Apollo Minerals Limited (ASX:AON) Reports Visible Gold Intersected at Salanie
Exploration Activities Update
Apollo Minerals Limited (ASX: AON) has reported significant advancements in its exploration projects located at the Salanie Gold Project in Gabon and the Belgrade Copper Project in Serbia. Notably, the company has intersected visible gold at the A1 Prospect at Salanie, an area lacking modern exploration for 70 years.
Visible gold was detected at a 19-meter depth associated with quartz veining, within a broader 13-meter zone. This discovery is interpreted to extend from trench SATR001, which yielded notable assay results previously. Assays from the current drilling are still pending, but preliminary indications point to significant gold potential at this site.
P6 and Additional Drilling Opportunities
At the P6 Prospect, a major quartz veining and shear system over a 20-meter stretch has been identified. This area historically produced high-grade gold, averaging 16 grams per tonne. The P6 underground workings will be a priority target for further drilling in 2025.
For the current drilling season, five holes totaling 328 meters were completed. However, operational challenges led to less than a quarter of planned drilling being achieved. Apollo Minerals is now in discussions with a new drilling contractor to enhance performance in the upcoming drilling season.
Funding Initiatives
Apollo Minerals also announced a one-for-three non-renounceable entitlement offer aiming to raise approximately $3.25 million before costs. This initiative will provide funding to advance exploration activities across its projects in Gabon and Serbia. Shareholders will receive detailed instructions for participation ahead of key dates including the record date set for November 29, 2024.
Executive Insight
Managing Director Neil Inwood stated, “The first pass drilling is highly encouraging having identified visible gold associated with quartz veining at A1 and a significant shear/quartz vein system at P6.” Inwood further noted that the existing systems remain largely untested, highlighting potential for increased resource opportunities.
Investors can expect assay results to arrive within three to five weeks, providing critical updates on the drilling progress at both the Salanie Gold Project and the Belgrade Copper Project.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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