Apollo Minerals to Acquire Historic Tungsten Mine in France

Apollo Minerals has entered into a strategic agreement to acquire an 80% interest in the Couflens tungsten-copper-gold project in southern France.

The Couflens Project covers 42 square kilometres and includes the historic tungsten mine, which was one of the world’s highest grade tungsten mines when it operated from 1971 to 1986.

The consideration for the acquisition includes $250,000 cash and 15 million Apollo shares, plus $500,000 cash and 65 million performance shares subject to various performance conditions.

Salau mine is recorded to have produced circa 930,000 tonnes at 1.5% tungsten for around 11,500 tonnes of tungsten concentrate.

In addition to tungsten, the deposit contains copper and gold values, particularly in the deeper parts of the Salau mine.

The deposit remains open at depth, with previous drilling below the base of the existing underground development confirming the continuation of the mineralised system.

Apollo’s planned work program will include a review of historical data, mine sampling and drilling utilising existing underground development to outline a sufficient high-grade mineralisation.

Salau mine’s existing underground development and infrastructure will also be examined to determine the most efficient method to progress mine exploration and development activities.

Tungsten is a strategic commodity, with essential applications in industry, aerospace and military. Concerns over the security of tungsten supply has resulted in the European Union categorising tungsten as a "critical raw material" and the British Geological Survey including tungsten in its metals "risk list".

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