PERTH (miningweekly.com) – ASX-listed Apollo Minerals will acquire an 80% interest in the Couflens tungsten-copper-gold project, in southern France.
The company has entered into a share sale agreement to acquire Ariege Tungstene, which holds the rights to an 80% interest in the project, for A$250 000 in cash and the issue of 15-million Apollo shares.
A further A$500 000 cash payment will be made, and 65-million performance shares issued, subject to various performance conditions, including the completion of scoping, prefeasibility and definitive feasibility studies.
The Couflens project comprises a recently granted exploration licence covering 42 km2 and includes the historic Salau mine, which produced 930 000 t of ore, grading 1.5% tungsten for around 11 500 t of tungsten in concentrate, prior to its closure.
In addition to tungsten, the deposit is recorded to contain significant copper and gold values, and the deposit remains open at depth.
Initial work planned for the Couflens project will focus on defining sufficient high-grade tungsten mineralisation to justify the start of mine feasibility studies, as well as testing the gold potential within and adjacent to the Salau mine area.