Apollo Consolidated’s flagship Lake Rebecca gold project 145km east of Kalgoorlie in Western Australia already looks like it will become a mine, but the picture keeps improving as exploration rolls along. 

Apollo (ASX: AOP) released the latest results from exploration and resource definition drilling at Lake Rebecca on Wednesday, showing that it had identified more shallow, high-grade gold along the eastern margin of the Rebecca deposit.

The results included 7m @12.15 g/t Au from 78m and 15m @ 2.20 g/t Au from 50m in hole RCLR0795, 23m @ 2.36 g/t Au from 42m and 10m @ 3.42 g/t Au from 120m in hole RCLR0791 and 20m @ 2.44 g/t Au from 55m and 5m at 2.31 g/t Au from 45m in hole RCLR0790.

Rebecca is the largest of three deposits that make up the project. Following a resource upgrade last month, it contributes 815,000 ounces at 1.3 g/t Au to the overall resource inventory of 1.105 million ounces at 1.2 g/t Au.

The other deposits, Duchess and Duke, contribute 195,000 ounces at 0.9 g/t Au and 65,000 ounces at 1.1 g/t Au respectively.

Commenting on the latest results, Apollo managing director Nick Castleden said finding additional near-surface mineralisation above the current resource grade at Rebecca was “very handy” and would add significant value to the project.

The new hits link and extend mineralisation associated with previously reported intercepts sitting in an “unclassified” part of the pit-constrained resource including 6m @ 6.70 g/t Au and 7.4m @ 4.70 g/t Au and set the scene for the next resource upgrade.

Castleden believed there was a lot more gold to find with step-out drilling around the recent Rebecca results and with testing a series of regional structural targets within the Lake Rebecca tenements.

Infill drilling is also underway at the Cleo discovery to bring it towards resource status, while resource definition drilling continues at Rebecca and Duchess to increase the level of confidence in identified mineralisation within those deposits.

Apollo’s efforts in exploring along the eastern and northern margins of the Rebecca deposit were aided in February when the Company acquired 1.35km2 of adjoining tenure in a deal with Matsa Resources and Bulletin Resources.

As explained at the time, while the mineralised structures at Rebecca dip towards the west and further into Apollo’s tenements, the acquisition allowed more space to test for footwall structure and possible pit extensions.

The additional tenure has also provided more flexibility with respect to future pit design, access and hydrology, important considerations as the company moves forward with options analysis and commercial studies.

Apollo switched its focus from Cote d’Ivoire to the WA goldfields in 2017 after the first diamond hole drilled into the Laura lode at Rebecca returned intercepts of 17.84m @ 15.95 g/t Au from 142m and 49m @4.57 g/t Au from 166m.

In February last year, it announced a maiden pit-constrained resource for Lake Rebecca of 27.1 million tonnes at 1.2 g/t Au for 1.035 million ounces.

That was upgraded in April this year and while the increase in ounces was modest, 74% of the resource – 815,000 ounces at 1.3 g/t Au – is now in the high confidence Indicated category, providing a very firm foundation for a future mining operation.

 

 

This story was developed in collaboration with Apollo Consolidated, a Stockhead advertiser at the time of publishing.

This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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