Gold: Massive gold system to underpin a maiden resource estimate for Apollo
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It’s a wonderful time to be an Australian goldie, to be sure.
There’s a bunch of announcements out there from small caps eager to ride the wave but some of it is recycled news – so don’t get too excited folks.
Today’s fresh news comes from Apollo Consolidated (ASX:AOP) which keep unveiling high-grade gold hits at its flagship WA project.
Apollo was a West African focused explorer before it hit pay dirt at its Lake Rebecca project in August 2017.
Lake Rebecca, about 150km east of Kalgoorlie, became the explorer’s key focus.
There are now three advanced prospects, Rebecca, Duke and Redskin, with the Rebecca discovery area emerging as current crowd favourite.
Since late 2017, multiple lodes have been identified in a 1.3km-long area Apollo calls “a significant mineralised system with tremendous ongoing exploration potential”.
Basically, it keeps getting bigger; ‘open’ means they haven’t found where the gold ends yet:
Highlights from recent drilling at the Laura, Jennifer, and Jennifer NE lodes include 14m at 8.41 grams per tonne gold at Laura, 19m at 4.47 grams gold at Jennifer (including 2m at 15.65 grams per tonne gold), and 37m at 2.77 grams per tonne gold from Jennifer NE.
As a point of reference, a deposit grading over 5 grams per tonne is generally considered high grade.
The Apollo share price was up about 5 per cent to 22c in early trade.
The current 20,000m drill program, to run through the second and third quarters, will underpin a maiden resource estimate for the project (hopefully) by the end of the year.
Apollo was contacted for additional comment.
Ausmex Mining (ASX:AMG) jumps about 20 per cent in morning trade before going into a trading pause “pending a further announcement”. Ausmex is fast tracking a bunch of drilling campaigns at the Mt Freda complex near Cloncurry QLD. The aim is to prove up JORC gold resource suitable for a shallow, high grade bulk mining operation and target a huge IOCG anomaly that it shares with neighbour Newcrest Mining. Exciting times.
Graphite microcap Oakdale Resources (ASX:OAR) is getting into gold. Oakdale is planning to buy a couple of projects in the US state of Nevada, where the company will target “million plus ounce deposits”. The plan is to kick off drilling this year, subject to due diligence. The share price was unchanged at 1.5c in early trade.