Apollo Minerals Ltd (ASX:AON) MD Neil Inwood speaks with Proactive soon after announcing the company has acquired the Belgrade Copper Project in Serbia, Europe.
The project is made up of four licences covering 202 square kilometres which formed part of the Serbian copper exploration project portfolio held by Reservoir Minerals Inc. when they were acquired by Nevsun Resources Ltd in 2016 in a deal worth US$365 million and subsequent US$1.4 billion takeover by Zijin Mining Group Co in 2018. Inwood says the project is a great complement to Apollo Minerals existing Gabon base metals focus in the Kroussou Zinc-Lead Project.
Inwood said in the announcement: Apollo Minerals is thrilled to secure an excellent portfolio of European copper exploration ground within Serbia's renowned Carpatho-Balkanian Metallogenic Province. The Belgrade Copper Project has a compelling exploration thesis which the team are extremely excited to test.
Reservoir Minerals, who put the Project together, discovered the 20 million tonne Cukaru Peki copper deposits at Bor and consequently did not focus on the highly prospective ground we have acquired. Serbia is currently Europe's second-largest copper producer and I am convinced there are world class sedimentary-hosted copper discoveries to be made in the region. We have already been on the ground and were impressed with the modern infrastructure, local mining knowledge, and highly skilled local workforce.
This acquisition complements our existing zinc-lead base metals focus in Gabon, while presenting a positive diversification into copper. With minimal dilution to existing shareholders and a compelling copper prospect in a favorable jurisdiction, the proposed Edelweiss acquisition demonstrates our focus on value creation through acquisition, exploration, and discovery.
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