Pursuant to an announcement 6 August 2018, Apollo entered into a binding Heads of Agreement with Novo Litio Ltd, now renamed Exore Resources Limited (‘Exore’ – ASX: ERX), to sell an 80% interest in its Boundiali and Korhogo gold permits. Apollo shareholders will retain significant exposure to the stepped-up exploration activities on the permit though a 20% free-carried interest to ‘Decision to Mine’ in the permit, as well as a 19.4% equity position in Exore. Exore holds a post-transaction cash position balance of over $15m, and has committed to a $5m exploration campaign spanning the Korhogo/Boundiali permits over the coming two years. Apollo retains a board position in Aspire Nord CI, the Ivorian company holding the permits.
The Korhogo permit is in northern Cote d’Ivoire and lies in a strong setting on a structural zone hosting several gold prospects on adjoining Randgold Resources Ltd permits. The geological sequence is equivalent to the Tongon-Banfora belt, which hosts the world-class Tongon gold mine of Randgold Resources, located 60km to the north east.
Previous Work and Information
Composite gold intercepts across an >80m wide anomalous zone, and including 8m @ 1.36g/t Au and 4m @ 3.15g/t Au are potentially open for >1km along strike to the NE.
A coherent zone of >1g/t Au intercepts has been defined over at least 600m strike, with results including 12m @ 2.04g/t Au, 4m @ 2.90g/t Au, 4m @ 2.61g/t Au and 4m @ 1.41g/t Au on consecutive lines. These intercepts sit within a zone of >0.10g/t gold anomalism up to 100m wide. Magnetic imagery suggests a target extending for 900m to the SW and 600m to the NE at a location where there is interaction between ENE and NE trending structures.
Gold anomalism here is up to 70m wide, with strong results returned on the southern-most drill section including 12m @ 2.02g/t Au. This deeply demagnetised target zone is open to the SW.
All Liberty 1, 2 & 3 gold intercepts correspond to zones of increased quartz veining in variably oxidised schists and fine-grained chloritic sedimentary rocks. At the CZ East prospect area (between Liberty 2 and 3), gold intercepts to 4m @ 1.01g/t Au sit in mineralised felsic schist and felsic intrusive rocks.
Liberty anomaly, Korhogo Project. Ground magnetic imagery and imaged gold-in-soil anomalism. Key target areas in yellow ovals. Phase 2 aircore traverses and significant intercepts labelled. Reconnaissance aircore holes* are shown as circles.
Cross-sections through traverses at each of Liberty 1, Liberty 2 and Liberty 3 Prospects showing broader anomalism and zones of >0.50g/t Au. The dip and of mineralisation is assumed to be steep, but additional drilling will be required to confirm this interpretation.