Apollo Minerals reports completion of Phase 2 drilling at its Salanie Gold Project with promising high-grade results, alongside strategic funding and ongoing exploration in Gabon, Serbia, and France.
- Phase 2 drilling completed at Salanie Gold Project with high-grade gold intersections
- Strategic $2 million shortfall offer cornerstoned by DI Capital secured
- Renewal of key permits and significant exploration target defined at Kroussou Zinc Lead Project
- Conditional divestment agreement signed for Serbian Belgrade Copper Project assets
- Ongoing legal appeal concerning Couflens Tungsten Project in France
Salanie Gold Project Drilling Success
Apollo Minerals (ASX: AON) has successfully completed Phase 2 drilling at its flagship Salanie Gold Project in Gabon, delivering encouraging results that reinforce the project's potential. The recent campaign focused on extending known mineralisation at key prospects A1, A3, and P6, with a total of 14 holes drilled over 1,695 metres. Notably, drilling at prospect A1 intersected shallow, high-grade gold mineralisation including 5.8 metres at 8.2 g/t Au and 11.7 metres at 4.3 g/t Au, confirming continuity near surface and visible gold within quartz veining.
These results build on the 2024 drilling success and highlight Salanie as an emerging high-grade gold system with potential for resource growth. The company expects assay results from other holes in the coming weeks, which could further define the extent of mineralisation.
Strategic Funding Boost
To support ongoing exploration and development activities, Apollo Minerals completed a shortfall offer raising approximately $2 million. The offer was cornerstoned by DI Capital Limited and its key supporters, who subscribed for $1.45 million. This capital injection strengthens the company’s financial position, enabling accelerated drilling and project advancement at Salanie and other assets.
Kroussou Zinc Lead Project Exploration Progress
At the Kroussou Zinc Lead Project, also in Gabon, Apollo secured a three-year renewal of the Ndolou permit, which hosts multiple base metal prospects including Niambokamba, Dikaki, and Niamabimbou. The project covers a substantial 2,363.5 km² area with over 135 km of prospective strike length. Apollo has defined an initial exploration target ranging from 140 to 300 million tonnes grading between 2.0% and 3.4% combined zinc and lead, underscoring the project's scale and potential.
Exploration efforts continue with extensive drilling, geophysical surveys, and geochemical sampling planned to refine targets and advance resource definition.
Belgrade Copper Project Divestment Agreement
In Serbia, Apollo’s subsidiary Edelweiss Mineral Exploration d.o.o entered into a conditional binding agreement to divest its 100% interest in the Donja Mutnica Licence and Lisa Licence Application, part of the Belgrade Copper Project. The deal with Bindi Metals Limited includes upfront cash payments, deferred consideration in shares, and net smelter royalties, subject to regulatory approvals and licence transfers.
This divestment allows Apollo to focus exploration efforts on its priority copper prospects within the project, notably Studena and Kopajska, which have shown promising copper-silver mineralisation in recent drilling and surface sampling.
Ongoing Legal Proceedings at Couflens Tungsten Project
Apollo continues to pursue legal remedies following the cancellation of the Couflens exploration permit in France. The company has lodged appeals against the administrative court decisions citing procedural irregularities and insufficient public consultation. The outcome remains pending, with potential implications for the project’s future and Apollo’s European portfolio.
Financial Position and Outlook
As of 31 March 2025, Apollo Minerals held cash reserves of approximately $2.5 million and maintained strategic investments in Constellation Resources Limited and Bindi Metals Limited valued at around $3.1 million combined. The company reported net cash outflows from operating activities consistent with exploration expenditure and continues to manage its funding to support its diverse project pipeline.
Apollo’s multi-commodity portfolio across Gabon, Serbia, and France positions it well to capitalise on emerging opportunities in gold, base metals, and tungsten, with ongoing exploration and corporate developments expected to drive value creation.
Bottom Line?
Apollo Minerals’ strong drilling results and strategic funding set the stage for accelerated growth, but legal and regulatory uncertainties warrant close watch.
Questions in the middle?
- What will the upcoming assay results from Salanie’s Phase 2 drilling reveal about resource potential?
- How will the Gabonese government’s new sovereign mineral rights decree impact Apollo’s project economics and ownership?
- What is the timeline and likelihood of success for Apollo’s legal appeal regarding the Couflens tungsten permit?