Apollo refocuses on Europe; plans to spin out WA projects in new ASX listing
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Apollo Minerals has decided to step up its focus on its European tungsten and gold projects and is spinning out its Fraser Range nickel, copper and gold assets.
The company (ASX:AON) today mapped out its plans to investors to list its wholly-owned subsidiary Constellation Resources, which holds the Fraser Range projects, via a $7 million initial public offering on the ASX.
The Fraser Range region in Western Australia shot to fame back in 2012 when Sirius Resources uncovered the Nova-Bollinger nickel, copper and cobalt mine that eventually sold to larger rival Independence Group (ASX:IGO) for $1.8 billion.
Apollo is looking for ways to “maximise the potential” of its non-European assets given its strong focus on the Couflens project in France and the Aurenere project in Spain.
Last month Apollo revealed it had hit high grades of up to 33.9 grams per tonne gold and 5.49 per cent tungsten at the Aurenere project.
The company struck a deal just before it announced the results to acquire 75 per cent of NeoMetal Spania S.L, which holds the rights to a 100 per cent interest in the project.
Apollo did the deal because the project is contiguous with its Couflens project in neighbouring France, and it provides an extension of strike along what the company believes is a highly prospective corridor for tungsten and gold.
Meanwhile, the Constellation Resources IPO will be done at an issue price of 20c per share and Australian shareholders that own at least 12,500 shares will receive a priority entitlement to subscribe for Constellation shares on a 1-for-5 basis.
Apollo has been contacted for comment.