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.
Highlights
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.
Exploration Results
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.
Geological map showing the outcropping itabirite deposits with enriched zones and largely cover with laterite layer of 2 to 5 m. The iron ore layer has 15 m of average thickness.
