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Apollo secures option over 80% stake in Trek's Kroussou zinc-lead project

Apollo Minerals Ltd. subsidiary Gemini Resources struck a deal to earn-in up to an 80% stake in Trek Metals Ltd.'s Kroussou zinc-lead project in western Gabon, according to a Sept. 3 release.

Apollo has to spend A$2.0 million on the project within three years to earn an initial 70% stake and an additional A$2.0 million over five years for a further 10%.

Afterwards, the parties must contribute on a pro rata basis or see their stakes diluted.

Apollo is looking to raise up to A$4.2 million through a pro rata rights issue at 2.5 Australian cents per share to fund new and existing activities.

In July, the administrative court of Toulouse ruled to cancel Apollo's Couflens tungsten-copper-gold exploration license in France.