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Gold: Apollo flags imminent maiden resource for the still-growing Lake Rebecca project
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It’s already shaping up as a very good year for quality gold explorers.
That’s great news for guys like Apollo Consolidated (ASX:AOP), which now has a handle on its big flagship Lake Rebecca project thanks to the +38km of drilling completed in 2019.
Lake Rebecca near Kalgoorlie — comprising three major gold lodes in Jennifer, Laura and Maddy — now represents a “substantial” and growing gold system 1.7km long and several hundred metres wide, says Apollo.
READ: Gold prices soar as 2019 draws to a close
Latest results including 19m at 3.37 grams per tonne (g/t) gold (including 2m at 16g/t) confirms continuity in the higher-grade gold within the Laura lode, while intercepts like 11m grading 3.45g/t show that the Maddy lode remains ‘open’.
‘Open’ just means Apollo hasn’t found where the gold ends yet.
And ongoing drilling, which totalled +38km over 225 holes in 2019, “continues to find significant gold zones” outside existing areas, the explorer says.
An exploration hole, 200m south of Jennifer, intersected “potential new mineralised surfaces”, with hits including 3m at 8.45g/t and 5m at 1.78g/t.
Further exploration drilling in this area will resume in coming weeks, Apollo says. But the company already has enough info to complete a long-awaited maiden resource estimate for Rebecca, Duke and Duchess in Q1 2020.
Exploration drilling will also continue in 2020, targeting the ‘open’ higher-grade stuff and emerging targets like Cleo, identified in independent structural geological reviews.
Importantly, Apollo is cashed up and ready to go, with about $8.2m in the bank.
The explorer was up 15 per cent to 26.5c per share in early trade.
READ MORE about Apollo Consolidated:
Rushing maiden gold resource at “live and growing” Lake Rebecca could be a mistake, says Apollo
Massive gold system to underpin a maiden resource estimate for Apollo
In other ASX gold news today:
Klaus Eckhof-backed Amani Gold (ASX:ANL) was up 50 per cent in morning trade on some decent gold hits at the Peteku prospect, part of the Giro project in the DRC. Results from an initial four-hole program at the artisanal open pit included 3m at 3.18g/t gold, just 36m from surface.
A follow-up 10-hole program is planned, targeting mineralisation along strike and deeper below the Peteku open pit.
NOW READ: Here’s why Amani Gold got Klaus Eckhof on its team
