Apollo Minerals : High Grade Gold Sampling Results at the Couflens Project

ASX RELEASE | 29 NOVEMBER 2017 | ASX:AON‌

HIGH GRADE GOLD SAMPLING RESULTS AT THE COUFLENS PROJECT

Apollo Minerals Limited is pleased to report the results of a recent surface exploration program undertaken at its 80% owned Couflens Project in France.

Highlights:

• Rock chip samples collected from the Project have identified widespread high grade gold mineralisation, with grades up to 24.50 g/t gold
• Numerous gold occurrences confirmed around the historical Salau tungsten mine on the margins of the major granodiorite intrusion. These gold occurrences are associated with fault structures and tungsten skarn mineralisation. Best results from this area include:
  • 24.50 g/t gold o 15.65 g/t gold o 15.20 g/t gold o 13.15 g/t gold o 11.05 g/t gold o 9.79 g/t gold o 7.65 g/t gold
• Further high grade gold mineralisation has been identified at the recently discovered gold occurrence located 500m west of the granodiorite, and not associated with tungsten. Best results from this area include:
  • 3.34 g/t gold o 2.55 g/t gold o 2.33 g/t gold
• Tailings samples from a historical tailings disposal area returned grades up to 8.94 g/t gold, confirming the presence of gold associated with the tungsten ore mined during the latter years of production at the historical Salau tungsten mine
• Multiple fault structures recognised within the major granodiorite and their extensions, along strike and at depth, represent priority gold exploration targets
• Significant potential for shear hosted gold mineralisation to be associated with large regional fault structures extending along a 5km corridor to the west of the Salau mine area
• Tungsten and copper assay results for rock chip and tailings samples are pending and anticipated in the coming weeks

Apollo Minerals Limited | ASX code: AON | ABN: 96 125 222 924 | www.apollominerals.com.au

PERTH Level 9, BGC Centre, 28 The Esplanade Perth, WA 6000 | [phone] | [phone]

LONDON Unit 3C, Princes House, 38 Jermyn Street London, SW1Y 6DN | [phone] | [phone]

Figure 1: High grade gold results from recent rock chip sampling program

For further information contact:

Robert Behets

Tel: [phone]

Email: [e-mail]

2017 Exploration Program and Results

In September 2017, a follow-up surface exploration program was completed after the previous field campaign undertaken in 2016 had resulted in the identification of gold occurrences associated with three main east-west trending fault structures within the Couflens licence area.

The 2017 campaign was primarily focussed on identifying extensions to the gold occurrences along these fault structures. The majority of samples were collected at the margins of the major granodiorite intrusion (Fourque granodiorite) near the historical Salau tungsten mine. Samples were also collected near a gold occurrence discovered during the 2016 campaign, which is located 500m west of the granodiorite, with no association to tungsten.

The exploration program included detailed geological and structural mapping, rock chip sampling of outcrop, and input of the data into an ArcGIS software package to facilitate data integration and interpretation.

A total of 222 select rock chip samples were collected during the field campaign and subsequently submitted for gold and tungsten analysis. The gold assays have now been received and are reported herein.

Assay results returned for these rock chip samples have confirmed the presence of widespread high grade gold mineralisation associated with tungsten skarn mineralisation and fault structures around the margins of the Fourque granodiorite. Further high grade gold results were also recorded at the gold only occurrence located 500m west of the granodiorite (Figures 1 and 2).

High grade gold occurrences, with assay results including 24.50 g/t, 15.20 g/t, 13.15 g/t and

1. g/t, were identified along the western margin of the Fourque granodiorite in close association with the Bois de la Fourque Fault.

   High grade gold mineralisation was also recorded along the trend of the Veronique Fault structure at the south-eastern margin of Fourque granodiorite, with best results including 15.65 g/t, 3.77 g/t, 3.66 g/t and 3.33 g/t.

   Outcropping skarn mineralisation observed at the north-eastern margin of the Fourque granodiorite was shown to be gold rich with high grade assays including 9.79 g/t and 7.65 g/t.

   Significant gold grades (up to 4.55 g/t) were also recorded where the Bois de la Fourque and Christine Faults intersected the eastern margin of the Fourque granodiorite.

   Follow-up sampling of the recently discovered gold only occurrence located 500m west of the granodiorite confirmed the presence of high grade gold mineralisation associated with quartz veining and sulphides (arsenopyrite). Best results include 3.34 g/t, 2.55 g/t and 2.33 g/t.

   Tailings

   A total of 34 tailings samples were collected from the historical tailings disposal area adjacent to the mine portal (1230m level) during the field campaign.

   These tailings samples have returned gold grades up to 8.94 g/t, confirming the presence of high grade gold associated with the tungsten ore mined during the latter years of production at the historical Salau tungsten mine.

   Whilst very early stage in nature, the Company plans to study the potential to reprocess the tailings to extract the gold (and tungsten) whilst at the same time restoring the natural habitat and improving soil conditions left over from the historical tungsten operations.

   All significant gold assay results for the rock chip and tailings samples, along with details of the sample locations and geological descriptions, are summarised in Appendices A and B. The samples have also been submitted for multi-element analysis (including tungsten and copper). These results are pending and will be reported once available.

   Work Plan - Salau Mine Area and Regional Exploration

   The Couflens Project combines the potential reactivation of the high grade Salau tungsten mine coupled with significant untapped regional exploration potential within the surrounding 42km² licence area.

   The Company is conducting an aggressive work program focused on the following:

   Salau Mine Area:

   • Digitisation of available mine production and exploration data

   • Mine area and old tailings area risk assessments

   • Mapping and sampling of mineralisation exposed in previously developed mine areas

   • Generation of a 3D model of the geology, zones of mineralisation and principal controls on mineralisation

   • Underground drilling to confirm known zones of mineralisation and test for extensions of these zones

   • Estimation and reporting of a Mineral Resource in accordance with the JORC Code

     Exploration:

   • Reporting of additional multi-element assay data from the recent field campaign

   • Further surface exploration programs to assess the identified tungsten and gold prospects and advance them to the drill ready stage

   • Generation of new targets within the broader project area and extensions to already identified zones of mineralisation.

The Company will undertake its work programs accordance with the highest standards of environmental, social, health and safety, and economic management. All work programs are carried out with a strong commitment to both sustainable development and proactive stakeholder engagement as the Company seeks to develop and maintain positive relationships with its host communities and stakeholders.

Geological Setting and Gold Potential

The Salau deposit is a tungsten-bearing (primarily scheelite) skarn developed at the contact between Devonian pelites and calcareous sediments of the Barregiennes Formation and a Hercynian-aged granodiorite stock ("Fourque") (Figure 2). The skarn formed within both the carbonate-bearing sediments and, to a much lesser degree, the host granodiorite. Mineralisation is directly related to the Fourque granodiorite which provided hot, tungsten- copper-gold bearing solutions that reacted with the host rocks to form the skarns and deposit metal-bearing minerals.

Gold was not discovered in the Salau mine until very late in the mine life (and as a result was never recovered in milling). Limited sampling of material from the lower section of the Veronique ore zone indicated the presence of high grade gold associated with the tungsten mineralisation (Fonteilles et al, 1989).