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Apollo Minerals #AON – Constellation Resources Prospectus
Constellation Resources Limited ACN 153 144 211
For an offer of 35,000,000 Shares at an issue price of A$0.20 each, together with one free attaching Option for every three Shares issued to raise A$7,000,000 (before costs)
Prospectus has been issued to provide information on the offer of 35,000,000 Shares to be issued at a price of A$0.20 per Share, together with one free attaching Option for every three Shares issued to raise A$7,000,000 (before costs) (Offer). The minimum subscription under the Offer is A$7,000,000.
The Offer comprises:
(a) a priority offer to Eligible Apollo Minerals Shareholders (Apollo Minerals Priority Offer); and
(b) an offer made by the Company at the Directors’ sole discretion (General Offer).
It is proposed that the Apollo Minerals Priority Offer will close at 5.00pm (AEST) on 14 June 2018 and the General Offer will close at 5.00pm (AEST) on 5 July 2018.
The Directors reserve the right to close the Apollo Minerals Priority Offer or the General Offer earlier or to extend their respective closing dates without notice. Applications must be received before these times.
This is an important document and requires your immediate attention. It should be read in its entirety. Please consult your professional adviser(s) if you have any questions about this document.
An investment in the Securities offered pursuant to this Prospectus should be regarded as highly speculative in nature, and investors should be aware that they may lose some or all of their investment. Refer to Section 8 for a summary of the key risks associated with an investment in the Securities.
Link to full AON_Prospectus_Constellation-Resources-Limited
Apollo Minerals #AON attending the 5th Annual French Mining Day, dedicated to the role of Tungsten.
Apollo Minerals (ASX:AON) are in Paris tomorrow at the 5th Annual French Mining Day. The conference is dedicated to the role of tungsten, a strategic and critical metal, in European automotive, aerospace, drilling and military industries. Apollo’s Couflens tungsten and gold project in France has the potential to reduce European reliance on China who control around 80% the market.
Apollo Minerals $AON – Reopening the World’s Highest Grade Tungsten Mine, With Gold Upside
Capital Network Research note – May 14th 2018
Apollo Minerals Limited (ASX:AON) is an Australian Securities Exchange listed tungsten-gold company with projects in the Pyrenees region of Southern Europe. In May 2016 the company was restructured with new management and capital that enabled it to acquire an 80% interest in the Couflens Project (July 2017) in southern France and a 75% interest in the Aurenere Project (April 2018) in northern Spain.
The key metals sought are tungsten and gold….
Tungsten prices are increasing, up 54% in the last 12 months….
Management has an enviable track record in project development….
Valuation: Based on historical production figures, remaining resources, updated capital and operating costs….
Link to view the full research note: Apollo Minerals Limited – Reopening the world’s highest grade tungsten mine
Apollo Minerals $AON – Appointment of Executive Director
ASX RELEASE | 2 MAY 2018 | ASX:AON
Appointment of Executive Director
Apollo Minerals Limited (“Apollo Minerals” or “Company”) is pleased to announce that Mr Hugo
Schumann has been appointed as an Executive Director of the Company effective 2 May 2018.
Mr Schumann is an experienced mining executive and worked with Apollo Minerals on its
acquisition of the remaining 20% of the Couflens Project, the now-completed acquisition of
the Aurenere Project in Spain and the recent successful A$6.0 million equity financing for the
Company which delivered leading European Institutional Investors onto the register including
one of the world’s largest mining funds.
Mr Schumann was previously Chief Commercial Officer at Berkeley Energia Limited where he
led the US$120 million financing of the Salamanca uranium mine with the sovereign wealth
fund of Oman at the bottom of the uranium price cycle and managed the company’s off-take
marketing program.
He commenced his career as a management consultant before moving into the natural
resources sector and for the past decade has worked in corporate development functions in
London for a number of listed mining companies, predominantly focused on projects located
in Europe.
He has played a leading role in numerous financing transactions, stock exchange listings,
commercial offtake deals, infrastructure deals, investor relations programs and project
development programs across a range of commodities.
Mr Schumann holds an MBA from INSEAD in France, is a CFA Charterholder and holds a
Bachelor of Business Science (Finance CA) from the University of Cape Town
.
Mr Schumann commented: “I am pleased to be joining the Apollo Minerals Board and look
forward to playing a leadership role in the development of the Couflens Project in France. The
Project includes the historical Salau tungsten mine, one of the world’s highest grade tungsten
mines with potential gold upside. The recently announced acquisitions have transformed the
business in the past few months. We are now well funded to explore numerous high priority
tungsten and gold exploration targets across a very large area extending from France into
Spain where gold grades of up to 33.9 grams per tonne and tungsten grades up to 8.25%
WO3 have been recorded.”
