The Gabonese government has approved a mining convention agreement on the Kroussou zinc / lead project. It allows the Australian company Apollo Minerals to gain a majority stake in its project, located in the province of Ngounié, in the west of Gabon.
Australian company Apollo Minerals announced on May 11 that the government has approved the mining convention agreement on the Kroussou project. This decision marks the start of a new key step to encourage the start of the drilling campaign on the metallurgical project containing up to 20.16% of separated zinc and lead. It is a high quality resource with very low deleterious / criminal elements. Other notable results include 15.20%, 10.71%, 8.15%, 7.98%, 7.84% and 7.14% combined zinc-lead.
The mining agreement governs the general administrative, legal, tax and customs conditions under which the company will conduct its exploration activities in Gabon. Apollo will achieve up to 80% interest in the Kroussou project, thanks to the agreement between its wholly-owned subsidiary Gemini Resources (Kroussou) Limited and Trek with its affected subsidiaries.
According to Apollo Director Robert Behets, this endorsement by the Gabonese government means that all the conditions precedent to the gain agreement have been fulfilled to date and that the investment contributes to its gain interest in the project. “This approval gives Apollo Minerals confidence and certainty as the company plans to begin its first drilling campaign on the project in the coming months. With only four of the 18 currently identified prospects having been tested to date, we are excited about the multiple opportunities for potential discovery of shallow base metal mineralization in the project area, ” Robert Behets says. The Kroussou project covers 986.5 square kilometers in Ngounié province in western Gabon, about 220 kilometers southeast of the capital Libreville. It represents a major zinc and lead project near the surface, with exploration to date validating the potential of base metals across the province. Historical exploration work on the Kroussou project has identified 150 occurrences of base metals along a prospective geological extent of more than 70 kilometers in the project area.