Company Announcement: Apollo Secures Farm-In and JV Agreement with Mincor Resources
Apollo Minerals Ltd is pleased to announce it has agreed the terms of an exploration farm-in and joint venture agreement with Mincor Resources NL over exploration licence EL4932 in South Australia. Apollo is actively progressing the development of an iron ore operation at Commonwealth Hill and is vigorously exploring the project area for further iron and base metals mineralisation. The EL4932 Agreement provides Apollo with improved access and infrastructure site selection options for its proposed iron ore development as well as a large, prospective land holding from which the Company hopes to expand its iron and base metals interests.
Under terms of the earn-in agreement, Apollo may earn a 75% interest in exploration licence EL4932 by sole funding exploration totalling AUD$2M over a 3 year period. Apollo has committed to a minimum exploration spend of $250,000 on EL4932 during the first year of the farm-in with Mincor. At the completion of the farm-in, Mincor may elect to convert its residual 25% interest into a gross production royalty of 3.5% on gold, 2.5% on base metals and 1.5% on all other minerals. On conversion Apollo would pay Mincor an amount equal to 25% of the total monies spend on exploration during the farm-in expected to be $500,000.
Dominic Tisdell, Chief Operating Officer said:
“This agreement further strengthens Apollo’s position in what is a highly prospective iron ore and base metals province and is another demonstration of our commitment to develop the minerals potential of the region. Through hard work and careful planning we look forward to sharing the rewards of what is shaping up to be a very promising joint venture.”
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sweet-Orr, established in 1871, is a global leader in superior protective workwear, known for quality, innovation, and performance.
VISIT SHOWROOM
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