For further information contact:
Hugo Schumann Robert Behets
Tel: +44 207 478 3900 Tel: +61 8 9322 6322
Email: info@apollominerals.com.au
Commercial Terms
Mr Schumann is be paid an annual fee of £24,000 per annum inclusive of any required
superannuation/pension for his role as a Director of the Company.
Mr Schumann is also engaged under a Consultancy Agreement with Nat Res Consulting Ltd (“NRCL”)
on a rolling 12 month term and either party may terminate with three months written notice. NRCL will
receive an annual consultancy fee of £156,000 per annum and may receive a discretionary cash
incentive payment of up to £75,000 per annum based on achieving project milestones to be agreed with
the Company. A fee of up to £150,000 will be paid to NRCL in the event of a change of control occurring
with the Company. NRCL shall also be entitled to participate in a performance rights plan.
About Apollo Minerals
Apollo Minerals Limited is developing the Couflens Project and the Aurenere Project which, when
combined, cover a 97km2 area in a highly prospective region of the Pyrenees.
The Couflens Project in located in the Pyrenees region of southern France and comprises a 42km2
license area, within which lies the high grade historical Salau tungsten mine.
The mine was one of the world’s highest grade tungsten mines, producing approximately 930,000
tonnes at 1.5% WO3 for around 11,500 tonnes of WO3 in concentrate over a 15 year period ending in
1986. The deposit remains open at depth, with potential gold upside.
Apollo Minerals is focussed on two parallel work programs at the Couflens Project:
(1) Brownfields activities within, and immediately adjacent to, the historical Salau tungsten mine.
The deposit remains open at depth with previous drilling below the base of the existing
underground development confirming continuation of the mineralised system. Both the
underground development and infrastructure will be examined to determine the most efficient
method to progress mine exploration, development activities and potential mine reactivation;
(2) Continuation of an aggressive regional exploration program, focused initially on gold. Recent
field campaigns have returned grades of up to 24.5 g/t gold from rock chip samples. Exploration
will be focused on the multiple fault structures recognised within the major granodiorite intrusion
at Salau and the discovery of shear hosted gold mineralisation associated with large fault
structures extending along a 5km corridor to the west of the Salau mine area.
Progress made with both work programs has enhanced the Company’s understanding of the geology
and regional scale exploration potential of the area.
As a result, the Company signed an agreement to acquire the remaining 20% of the Couflens Project,
which will increase its ownership to 100%, and completed the acquisition of a 75% interest in the
Aurenere tungsten-gold project in the Lleida province in northern Spain.
The Aurenere Project comprises an Investigation Permit under application which covers an area of
55km2, along strike from and adjacent to, the Company’s Couflens Project. The Aurenere Project hosts
an extension of the highly prospective corridor for tungsten and gold which strikes east-west through
the Couflens Project and into the Aurenere Project area. High grade gold (up to 33.90 g/t) and tungsten
(up to 5.49% WO3) results were returned from an initial reconnaissance field campaign at the Aurenere
Project.
Apollo Minerals is developing its Projects in accordance with the highest standards of environmental,
social, health and safety, and economic management.
All work programs are carried out with a strong commitment to both sustainable development and
proactive stakeholder engagement as the Company seeks to develop and maintain positive
relationships with its host communities and stakeholders.
Competent Persons Statement
The information in this report that relates to Exploration Results from the Couflens Project in France and
Aurenere Project in Spain is extracted from announcements on 29 November 2017, 5 February 2018
and 27 March 2018. These announcements are available to view on www.apollominerals.com.au. The
information in the original announcement that related to Exploration Results were based on, and fairly
represents, information compiled by Mr Robert Behets, a Competent Person who is a Fellow of The
Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists.
