Apollo Minerals (ASX:AON) Accelerates Growth with Salanie Drilling Success and A$2 Million Capital Boost

April 29, 2025 12:35 PM AEST | By Team Kalkine Media

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Apollo Minerals (ASX:AON) Accelerates Growth with Salanie Drilling Success and A$2 Million Capital Boost — Image source: shutterstock

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Highlights

Apollo Minerals boosts exploration with Salanie drilling

Stronger financial position secured with A$2 million capital raise

Continued expansion efforts across Gabon and Serbia projects

Apollo Minerals (ASX:AON) made significant strides during the March 2025 quarter, advancing both its exploration and corporate activities. The company has completed its Phase 2 drilling program at the Salanie Gold Project in Gabon, targeting promising extensions and fresh areas across the A1, A3, and P6 prospects. A total of 14 holes covering 1,695 metres were drilled, with assay results anticipated soon, furthering the understanding of the region’s high-grade gold system.

Strengthening its financial footing, Apollo Minerals successfully completed a shortfall offer, securing approximately A$2 million. The move was supported by a strategic investment, allowing the company to confidently accelerate its exploration initiatives. With a cash balance of A$2.5 million and investments valued at approximately A$0.45 million, Apollo is well-positioned to pursue its development programs.

In Gabon’s Salanie project, Phase 2 drilling built upon strong results from 2024, where key intercepts included 11.7 metres at 4.3g/t gold and visible gold mineralisation within quartz veins. The A1 prospect continued to show potential, while new drilling at P6 confirmed structural continuity, laying the groundwork for expanded exploration.

Soil sampling efforts also identified new targets at Binda and Mikouma within the expansive 12-kilometre-long Salanie greenstone belt, with around 3,000 samples collected confirming multiple anomalies.

Further afield, Apollo Minerals continues to advance the Kroussou Zinc-Lead Project, covering 2,363.5 square kilometres in Gabon. The project boasts an initial JORC-compliant exploration target of 140–300 million tonnes at grades of 2.0–3.4% combined zinc and lead. Renewal of the Ndolou permit has secured key tenures for another three years, with previous drilling totalling more than 9,000 metres across 24 highly prospective targets.

In Serbia, Apollo Minerals is streamlining its asset portfolio by divesting non-core licences to Bindi Metals (ASX:BIM), while retaining priority copper exploration interests at Studena and Kopajska Reka. Recent drilling at Studena revealed minor copper and silver mineralisation, although the main mineralised zones have proven structurally challenging.

In France, the company remains engaged in legal proceedings over the Couflens exploration permit, with compensation claims and appeals ongoing.

Apollo Minerals (ASX:AON) remains committed to evaluating new opportunities in Gabon and internationally, staying aligned with its strategy to create and grow high-value mineral resource projects.

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