Hugo Schumann of Apollo Minerals Limited (ASX:AON) talks Proactive Investors through the company’s recent trading halt as three prestigious mining funds came on board as part of a combined A$6 million fundraise.
He describes the quality of the funds that have come in as a ringing endorsement of the project.
Most of the initial expenditure will be put to reopening the world’s highest-grade tungsten mine, Salau at the Couflens project in France.
Apollo has completed the acquisition of Aurenere, a Spanish asset just down strike from its French site.
License applications are progressing while a programme is being designed for drilling in due course.
Initial reconnaissance work there has shown gold grades of up to 33 grams a tonne and 5% WO3.