Apollo Minerals' June 2024 Quarterly Report Highlights Significant Gold Discoveries
AON (AON) Share Update July 2024 Monday 29th
Apollo Minerals Reports Promising Exploration Results for Salanie Gold Project
Apollo Minerals Limited (ASX: AON) has released its quarterly report for the period ending 30 June 2024, showcasing significant progress in its exploration activities, particularly at the Salanie Gold Project in Gabon.
Instant Summary:
- Completion of earthworks, pad preparation, and track access for Salanie diamond drill program.
- Visible gold in quartz veining with assays of 429g/t Au and 125g/t Au.
- Completion of a regional airborne magnetic survey over the 12km greenstone belt.
- Collection of approximately 1,000 soil geochemical samples and 36 rock chip samples.
- Identification of near-surface gold mineralization across a 20m wide quartz-shear system at the A1 Prospect.
Salanie Gold Project
The Salanie Gold Project in Gabon has emerged as a high-priority exploration target for Apollo Minerals. The project area, which spans a 12km long greenstone belt, has not seen modern exploration for over 70 years. Historical mining reports indicate recovered grades of up to 12g/t Au.
During the quarter, significant progress was made in preparing for the diamond drill program. Earthworks, pad preparation, and track access were completed, and drilling is expected to commence in the coming weeks. The drilling will initially target the A1 to A3 and P6 prospects, which have shown promising results in preliminary studies.
High-Grade Gold Discoveries
One of the most notable findings at Salanie includes visible gold in quartz veining, with assays returning 429g/t Au and 125g/t Au. These results suggest the potential for a high-grade gold discovery in the area. Additionally, detailed trench mapping and sampling have identified near-surface gold mineralization in multiple positions across a substantial 20m wide quartz-shear system at the A1 Prospect.
Further exploration activities included the completion of a regional airborne magnetic survey over the 12km greenstone belt. The initial data processing and interpretation have been finalized, and the survey, combined with extensive soil geochemistry, is expected to provide strong regional targeting information for Salanie.
Additional Exploration Activities
Site work during the quarter included mapping, infill soils geochemistry, trenching, and additional pad and track creation. Approximately 1,000 soil geochemical samples and 36 rock chip samples were collected for analysis, with results pending. Fifteen exploratory trenches were completed during preparatory activities, with ongoing analysis.
The A1 Prospect has shown extensions with gold mineralization identified in trenching, including an intercept of 3m @ 5.1g/t Au at surface and a broader 10m+ wide anomalous shear zone. Additional trend extensions were indicated by a sample of 16.6g/t Au over 1m, open to the south.
Belgrade Copper Project
In Serbia, the Belgrade Copper Project has also seen progress. Soil sampling has identified several highly anomalous areas, including two initial high-priority drill targets at Studena. Planning and preparation for drilling at Studena are underway, targeting the copper mineralization identified in soil sampling.
The high-grade gold findings at the Salanie Gold Project are likely to positively impact Apollo Minerals' stock price. The visible gold in quartz veining and the promising assay results suggest significant potential for a high-grade gold discovery, which could attract investor interest.
Investor Reaction:
Analysts are likely to react positively to the high-grade gold findings at Salanie. The potential for a significant gold discovery, combined with the detailed exploration activities and promising assay results, may boost investor confidence in Apollo Minerals' exploration strategy.
Conclusion:
Investors should closely monitor the upcoming drilling activities at the Salanie Gold Project and the results of the soil geochemical and rock chip samples. Apollo Minerals' strategic focus on high-priority exploration targets and the promising findings to date position the company for potential significant discoveries.