Photo by: Bloomberg
PERTH (miningweekly.com) – Junior explorer Apollo Minerals has agreed to a farm-in joint venture (JV) with Zoradox over its Kango North iron-ore and gold project, in Gabon.
Under the terms of the agreement, Zoradox could earn the majority interest in the project, which was 50.01%, by sole funding $750 000 of exploration and development activities during the remainder of the calendar year, and a further $3.25-million before the end of 2017.
“We are pleased to have secured farm-in JV terms for the Kango North project. Apollo’s work to date suggests the Kango North project has the potential to be a member of the next round of successful mining projects in Africa,” Apollo CEO Dominic Tisdell said.
He added that the two companies were now progressing exploration and planning on ground geophysics, sampling and mapping, as well as a near-term drilling programme which would test potentially significant direct shipping ore prospects in the south-east of the project.
The Kango North project covers some 400 km2 and is situated close to infrastructure.