Apollo Minerals Strikes High-Grade Gold at Salanie, Eyes Expansion in Gabon
Apollo Minerals reports promising Phase 2 drilling results at its Salanie Gold Project in Gabon, revealing significant gold mineralisation and advancing exploration at its zinc and copper assets.
- Phase 2 drilling completed with notable gold intercepts at Salanie’s A1 and P6 prospects
- Kroussou Zinc-Lead Project exploration target updated with substantial tonnage and grades
- Serbian Belgrade Copper Project drilling finds no significant copper mineralisation
- Divestment of Serbian assets to Bindi Metals progressing with conditional payments
- Company ends quarter with $1.26 million cash, plans further funding to sustain exploration
Salanie Gold Project – Encouraging Drilling Results
Apollo Minerals Limited (ASX – AON) has delivered an active quarter focused on its flagship Salanie Gold Project in Gabon. The company completed a Phase 2 diamond drilling campaign comprising 14 holes totaling 1,695 metres, targeting key prospects A1, A3, and P6. The drilling confirmed the presence of gold mineralisation, including a highlight intercept of 3.8 metres at 1.3 grams per tonne gold from 17.5 metres depth at A1, with the mineralised trend remaining open to the north.
At the P6 prospect, drilling intersected high-grade mineralisation, notably 1.1 metres at 19.9 grams per tonne gold from 56 metres, associated with quartz veining near historical underground workings. The P6 system remains open to the east, with further structural and geochemical work underway to delineate extensions.
Additionally, a 6-metre wide zone of brecciation and quartz veining was intersected 170 metres south of A1, interpreted as a continuation of the controlling Salanie Fault structure. These combined results reinforce the potential of the 12-kilometre Salanie greenstone belt to host significant gold mineralisation, with further targets yet to be tested.
Kroussou Zinc-Lead Project – Substantial Exploration Target
Beyond gold, Apollo Minerals advanced its Kroussou Zinc-Lead Project in western Gabon, which covers over 2,300 square kilometres. The company reaffirmed an initial JORC-compliant exploration target ranging between 140 and 300 million tonnes at grades of 2.0% to 3.4% combined zinc and lead. This target is based on extensive drilling, geochemical sampling, and geophysical surveys, highlighting the project's scale and shallow mineralisation, which could support low-cost mining development.
With 23 zinc-lead target prospects identified, only six have been drill tested to date, underscoring the project's exploration upside. The Ndolou permit, hosting key prospects, was renewed for three years, enabling continued exploration efforts.
Belgrade Copper Project and Corporate Developments
In Serbia, Apollo Minerals completed three diamond drill holes at the Studena prospect within its Belgrade Copper Project. Despite targeting a significant copper anomaly, drilling did not intersect meaningful copper mineralisation, attributed to structural displacement of the target zone. The company is pursuing licence renewals and progressing a conditional divestment of its Donja Mutnica Licence and Lisa Licence Application to Bindi Metals Limited, which includes cash payments, share considerations, and net smelter royalties.
Meanwhile, legal proceedings continue in France regarding the Couflens exploration permit, with the company awaiting court decisions following a complex series of appeals related to procedural and environmental consultation issues.
Financial Position and Outlook
As of 30 June 2025, Apollo Minerals reported cash reserves of $1.26 million, supplemented by shareholdings in Constellation Resources and Bindi Metals valued at approximately $0.3 million. Exploration expenditure during the quarter was $890,000, primarily on drilling and field activities. The company acknowledges a limited cash runway of about 1.3 quarters at current expenditure levels but expects reduced costs following completion of the Salanie drilling campaign.
Apollo Minerals is actively assessing funding options to support ongoing exploration and development activities. The company remains optimistic about Gabon as an investment-friendly jurisdiction, despite uncertainties around recent changes to the mining code affecting state participation rights.
Bottom Line?
Apollo Minerals’ latest drilling success at Salanie and robust zinc targets at Kroussou set the stage for a pivotal exploration phase, but funding and regulatory clarity remain critical hurdles.
Questions in the middle?
- How will Apollo Minerals navigate the recent Gabonese mining code changes impacting ownership and royalties?
- What are the next steps and timelines for further drilling at Salanie and Kroussou to convert exploration targets into resources?
- How might the outcome of the Couflens permit legal proceedings affect Apollo’s European ambitions and investor confidence?
