Salanie Drilling Yields 11.7m at 4.3g/t Au; $1.25M Raised in Entitlement Offer

Salanie Gold Project: A New High-Grade Frontier

Apollo Minerals Limited (ASX: AON) has delivered a compelling update in its December 2024 quarterly report, spotlighting significant progress at the Salanie Gold Project in Gabon. The maiden diamond drilling program, targeting historically productive prospects A1, A3, and P6, has yielded promising results, particularly at A1 where shallow, high-grade gold mineralisation was intersected. Notably, drill hole SLDD004 returned 11.7 metres at 4.3 grams per tonne (g/t) gold from just 9.6 metres depth, including a richer 5.8 metres at 8.2 g/t Au. Visible gold was observed within quartz veins, underscoring the potential for a substantial mineralised system along a 12-kilometre greenstone belt that has seen little modern exploration in seven decades.

The A1 mineralised trend remains open along strike and at depth, setting a priority target for the upcoming 2025 drilling program. The engagement of Capital Drilling, a highly regarded operator, is expected to enhance drilling efficiency and productivity, enabling the company to rapidly advance its exploration objectives across multiple prospects including A1, A2, A3, and P6.

Expanding Regional Prospects and Soil Sampling Success

Beyond drilling, Apollo’s regional soil sampling program has reinforced gold targets around the Mikouma and Binda prospects, with anomalies reaching up to 200 parts per billion (ppb) gold. The extensive sampling campaign, comprising over 2,500 samples, has refined geological interpretations and will guide future exploration efforts. This integrated approach combining geochemical and geophysical data is pivotal in delineating new drill targets within the underexplored Salanie greenstone belt.

Kroussou Zinc-Lead Project: A Vast Base Metals Opportunity

Meanwhile, the Kroussou Zinc-Lead Project continues to demonstrate scale and potential. Covering 2,363.5 square kilometres in Gabon’s Ngounie Province, the project hosts multiple shallow zinc-lead mineralised zones over a strike length exceeding 135 kilometres. Apollo’s initial JORC-compliant Exploration Target estimates between 140 and 300 million tonnes grading 2.0% to 3.4% combined zinc and lead. With only six of 23 target prospects drill-tested to date, the project offers significant upside for resource expansion and low-cost development given the shallow mineralisation.

Strategic Portfolio Management in Serbia

In Serbia, Apollo is streamlining its portfolio by divesting its 100% interest in the Donja Mutnica Licence and Lisa Licence Application to Bindi Metals Limited. This move allows Apollo to concentrate on its core copper exploration assets at Studena and Kopajska Reka, which lie within a prolific metallogenic zone near world-class deposits. Recent drilling at Studena encountered geological complexities with limited copper mineralisation, but ongoing licence renewals and government engagement signal continued commitment to advancing these assets.

Financial Position and Capital Raising

Financially, Apollo Minerals closed a non-renounceable pro-rata entitlement offer in December 2024, raising approximately $1.25 million at an issue price of $0.014 per share. The company ended the quarter with $1.67 million in cash and holds strategic equity stakes in Constellation Resources and Bindi Metals valued at around $0.55 million. With an estimated 2.1 quarters of funding available, Apollo is positioned to sustain its exploration momentum into 2025.

While the Couflens tungsten project in France remains subject to ongoing legal proceedings, Apollo’s focus on its Gabon and Serbia projects underscores a strategic pivot towards high-potential, underexplored mineral provinces with favourable investment climates.