Mr Behets is a holder of shares and options in, and is a director of, Apollo Minerals Limited. Mr Behets
has sufficient experience which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in
the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves’. The Company confirms that it is not aware of any new information or data that materially
affects the information included in the original market announcement. The Company confirms that the
form and context in which the Competent Person’s findings are presented have not been materially
modified from the original market announcement
Apollo Minerals $AON – March 2018 Quarterly Report
ASX RELEASE | 26 APRIL 2018 | ASX:AON
MARCH 2018 QUARTERLY REPORT
Strengthened balance sheet whilst increasing ownership and footprint in
Pyrenees tungsten and gold projects following positive exploration results
HIGHLIGHTS FROM THE MARCH 2018 QUARTER
• Completed a placement in April 2018 to leading European Institutional Investors
including one of the world’s largest mining funds to raise A$6.0 million before costs
• Signed an agreement to increase ownership of the Couflens Project to 100% after
recent field campaigns returned promising results including gold grades of up to
24.5 g/t and tungsten grades of up to 8.25% WO3
• Agreed to acquire a 75% interest in the Aurenere Project along strike from Couflens
in neighbouring Spain where gold grades of up to 33.9 g/t and tungsten grades of
up to 5.49% WO3 were recorded
• Rock chip samples from the Couflens Project returned tungsten grades of up to
8.25% WO3. These results followed on from the previous announcement of highgrade
gold of up to 24.5g/t
• Completed the 3D geological model of the historical Salau mine area incorporating
all available historical data, including assays and drill logs from over 650 holes
• Progressed safety tests of the Salau mine area which highlighted the excellent
conditions of the historical underground workings
• Tungsten prices continued to strengthen, ending the quarter at US$324/mtu having
risen 54% in the past 12 months owing to tightening supply in China and increased
demand from the automotive and oil and gas sectors
• Announced plans to list the Company’s wholly owned subsidiary Constellation
Resources Limited, which holds Fraser Range nickel-copper and gold assets, via
an Initial Public Offering (IPO) on the Australian Securities Exchange (ASX)
LOOKING AHEAD
Salau Mine Area:
• Mapping and sampling of mineralisation and prospective fault structures exposed
within the Salau mine to occur after the completion of safety tests in order to verify
the historical data for resource estimation purposes and to generate additional
exploration targets
• Ranking and prioritising the numerous identified priority exploration targets based
on the available historical database and recent 3D geological modelling
•Drill programs are being designed to confirm known zones of mineralisation within
the Salau mine area and to test for extensions of these zones. Company will assay
for multi-elements including tungsten and gold
• Evaluating the use of underground geophysical surveys to facilitate the
identification of new drill targets and enhance the Company’s understanding of
geological structures within the Salau mine area
• Planning geotechnical stability tests and additional sampling programs at the
tailings disposal areas outside the Salau mine where gold grades of up to 8.94 g/t
were recorded and tungsten grades averaged 0.49% WO3 based on previous tailings
sampling programs
Within the broader ground holding including the Couflens Project (France) and the
adjacent Aurenere Project (Spain):
• Conduct further surface exploration programs to assess the identified tungsten and
gold prospects at Couflens and Aurenere and advance them to the drill ready stage
• Planning for airborne geophysical surveys to refine regional targets and improve
Company understanding of regional geological structures
CORPORATE:
• The Company held A$1.5 million in cash at the end of the quarter. Post completion
of the placement, the Company currently has A$6.7 million in cash, with no debt
• The Company will complete the listing of its Fraser Range nickel-copper and gold
assets via the IPO of its wholly owned subsidiary Constellation Resources
o It is expected that Constellation will offer up to 35 million new shares at an issue
price of A$0.20 each to raise up to A$7.0 million (before costs)
o Shareholders of Apollo Minerals with a registered address in Australia holding
at least 12,500 shares at the record date of 10 May 2018 will receive an
entitlement to subscribe for Constellation shares on a 1 for 5 basis
o Subscribers to the Constellation IPO will also receive one option with an
exercise price of A$0.20 expiring on 31 July 2021 (Constellation Options) for
every three shares subscribed
o Detailed information on Constellation and the offer of securities under the IPO
will be included in a prospectus that will be made available after lodgement with
ASIC. Applications for Constellation securities can only be made by completing
the application form which will accompany the prospectus. Constellation
expects to lodge a prospectus in the coming weeks
For further information contact:
Hugo Schumann Robert Behets
Tel: +44 207 478 3900 Tel: +61 8 9322 6322
Email: info@apollominerals.com.au
A$6.0 MILLION RAISED FROM INSTITUTIONAL PLACEMENT
Subsequent to the end of the quarter, the Company completed a placement of 26.1 million
shares to Institutional Investors to raise A$6.0 million before costs.
The placement was made to leading European institutions including one of the world’s largest
mining funds.
The funds raised will be used to accelerate planned exploration programs including drilling
and feasibility work at the Company’s Couflens Project in France and progressing the adjacent
Aurenere Project in neighbouring Spain.
Following issue of the shares, the Company has 167.5 million shares on issue.
APOLLO MINERALS TO INCREASE OWNERSHIP OF COUFLENS TO 100%
Apollo Minerals acquired an initial 80% interest in the Couflens Project in 2017. Following
initial exploration activities on site, which delivered promising results, the Company
announced on 7 March 2018 that it had entered into an agreement to acquire the remaining
20% interest in the Couflens Project.
Following the completion of the transaction the Company will own 100% of the Couflens
Project.
The acquisition ensures Apollo Minerals will have full upside to the Couflens Project, just as
the Company ramps up its major exploration campaigns and study programs. The transaction
clears the way for more streamlined decision making and increases optionality for future
funding of the Project.
In accordance with the terms of the Sale and Purchase Agreement, Apollo Minerals will
acquire the remaining 20% interest in the Couflens Project through the purchase of Variscan
Mines SAS (“Variscan France”), a wholly owned subsidiary of Variscan Mines Limited (ASX:
VAR).
Apollo Minerals is funding the transaction using a combination of cash and future share
payments based on the achievement of project milestones, as well as assuming the liabilities
of Variscan France. The majority of the consideration is deferred and is weighted towards
share based payments in the future, thereby limiting the upfront cash outlay.
