Apollo signs farm-in with Marmota
PERTH (miningweekly.com) - Explorer Apollo Minerals has agreed to a farm-in venture with fellow-listed Marmota Energy to explore that company’s Aurora Tank tenement, immediately north of Apollo’s own Ibis and Mars prospects.
Under the terms of the agreement, Apollo could earn 75% of the mineral rights through spending either $900 000 over the next three years, or incurring the cost of a bankable feasibility study over the project area.
Apollo on Friday said that it had committed to a minimum exploration spend of A$150 000 during the first year of the farm-in agreement.
“Aurora Tank is a natural fit for Apollo and further enhances our portfolio and position in the region,” said Apollo CEO Dominic Tisdell.
“We’re looking forward to developing a rewarding relationship with Marmota and the success that we expect will follow from our activities in South Australia.”
The Aurora Tank tenement covers some 48 km2, and Apollo noted that its review of existing data had confirmed that the Mars-Aurora Tank propect shared similar characteristics to the nearby Challenger gold mine.
The farm-in with Marmota followed shortly after a similar agreement was reached with Mincor Resources, under which Apollo could earn a 75% interest in the mineral rights of Mincor’s exploration tenement in South Australia.
Mincor’s tenement was situated immediately south and adjacent to Apollo’s own Hill iron and Titan base metals projects.
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