Apollo Mineral Limited, an Australia-based mining exploration firm, has signed an arrangement to earn into a very promising large-scale zinc-lead project in Gabon, Africa.
It is expected that Apollo will observe a raise in interest of about 80%, following the contract with Trek Metals Limited, in the Zinc-Lead Project.
Apollo Minerals will obtain a 70% stake by spending CFA 1.19 billion ($2 million) on the project in a span of 3 years and an additional 10%, when the Australian firm further spends $2 million in the coming 5 years.
Up until now, exploration work has managed to uncover 150 zinc-lead mineral occurrences over a length of 70 km, validating the provincial base-metal potential. The plan of exploration consists of an infill and extension drilling program on the Dikaki property prior to September’s end.
In all the 18 projects, which the occurrences are linked with, there are numerous opportunities for discoveries since most of them are partially or completely untested.
Apollo Minerals also intends to prioritize exploration targets founded on the collected historical data, and carry out surface exploration plans such as geological mapping, soil surveys, rock chippings sampling, etc.
The Kroussou project consists of a prospecting permit which covers 986.5 km² in Ngounié province. Ngounié province is situated 220km southeast of Libreville.
Apollo Minerals will combine its French team with local teams from Gabon to start their work as quickly as possible.
Good access to the region will be made sure by the fact that it is situated near substantial oil, gas, and lodging activities.
Apollo shares acquisition has allowed the Australia-based firm to spread its influence in Gabon. In year 2014, the exploration and development firm started a joint project with Zoradox Ltd on the Kango Iron and Gold Project, situated northwest of the Estuary.