The Company’s acquisition of the remaining 20% of the Couflens Project, which is subject to
certain conditions precedent including approval by the French authorities, highlights its
commitment to the project, which has the potential to once again become a major strategic
supplier of tungsten, one of Europe’s most critical metals, to French and European industries.
ACQUISITION OF AURENERE PROJECT ALONG STRIKE FROM COUFLENS
The Company entered into an agreement to acquire a 75% interest in the Aurenere tungstengold
project (“Aurenere Project”) in north east Spain along strike and consistent with the
geology from its Couflens Project in France.
The Project comprises an Investigation Permit (Permiso de Investigacion) application that
covers a 55km2 area directly adjacent to the Company’s Couflens Project, which includes the
historic Salau mine.
Under the Share Purchase and Shareholders Heads of Agreement (“HoA”), the Company will
acquire 75% of the share capital of NeoMetal Spania S.L (“NeoMetal”), which holds the rights
to the 100% interest in the Aurenere Project, through its wholly owned subsidiary Apollo
Minerals (UK) Limited.
The commercial terms of the acquisition of the upfront 75% interest in Neometal include
€100,000 cash upon completion and a further €150,000 upon the grant of the Investigation
Permit.
The presence of a thick package of carbonate-bearing sediments, locally intruded by small
granodioritic bodies with associated scheelite and/or pyrrhotite mineral occurrences,
highlights the potential for new tungsten-gold discoveries within the highly prospective corridor
extending for over 10km along strike to the west of the Salau deposit into the Aurenere Project
area (Figures 1).
Potential also exists for shear hosted gold mineralisation to be associated with large fault
structures extending to the west of the Salau mine area towards the Aurenere Project.
The Investigation Permit is still under application and there can be no assurance that it will be
granted, however the Company believes that there is a reasonable prospect that the
application will be granted.
HIGH GRADE GOLD AND TUNGSTEN SAMPLING RESULTS FROM AURENERE
Following the announcement of the agreement to acquire a 75% interest in the Aurenere
Project, the Company verified the results from an initial reconnaissance field program carried
out by NeoMetal to assess a previously identified skarn occurrence located in the northeast
of the Project area (“Aurenere Prospect”).
The reconnaissance field program, carried out in September 2017, included detailed
geological and structural mapping, rock chip sampling of outcrop, and input of the data into an
ArcGIS software package to facilitate data integration and interpretation.
An outcrop of pyrrhotite rich skarn located at the contact between a granodiorite and
carbonate-bearing sediments, measuring approximately 100m2
in area, was mapped and
systematically sampled.
A total of 68 select rock chip samples were collected on an approximately 1m by 1m grid over
the skarn outcrop and submitted for gold and multi-element (including tungsten and copper)
analysis. The assays were subsequently verified by the Company and reported during the
quarter.
Assay results returned for these rock chip samples confirmed the presence of high grade gold
(up to 33.90 g/t) and tungsten (up to 5.49% WO3) mineralisation associated with the pyrrhotite
rich skarn (Figures 2 and 3).
Best gold results from the sampling program, with the associated tungsten assays, include:
• 33.90 g/t gold with 2.03% WO3 (Sample AUR21)
• 26.00 g/t gold with 1.48% WO3 (AUR113)
• 20.90 g/t gold with 1.38% WO3 (AUR117)
• 20.60 g/t gold with 0.10% WO3 (AUR118)
• 20.20 g/t gold with 0.60% WO3 (AUR13)
• 20.10 g/t gold with 0.08% WO3 (AUR07)
• 19.95 g/t gold with 1.18% WO3 (AUR09)
• 17.00 g/t gold with 0.30% WO3 (AUR14)
• 15.85 g/t gold with 0.79% WO3 (AUR16)
• 15.15 g/t gold with 2.54% WO3 (AUR18)
Best tungsten results recorded, with the associated gold assays, include:
• 5.49% WO3 with 1.22 g/t gold (AUR10)
• 3.27% WO3 with 7.33 g/t gold (AUR32)
• 3.24% WO3 with 12.05 g/t gold (AUR12)
• 2.54% WO3 with 15.15 g/t gold (AUR18, reported above)
• 2.30% WO3 with 13.95 g/t gold (AUR107)
• 2.03% WO3 with 33.90 g/t gold (AUR21, reported above)
HIGH GRADE TUNGSTEN SAMPLING RESULTS OF UP TO 8.25% WO3 FROM COUFLENS
In 2016 a surface exploration program resulted in the identification of gold occurrences
associated with three main east-west trending fault structures within the Couflens licence area.
In September 2017, a follow-up surface exploration program was completed which was
primarily focussed on identifying extensions to the gold occurrences along these fault
structures. The majority of samples were collected on the margins of the granodiorite intrusion
(Fourque granodiorite) near the historical Salau tungsten mine.
