Apollo Consolidated Ltd (ASX: AOP) is a gold exploration company based in Perth, with its exploration focus being in the Eastern Goldfield of Western Australia. Here, the Company holds the wholly owned advanced gold project at Lake Rebecca, greenfield gold projects at Yindi and Larkin, as well the Louisa nickel-copper sulphide project located in the Kimberley.
Lake Rebecca is developing into an exciting new Goldfields discovery, with three main prospect areas, Rebecca, Duke and Duchess (previously known as Redskin). As seen in recent announcements, the Cleo discovery is also becoming an interesting addition to the project stable. Rebecca is the site of the high-grade Jennifer Lode discovery and adjoining mineralised surface, and the Company continues to explore this deposit and surrounding targets.
In February 2020, Apollo declared a combined 1.035 million ounce Mineral Resource1 at the Lake Rebecca Gold Project, across three deposits and wholly constrained within optimised pit shells. The flagship Rebecca deposit contributes 775,000 ounces, of which 550,000 ounces were at Indicated category. Subsequent to this and as announced on 20 April 2021, the Mineral Resource estimates were revised for the Rebecca, Duchess and Duke deposits following infill and step-out RC and diamond drilling completed in 2020. Total combined in-pit Mineral Resources now stand at 29.1 Million tonnes at 1.2g/t Au for 1.105 Million ounces of gold, 74% of which is at Indicated status.
Apollo had also been exploring in Côte d’Ivoire over the last four years, successfully defining greenfield gold mineralisation on the Boundiali permit and at Liberty at Korhogo. Following completion of a sale agreement with Exore Resources (ASX:ERX), Apollo sold 80% of its Boundiali and Korhogo tenements for 90m shares (19.3% of Exore’s issued capital) and a 20% free carry to Decision to Mine.
In April 2019 the Company completed an in-specie distribution of all ERX shares to Apollo shareholders. In July 2020, Exore Resources exercised its pre-emptive rights and acquired the remaining 20% of the Bagoe and Liberty gold projects from Apollo.
The Company held a 1.2% NSR royalty interest over Roxgold Inc’s 1.044Moz Seguela Project in central Côte d’Ivoire however as announced on 18 March 2021, this was sold to Roxgold Inc for $20m cash. This transaction allowed Apollo to bolster its cash holdings and to maintain its focus on its Western Australian projects.