Apollo Minerals secures A$1.25 million to advance Salanie Gold Project exploration
Last updated: 18:30 30 Dec 2024 EST, First published: 18:17 30 Dec 2024 EST
Apollo Minerals Ltd (ASX:AON, OTC:APOMF) has received applications for more than 89 million shares in a non-renounceable pro-rata entitlements offer, subsequently raising A$1.25 million.
The company intends to use the fresh funding to meet corporate and administrative costs, and to advance exploration on the Salanie Gold Project in Gabon.
AON directors have also reserved the right to place the remaining 143,014,350 entitlement offer shortfall shares totalling approximately A$2 million within three months of the offer closing date.
Salanie Gold Project
Apollo Minerals completed the first drilling in 70 years at the Salanie Gold Project this year, testing the A1 prospect for gold mineralisation.
The company’s exploration efforts bore fruit, producing trenching results of 10.3 metres at 3.4 g/t gold and 1.4 metres at 15.7 g/t gold.
The funding from the entitlement offer will support a 2025 drilling campaign at Salanie, investigating untested targets at A2, A3 and P6 as well as extensions to A1.
“This first drilling at Salanie in 70 years provided very encouraging results, demonstrating shallow high-grade gold mineralisation and confirming the presence of a mineralised system at the A1 Prospect that is open along strike and dip,” Apollo Minerals managing director Neil Inwood said.
“We are also seeing mineralisation along trend of the historical high-grade P6 underground workings, which will also form a key part of the 2025 drill program.
“These results highlight the untested potential of the Salanie Gold Project and we look forward to hitting the ground early in 2025.”
