Australian iron ore exploration company Apollo Minerals Limited has announced the receipt of promising assay results from the recent drilling program at its flagship Mount Oscar Project in Western Australia's Pilbara Region.

The assay results returned intersections of 101m at 33.6%Fe in hole OSRC006, 112 meters at 33.9%Fe in OSRC007 and 66m at 31.2%Fe in OSRC008.

Apollo drilled four reverse circulation holes in the program with three successfully intersecting the banded iron formation target, with down hole intersections ranging from 66 meters to 112 meters, which are estimated to represent true widths from 50 meters to 85 meters. Logging of the three successful holes indicated that the banded iron formation at depth has similar characteristics to those identified during surface mapping.

The drilling program was designed to test for potentially coarser grained magnetite, compared to the previously drilled Units C and D, identified within Unit A South during the Company’s surface mapping program completed last year.

The mapping showed Unit A South to occur over a strike length of approximately 1.4 kilometers and to range in width from 60 meters to 120 meters at surface within EL47/1379.

A metallurgical test work program on Unit A South material, involving DTR analysis and flotation, is advancing and results are pending. If results are positive, further drilling will be undertaken to test tonnage potential and provide accurate SG data and samples for comprehensive processing test work.

Apollo has a 100% interest in the exploration rights of tenements E47/1378 and E47/1379 which cover an area of 212 square kilometers and are located within the West Pilbara region. A significant portion of the recently identified global Mount Oscar Iron Ore Project lies within tenement E47/1379.