Apollo Consolidation Limited (ASX: AOP), an Australian Stock Exchange listed gold explorer, announced on 10th May 2019, that it progressed on a 20,000m exploration and lode definition RC (Reverse Circulation) drilling program. The company is conducting the current RC drilling program at the Lake Rebecca Gold project, which is 150km east of Kalgoorlie in Western Australia. The company previously identified new gold zones at the Lake Rebecca prospect.
Apollo consolidation completed 70 RC holes to date over 9,000 meters and is awaiting the assay results. The aim of the current drilling is to grow and increase the confidence in the Jennifer Lode, Jennifer NE and Laura Lodes; it also aims to identify targets along strike including Duke and Redskin.
The substantial gold exploration intercepts such as 42m @ 7.75g/t of gold, 25m 7.88g/t of gold, 5.46g/t of gold, and 49m @ 4.57g/t of gold, makes Jennifer Lode a significant high-grade discovery. Jennifer Lode is currently estimated to extend over a strike of approx. 300m and 250m of vertical extent, and up to 25m true width. The company identified Laura and Jennifer NE though extensional drilling towards the north of the Jennifer Lode.
As per the company, apart from the extensional drilling around the known lodes, the exploration drilling is identifying new targets along the strike at Rebecca gold system and open mineralisation at the Duke and Redskin prospect coupled with new Induced Polarisation (IP) survey targets. The drilling at both Duke and Redskin prospect is designed to increase the drilling density around existing mineralisation and identify new surfaces, as both the prospect have limited effective historical drilling.
Apollo started the diamond drilling, and initial 5-6 diamond ‘tails’ (extending pre-collar RC holes) is underway, which will test the key dip and plunge targets at Jennifer Lode and other two prospects over the coming weeks.
Apollo mentioned that it has $11.7 million available for exploration (as on 30th April 2019), and is fully funded for the drilling activities in 2019.
The share prices of the company improved from the level of A$0.175 (Day’s low on 23rd January 2019) to the level of A$0.255 (day’s high on 9th April 2019). The prices plunged from the level of A$0.255 to the level of A$0.190 (Day’s low on 9th May 2019).
The share prices of the company are currently trading at A$0.200 (as on 10th May 2019, AEST 02:38 PM), unchanged as compared to its previous close.
The stock returned a rate of 18.58% on a YTD basis and a yearly return of 12.94%. The recent rise in the share prices of the company from the level of A$0.148 ( Low in February 2019), improved the return of the last three months, which stood at 15.69%.
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