ASX-listed Apollo Minerals said on Friday that it had completed the acquisition of the remaining 20% interest in the Couflens tungsten/copper/gold project in the Pyrenees region of southern France, increasing its ownership to 100%.
The company initially bought an 80% interest in 2017, and following positive exploration activities, entered into an agreement to buy the remaining interest from fellow ASX-listed Variscan Mines.
Apollo executive director Hugo Schumann said that the move to sole ownership would simplify decision-making and would increase future funding options.
“We are now well placed to carry out our exploration programmes with full exposure to the upside,” he said in a statement.
Previous exploration has confirmed the presence of widespread tungsten (up to 8.25% tungsten oxide) and high-grade gold of up to 24.5 g/t.
The transaction entails a $4.25-million consideration payable in cash and deferred shares.