Sydney-based Apollo Minerals has acquired Ariege Tungstene SAS, which holds an 80 per cent interest in the Couflens tungsten-copper-gold project in the south of France.
The project is 130km south of Toulouse, covering a 42km2 area in the Pyrenees region.
The area includes the historic Salau mine, which had some of the world’s highest resources of tungsten when it operated from 1971 to 1986.
It produced around 930,000 tonnes at 1.5 per cent of tungsten for around 11,500 tonnes of tungsten in concentrate before it closed.
The Salau mine is also believed to have the good potential to be brought back into production.
The Couflens exploration license is a joint venture between Ariege Tungstene SAS and Variscan mines.
Variscan managing director Greg Jones said, “We are excited to be joined by Apollo in the exploration and possible development of this high grade tungsten-copper-gold project. Apollo has strong technical credentials and is well funded to progress exploration work at Salau.
“The acquisition of Ariege Tungstene by Apollo brings a third ASX-listed company into France and provides a clear vindication of the quality of Variscan project generation and the company’s investment into the country.”