Apollo Consolidated is an ASX-listed, Western Australian-based gold exploration company that holds a portfolio of 100%-owned tenements in the East Kalgoorlie and the Kimberley regions.
Apollo recently completed a placement of 47.6 million new shares that raised a total of $10 million, which will be applied towards a ramp-up of RC and diamond drilling activities at the company’s flagship Lake Rebecca Gold Project, to expand the maiden +1Moz JORC 2012 Mineral Resource, as well as complete optimisation studies and delineation work.
The Lake Rebecca Project is developing into an important gold discovery, located 150km east of Kalgoorlie in West Australia. During February 2020, Apollo announced a maiden JORC 2012 Mineral Resource estimate for the Rebecca, Duchess and Duke deposits, following approximately 58,000m of RC and diamond drilling completed over the past three years. Total combined Mineral Resources comprise 27.1 million tonnes at 1.2g/t Au for 1.035 million ounces of gold, 53% of which is in the Indicated category.
Importantly, the company has considered high-level economic implications and has reported Mineral Resources at a 0.5g/t Au cut-off and only those gold ounces constrained within A$2,250/oz optimised pit shells. The Rebecca and Duchess mineralised systems are supplemented by a significant low-grade halo, which has added volume and contributed to an overall geometry with characteristics suitable for bulk-tonnage open pit mining.
Importantly the Rebecca deposit that contributes 75% of the total Mineral Resource has been drilled to a moderate level of confidence, with 550,000oz (71%) of that Mineral Resource reported at Indicated Resource status.
The company notes there is substantial gold mineralisation outside the February 2020 $A2,250 pit shells, some of which may be expected to convert to Mineral Resource with further drilling, including the potential for new and extensional higher-grade structures within the Rebecca gold deposit. While there are many additional financial considerations to be addressed in future economic studies, the company considers that unveiling more than 1Moz of gold within its first Mineral Resource is a very significant step in its progress toward commercialisation.