11 Nov 2021

Further Zinc-Lead Discovery Confirmed at Kroussou

Apollo Minerals Limited | ASX code: AON | ABN: 96 125 222 924 | www.apollominerals.com PERTH Level 9, 28 The Esplanade Perth, WA 6000 | T: +61 8 9322 6322 | F: +61 8 9322 6558 ASX RELEASE | 11 November 202 1 | ASX: AON Further Zinc - Lead Discovery C onfirm ed FIRST DRILLING AT NI AMABIMBOU INTERSECTS THICK, SHALLOW ZINC - LEAD Apollo Minerals Limited is pleased to report additional results received from drilling at the province - scale Kroussou zinc - lead p roject in Gabon which continue to support the potential for a large - scale, shallow, flat - lying, broad mineralised system with possible continuity across multiple zones and could allow simple open pit mining extraction . HIGHLIGHTS : ? R esults from the previously untested Niamabimbou Prospect have confirmed thick, shallow zinc - lead mineralisation similar to that reported at the Dikaki Prospect . ? Niamabimbou is 16km south of Dikaki and represents a new 9km trend at Kroussou . ? Additional result s received from Dikaki continue to demonstrate a broad mineralised system with an average accumulated mineralised thickness of 20m. ? Dikaki and Niamabimbou are only two of eighteen prospects at Kroussou . ? Drilling now completed for the 2021 field season, with assay results from an additional 46 holes pending (34 at Niamabimbou and 12 at Dikaki) . Niamabimbou Results ? First six holes drilled at the previously untested Niamabimbou P rospect have confirm ed the presence of shallow zinc - lead mineralisation , including: o 19.9 m @ 1.6 % Zn + Pb from 8 .0 m ; including 5.7m @ 3 .0 % Zn+Pb from 22 .2 m ; and o 19.9 m @ 1. 6 % Z n + Pb from 13.5m ; including 4.5m @ 2.8% Zn+Pb from 27.4m o Average depth to mineralisation of less than 7 m . ? Represents f irst ever drilling in previously untested 9km of trend at Niamabimbou with mineralisation open and significant potential for further discoveries . Figure 1: Niamabimbou d rilling displaying s hallow m ineralisation . 2 Dikaki Results ? Results received from nine additional holes from Dikak i including : o 23 .2 m @ 2. 4 % Zn + Pb from 36 .1 m including 10.9m @ 3. 1 % Zn+Pb from 39 . 9 m . Apollo Mineral s ’ Executive Director, Mr Neil Inwood was excited by the new discovery: “ The assay results returned from the first six holes at the previously un tested Niamabimbou Prospect are highly encouraging, and display similar mineralised geometries to the Dikaki Prospect , which is located 16km to the north . The Company has now demonstrated thick shallow zinc - lead mineralisation in two prosp ects in 2021; and will continue expanding on these two discoveries with a comprehensive exploration program planned for 2022. ” “T he recent successful capital raise of A$7.2 million spear - headed by Sprott Capital Partners will allow Apollo Minerals to aggressively advance our developing large - scale discovery at Kroussou. In addition to expanded exploration programs at Dikaki, Niamabimbou and the many other highly prospective areas along the 80km province, we are looking forward to commencing technical studies aimed at demonstrating the commercial viability of a future min ing operation at Kroussou.” For further information contact: Neil Inwood Themi Kailis Executive Director Business Development Tel: +61 8 9322 6322 Email: info@apollominerals.com.au Figure 2: Dikaki and Niamabimbou discoveries within the Kroussou Project . 3 DRILLING R ESULTS Niamabimbou Discovery The Niamabimbou Prospect (“Niamabimbou”) is one of eighteen identified prospects at the province - scale Kroussou p roject (“Kroussou” ) . Niamabimbou is situated 16km to the s outh of the Dikaki Prospect (“Dikaki”) where drilling has confirmed shallow high - grade zinc - lead mineralisation ( see ASX Announcement dated 6 October 2021 ). R esults of the first six holes from the maiden drill program at Niamabimbou have successfully demonstrated shallow, thick mineralisation ( average depth to mineralisation of less than 7m from surface ) with significant intercepts including (Figure 1) : ? 1 9.9m @ 1.6% Zn+Pb from 8.0m (NBDD006), including 5.7m @ 3.0% Zn+Pb from 22.2m ; and ? 