Apollo Minerals: Earn-In Into Highly Prospective, Large Scale Near Surface Zinc-Lead Project
(firmenpresse) - 3. September 2019 - Apollo Minerals Limited (Apollo Minerals or Company) (ASX: AON) is pleased to advise that the Company has entered into an Earn-in Agreement (EIA) with Trek Metals Limited (Trek) to earn-in an interest of up to 80% in the Kroussou zinc-lead project (Kroussou Project or Project) in western Gabon.
Highlights:
- Significant, large scale, near surface zinc-lead project with exploration to date validating the province-scale base metal potential
- Previous exploration work has resulted in the identification of 150 zinc-lead mineral occurrences over a +70km strike length of prospective geology within the project area
- The mineral occurrences are associated with 18 channels (prospects), each representing an exploration target with the potential to host significant shallow, zinc-lead mineralisation
https://www.irw-press.at/prcom/images/messages/2019/48716/190903 - Farmin to Gabon Zinc Project - final draft _v2 (2)_gekürzt_PRcom.001.png
Figure 1 - Kroussou Project highlighting 18 Prospects
- Only four of the 18 prospects have been drill tested to date, with all four channels intersecting zinc-lead mineralisation at very shallow depths
- Multiple opportunities for discovery with all 18 prospects remaining open and under-explored, with broader, deeper parts of the basin to the west completely untested
- Exploration at the Project to date has been severely curtailed by limited access to capital
- Initial metallurgical test work has confirmed high recoveries and produced separate, high grade and high-quality zinc and lead concentrates
- Mining friendly jurisdiction, with Government support for expanding its mining industry
- Strong pipeline of news flow expected as Company mobilises its existing French-speaking exploration team to rapidly commence an exploration program at the Kroussou Project, including drilling to delineate the Projects scale
- Initial exploration will focus on defining sufficient shallow (open-pittable), high grade zinc-lead mineralisation to justify commencement of feasibility studies
The Company will earn an 80% interest in the Project by:
a) spending A$2,000,000 on the Project within three years to earn a 70% interest; and
b) spending a further A$2,000,000 on the Project within five years to earn a further 10% interest (taking the total interest to 80%).
Thereafter, the parties must contribute on a pro rata basis or be diluted. If a party dilutes down below 10%, then its interest in the Project automatically converts into a 1% Net Smelter Royalty (NSR). Further terms of the EIA are outlined below in the Commercial Terms section.
Entitlements Issue
To provide funding for new and existing activities the Company will undertake a one (1) for one (1) pro rata non-renounceable entitlements issue at $0.025 per share (Entitlements Issue) to raise up to $4.2 million before costs.
Eligible shareholders will be entitled to acquire one (1) new ordinary share (New Share) for each ordinary share held at the record date (to be determined). New Shares under the Entitlements Issue will be offered at $0.025 per share.
For further information contact:
Hugo Schumann
Tel: +44 207 478 3900
Email: info(at)apollominerals.com.au
Robert Behets-
Tel: +61 8 9322 6322
Apollo Minerals Limited
ASX code: AON
ABN: 96 125 222 924
www.apollominerals.com
PERTH Level 9, BGC Centre, 28 The Esplanade Perth, WA 6000
T: +61 8 9322 6322 / F: +61 8 9322 6558
LONDON Unit 3C, Princes House, 38 Jermyn Street London, SW1Y 6DN
T: +44 207 478 3900
Please follow the link to download entire press release: https://www.asx.com.au/asxpdf/20190903/pdf/4485vvmy9gw7jj.pdf
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Datum: 03.09.2019 - 01:19 Uhr
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