PERTH (miningweekly.com) – ASX-listed junior Apollo Minerals has sold its Mt Oscar iron project, in Western Australia, for A$500 000 in cash.
The Mt Oscar project, about 25 km south of the Port of Cape Lambert, had an exploration target of between 350-million and 650-million tonnes, grading between 31% and 37% iron.
Apollo told shareholders on Tuesday that the first tranche of A$250 000 was received on the signing of a sales agreement, while the balance of payment was due at the close of transaction on January 10.
Apollo would also retain a 1% royalty on the gross mine gate revenue, less 50c/t on iron-ore produced from the site, as well as a 2% net smelter royalty on all other mineral products.
The junior said that the funds from the sale would be used to progress its other interests, including the Titan iron-ore/copper/gold project, in South Australia.