PERTH (miningweekly.com) – ASX-listed junior Apollo Consolidated has reported a maiden Joint Ore Reserves Committee- (Jorc-) compliant resource of 21.7-million tonnes, grading 1.2 g/t gold for 1.035-million ounces of gold for its Lake Rebecca gold project, in Western Australia.
The mineral resource is stretched over three deposits, including the Rebecca, Duchess and Duke deposits, which host 775 000 oz, 180 000 oz, and 80 000 oz respectively.
Apollo on Monday said that 53% of the Jorc resource fell within the indicated category, with 71% of the Rebecca mineral resource classified as indicated.
“As a measure of confidence we have in the current mineral resource, Apollo intends to embark on a two-pronged approach, with options analysis to choose the appropriate level of mining study, in parallel with continued exploration drilling to add to this maiden resource inventory,” said Apollo MD Nick Castleden.
“Diamond drilling is continuing, with first targets being higher grade positions sitting below the optimised Rebecca mineral resource.”
Castleden noted that the company remained well funded to progress the next phase of work, with A$7.5-million cash in hand at the end of December.