Apollo helps Mincore explore SA tenements
PERTH (miningweekly.com) - Minerals explorer Apollo Minerals has signed a farm-in agreement with Mincor Resources under which it 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.
Under the terms of the agreement, Apollo had to spend some A$2-million on exploration over the next three years to gain a 75% shareholding in the iron-ore, base metals and gold rights on the exploration licence.
“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,” said Apollo CEO Dominic Tisdell.
“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.”
Tisdell noted that the farm-in agreement provided Apollo with improved access and infrastructure-site-selection options for its proposed iron-ore development, as well as a large, prospective landholding from which Apollo hoped to expand its iron and base metals interest.
At the completion of the farm-in, Mincor could 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 spent on exploration during the farm-in, which was expected to be some A$500 000.
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