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Highlights
- Successful Fundraising Effort: Apollo Minerals Ltd (ASX:AON, OTC:APOMF) secured A$1.25 million through a non-renounceable pro-rata entitlements offer, with plans to allocate funds for corporate operations and exploration activities.
- Strategic Exploration Plans: The funding supports an extensive 2025 drilling campaign at the Salanie Gold Project in Gabon, targeting promising zones such as A2, A3, P6, and extensions of the A1 prospect.
- Encouraging Exploration Outcomes: Initial drilling at the Salanie Gold Project, the first in 70 years, revealed high-grade gold mineralisation, bolstering confidence in the site’s untapped potential.
Apollo Minerals Ltd has raised A$1.25 million following applications for more than 89 million shares in its non-renounceable pro-rata entitlements offer. The proceeds are earmarked to cover corporate expenses and propel exploration efforts at the Salanie Gold Project in Gabon. The company also retains the option to place an additional 143,014,350 shortfall shares, potentially generating up to A$2 million within three months of the offer's closure.
The Salanie Gold Project, which underwent its first drilling campaign in seven decades earlier this year, has shown promising results. Trenching at the A1 prospect uncovered intervals of 10.3 metres at 3.4 g/t gold and 1.4 metres at 15.7 g/t gold. These findings confirm a mineralised system that remains open along both strike and dip, offering significant exploration upside.
The upcoming 2025 drilling program will focus on untested targets such as A2, A3, and P6, along with further exploration of A1. Historical high-grade workings at P6 will also be revisited to evaluate their potential contribution to the broader project.
Apollo Minerals’ managing director, Neil Inwood, highlighted the encouraging results from the initial drilling phase, underscoring the project's high-grade mineralisation and untapped potential. He emphasized the strategic importance of the 2025 campaign in advancing the company’s understanding of the Salanie Gold Project’s mineral systems.
This latest development reflects Apollo Minerals’ commitment to unlocking the value of its assets in Gabon and building a robust pipeline of exploration targets for sustained growth.
