Apollo Minerals : High Grade Mineralisation at Niamabimbou

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ASX RELEASE | 24 February 2022 | ASX: AON

High Grade Mineralisation at Niamabimbou

FURTHER POSITIVE RESULTS FROM ONGOING DRILLING AT KROUSSOU

Apollo Minerals Limited ('Apollo Minerals' or 'Company') is pleased to report new high-grade assay results received from diamond drilling completed at the Niamabimbou prospect at the province-scale Kroussou zinc-lead('Zn-Pb') Project ('Kroussou') in Gabon.

The Company has now identified high-grade mineralisation at two prospects, Dikaki and Niamabimbou, with both supporting the potential for large-scale, shallow, flat-lying, sulphide- hosted mineralised systems. Dikaki and Niamabimbou are two of the 18 prospects which have been identified along the more than 80km of strike length of prospective geology at Kroussou.

HIGHLIGHTS:

• Results received from 34 holes drilled at Niamabimbou in 2021 (16km south of Dikaki).
• High grade zones of mineralisation intersected, which remain open along trend (Figure 1), including:

1. 5.3m @ 10.3% Zn+Pb from 54.7m within a broader zone of 27.1m @ 2.9% Zn+Pb from 33.8m; and

• 1. 3.5m @ 4.6% Zn+Pb from 63.8m within a broader zone of 21m @ 2.0% Zn+Pb from 46.2m.
• 38 of the 40 holes drilled to date have intersected Zn-Pb mineralisation indicating that Niamabimbou, with over 9km of prospective trend, and up to 1.5km wide, can host a significant mineralised footprint.
• Two diamond rigs are currently undertaking broad, step out extension drilling at Dikaki, with results from the final 12 holes from the 2021 drilling at Dikaki expected in the coming weeks.
• Sample logistics to Perth now optimised to enable efficient turnaround for 2022 assays and subsequent news flow.

Figure 1: Section 635,900mE at Niamabimbou: Displaying maiden drilling with shallow high-grade

mineralisation (overlaid on passive-seismic interpretation). Mineralisation is open to the south and east.

Apollo Minerals Limited | ASX code: AON |	ABN:	96 125 222 924 |www.apollominerals.com
PERTH Level 9, 28 The Esplanade Perth, WA	6000	| T: [phone] | F: [phone]

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Apollo Minerals' Executive Director, Mr Neil Inwood commented:

"The Company's 2021 drill program is the first ever undertaken at the greenfield Niamabimbou prospect. The recent results which include 5.3m @ 10.3% Zn+Pb prove that the Niamabimbou system can host high-gradeZn-Pb mineralisation, matching that of the developing Dikaki deposit, located 16km to the north. This high-grade mineralisation is open down dip and along trend. Niamabimbou is a highly prospective prospect with only 40 broad-spaced holes having been drilled to date along the extensive 9km of prospective trend."

"Apollo Minerals' field work has now demonstrated high-grade mineralisation at two of the 18 defined prospects within the province-scale Kroussou Project. Drill rigs are currently undertaking broad, step out exploration drilling at Dikaki, with planning underway to commence additional regional exploration drilling, targeting new and untested prospects in 2022. Strong news flow is expected over the coming months."

For further information contact:
Neil Inwood	Themi Kailis
Executive Director	Business Development
Tel: [phone]
Email:[e-mail]

Figure 2: Dikaki and Niamabimbou discoveries within the Kroussou Project.

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NIAMABIMBOU DRILLING RESULTS

Apollo Minerals completed 40 broad-spaced drill holes for 2,170m at the Niamabimbou prospect during 2021, representing the first ever drilling at Niamabimbou. The results to date have confirmed the presence of Zn-Pb mineralisation with a similar geometry to that seen at the more advanced Dikaki prospect, located 16km to the north. High grade mineralisation is observed to be associated with conglomerates and sandstone units.

Mineralisation is open along 9km of prospective channel trend, comprising three distinct regions (Figure 5), with each region featuring significant rock chip samples (up to 25% Zn+Pb).

Silver has also now been identified associated with the high-grade intercepts in the eastern portion of Niamabimbou, which indicates potential metal zonation within the system. Significant intercepts intersected from the 2021 drill program include:

1. 5.3m @ 10.3% Zn+Pb and 3g/t Ag from 54.7m within a broader zone of 27.1m @ 2.9% Zn+Pb from 33.8m in NBDD033 - open to the east and along section;

1. 3.5m @ 4.6% Zn+Pb and 2g/t Ag from 63.8m within a broader zone of 21m @ 2.0% Zn+Pb from 46.2m in NBDD031;

1. 5.7m @ 3.0% Zn+Pb from 22.2m within a broader zone of 19.9m @ 1.6% Zn+Pb from 8.0m in NBDD006 (refer announcement 11 November 2021); and

1. 4.5m @ 2.8% Zn+Pb from 27.4m within a broader zone of 19.9m @ 1.6% Zn+Pb from 13.5m in NBDD004 (refer announcement 11 November 2021).

All significant intersections within the new drill holes, details of the collar position, drill hole orientation and depth, are summarised in Appendix 1 with the location of the latest assays displayed in Figures 1, 4 and 5.

Figure 3: Galena-rich sands (due to core loss) from the hole collar of NBDD023 (37.5 to 44m). The blue- tinged galena-rich sands have been shovelled directly from the drill collar at surface.

Core loss related to sulphide-rich (galena +/- sphalerite) sandstone units has been identified in several holes (e.g. NBDD023, NBDD020). During drilling operations, sulphide-rich sands have been noted in the outside return of the collar (Figure 3) and associated with no core recovery (no assays) in the drilling. Up to 3m of core loss has been identified aboveboth high-grade intervals in NBDD033 and NBDD031 and is considered prospective for additional high-grade mineralisation. These holes will be considered for twinning using a different drill rig in 2022.

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Figure 4: Location of drilling at Niamabimbou.

Figure 5: Location of drilling at Niamabimbou displaying 9km of channel trends and rock-chip samples.

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KROUSSOU MINERALISATION MODEL

The Kroussou Zn-Pb system is significant geologically, in that the Zn-Pb mineralisation is associated with sulphides (e.g. sphalerite, galena, marcasite) from surface; with no significant oxide-related mineralisation identified to date. A conceptual mineralisation model that accounts for this geological observation is summarised below and in Figure 6:

• Zn-Pbmineralisation is sourced from the basement granites (e.g. sulphide veins have been noted in drill core within the Archean basement) or leached from the Cretaceous sediment package;
• The local stratigraphy comprises of siltstone, sandstone, conglomerates, minor carbonates, and varying degrees of organic matter as tar/bitumen;
• Interaction of oxidised metal rich fluids with reducing organic material (fluid mixing) may be a trigger to allow metals to drop out within the more porous stratigraphic layers (primarily as galena, sphalerite and marcasite); and
• Mineralisation occurs predominantly in a 'Main Mineralised Horizon' comprised of sandstone and conglomerates (matrix- and clast-supported) that appears to be the most porous of units, and contains reducing organic material.

Figure 6: Conceptual Mineralisation Model for Kroussou - shallow, sulphide Zn-Pb

mineralisation is interpreted to result from the interaction of circulating fluids and reducing

organic material within the sandstone/conglomerate.

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