19.9m @ 1.6% Zn+Pb from 13.5m (NBDD004) , including 4.5m @ 2.8% Zn+Pb from 27.4m . Figure 3 : Niamabimbou Prospect geology within the 80km of Kroussou Project . Th e completed drilling program represents the first ever drilling at Niamabimbou . The results confirm the presence of mineralisation with a similar geometry to that seen at Dikaki. All significant intersections within the new drill holes, along with the details of the collar position, drill hole orientation and depth, are summarised in Ap pendix 1. Mineralisation is open along a 9km trend throughout Niamabimbou , comprising three distinct sections of prospective trend as displayed in Figure 4 . A ssay results from an additional 34 holes completed at Niamabimbou a re pending and will be reported when received. 4 Figure 4 : Location of d rilling at Niamabimbou and 9km of prospective t rends . Further excellent results from Dikaki A ssay results from Dikaki continue to display the potential for a large - scale, shallow, flat - lying, broad mineralised system . DKDD00 7 2 intersected 23.2 m @ 2. 4 % Zn+Pb from 36.1 m , including 10.9m @ 3.1 % Zn+Pb from 39.9 m ; this demonstrates that the thick shallow system is open along strike 340m to the east; where shallow high - grade mineralisation has been intersected by rece nt drilling ( 5 .0 m @ 5.0% Zn+Pb from 1.2m within a broader zone of 18.9m @ 2.2% Zn+Pb from 1.2m in DKDD062 ( refer ASX A nnouncement dated 6 October 2021 ). The main Dikaki system is over 6.8km long, averages 400m wide and is now interpreted to have potential to be mineralised across the whole channel width, with average accumulated mineralised thickness of 2 0 m from recent drilling. The locations of the reported Dikaki drill holes, along with their accumulated intercep ts shown as grade times thickness (Zn+Pb % x thickness in metres) are shown below in Figure s 5 and 6 . 5 Figure 5 : Dikaki Prospect drill hole location . Results from a further 12 holes at Dikaki are still outstanding and will be reported when received. All significant intersections within the new drill holes, along with the details of the collar position, drill hole orientation and depth, are summarised in Appendix 1 . Figure 6 : Dikaki Prospect showing drill holes and untested trends . 6 UPDATE ON SITE ACTIVITY Drilling activities for 2021 have now been completed at Kroussou; with 58 holes for ~ 3, 0 00 m drilled at Dikaki and 40 holes for ~ 2, 200 m drilled at Niamabimbou . The location of this drilling is displayed in the f igures i ncluded previously . On - ground exploration activities and core processing will continue on site until the end of November. Assay r esults from 46 holes at Dika k i and Niamabimbou remain outstanding and are expected to be received during the December quarter . Results will be reported when received. Results from field mapping and soils sampling programs are also expected to flow through over the coming weeks. Planning is underway for a comprehensive exploration program at Kroussou in 2022 which is expected to include geophysical surveys to prioritise targets, further drilling programs, metallurgical test work, and commencement of technical studies to demonstrate project viability. ABOUT THE KROUSSOU PROJECT Kroussou consists of the Prospecting License G4 - 569 which covers 986.5km 2 in the Ngounié Province of Western Gabon located approximately 220km southeast of the capital city of Libreville. Gabon is a mining friendly jurisdiction with a long history of successful and stable extractive industry investment and operation. Apollo Minerals Limited (“Apollo Minerals” or “Company”) entered into and Earn - in Agreement in September 2019 subject to which the Company is earning into an 80% interest in the Kroussou P roject ( see ASX Announcement dated 3 September 2019 ). The Company has commenced discussions with the various project vendor groups to accelerate and consolidate the Company’s ownership interest in the Project . These negotiations are advanced and while an agreement is not yet certain, the Company expects to provide an update during the December quarter. Kroussou is easily accessible by the major sealed N1 road from Libreville, and well - maintained provincial roads to towns bordering the project. Well - established and wide forestry tracks are present within the project area to the camp and exploration sites. Histori cal