Apollo Minerals : Strongest Mineralisation Ever at Dikaki

ASX RELEASE | 20 April 2022 | ASX: AON

STRONGEST MINERALISATION EVER AT DIKAKI

60M INTERSECTION FROM NEAR SURFACE

SHALLOW HIGH-GRADE ZINC MINERALISATION DISCOVERED IN

PREVIOUSLY UNTESTED EASTERN AREA OF PROSPECT

Apollo Minerals Limited (Apollo Minerals or Company) is pleased to report results demonstrating significant, shallow mineralisation from the first six holes of the 2022 diamond drilling campaign at the Dikaki prospect within the province-scale Kroussou Zinc-Lead Project (Kroussou) in Gabon.

HIGHLIGHTS:

•  Significant, thick, shallow mineralisation identified in broad step out drilling at Dikaki East - first ever drilling in untested 2.5km strike eastern area.

•  60m zone of mineralisation in DKDD094 - including 10.6m @ 3.5% Zn+Pb from 25.5m and 19.0m @ 3.7% Zn+Pb from 39.4m, total interval of 60.2m @ 2.4% Zn+Pb from 1.9m.

•  Holes drilled 30m and 50m either side of DKDD094 have intersected localised zones of strong visible sulphide mineralisation; sampling and assays pending.

•  800m step out drilling to the east has an intercept of 6.2m @ 3.9% Zn+Pb from 25.0m, within a broader 16m thick mineralised halo - indicating continuation of mineralised zone.

•  Two diamond drill rigs are active on site targeting further step-out expansions at Dikaki.

•  Further assay results expected in coming weeks.

Apollo Minerals' Executive Director, Mr Neil Inwood commented:

"Drilling in the previously untested east portion of the Dikaki prospect has returned an impressive intercept of 60m of significant zinc and lead mineralisation commencing just below surface. This is the strongest zinc mineralised interval ever drilled at Kroussou and is extremely exciting."

"The excellent results from our ongoing drilling campaign highlights the exceptional exploration potential of the province-scale Kroussou project. The current drilling program is focussed on expanding and further defining the mineralisation at Dikaki. The success of this program will enable future expansion of our exploration activities and footprint. Dikaki is just one of 18 prospects at Kroussou, all of which are highly prospective for base metal mineralisation."

"During the current quarter, we are planning to complete an airborne electromagnetic survey over the entire 80km Kroussou project strike. The data from this survey has the potential to highlight further shallow high-grade mineralisation similar to the zones identified by drilling at Dikaki and Niamabimbou. If successful the airborne electromagnetic survey, in combination with mapping, soil geochemical sampling and drilling, will assist in the definition of an Exploration Target and detailed exploration targeting."

For further information contact:

Neil Inwood Executive Director Tel: [phone]

Themi Kailis

Business Development

Email:[e-mail]

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]

Figure 1: Location of drilling at the Dikaki Prospect.

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

DRILL RESULTS

Table 1: Description of Logged Sulphide Mineralisation1 Sphalerite is zinc sulphide - (Zn, Fe)S); and galena is lead sulphide - (PbS)
Hole	From (m)	To (m)	Description
DKDD121	5.7	25.3	1-7% sphalerite, 1-7% galena hosted in conglomerate and sandstone. Includes localised zones of more intense mineralisation e.g. 40% galena + sphalerite vein @ 22.3-22.6m.
DKDD122	10.4	50.9	1 to 10% sphalerite; average 4% visual within sandstone and conglomerate. 1 to 40% galena, average 3%. Includes localised zones of more intense mineralisation, e.g. 40% galena from 20 to 20.7m; 6% sphalerite from 13 to 15m.
1The logged sulphide percentages are approximate, particularly as sphalerite mineralisation is difficult to quantify due to its generally fine-grained, sediment-matrix infilling, nature. The Company notes that these visual approximations of zinc- and lead- sulphides are empirical in nature, and that, laboratory assay results will be required to determine the absolute values for the mineralised zones.

Results have begun to be received from the 2022 drilling program with the first six diamond holes reported below from the untested eastern extension of Dikaki (Dikaki East) (Figures 1 and 4). Significant intercepts in this announcement include:

•  10.6m @ 3.5% Zn+Pb from 25.5m and 18.9m @ 3.7% Zn+Pb from 39.4m within a broader zone of 60.2m @ 2.4% Zn+Pb from 1.9m in DKDD094;

•  3.4m @ 4.1% Zn+Pb from 17.5m, 2.5m @ 4.7% Zn+Pb from 37.1m and 2.8m @ 3.4% Zn+Pb from 43.8m in DKDD096;

•  2.0m @ 5.4% Zn+Pb from 30.1m within 4.4m @ 3.2% Zn+Pb in DKDD097; and

•  6.2m @ 3.9% Zn+Pb from 25.0m in DKDD101.

Assays are pending for holes DKDD099 and DKDD100.

The mineralisation observed in drill hole DKDD094 represents the strongest ever recorded at Kroussou, with a grade (% Zn+Pb) times thickness (m) of 144%m. The 60.2m @ 2.4% Zn+Pb intersection from 1.9m includes a combined 29.5m @ 3.6% Zn+Pb in two closely located zones of 10.6m @ 3.5% Zn+Pb from 25.5m and 18.9m @ 3.7% Zn+Pb from 39.4m. This hole represents a 200m step out from previous drilling that targeted an interpreted high-tenor central zone of mineralisation.

Additionally, drill hole DKDD101 intersected 6.2m @ 3.9% Zn+Pb from 25.0m. This hole was part of 800m step out drilling further to the east; and is interpreted to have clipped the same mineralised system as intersected in hole DKDD094.

Diamond holes (DKDD121 and DKDD122), either side of DKDD094 (Figure 5), display zones of sulphide mineralisation over broad intervals of 20m to 40m thick respectively. These holes are 50m to the north (DKDD0121) and 30m to the south (DKDD0122) of DKDD094. Details of the logged sulphides are summarised in Table 1.

Figure 3 displays sphalerite (zinc sulphide) and galena (lead sulphide) mineralisation seen in hole DKDD121 at 22.5m. The inset photo illustrates approximately 40% galena (gn) - sphalerite (sp) - marcasite (iron sulphide) (ma) over an approximately 30cm length (sphalerite appears as light-grey infill around grain boundaries).

Figure 3: Sphalerite and galena mineralisation in hole DKDD121 (at 22.5m) - 50m to the north of DKDD094.

Figure 4: Dikaki Region - displaying mapped channels and focus of current work.

The Dikaki prospect comprises ~9km of palaeo-channel trend which has significant potential for zinc and lead mineralisation. Numerous indications of base metal mineralisation are evident from mapping, rock chip and soil sampling surveys, with drilling confirming strong exploration potential across the whole trend (Figure 4). The Company currently has two diamond drill rigs on site, with initial focus on broad step-out drilling at the prospect leading into exploration programs targeting untested prospects to the north and south of Dikaki during the main dry season.

The results to date have confirmed the presence of shallow, Zn-Pb sulphide mineralisation with flat-lying geometry. High grade mineralisation is observed to be associated with conglomerate and sandstone units and the exploration work being undertaken by Apollo Minerals is defining the controls on the distribution and grade of the mineralisation.

The 2022 kick-off drill program at Dikaki is designed to step out to the east and west of known mineralisation on nominal 200m and 400m spaced sections to test the entire width of the channel and the continuity of the high-tenor core.

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, and the location of the latest assays are displayed in Figures 1 and 5.

Figure 5: Section 641,200mE at Dikaki: Displaying shallow high-grade mineralisation.