PERTH (miningweekly.com) – Junior Apollo Minerals has struck an agreement to gain full ownership of the Kroussou zinc/lead project, in Gabon.

The ASX-listed company on Friday said that it had inked a share sale deed with fellow-listed Trek Metals, under which Apollo would acquire Trek’s 20% interest in the project.

In return for its shareholding, Trek would be issued three-million Apollo fully paid shares, valued at A$240 000, and a further one-million options exercisable at 12c a share and expiring at the end of June 2024.

Apollo has also entered into a deed of termination with Trek and ASX-listed Battery Minerals, releasing Apollo from various vendor payment obligations held by Trek and Battery Minerals, related to their previous ownership of Kroussou.

“Securing 100% ownership of the province-scale Kroussou zinc/lead exploration project is an outstanding outcome for Apollo Minerals and represents a strategically important milestone,” said Apollo executive director Neil Inwood.

“We welcome Trek as a shareholder of Apollo Minerals. Our exploration success at Kroussou has been built on sound geological work by their team and we appreciate their confidence in converting their minority project interest into a direct shareholding interest in Apollo Minerals.

“The acquisition of the minority ownership interests and the removal of all future vendor royalty and payment obligations underlines the company’s belief in the future potential of Kroussou and derisks the development pathway. The transaction is considered a strong value driver for Apollo Minerals given the exciting discoveries made at Kroussou and our excellent ongoing results.”

Trek CEO Derek Marshall told shareholders that the agreement with Apollo Minerals was structured in a way that converted the company’s minority project exposure into a direct equity interest in Apollo, giving it exposure to the future upside of Apollo’s activities.

“This will allow us to crystallise value from our remaining interest in the Kroussou project and is consistent with our strategic focus as an explorer-developer in the Pilbara region of Western Australia,” he added.

Two diamond rigs are currently on site at Kroussou and currently drilling at Dikaki, which is one of 18 prospects identified along the more than 80 km of strike length of prospective geology at Kroussou.