exploration work at Kroussou identified Zn - Pb mineralisation hosted in Cretaceous sediments within preserved channels lying on unconformable Archaean and Paleoproterozoic basement rocks. Eighteen separate shallow channels with base metal occurrences ha ve been identified along more than 80km of strike length of prospective geology in the project area. The Zn - Pb mineral occurrences represent a province - scale opportunity offering numerous very shallow, near surface base metal targets with multiple opportun ities for discovery. Apollo Minerals completed a maiden drilling campaign in 2021 which returned significant wide Zn - Pb mineralised intercepts from shallow depths at Dikaki and Niamabimbou, two of the 18 channel prospects. The drilling results indicated bo th a developing discovery at Dikaki and confirmed shallow mineralisation at Niamabimbou . These results validate the province scale, base metal potential of Kroussou . There are multiple opportunities for further discovery of Zn - Pb mineralisation at Kroussou within the remaining untested channels. The Zn - Pb discoveries made at Kroussou are represented by thick intercepts at shallow depths with geometry that may be favourable to simple low - cost open - pit mining scenarios. Initial metallurgical test work on th e Kroussou Zn - Pb mineralisation has demonstrated the potential for high grade clean concentrates with strong recoveries of both zinc and lead creating expectations for the potential for high payability. High - level assessment of infrastructure and transpor t requirements for a future m ining operation at Kroussou has indicated the potential for existing capability which will provide the basis for future feasibility study work. 7 Figure 7 : Kroussou Project s howing 18 k ey p rospects over more than 80km of prospective strike length . 8 CHANGE OF COMPANY SECRETARY Mr Dylan Browne has resigned as Company Secretary having served in the role since 2018. The Board would like to thank Mr Browne for his excellent service to the Company . Mr Lachlan Lynch has been appointed Company Secretary of the Company effective today. Mr Lynch is a Chartered Accountant and Associate Member of the Governance Institute of Australia (Chartered Secretary), who is currently Company Secretary for a number of ASX listed companies that operate in the resources sector. Mr Lynch commenced his career at a large international accounting firm and has since been involved with a number of exploration and development companies operating in the resources sector. COMPETENT PERSONS STATEMENT The information in this announcement that relates to exploration results for Niamabimbou and Dikaki is based on information reviewed by Mr Neil Inwood, a Competent Person who is a Fellow of the Australian Institute of Mining and Metallurgy. Mr Inwood is a n Executive Director for Apollo Minerals and is a holder of incentive options and shares in Apollo Minerals. Mr Inwood has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity b eing undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Inwood consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears . The information in this announcement that relates to previous e xploration r esults are extracted from the Company’s ASX announcements dated 3 September 2019, 15 January 2021 , 30 April 2020 , 29 January 2021 , 21 July 2021, 30 August 2021 , 1 September 2021 and 6 October 2021 . These announcements are available to view on the Company’s website at www. apollominerals.com . The Company confirms that a) it is not aware of any new information or data that materially affects the information included in the ASX announcements; b) all material assumptions included in the ASX announcements continue to apply and have not materially changed; and c) the form and context in which the relevan t Competent Persons’ findings are presented in this report have not been materially changed from the ASX announcements . FORWARD LOOKING STATEMENTS Statements regarding plans with respect to Apollo’s project are forward - looking statements. There can be no assurance that the Company’s plans for development of its projects will proceed as currently expected. These forward - looking statements are based on the Company’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the forw ard - looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement. This announcement has been authorised for release by Executive Director, Mr Neil Inwood . 