A total of 222 select rock chip samples were collected during the field campaign and
subsequently submitted for gold and multi-element (including tungsten and copper) analysis.
Assay results from the gold samples were received first and were reported to the market on
29 November 2017, demonstrating widespread gold occurrences with grades of up to 24.5 g/t.
Assay results from all other elements, including tungsten and copper, were subsequently
received and the results were reported during the quarter. The tungsten assay results
confirmed the presence of widespread, outcropping, high grade skarn mineralisation around
the margins of the Fourque granodiorite (Figure 4).
Where the skarns are observed to be intersected by east-west trending fault structures/shear
zones, the mineralisation is typically sulphide-rich (mainly massive pyrrhotite, chalcopyrite and
sphalerite) and contains substantially higher values of tungsten (up to 8.25% WO3), gold (up
to 24.5 g/t) and copper (up to 0.94%).
A number of quality targets were identified around the margins of the Fourque granodiorite in
addition to the surface exposure of the Bois d’Anglade and Veronique deposits mined during
the historical production (Figure 4)
.
Outcropping skarn mineralisation impregnated by massive sulphides, observed at the
northeastern margin of the Fourque granodiorite, returned high grade tungsten and gold
assays results including:
• 8.25% WO3 with 1.97 g/t gold
• 4.24% WO3 with 7.65 g/t gold
• 3.24% WO3 with 1.65 g/t gold
• 2.06% WO3 with 9.79 g/t gold
• 1.67% WO3 with 2.20 g/t gold
High grade tungsten-gold mineralisation was confirmed along the western margin of the
Fourque granodiorite in spatially close association with the Bois de la Fourque fault.
Best results from this target area included 1.29% WO3 with 11.05 g/t gold and 1.21% WO3
with 24.50 g/t gold. An area of identified skarn mineralisation along eastern margin of the
Fourque granodiorite returned high grade assay results including 2.27% WO3 with 1.81 g/t
gold and 1.12% WO3 with 1.11 g/t gold.
Widespread high grade skarn mineralisation impregnated by massive sulphides was identified
within the Bois d’Anglade embayment at the south-eastern margin of Fourque granodiorite,
spatially close to the extension of the Veronique fault, with numerous samples also recording
high gold values. Best results include:
• 4.62% WO3 with 0.12 g/t gold
• 3.46% WO3 with 1.86 g/t gold
• 3.32% WO3 with 0.02 g/t gold
• 3.15% WO3 with 3.33 g/t gold
• 3.15% WO3 with 0.15 g/t gold
• 2.64% WO3 with 0.70 g/t gold
• 2.46% WO3 with 0.08 g/t gold
• 1.93% WO3 with 1.53 g/t gold
• 1.85% WO3 with 15.65 g/t gold
PROGRESS WITH BROWNFIELDS ACTIVITIES AT THE HISTORICAL SALAU MINE
The development of a 3D geological model of the Salau mine area was completed during the
quarter and incorporated all the available historical data.
The database relating to the historical Salau mine is extensive and comprises a combination
of high quality geological and drilling data (over 650 holes for ~50,000m of drilling), as well as
underground mining and processing data, covering all exploration and production during the
mine’s 15 years in operation.
The historical database and 3D modelling is enabling the Company to readily define high
priority exploration targets and has the potential to accelerate the definition of a maiden
mineral resource estimate, subject to verification of the historical drill data by Company
geologists.
Health and safety tests within the Salau mine environment continued during the quarter and
highlighted the excellent conditions of the existing underground development in terms of
ground stability and natural ventilation flow.
PLANS TO LIST FRASER RANGE NICKEL-COPPER AND GOLD ASSETS
Following the recent successful capital raising by the Company and its increased focus on its
European tungsten and gold projects, the Company advised on 23 April 2018 that it would
seek to list its wholly owned subsidiary Constellation Resources Limited (“Constellation”),
which holds the Fraser Range nickel-copper and gold assets, via an initial public offering
(“IPO”) on the Australian Securities Exchange (“ASX”).
Shareholders of Apollo Minerals with a registered address in Australia and holding at least
12,500 shares as at 10 May 2018 (“Record Date”) will receive a priority entitlement to
subscribe for Constellation shares on a 1 for 5 basis. This date is indicative only and
Constellation reserves its right to vary this date.
It is expected that Constellation will offer 35 million new shares at an issue price of A$0.20
each to raise A$7.0 million (before costs). Subscribers will also receive one free attaching
listed option with an exercise price of A$0.20 expiring on 31 July 2021 (“Constellation
Option”) for every three shares subscribed under the IPO.
As Apollo Minerals is now principally focussed on developing the Couflens Project in France
and the adjacent Aurenere Project in Spain, it is taking steps to maximise the potential for its
portfolio of projects outside of Europe.
