Apollo Consolidated (ASX: AOP) has extended known mineralisation at its wholly-owned Lake Rebecca gold project in Western Australia’s goldfields, with latest assays revealing thick intersections and high-grade gold.
A diamond drill hole that tested extensions down dip to the Maddy structure struck 22m at 3.44 grams per tonne gold, including 13m at 5.19g/t gold and 1m at 32.26g/t gold.
Apollo noted this intercept was 120m below previous Maddy hits, which shores up confidence that mineralisation and high-grade zones continue below the current resource.
The same intercept also penetrated the Laura structure and returned 8m at 2.84g/t gold.
Advancing Lake Rebecca
Lake Rebecca currently has a global resource of 27.1 million tonnes at 1.2g/t gold for 1.035 million ounces. Of the resource, 53% falls into the indicated status.
Reverse circulation drilling at the project is ongoing with 13 holes completed at the Rebecca deposit and assays pending.
Alone, the Rebecca deposit hosts 775,000oz in contained gold resources, with 550,000oz of that classified as indicated.
In addition to today’s results, Apollo pointed out that the first diamond drill holes of 2020 revealed high-grade gold below the current Rebecca resource.
Highlight results from these intercepts were 4.73m at 19.10g/t gold and 5m at 5.39g/t gold.
Meanwhile reverse circulation drilling at the Duchess NE target produced 25m at 1.23g/t gold and 15m at 1.40g/t gold – indicating gold mineralisation remains open 1km to the north of Rebecca.
An inferred mineral resource has been estimated for the actual Duchess deposit which totals 5.7Mt at 1g/t gold for 180,000oz.
The nearby Duke deposit hosts a resource of 2.3Mt at 1.1g/t gold for 80,000oz.
Apollo noted it was taking a conservative “pit-constrained approach” to its resource estimates.
Cash in the bank
To continue advancing Lake Rebecca, Apollo had $16.66 million in consolidated cash at the end of March.
The company also expects to receive US$4.5 million once the sale of its Cote d’Ivoire asset has been completed.
Apollo also has a royalty interest in TSX-listed Roxgold’s Seguela project in central Cote d’Ivoire.