9 Appendix 1 : Intercepts and J O RC Tables Table 1: Table of Significant Intercepts (reported above a nominal 0.5% or 2% Zn - Pb lower cut - off) Hole ID Easting Northing RL Max Depth Dip Azi Depth From Length Pb % Zn % Zn+Pb % DKDD070 640472 9832218 91.6 59 - 90 0 6.7 4.0 0.2 0.5 0.7 13 .0 2. 6 0.1 0.8 1 . 0 21.8 6. 4 0. 2 0.9 1. 1 30.8 1.6 0. 9 0. 9 1.7 35. 7 9.5 0. 6 1. 3 1. 9 45.7 7. 6 1.0 0. 6 1. 6 incl of 45.7 3.2 2.2 0.7 2.9 DKDD072 640551 9832213 87.2 79.5 - 90 0 11. 4 2. 7 0.2 0. 6 0.8 22.7 2.7 0.3 2.0 2.3 incl of 22.7 1. 9 0. 4 2. 9 3.2 29.4 1. 1 0.2 1. 7 1. 9 36.1 23. 2 1.6 0.7 2. 4 incl of 39. 9 10.9 2. 2 0. 9 3. 1 63. 8 5.6 0. 4 0. 5 0.8 DKDD073 640621 9832296 83.5 59 - 90 0 2. 5 3.8 0. 1 1.4 1.5 9.8 7. 3 0.0 0.8 0. 9 33. 4 9. 7 0. 7 1.0 1. 7 incl of 36.6 6.4 1 . 0 1. 2 2. 2 46.4 8.1 0.5 0.5 1.0 DKDD074 640116 9832263 80.3 72 - 90 0 6.6 14. 1 0. 4 1. 4 1. 8 29.8 2.7 0.9 1.5 2. 5 38. 9 7.8 0. 6 1.0 1. 6 48.4 7. 5 0. 4 0.6 1.0 DKDD075 640123 9832227 74.2 72.5 - 90 0 13 .0 6.5 0.1 0.8 0.9 41.1 5.1 0. 4 0. 6 0.9 DKDD076 640195 9832255 78.4 41 - 90 0 6.4 16.4 0. 2 1.2 1. 4 incl of 6.4 5.4 0.1 2. 6 2.7 30. 9 2. 8 0.4 0.5 0.9 DKDD078 640478 9832143 90.8 93.5 - 90 0 7.4 1.5 0.0 0. 8 0.8 27. 3 15.6 1. 1 0. 8 1.8 44.7 21. 6 0.5 0. 6 1. 1 71.9 5.8 0. 8 0. 3 1. 1 DKDD080 640605 9832182 88.7 98 - 90 0 8.4 9.6 0. 1 0. 5 0.5 23. 6 10. 3 0. 1 1. 2 1.2 38. 6 9. 1 0.2 0.4 0.6 48.9 8.8 0. 9 0.3 1.2 DKDD081 640779 9832020 97.9 65 - 90 0 8.4 6.3 0. 0 0.5 0. 6 26.8 12 .2 0.2 0.7 0.9 45.2 1.8 0. 4 2.0 2. 4 NBDD001 635156 9816404 55 38.6 - 90 0 4.2 25 .0 0. 3 0. 6 0. 8 10 Hole ID Easting Northing RL Max Depth Dip Azi Depth From Length Pb % Zn % Zn+Pb % incl of 25 .0 4.2 1. 1 1.0 2. 1 NBDD002 635188 9816445 54 23.6 - 90 0 3. 7 16. 9 0.3 1.0 1. 4 incl of 10. 5 10. 1 0. 5 1. 3 1. 8 NBDD003 635230 9816488 58 16.1 - 90 0 5.6 8.1 0. 6 0. 4 1.0 NBDD004 635164 9816351 53 37.1 - 90 0 13.5 19.9 1.0 0. 7 1. 6 incl of 18.8 7.2 1.2 0.8 2.0 and incl of 27.4 4.5 2. 2 0.6 2.8 NBDD005 635333 9816295 46 25.1 - 90 0 5.4 18 .0 0.2 1.0 1.2 NBDD006 635149 9816297 38 32.15 - 90 0 2.6 1.5 0. 5 0. 5 1 . 0 8 .0 19.9 0. 5 1. 2 1. 6 incl of 10.5 4.3 0.0 2. 1 2. 1 and incl of 22.2 5.7 1.4 1. 6 3 . 0 Data is rounded to one decimal place – numbers may not add due to rounding. 11 JORC Code, 2012 Edition – Table 1 Report Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Diamond Core was cut in half to produce a ½ core samples using a core saw - DDH. All sampling was either supervised by, or undertaken by, qualifie d geologists. ½ core samples were assayed at Intertek Perth where the entire sample was crushed, and a charge digested by ore grade multi - acid digest and analysed by ICP - MS or ICP - OES . Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Drill hole locations were surveyed using standard Garmin GPS equipment achieving sub metre accuracy in horizontal and vertical position. Sampling was carried out under the AON protocols and QAQC. See further details below. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or minera lisation types (eg submarine nodules) may warrant disclosure of detailed information. Half - core samples are selected based on geological criteria (presence of sulphide mineralisation). Drilling techniques Drill type (eg core, reverse circulation, open - hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face - sampling bit or other type, whether core is oriented and if so, by what method, etc). HQ - sized (63.5 mm diameter) and NQ size core drilling has been completed by FGSD drilling contractors . All drilling is vertical. Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed. Drill hole recoveries were recorded during logging by measuring the length of core recovered per 1m interval. Measures taken to maximise sample recovery and ensure representative nature of the samples. Drilling is carried out vertical and orthogonal to the mineralization to obtain representative samples of the mineralization. