Further Zinc-Lead Discovery Confirmed at Kroussou

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ASX RELEASE | 11 November 2021 | ASX: AON

Further Zinc-Lead Discovery Confirmed

FIRST DRILLING AT NIAMABIMBOU INTERSECTS THICK, SHALLOW ZINC-LEAD

Apollo Minerals Limited is pleased to report additional results received from drilling at the province- scale Kroussou zinc-lead project 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:

• Results 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 results 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 Prospect have confirmed the presence of shallow zinc-lead mineralisation, including:

1. 19.9m @ 1.6% Zn+Pb from 8.0m; including 5.7m @ 3.0% Zn+Pb from 22.2m; and o 19.9m @ 1.6% Zn+Pb from 13.5m; including 4.5m @ 2.8% Zn+Pb from 27.4m

• 1. Average depth to mineralisation of less than 7m.
• Represents first ever drilling in previously untested 9km of trend at Niamabimbou with mineralisation open and significant potential for further discoveries.

Figure 1: Niamabimbou drilling displaying shallow mineralisation.

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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Dikaki Results

• Results received from nine additional holes from Dikaki including:

1. 23.2m @ 2.4% Zn+Pb from 36.1m including 10.9m @ 3.1% Zn+Pb from 39.9m.

Apollo Minerals' Executive Director, Mr Neil Inwood was excited by the new discovery:

"The assay results returned from the first six holes at the previously untested 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 prospects in 2021; and will continue expanding on these two discoveries with a comprehensive exploration program planned for 2022."

"The 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 mining operation at Kroussou."

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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DRILLING RESULTS

Niamabimbou Discovery

The Niamabimbou Prospect ("Niamabimbou") is one of eighteen identified prospects at the province-scale Kroussou project ("Kroussou"). Niamabimbou is situated 16km to the south of the Dikaki Prospect ("Dikaki") where drilling has confirmed shallow high-gradezinc-lead mineralisation (see ASX Announcement dated 6 October 2021).

Results 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):

• 19.9m @ 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.

The 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 Appendix 1.

Mineralisation is open along a 9km trend throughout Niamabimbou, comprising three distinct sections of prospective trend as displayed in Figure 4.

Assay results from an additional 34 holes completed at Niamabimbou are pending and will be reported when received.

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Figure 4: Location of drilling at Niamabimbou and 9km of prospective trends.

Further excellent results from Dikaki

Assay results from Dikaki continue to display the potential for a large-scale,shallow, flat-lying,broad mineralised system. DKDD0072 intersected 23.2m @ 2.4% Zn+Pb from 36.1m, including 10.9m @ 3.1% Zn+Pb from 39.9m; this demonstrates that the thick shallow system is open along strike 340m to the east; where shallow high-grade mineralisation has been intersected by recent drilling (5.0m @ 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 Announcement 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 20m from recent drilling.

The locations of the reported Dikaki drill holes, along with their accumulated intercepts shown as grade times thickness (Zn+Pb % x thickness in metres) are shown below in Figures 5 and 6.

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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.

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