The agreement will earn 75% ownership in the Aurora Tank tenement in South Australia.
As per the terms of agreement, Apollo will claim the stake by funding either a minimum of $900,000 for mining operations for three years or all exploration and development costs to the Bankable Feasibility Study stage.
The 48 km2 tenement with historic gold-iron intercepts in the prospective is located in Gawler Craton of South Australia.
Commenting on the collaboration Apollo Minerals chief operating officer Dominic Tisdell stated that the inclusion of Aurora Tank would add to the strength of the company’s portfolio.
"We’re looking forward to developing a rewarding relationship with Marmota and the successes that we expect will follow from our activities in South Australia," added Tisdell.
Apollo’s portfolio also includes Commonwealth Hill Iron and Titan Base & Precious Metals project.
The drilling operations at Aurora Tank prospect has revealed potential interceptions including 4 meter at 2.0 grams per tonne gold from 112 meter, 4 meter at 1.3 grams per tonne gold from 24 meter, and 4 meter at 1.2 grams per tonne gold from 56 meter.