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. No firm relationship between recovery and grad e has been identified to date ; however it is noted that poor recovery can occur near some high - grade intercepts, with indications from the outside return of the rig indicating that mineralised material is being lost. Further investigation is required. Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. All drill core was logged onsite by geologists to a le vel of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. Logging is qualitative and records lithology, grain size, texture, weathering, structure, alteration, veining, and sulphides. Core is digitally photographed. The total length and percentage of the relevant intersections logged. All holes are logged in full. Sub - sampling techniques If core, whether cut or sawn and whether quarter, half or all core taken. Core is cut using a diamond saw and ½ core (or 1.4 core in the case of duplicates) is submitted for assaying. The core is sample to geological boundaries as determined by the geologist logging the core 12 Criteria JORC Code explanation Commentary and sample preparation If non - core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. N/A For all sample types, the nature, quality and appropriateness of the sample preparation technique. Core sample preparation at Intertek Laboratory (Intertek – Libreville, Gabon) consists of crushing entire ½ core samples (up to 3kg) to 80% passing - 10 mesh, splitting 300 grams, and pulverizing to 95% passing - 150 mesh. The 300g pulp is then assayed in Perth bu Intertek . Quality control procedures adopted for all sub - sampling stages to maximise representivity of samples. All half core samples are selected from the same side to remove sample bias. Intern QA/QC procedures involved the use of standards, blanks and duplicates which are inserted into sample batches at a frequency of approxima tely 5%. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second - half sampling. Core is marked for sampling along an orientation line and a consistent half of core is sampled along the drill hole. A combination of f ield duplicates and l aboratory coarse are used to test for sample reproducibility at this stage of exploration. Whether sample sizes are appropriate to the grain size of the material being sampled. Sample sizes are considered appropriate to give an indication of mineralisation. Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. C ore samples were assayed at Intertek Perth where the entire sample was crushed, a 300g split was pulverised and a charge digested by ore grade multi - acid digest and analysed by ICP - MS or ICP - OES . For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. No geophysical surveys reported in this release. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. Certified reference material (CRM) samples sourced from Geostats and were inserted every 25 samples and Blank samples. Std Zn ppm Pb ppm Source GBM310 - 1 9753 3035 Geostats Pty Ltd GBM310 - 14 179106 89465 Geostats Pty Ltd GBM319 - 14 22491 7331 Geostats Pty Ltd Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. All assays are reviewed by AON and significant intercepts are calculated as composites and reported using a nominal 0.5% Zn+Pb cut - off grade. A maximum of 3m consecutive internal waste is allowed in composites. All significant intercepts are calculated by the AON data base manager and checked by the Competent Person . The use of twinned holes. There have been no recent twin holes drilled at the Project. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. All drill hole logging is completed on digital logging templates with built - in validation. Logging spreadsheets are uploaded and validated in a central MS Access database. All original logging spreadsheets are also kept in archive . Discuss any adjustment to assay data. Zinc and lead combined assays are discussed in the text with Appendix 1 providing a breakdown of significant individual zinc and lead assays. Location of data points Accuracy and quality of surveys used to locate drill holes (collar and down - hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. GPS coordinates of drill hole locations were captured using a Garmin GPS in UTM WGS84 Easting/Northing coordinates with metric accu racy in horizontal and vertical position. Specification of the grid system used. Sample locations are provided as UTM co - ordinates within Zone 32, southern hemisphere using WGS 84 datum. Quality and adequacy of topographic control. Topographic control is based on topographic contours sourced from SRTM data. Data spacing and distribution Data spacing for reporting of Exploration Results. Drill hole spacing for the 2021 drill program is variable as most drilling to date is either first pass drilling of new exploration targets or step - out brownfields exploration targeting along strike from existing intercepts. 