Gold explorer Apollo Consolidated (ASX: AOP) has discovered a new gold zone near the Jennifer lode at its wholly-owned Lake Rebecca gold project in Western Australia.
The company reported four of eight reverse circulation (RC) holes drilled in the surrounding Rebecca prospect had returned significant intercepts.
In particular, a 16m intersection grading at 3.02 grams per tonne of gold was returned from an exploration traverse located about 400m south of the Jennifer lode discovery.
The RC drilling on the Rebecca prospect is part of an ongoing exploration program at the Lake Rebecca project.
It is being carried out in conjunction with the continued drill-out of the Jennifer lode, which was discovered in 2017. It is a significant body of gold mineralisation and has been defined over an area extending 275m along strike, about 220m vertical and with a true width of up to 25m.
According to Apollo, these new results have demonstrated the “excellent potential to locate additional gold surfaces in the broader Rebecca prospect area, and to build upon the significant discovery defined at the Jennifer lode”.
Drilling is continuing with the aim to build these new surfaces and further consolidate the work completed to date.
Apollo said planning was now underway for follow-up and step-out drill holes at the southern end of the Rebecca prospect, where the new gold surfaces were discovered.
Jennifer lode drilling
Drilling at the northern and eastern margins of the Jennifer lode have continued to build new zones of mineralisation in that area.
The latest hits include a 29m intersection grading at 3.10g/t gold, including 5m at 6.67g/t gold and 9m at 4.69g/t gold. Drilling results also returned 15m at 2.07g/t gold and 12m at 2.03g/t gold.
Assay results are pending for a further 13 RC drill holes and core logging of five diamond tails is underway, ahead of processing and assay.
Last week, Apollo announced it had entered into a binding heads of agreement with Novo Litio (ASX: NLI) to sell an 80% stake in its Boundiali and Korhogo gold permits in northern Cote d’Ivoire in West Africa.
The company said this transaction would allow it to focus on its exploration and development activities at Lake Rebecca.
Under the agreement, Apollo will retain a 20% interest in the permits and be free carried to a ‘decision to mine’.
In addition, Apollo holds a 19.4% equity position in Novo, effectively making its holding in the Cote d’Ivoire projects total almost 40%.
Apollo shares rose on the back of the announcement by more than 14% to A$0.24 during midday trade.