in the area including the Prominent Hill, and BHP's behemoth Olympic Dam deposit.
An independent review of the Bundi Prospect by geophysicist Chris Anderson, who was instrumental in the discovery of Carrapateena, has demonstrated potential for a large IOCG system.
*High Power Exploration*
High Power Exploration is a privately owned exploration company that is indirectly controlled by well-known billionaire mining entrepreneur Robert Friedland, whose net worth is estimated at US$1.1 billion by Forbes Magazine.
It deploys proprietary geophysical technologies to rapidly evaluate buried geological targets.
This has been successfully deployed in Australia, Africa and South America.
*Analysis*
The start of the induced polarisation survey using High Power Exploration’s proprietary ‘Typhoon’ technology is a key step towards discovering IOCG mineralisation in Apollo Minerals’ Bundi and Wirrida Prospects within its Gawler Craton acreage.
In addition, the funding from HPX and the use of its technology highlight the attractiveness of the company’s acreage given its unchallenging market cap. of circa $5.2 million.
If exploration does unearth a large IOCG deposit, there is further project investment to come from HPX.
*Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.* Reported by Proactive Investors 9 hours ago.
This uses HPX’s proprietary ‘Typhoon’ technology, which can penetrate to great depths with high accuracy, at the Bundi North and Wirrida prospects.
The survey grid covers approximately 140 square kilometres and includes over 350 line kilometres, making it one of the largest IP surveys undertaken in South Australia and the first time HPX technology has been used in the state.
The survey is expected to be completed by end of May with results available in June.
Subject to results, this could lead to the drilling of identified targets.
*Alliance Details*
Under the alliance, HPX can provide up to $3.4 million of funding to earn an 80% interest in Apollo’s EL4960, EL5073, EL5074 and EL5348 licences in South Australia, under the joint venture to be known as the Commonwealth Hill Joint Venture.
The transaction does not affect Apollo’s existing joint venture arrangements in the adjacent Eaglehawk JV and the Aurora-Tank JV.
HPX will apply its in-house ‘Typhoon’ technology to evaluate the Bundi and Wirrida Prospects.
Previous exploration by Apollo in the area has identified widespread copper anomalism directly above large, high density targets variously associated with magnetic and non-magnetic zones, which are interpreted to extend from a depth of approximately 150 metres to more than 1,000 metres below surface.
Bundi shares striking similarities to major IOCG deposits in the area including the Prominent Hill, and BHP's behemoth Olympic Dam deposit.
An independent review of the Bundi Prospect by geophysicist Chris Anderson, who was instrumental in the discovery of Carrapateena, has demonstrated potential for a large IOCG system.
*High Power Exploration*
High Power Exploration is a privately owned exploration company that is indirectly controlled by well-known billionaire mining entrepreneur Robert Friedland, whose net worth is estimated at US$1.1 billion by Forbes Magazine.
It deploys proprietary geophysical technologies to rapidly evaluate buried geological targets.
This has been successfully deployed in Australia, Africa and South America.
*Analysis*
The start of the induced polarisation survey using High Power Exploration’s proprietary ‘Typhoon’ technology is a key step towards discovering IOCG mineralisation in Apollo Minerals’ Bundi and Wirrida Prospects within its Gawler Craton acreage.
In addition, the funding from HPX and the use of its technology highlight the attractiveness of the company’s acreage given its unchallenging market cap. of circa $5.2 million.
If exploration does unearth a large IOCG deposit, there is further project investment to come from HPX.
*Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.* Reported by Proactive Investors 9 hours ago.