PERTH (miningweekly.com) – ASX-listed Apollo Minerals has agreed to earn a 70% interest in fellow-listed Enterprise Metals’ Orpheus base metals project, in Western Australia.
Under the terms of the agreement, an Apollo subsidiary would sole fund all the joint venture (JV) activities on the tenements until the completion of a bankable feasibility study.
Furthermore, Apollo would be liable for a A$100 000 non-refundable deposit, and a payment of a further A$100 000 on the completion of the transaction. The company would also issue 20-million fully paid ordinary shares to Enterprise.
Apollo chairperson Richard Shemesian said on Friday that the company now had a project in one of the most prospective areas for nickel/copper massive sulphides, which was also near Sirius Resources’ discovery Nova.
“We now have two projects in geological areas that host world-class mineral deposits, including our South Australian Titan iron-ore copper/gold project.”
The project area under JV consists of four tenements covering some 600 km2 in the Fraser Range. Multiple high priority drill targets have been identified and are drill ready.
Apollo said on Friday that the company would have some A$1.6-million available for exploration activities in February this year.