Apollo Minerals Limited (ASX:AON) Confirms High-Grade Gold at Salanie
Exploration Results
Apollo Minerals Limited (ASX: AON) has confirmed shallow high-grade gold intersections from its ongoing exploration at the Salanie Gold Project in Gabon. The company reported drilling at the A1 Prospect returned exceptional results, including a significant interval of 11.7m at 4.3g/t Au from 9.6m. This includes 5.8m at 8.2g/t Au starting from 15.5m depth. The presence of visible gold was noted locally between 19.0m and 19.4m.
The results align with and extend trends previously observed in trench results. The A1 mineralised trend is open along strike and dip, marking it as a priority target for the 2025 drilling program. Ongoing assays from an additional diamond hole at A1 are pending.
Future Drilling Program
Highly regarded drilling operator, Capital Drilling, has been contracted to conduct further drilling at Salanie. This program aims to explore untested targets across four key prospects: A1, A2, A3, and P6. Planning is underway to commence this drilling early in the new year.
Managing Director, Mr Neil Inwood, stated, “The results of Hole SLDD004 are very encouraging as they demonstrate shallow high-grade gold mineralisation… These results highlight the potential of A1 and the Salanie Gold Project as a whole.”
Entitlement Offer
Apollo Minerals has also announced a one-for-three non-renounceable pro-rata entitlement offer, aiming to raise approximately $3.25 million. The offer is currently scheduled to close on 17 December 2024 at 5:00 PM AWST, providing an additional funding avenue to support its exploration initiatives.
Market Context
The Salanie Gold Project capitalises on an area that has not been explored or drilled for 70 years, showcasing significant untapped potential for gold discovery. Historical mining in the 1950s produced over 20,000 ounces of gold, indicating a rich geological backdrop expected to yield further findings as the modern exploration advances.
Motley Fool contributor Kiarra Jackson 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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