Apollo Minerals approved to hold 100% in Couflens project

26 June 2018 (Last Updated June 26th, 2018 11:41)

Apollo Minerals has secured approval from the French Ministry of Economy and Finance for the acquisition of the remaining 20% interest in the Couflens tungsten-copper-gold project in southern France.

Apollo Minerals has secured approval from the French Ministry of Economy and Finance for the acquisition of the remaining 20% interest in the Couflens tungsten-copper-gold project in southern France.

With the approval, which follows the acquisition of an 80% stake in the project last year, the company will now have a 100% interest in the project.

The deal to acquire the remaining stake in the project was signed in March with Variscan Mines.

“We are now well placed to carry out our exploration and study programmes backed by a strong cash balance and quality institutional shareholders.”

Located in the Pyrenees region of southern France, the Couflens project includes the historical Salau mine that was one of the world’s highest-grade tungsten mines.

According to the company, the mine remains open at depth and has gold upside.

The acquisition will allow Apollo to have full upside to the project as it ramps up major exploration campaigns and study programmes.

Apollo Minerals executive director Hugo Schumann said: “We are pleased that the French government has confirmed its approval of our proposed transaction, which was a condition precedent to closing.

“Our desire to increase our ownership in the Couflens project to 100% reflects our growing appreciation of the high quality of the project and its significant exploration upside.

“We are now well placed to carry out our exploration and study programmes backed by a strong cash balance and quality institutional shareholders.”

At the time of signing the agreement, Apollo indicated that it would define a maiden mineral resources estimate for tungsten and begin planning for an initial drilling campaign targeting both gold and tungsten.

Exploration activities at the project confirmed the presence of tungsten (up to 8.25% WO3) and high-grade gold (up to 24.5g/t), according to Apollo.