The separate listing of Constellation will allow Apollo Minerals’ management to focus on its
Couflens and Aurenere Projects. The listing will also ensure that Constellation will have a
dedicated management team and funding for exploration activities on the Fraser Range nickelcopper
and gold assets (which are also referred to as the Orpheus Project).
Detailed information on Constellation, the offer of securities under the IPO, the capital
structure and an indicative timetable will be included in a prospectus that will be made
available after lodgement with the Australian Securities and Investments Commission
(“ASIC”). Investors should consider the prospectus (when available) in deciding whether to
acquire Constellation securities. Applications for Constellation securities can only be made by
completing the application form which will accompany the prospectus. Constellation expects
to lodge a prospectus in the coming weeks.
LOOKING AHEAD – PLANNED WORK PROGRAMS
Within the Couflens Project area lies the historical Salau tungsten mine which is open at depth,
and with gold upside. Apollo Minerals is focused on brownfields exploration activities aimed
at confirming known zones of mineralisation within the Salau mine area and testing for
extensions of these zones.
Salau Mine Area
Mapping and sampling of mineralisation and prospective fault structures exposed within the
Salau mine will occur after the completion of safety tests in order to verify the historical data
for resource estimation purposes and generate additional exploration targets.
Drill planning has commenced for the Salau mine area, and the numerous identified priority
exploration targets are being ranked and prioritised based on the historical database and
recent 3D geological modelling.
The Company is also evaluating the applicability of underground geophysical surveys to
facilitate the identification of new drill targets and enhance the Company’s understanding of
geological structures within the Salau mine environment.
Tailings Area
The Company is planning geotechnical stability tests and sampling programs at the two
historical tailings disposal areas at the Salau mine. These sampling programs may ultimately
target the definition of tungsten and gold resources within the tailings, where gold grades of
up to 8.94 g/t were recorded and tungsten grades averaged 0.49% WO3 based on recent
tailings sampling programs.
Whilst very early stage in nature, the Company plans to study the potential to reprocess the
tailings to extract the gold and tungsten whilst at the same time restoring the natural habitat
and improving soil conditions left over from the historical tungsten operations
Broader Ground Holding (France and Spain)
Within the Company’s broader ground holding, which includes both the Couflens and
Aurenere Project areas covering a total of 97km2
, a number of regional exploration targets
have been identified from historical and recent field campaigns.
Further surface exploration programs and airborne geophysical surveys are planned to be
undertaken in order to refine these targets and advance them to the drill ready stage.
Applications with respect to the airborne geophysical surveys and regional drill programs will
be prepared and submitted the relevant authorities once planning is sufficiently advanced.
CORPORATE
Following completion of the placement in April 2018 to leading European Institutional
Investors, Apollo Minerals is in a strong financial position with current cash at bank of
approximately A$6.7 million and no debt.
COMPETENT PERSONS STATEMENT
The information in this report that relates to Exploration Results from the Couflens Project in France and
Aurenere Project in Spain is extracted from announcements on 29 November 2017, 5 February 2018
and 27 March 2018. These announcements are available to view on www.apollominerals.com.au. The
information in the original announcement that related to Exploration Results were based on, and fairly
represents, information compiled by Mr Robert Behets, a Competent Person who is a Fellow of The
Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists.
Mr Behets is a holder of shares and options in, and is a director of, Apollo Minerals Limited. Mr Behets
has sufficient experience which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in
the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves’. The Company confirms that it is not aware of any new information or data that materially
affects the information included in the original market announcement. The Company confirms that the
form and context in which the Competent Person’s findings are presented have not been materially
modified from the original market announcement.
Appendix 1: Summary of Mining Tenements
As at 31 March 2018, the Company has an interest in the following projects:
Notes:
1. The Company entered an agreement in March 2018 to acquire the remaining 20% interest in the Couflens
Project. Completion is subject to a number of conditions precedent.
2. Exploration licence E63/1695 is in application pending grant by the Western Australian DMP.
3. Exploration licence E28/2738 is in application pending grant by the Western Australian DMP.
4. Exploration licence G1-340 expired during the quarter and was not renewed.
Appendix 2: Summary of Performance Shares on Issue
In accordance with ASX Waiver dated 4 May 2017, the Company provides the following information in respect of
the Performance Shares on issue:
a) The number of Performance Shares on issue as at 31 March 2018:
a. 10,000,000 Class A Convertible Performance Shares;
b. 10,000,000 Class B Convertible Performance Shares;
c. 10,000,000 Class C Convertible Performance Shares;
d. 15,000,000 Class D Convertible Performance Shares; and
e. 20,000,000 Class E Convertible Performance Shares.
b) Each Performance Share will convert into one Share upon the earlier of the satisfaction of the relevant milestone
or an Asset Sale, on or prior to the Expiry Date:
a. Class A Milestone means the announcement by the Company to ASX of the delineation of at least an
Inferred and Indicated Mineral Resource of at least 25,000 tonne WO3 at an average grade of not less
than 1.0% WO3 using a cut-off grade of not less than 0.3% WO3 on the Project Licences and which is
prepared and reported in accordance with the provisions of the JORC Code. For the avoidance of doubt,
the referenced tonnes and grade are WO3 values, not WO3 equivalent values incorporating by-products
credits.
