Apollo Minerals Ltd reported solid operational and corporate progress during the March 2025 quarter. The company completed Phase 2 drilling at the Salanie Gold Project in Gabon, targeting extensions and new areas across the A1, A3, and P6 prospects, with assay results expected shortly. A total of 14 holes for 1,695 metres were drilled, advancing the understanding of the high-grade gold system.
Financially, Apollo Minerals strengthened its balance sheet by completing a shortfall offer that raised approximately A$2 million, cornerstoned by a strategic investment from Capital DI Limited. This injection places the company in a stronger position to accelerate its exploration programs.
Further progress was made on the Kroussou Zinc-Lead Project with the renewal of the Ndolou permit, securing tenure over key prospects for an additional three years. Corporate initiatives included advancing the divestment of non-core Serbian assets while retaining priority exploration interests in copper-rich targets.
Apollo ended the quarter with a cash balance of A$2.5 million and investments in listed entities valued at approximately A$0.45 million, providing a stable platform for ongoing and future exploration activities.
Salanie Gold Project – Gabon
Phase 2 drilling built upon the 2024 success at the A1 Prospect, targeting extensions and untested areas at A1, A3 and P6. A total of 14 holes for 1,695 metres were completed by Capital Drilling. Key highlights from the 2024 program included:
- 11.7 metres at 4.3 grams per tonne (g/t) gold (Au) from 9.6 metres, including 5.8 metres at 8.2 g/t Au.
- Visible gold within quartz veining from 19.0 metres to 19.4 metres.
A1 drilling for 2025 and previous results from 2024.
Drilling at P6, previously tested by only one hole, confirmed structural continuity of mineralisation, although initial grades were lower than expected.
Core processing area, structural logging and camp setup at Salanie.
Regional soil sampling identified new gold targets at Binda and Mikouma. Approximately 3,000 soil samples were collected, confirming several anomalies across the 12-kilometre-long Salanie greenstone belt.
Kroussou Zinc-Lead Project – Gabon
The Kroussou project covers 2,363.5 square kilometres and continues to demonstrate district-scale potential. The initial JORC-compliant Exploration Target is estimated between 140 million and 300 million tonnes at 2.0–3.4% combined zinc and lead, while the very shallow mineralisation (less than 20 metres depth) supports potential low-cost development.
Kroussou displaying 24 Target Prospects over more than 135km of prospective strike length.
Renewal of the Ndolou permit ensures continued exploration across key prospects, with previous drilling totalling over 9,000 metres.
Belgrade Copper Project – Serbia
Apollo Minerals retains interests in the Studena and Kopajska Reka copper prospects after agreeing to divest the Donja Mutnica Licence and Lisa Licence Application to Bindi Metals Limited.
At Studena, three diamond drill holes totalling 600 metres targeted a copper soil anomaly. Drilling intersected stratigraphic contacts, with minor mineralisation identified (0.3 metres at 648 parts per million (ppm) copper and 0.47 g/t silver), but the main mineralised zone was faulted out of position.
European Gold and Tungsten Project (Couflens Project) – France
Legal proceedings concerning the cancellation of the Couflens exploration permit remain ongoing. Apollo Minerals and the French State have appealed previous decisions, and a compensation claim has been lodged before the Administrative Court of Toulouse.
Corporate and Financial
Cash and listed investments totalled approximately A$2.95 million at quarter-end.
The company raised approximately A$2 million from a shortfall offer, supported strategically by Capital DI Limited.
Divestment of Serbian assets to Bindi Metals Limited remains conditional upon regulatory approvals.
Exploration and administration costs for the quarter amounted to A$568,000 and A$284,000 respectively.
Apollo Minerals continues to evaluate further project opportunities within Gabon and internationally, aligned with its strategy to develop high-value mineral resource assets.