Australia-based iron ore exploration company Apollo Minerals has reported key geophysical characteristics at its Acacia East Base Metals Prospect.

The discovery made through a recently concluded round gravity survey indicates high quality uranium-rich iron oxide copper gold deposits in South Australia.

Acacia East ground gravity survey has delineated large and dense deposit of +2.3 mgal, and spanning over an area of 4.2kilo meter by 1.6kilo meter in size at its widest points.

The deposit also has a vertical extent of 2,500 meters with claims of uranium-rich Iron-Oxide-Copper-Gold (IOCGU) patterns.

"The Acacia East target is centred on a discrete 2 km x 2 km zone of magnetite destruction likely to be associated with a large-scale hydrothermal system located immediately alongside a region ally significant structure, The Coorabie Fault," the company stated.

The examination further revealed cracking of the host rocks at surface followed by haematite veining and alteration on the west of the modeled nearer-surface GS1 EM Conductor.

Apollo Minerals chief operating officer Dominic Tisdell said: "The next step is to understand what our recent surface geochemistry programme tells us once results are in."

Meanwhile, the company has stated that it is likely to commence the drilling at the potential Acacia East prospect during the first quarter of fiscal.