b. Class B Milestone means the announcement by the Company to ASX of the delineation of at least an
Inferred and Indicated Mineral Resource of at least 500,000 troy ounces of gold at an average grade of
not less than 0.8 grams per tonne on the Project Licences and which is prepared and reported in
accordance with the provisions of the JORC Code.
c. Class C Milestone means the release of a comprehensive announcement by the Company to ASX of
the results of a positive Scoping Study on all or part of the Project Licences.
d. Class D Milestone means the release of a comprehensive announcement by the Company to ASX of
the results of a positive Pre-Feasibility Study on all or part of the Project Licences.
e. Class E Milestone means the release of a comprehensive announcement by the Company to ASX of
the results of a positive Definitive Feasibility Study on all or part of the Project Licences.
f. Asset Sale means the announcement by the Company of any completed direct or indirect sale, lease,
exchange, or other transfer (in one transaction or a series of related transactions) of all or part of the
Exploration Permit, other than to an entity controlled by the Company, provided that the total amount of
consideration received by the Company is at least A$21 million.
g. Expiry Date means 5.00pm (Perth time) on the date which is 5 years after the date of issue of the
Performance Shares (ie. 30 June 2022).
c) No Performance Shares were converted or cancelled during the quarter.
d) No vesting conditions were met during the quarter.
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Name of entity: APOLLO MINERALS LIMITED
ABN: 96 125 222 924 31
Quarter ended (“current quarter”): MARCH 2018
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which
comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Sign here: …………………………………………………… Date: 26 April 2018
(Director/Company secretary)
Print name: Clint McGhie.
Notes
1. The quarterly report provides a basis for informing the market how the entity’s activities have
been financed for the past quarter and the effect on its cash position. An entity that wishes to
disclose additional information is encouraged to do so, in a note or notes included in or attached
to this report.
2. If this quarterly report has been prepared in accordance with Australian Accounting Standards,
the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral
Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report
has been prepared in accordance with other accounting standards agreed by ASX pursuant to
Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows
from investing activities, depending on the accounting policy of the entity
Apollo Minerals $AON – Plans to list Fraser Range Nickel-Copper-Gold Assets
ASX RELEASE | 23 APRIL 2018 | ASX:AON
Plans to List Fraser Range Nickel-Copper-Gold Assets
Following the recent successful capital raising by Apollo Minerals Limited and its increased focus on its European tungsten and gold projects, the Company advises that it will seek to list its wholly owned subsidiary Constellation Resources Limited, which holds the Fraser Range nickel-copper and gold assets, via an initial public offering (“IPO”) on the Australian Securities Exchange (“ASX”).
Shareholders of Apollo Minerals with a registered address in Australia and holding at least 12,500 shares as at 10 May 2018 (“Record Date”) will receive a priority entitlement to subscribe for Constellation shares on a 1 for 5 basis. This date is indicative only and Constellation reserves its right to vary this date.
It is expected that Constellation will offer 35 million new shares at an issue price of A$0.20 each to raise A$7.0 million (before costs). Subscribers will also receive one free attaching listed option with an exercise price of A$0.20 expiring on 31 July 2021 (“Constellation Option“) for every three shares subscribed under the IPO.
As Apollo Minerals is now principally focussed on developing the Couflens Project in France and the adjacent Aurenere Project in Spain, it is taking steps to maximise the potential for its portfolio of projects outside of Europe.
The separate listing of Constellation will allow Apollo Minerals’ management to focus on its Couflens and Aurenere Projects. The listing will also ensure that Constellation will have a dedicated management team and funding for exploration activities on the Fraser Range nickel-copper and gold assets (which are also referred to as the Orpheus Project).
Detailed information on Constellation, the offer of securities under the IPO, the capital structure and an indicative timetable will be included in a prospectus that will be made available after lodgement with the Australian Securities and Investments Commission (“ASIC”). Investors should consider the prospectus (when available) in deciding whether to acquire Constellation securities. Applications for Constellation securities can only be made by completing the application form which will accompany the prospectus. Constellation expects to lodge a prospectus in the coming weeks.
For further information contact:
Hugo Schumann Robert Behets
Tel: +44 207 478 3900 Tel: +61 8 9322 6322
Email: info@apollominerals.com.au
About Apollo Minerals
Apollo Minerals Limited is developing the Couflens Project and the Aurenere Project which, when combined, cover a 97km2 area in a highly prospective region of the Pyrenees.
The Couflens Project in located in the Pyrenees region of southern France and comprises a 42km2 license area, within which lies the high grade historical Salau tungsten mine.