13 Criteria JORC Code explanation Commentary Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Further work is required at the Project to test for extension o f mineralisation potential and verification of historical collars. Some drilling is on a spacing which is sufficient to test the grade continuity of mineralisation for this style of mineralisation. The current data set is considered potentially appropriate for use in a future Mineral Resource providing further drilling is completed. Whether sample compositing has been applied. No compositing of samples in the field was undertaken. Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. It is considered the orientation of the bulk of the drilling and sampling suitably captures the dominant “structu re” of the style of mineralisation at the Project. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. This is not currently considered material. Sample security The measures taken to ensure sample security. All core sample intervals are labelled in the core. Cut core samples are collected in bags labelled with the sample number and a sample tag. Samples are delivered to the Intertek, Libreville sample preparation facility directly by AON personnel or transport contractors . The samples were then transported to the Intertek Genalysis Laboratory in Perth for geochemical analysis. Audits or reviews The results of any audits or reviews of sampling techniques and data. All QAQC data is reviewed to ensure quality of assays; batches containing standards that report greater than 2 standard deviations from expected values are re - assayed. Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The Kroussou Project consists of one Prospecting License (G4 - 56 9), covering approximately 986.5km 2 located in Ngounié Province, western Gabon. The Prospecting License (G4 - 569) is held by Select Explorations Gabon SA, a 100% owned subsidiary of Trek. The Prospecting License was granted in July 2015 and renewed in July 2018 for an additional three years. The Prospecting License can be renewed for a further three years. The project is currently in a license renewal phase, and appropriate reports and submissions have been made to the Gabonese Ministries. Havilah Consolidated Resources (HCR) holds a 0.75% NSR in the Kroussou Project. This royalty may be bought back from HCR for US$250,000. The Kroussou Project is now subject to the Earn - In Agreement between Trek and Apollo Minerals . No historical sites, wilderness or national parks are located within the Prospecting License. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Tenure in the form of a Prospecting License ( Permis de Recherche ) which has been granted and is considered secure. In accordance with the Gabonese Mining Code, the Prospecting License may be extended for a further three years. The project is currently in a license renewal phase, and appropriate reports and submissions have been made to the Gabonese Ministries and it is expected that the rene wal will follow the standard process in Gabon. Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. Intermittent historical exploration as conducted by French Bureau de Recherches Géologiques et Minières (BRGM) at Kroussou from 1962 - 1963, the project was then later re - examined in 1979 - 1981 by the BRGM in joint venture with Comilog which is a Gabonese g overnment owned mining 14 Criteria JORC Code explanation Commentary company. BRGM discovered the Kroussou Pb - Zn - (Ag) mineral occurrences as well as others along various river systems on the Kroussou license. BRGM conducted drilling on the project in 1962 and 1977 - 1980. Metals of Africa (renamed Batte ry Minerals) obtained historical