Rio Piracicaba Project
Premier location next to Vale’s iron mine. Our drilling campaign was completed in Q2 2021: 7.85M tons of iron ore (mostly friable itabirite) available for initial mine. Our environmental licensing studies have started in Q2 2021 and ongoing.
In November 2020, Apollo acquired 100% of an iron ore project, including title to the mineral right, located in the well-known mining district called “Iron Quadrangle” in the state of Minas Gerais in Brazil.
This mineral right is located immediately adjacent to a producing iron mine called “Agua Limpa” owned and operated by Vale S.A. (NYSE: VALE, ~US$65B market cap) in the municipality of Rio Piracicaba.
The mineral right acquisition price was R$5M (Brazilian Real) (US$925,000). The title of the mineral right has been transferred to Apollo Resources since 03/2021. There are no royalties payable to prior owner.
Environmental studies have started in Q1 2021 needed for licensing of our initial mine.
An 11-hole detailed drilling campaign was concluded in 07/2021. This exploration program confirmed the occurrence of friable itabirite deposit with 7.85M tons of resources, with low strip ratio.