Apollo Minerals Limited (ASX:AON) has passed a key milestone with approval of the Mining Convention Agreement allowing an earn-in agreement with Trek Metals Limited to begin at the Kroussou Zinc-Lead Project in Gabon.
Approval by the Gabonese Government means that all conditions precedent to the earn-in agreement have been satisfied with AON’s investment to date contributing to its earn-in interest in the project.
Earning up to 80%
Apollo will earn an interest of up to 80% in the Kroussou project through the agreement between its wholly-owned subsidiary Gemini Resources (Kroussou) Limited and Trek together with its relevant subsidiaries.
The Mining Convention governs the general administrative, legal, fiscal and customs conditions under which the company will conduct its exploration activities in Gabon.
Provides “confidence and certainty”
AON director Robert Behets said: “The company is pleased with the approval of the Mining Convention Agreement and the Gabonese Government’s demonstrated support of the Kroussou project.
“This approval provides Apollo Minerals with confidence and certainty as the company looks to commence its initial drilling campaign at the project in the coming months.
“With only four of 18 currently identified prospects having been drill tested to date, we are excited about the multiple opportunities for the potential discovery of further shallow, base metal mineralisation within the project area.”
Now project manager
Apollo Minerals is also now the manager of the project and will determine all exploration programs and other activities to advance the project.
Kroussou project location plan.
The Kroussou project represents a large-scale, near-surface zinc-lead project, with exploration to date validating the province-scale base metal potential.
It covers 986.5 square kilometres in the Ngounié Province of western Gabon, around 220 kilometres southeast of the capital city of Libreville.
Historical exploration work at the Kroussou project identified 150 base metal occurrences along a +70-kilometre strike length of prospective geology within the project area.
Zinc-lead mineral occurrences are hosted within exposed channels that offer very shallow, near-surface targets close to the basement rocks.
Only two of the 18 exposed channels were drill tested by the Bureau de Recherches Géologiques et Minières (BRGM) historically, with both channels containing significant base metal mineralisation.
Two further near-surface targets were drilled by Trek, which also returned significant zinc-lead intervals, further validating the province scale, base metal potential of the project area.
Prospects at the Kroussou project.
There are multiple opportunities for the discovery of further base metal mineralisation within the remaining untested 14 channels and also further exploration westward within the broader Cotier Basin is warranted.
Exploration programs comprising geological mapping, rock chip and soil sampling across multiple prospects have been advanced by the company with widespread high-grade mineralisation identified.
Grades of up to 24.85% combined zinc and lead were returned from rock chip samples at the high-priority Niamabimbou Prospect, which has potential to host significant shallow, zinc-lead mineralisation.
High-grade zinc-lead results from surface sampling at the Niamabimbou prospect.
Mapping has identified multiple new zones of mineralised outcrops extending over wide areas, each representing an exploration target with the potential to host significant shallow zinc-lead mineralisation.
A tendering process for the upcoming drilling program at the Kroussou project is underway with multiple expressions of interest received from high-quality drilling companies with expertise in Africa, including a number with operational experience in Gabon.
Planning and logistics for the drilling program, which will utilise a small, track-mounted RC drill rig, are also being advanced.
This program will be aimed at rapidly defining shallow, open-pittable, zinc-lead mineralisation over multiple prospects, with an initial focus on the Dikaki and Niamabimbou prospects.