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.
Bagoe and Liberty Projects
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. Perseus Mining announced on 3rd June 2020, that it was to acquire Exore Resources (refer to ASX 3rd June 2020: Perseus Mining to Acquire 100% of Exore Resources).
Seguela Project – Royalty
Apollo held a 1.2% NSR royalty interest over the Seguela Gold Project in central Cote d’Ivoire, where successful Canadian-listed West African gold miner Roxgold Inc (TSX: ROXG) reported a positive Preliminary Economic Assessment (“PEA”) earlier in the year (please refer to TSX: ROXG 14th April 2020).
Roxgold released a revised Mineral Resource Statement (prepared in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with Indicated Mineral Resource of 1,044,000 ounces at 2.5 g/t Au and Inferred Mineral Resource of 370,000 ounces at 4.8g/t Au, from five deposits (please refer to TSX: ROXG 14th Dec 2020).
As announced on 18th March 2021 and subsequently on 1st April 2021, Apollo has sold the 1.2% NSR it held to Roxgold for cash consideration.
Apollo’s sole focus now lies in Australia through the Lake Rebecca Gold Project.
- 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’
- Refer to ASX:AOP 18th March 2021 and 1st April 2021
Seguela Projects Cote d’Ivoire – Source Roxgold Inc