Apollo Minerals Ltd. said March 21 that it signed a heads of agreement to acquire a 75% interest in NeoMetal Spania SL, which holds the rights over the Aurenere tungsten-gold project in northern Spain, from NeoMetal SAS.
The Aurenere project is contiguous with its Couflens tungsten-copper-gold project in southern France. Apollo initially acquired an 80% interest in the Couflens project in 2017 and then acquired the remaining 20% earlier this month.
To acquire the interest in NeoMetal Spania, the company will pay an initial €100,000 and a deferred €150,000 prior to the grant of the investigation permit by the Spanish government. In addition, Apollo must incur a €3.5 million spend over eight years to retain its 75% interest.
An initial reconnaissance field campaign has been carried out at Aurenere, with the results to be released following verification.