The mine was one of the world’s highest grade tungsten mines, producing approximately 930,000 tonnes at 1.5% WO3 for around 11,500 tonnes of WO3 in concentrate, prior to its closure in 1986 following the rapid fall in the tungsten price caused by Chinese dumping of tungsten into global markets.
Apollo Minerals is focussed on two parallel work programs at the Couflens Project:
(1) Brownfields activities within, and immediately adjacent to, the historical Salau tungsten mine. The deposit remains open at depth with previous drilling below the base of the existing underground development confirming continuation of the mineralised system. Both the underground development and infrastructure will be examined to determine the most efficient method to progress mine exploration, development activities and potential mine reactivation;
(2) Continuation of an aggressive regional exploration program, focused initially on gold. Recent field campaigns have returned grades of up to 24.5 g/t gold from rock chip samples. Exploration will be focused on the multiple fault structures recognised within the major granodiorite intrusion at Salau and the discovery of shear hosted gold mineralisation associated with large fault structures extending along a 5km corridor to the west of the Salau mine area.
Progress made with both work programs has enhanced the Company’s understanding of the geology and regional scale exploration potential of the area.
As a result, the Company has signed agreements to acquire the remaining 20% of the Couflens Project, which will increase its ownership to 100%, and to acquire a 75% interest in the Aurenere tungsten-gold project in the Lleida province in northern Spain.
The Aurenere Project comprises an Investigation Permit under application which covers an area of 55km2, along strike from and adjacent to, the Company’s Couflens Project. The Aurenere Project hosts an extension of the highly prospective corridor for tungsten and gold which strikes east-west through the Couflens Project and into the Aurenere Project area.
Apollo Minerals is developing its Projects in accordance with the highest standards of environmental, social, health and safety, and economic management.
All work programs are carried out with a strong commitment to both sustainable development and proactive stakeholder engagement as the Company seeks to develop and maintain positive relationships with its host communities and stakeholders.
Competent Persons Statement
The information in this report that relates to Exploration Results is extracted from announcements on 29 November 2017, 5 February 2018 and 27 March 2018. These announcements are available to view on www.apollominerals.com.au. The information in the original announcements that related to Exploration Results were based on, and fairly represents, information compiled by Mr Robert Behets, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Behets is a holder of shares and options in, and is a director of, Apollo Minerals Limited. Mr Behets has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
Multichannel Podcast – Alan Green talks to Hugo Schumann, Chief Commercial Officer at Apollo Minerals ASX: #AON
Multichannel Podcast – Alan Green talks to Hugo Schumann, Chief Commercial Officer at Apollo Minerals ASX: #AON. Hugo discusses the recent A$6m fundraising and the participation of major mining institutional investors Blackrock and Old Mutual Global Investors. The funds will be used to explore and develop the Couflens project in S France, which includes Salau, the World’s highest grade tungsten mine. The project also includes a significant gold resource. Hugo also looks at the mining and labour reforms in France, and moves by French President Macron to streamline the mining license application process. Key investor takeaway points include: 1) Couflens is an early stage tungsten and gold project with big exploration upside 2) the project is underpinned by solid economics of the world’s highest grade tungsten mine 3) Company chaired by Ian Middlemas, who has a great track record chairing Papillon Resources and Berkeley Energia
Apollo Minerals #AON – Completion of Institutional Placement
Apollo Minerals Limited is pleased to advise that it has completed its previously announced placement of 26.1 million shares to Institutional Investors to raise A$6.0 million before costs.
The placement was made to leading European institutions including one of the world’s largest mining funds.
Proceeds from the placement will be used to accelerate planned exploration programs including drilling and feasibility work at the Company’s Couflens Project in France, progressing the adjacent Aurenere Project in neighbouring Spain and general working capital.
The placement was managed by Tamesis Partners LLP in London.
As a result of its increasing focus on the Couflens and Aurenere projects in the Pyrenees, the Company is looking to rationalise its portfolio of projects outside of Europe, which may include the spin off or sale of non-core projects including the Orpheus Project in the Fraser Range Province of Western Australia.
For further information contact:
Hugo Schumann Robert Behets
Tel: +44 207 478 3900 Tel: +61 8 9322 6322
Email: info@apollominerals.com.au
Brand CEO Alan Green discusses Salt Lake Potash #SO4, Apollo Minerals $AON & DragApp on Vox Markets podcast
Brand CEO Alan Green discusses Salt Lake Potash #SO4, Apollo Minerals $AON & DragApp with Justin Waite on the Vox Markets podcast. The interview is 10 minutes 57 seconds in.
Apollo Minerals (AON) CEO Hugo Schumann discusses the A$6m fundraise with Andrew Scott at Proactive Investors
Hugo Schumann of Apollo Minerals Limited (ASX:AON) talks to Andrew Scott at Proactive Investors. Hugo discusses the company’s recent suspension in trading as three prestigious mining funds came on board as part of a combined A$6 million fundraise.