reports and drill logs relating to BRGM’s field program and completed cursory rock chip and mapping work in 2015 and 2016. Trek completed soil surveying, mapping, rock chip sampling, ground geophysics and two drilling programs to confirm historical results during 2017 and 2018. Geology Deposit type, geological setting and style of mineralisation. The deposit style reported in BRGM historical files is Mississippi Valley Type (MVT) sedimentary mineralisation of Pb - Zn - (Ag) where mineralisation is similar to the Laisville (Sweden) style with deposition within siliciclastic horizons in a reducing environment. On a regional scale, the Pb - Zn mineral concentrations are distributed at the edge of the continental shelf w hich was being eroded during Lower Cretaceous time. Mineralisation is located within the Gamba Formation part of the N’Zeme Asso Series and was deposited during the Cretaceous as part of the Cocobeach Complex deposited during formation of the Cotier Basin. Mineralisation is hosted by conglomerates, sandstones and siltstones deposited in laguno - deltaic reducing conditions at the boundary of the Cotier Basin onlapping continental basement rocks. Large scale regional structures are believed to have influenced mineralisation deposition. Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. All new drill hole details are provided in Appendix 1. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. N/A Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut - off grades are usually Material and should be stated. Significant intercepts are reported as down - hole le ngth - weighted averages of contiguous grades above approximately 0.5% Zn+Pb and above a nominal length of 1m. No top cuts have been applied to the reporting of the assay results. Overall s ample recovery is predominantly > 90%; intervals with no sample recov ery have not been diluted in the compositing process. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. Higher grade intervals are included in the reported grade intervals; and have also been split out on a case - by - case basis where relevant. The assumptions used for any reporting of metal equivalent values should be clearly stated. No metal equivalent values are used. 15 Criteria JORC Code explanation Commentary Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. Down - hole lengths are reported. The exploration drilling was conducted so that results would be close to orthogonal to the mineralisation as understood at the time. As such, the intercepts are interpreted to be close to true - thickness of the mineralization. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views . Appropriate diagrams, including geological plans, are included in the main body of this release. Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. The exploration results should be considered indicative of mineralisation styles in the region. Exploration results stated indicated highlights of the drilling and are not mea nt to represent prospect scale mineralisation. As the projects are brownfields exploration targets, and there are large numbers of holes drilled over the region, it is considered appropriate to illustrate mineralised and non - mineralised drill holes by the use of diagrams, with reference to the table of significant intercepts. Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. All meaningful and material information is reported. Further work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large - scale step - out drilling). Infill and extensional drilling at the Dikaki Prospect and initial drilling testing at the Niamabimbou Prospect. Additional surface exploration programs comprising soil surveying, geological mapping, rock chip sampling to further assess identified prospects and to generate new targets within the broader project area. Further drill testin g of multiple exploration targets across the project area following after ranking and prioritisation. Additional metallurgical test work over all prospective targets to assess recovery characteristics, concentrate quality, and variability. Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. These diagrams are included in the main body of this release.
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