Apollo Minerals Limited

Published : July 24th, 2016

Aurora Tank Gold Project Full 100% Ownership

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Keywords :   Copper | Gold Mine | Target | Uranium |

Aurora Tank Gold Project Full 100% Ownership

2daf83ba-90b5-4f07-86bf-cc16b05047e2.pdf

ASX ANNOUNCEMENT 4 July 2016

Aurora Tank Gold Project

Marmota Acquires Full 100% Ownership

Marmota Energy Limited (ASX: MEU) ("Marmota")

KEY POINTS

  • Marmota has entered into an agreement with its JV partner, Apollo Minerals.

  • Under the agreement, Marmota will assume full control of Aurora Tank, and increases its stake to full 100% ownership of Aurora Tank (EL 5589).

  • Wide-spaced drilling of the Aurora Tank NW Gold target in 2015 showed significant gold mineralization near surface.

    Background

    • The Aurora Tank tenement (EL 5589) is situated approximately 50km NE of the Challenger gold mine.

    • Gold was first identified at Mars Aurora Tank prospect by calcrete sampling; a discrete gold-in-calcrete anomaly extends over 2km strike length, overlying a magnetic anomaly.

    • Apollo Minerals Limited (ASX: AON) conducted drilling on the Aurora Tank tenement in 2014 and 2015 as part of a farm-in agreement with Marmota.

    • Apollo reported [ see AON ASX Releases: 21 October 2014 and 9 June 2015 ]:

      • Significant near surface gold mineralisation intersected in recently completed 35 hole drill programme at Mars Aurora Tank Project ( Fig. 1)

      • Mineralised zone is interpreted to extend for at least 500m along strike and is open in all directions

      • Early stage drilled intersections include:

        • 4m at 5 g/t gold from 16m

        • 16m at 1 g/t gold from 20m, including 12m at 1.3 g/t Au from 20m

        • 16m at 0.7g/t gold from 19m, including 4m at 0.9 g/t Au from 31m

Figure 1: Aurora Tank drill hole location plan and gold distribution [ see AON ASX Release: 9 June 2015 ]

Agreement

The new agreement between Marmota and Apollo finalises all matters under the farm in agreement.1 Apollo will transfer to Marmota its interest in the Aurora Tank tenement and Marmota will pay Apollo $50,000.

1 Details of the farm in agreement are set out in ASX:MEU release - 15 February 2013.

Figure 2: Marmota's Gawler Craton tenements around the Challenger Gold mine

  • Aurora Tank (EL 5589) is encircled in GREEN

  • Tenements agreed (in April) to be acquired from a private party are outlined in RED

For further information, please contact:

Marmota Energy Limited

David Williams Managing Director Email: [email protected]

Unit 6

79-81 Brighton Road Glenelg SA 5045 ABN: 38 119 270 816 T: (08) 8294 0899

F: (08) 8376 8633

www.marmotaenergy.com.au

About Marmota Energy Limited

Marmota Energy Limited (ASX: MEU) is a South Australian mining exploration company, focused on gold, copper and uranium. Gold exploration is centred on the Company's dominant tenement holding in the highly prospective and significantly underexplored Gawler Craton, near the Challenger gold mine, in the Woomera Prohibited Defence Area. The Company's cornerstone copper project is based at the Melton project on the Yorke Peninsula. The Company's largest uranium project is at Junction Dam adjacent to the Honeymoon mine.

Read the rest of the article at www.publicnow.com

Apollo Minerals Limited

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CODE : AON.AX
ISIN : AU00000AON7
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Apollo Minerals Ltd is a gold and iron exploration company based in Australia.

Its main exploration properties are COMMONWEALTH HILL and MT OSCAR in Australia.

Apollo Minerals Ltd is listed in Australia and in Germany. Its market capitalisation is AU$ 6.9 millions as of today (US$ 5.0 millions, € 4.3 millions).

Its stock quote reached its highest recent level on August 06, 2010 at AU$ 1.30, and its lowest recent point on May 20, 2016 at AU$ 0.01.

Apollo Minerals Ltd has 124 910 000 shares outstanding.

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