Apollo had been exploring for gold in the Birimian Goldfields of Côte d’Ivoire over a four-year period prior to its gold discoveries at the Lake Rebecca Project in Western Australia. During this period the Company successfully defined significant new greenfield gold mineralisation on the Bagoe and Liberty in northern Cote d’Ivoire, and at Seguela in central Cote d’Ivoire.
Following completion of a sale agreement1 with Exore Resources (ASX:ERX), Apollo sold 80% of its three northern tenements for 90m shares (19.3% of Exore’s issued capital) and a 20% free carry to Decision to Mine. In April 2019 the Company completed an in-specie distribution of all ERX shares to Apollo shareholders.
In May 2020, Apollo announced the outright conditional sale of its 20% free carried interest in the Bagoe and Liberty gold projects. Subsequent to this, in July 2020 Exore Resources exercised its pre-emptive rights in relation to the Bagoe and Liberty gold projects and completed the purchase of the remaining 20% that it did not own.
The Company continues to holds a 1.2% NSR royalty interest over the Seguela Project where Roxgold Inc (TSE: ROXG) has a +1Moz2 resource at the project. Roxgold continues its drilling at the project and has recently completed a Preliminary Economic Assessment (PEA).
- Refer to ASX: AOP 6th August 2018 and 10th December 2018
- Refer to TSX: ROXG 29th January 2020 ‘Roxgold announces a significant increase in mineral resources at the Seguela Gold Project’
Liberty, Bagoe and Seguela Projects Cote d’Ivoire