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Apollo Minerals seeks backing for Kroussou zinc-lead exploration in Africa

Snapshot

The dual-listed small cap is on a $4.2 million capital raising drive as it seeks to advance the Kroussou Zinc-Lead Project in western Gabon.

Apollo Minerals - Apollo Minerals seeks backing for Kroussou zinc-lead exploration in Africa

Quick facts: Apollo Minerals

Price: 0.031 AUD

ASX:AON
Market: ASX
Market Cap: $8.34 m
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  • Kroussou Zinc-Lead Project in western Gabon is the company's flagship project. 
  • Geologist and former Trek Metals managing director Bradley Drabsch has joined the company as a consultant to help advance Kroussou. 
  • Drabsch is joined on the executive management team by former Trek and Kroussou project exploration manager, geologist Cédrick Gineste. 
  • Chartered accountant and long-time former Normandy Mining Group senior executive Ian Middlemas is chairman of the company. 

The Kroussou project is a significant, large-scale, near-surface zinc-lead project with exploration to date validating the province-scale base metal potential. A strong pipeline of news flow is expected as the company mobilises its existing French-speaking exploration team to rapidly commence an exploration program at the Kroussou project, including drilling to delineate the project’s scale.

Apollo Minerals director Hugo Schumann, September 2019

What does Apollo Minerals do?

Apollo Minerals Limited (ASX:AON) (FRA:4AP) is a dual-listed exploration company based in London, England, and Perth, Australia.

The small cap is on a capital drive to support its exploration plans for the Kroussou Zinc-Lead Project in western Gabon, which it hopes to acquire from Trek Metals Limited under an earn-in agreement.

Apollo hopes to direct up to $1.8 million from the capital raising towards exploration at its project grounds.

Who leads Apollo Minerals?

The company is led by chairman Ian Middlemas, a chartered accountant and Financial Services Institute of Australasia member.

Middlemas spent more than a decade in senior management at Newmont Goldcorp Corp (NYSE:NEM) (FRA:NMM) (TSE:NGT) (BMV:NEM) predecessor what was for a time Australia’s largest mining company, Normandy Mining Group.

Geologist and former Trek Metals managing director Bradley Drabsch joined the company’s executive management team as a consultant in September 2019.

Drabsch’s brief is to help advance the Kroussou earn-in project in Africa which Apollo can pick up from Trek if it meets nominated criteria.

The consultant and experienced Kroussou project executive is joined on the executive management team by former Trek and Kroussou project exploration manager, geologist Cédrick Gineste.

Gineste is now Apollo’s exploration manager.

Apollo executive director Hugo Schumann has transitioned to a non-executive director role from October 2019.

What does Apollo Minerals own?

The lead project is the Kroussou zinc-lead earn-in project in the Gabonese Republic, a Central African sovereign state on the equator that was previously a French colony.

Kroussou is in western Gabon in Ngounié Province and extends over close to 1,000 square kilometres of prospective ground for base metals exploration.

The project is a large-scale near-surface zinc-lead project where exploration has helped validate its base metals potential and possible province-scale prospectivity.

Kroussou’s prospective geology extends over a 70-kilometre strike length where 150 zinc-lead mineral occurrences have been found.

Apollo can earn a stake of up to 80% in the Central African project Kroussou via an agreement that covers exploration for zinc and lead resources.

Kroussou features 18 channels or prospects that may be probed as exploration targets with potential for significant shallow zinc-lead mineralisation.

Apollo hopes to take Kroussou through funded exploration and scoping study phases, and move onto pre-feasibility and bankable feasibility study work at the project.

What are Apollo Minerals’ next steps?

Apollo will close its capital raising from investors this month, on an expected October 7, 2019, closing date.

Shareholders and option holders on its registry on September 18 can participate in the offer.

Any shortfalls are expected to be announced on October 10, 2019, with shortfall holdings able to be issued at director discretion from that date.

New shares are expected to be traded on the Australian and Frankfurt exchanges from October 11, 2019.

Inflection points

  • Capital raising and financing milestones
  • Key personnel appointments and commitments
  • Investor support for project pipeline
  • Mergers and acquisitions and key project pick-ups and divestments

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Apollo Minerals enters earn-in for zinc-lead project

Apollo Minerals Limited (ASX:AON) has entered an agreement to earn into a highly promising zinc and lead project in the African country of Gabon. Apollo's Executive Director Hugo Schumann tells Proactive London how the agreement will see the company earn an interest of up to 80% in the Kroussou...

on 3/9/19

4 min read