Nov 21, 2024

Apollo Minerals Intersects Visible Gold at 19m Depth at Salanie Project, Gabon

Introduction:

Apollo Minerals Limited (ASX: AON) (Market Cap: $12.5M | Last Close: $0.018 | Cash: $1.84M) has reported encouraging initial drill results from its Salanie Gold Project in Gabon, highlighted by visible gold intersected at 19m depth in drilling at the A1 Prospect.

Drill Results:

Visible gold identified at 19m depth within a 13m zone of quartz veining and shearing from 9.6m downhole (SLDD004)
20m wide quartz veining/shear system with associated sulphides intersected at P6 prospect (SLDD002)
0.59m @ 41g/t Ag from 7.36m intersected in heavily weathered saprolite zone (SLDD001)‍
0.15m @ 0.3g/t Au & 1.7g/t Ag from 13.14m intersected at A1 prospect (SLDD003)

Project Overview:

The Salanie Gold Project is located 16km from the major town of Lambarene in Gabon, less than 2km from the sealed N1 highway. It lies within Apollo's 100% owned Keri Permit, approximately 3.5 hours by road from the capital city of Libreville. The project covers an underexplored Archean greenstone belt.

Historical mining in the 1950s produced a reported +20,000 ounces of gold at 12g/t Au from mining of outcropping quartz veins. The project is centered on a 12km long fertile Archaean greenstone trend that is interpreted to be in the same regional trend as Managem's 1 million ounce Eteke deposit.

Program Details:

Apollo completed five diamond drill holes totaling 328m at Salanie, with two holes at the P6 prospect and three at the A1 prospect. The program was cut short due to drilling contractor issues and the onset of the rainy season. At A1, drilling partially tested down-dip and trend extensions of surface mineralization identified in trenching. At P6, drilling targeted historical high-grade underground workings that reportedly produced at an average grade of 16g/t Au.

Understanding These Results:

The visible gold intersected at A1 is associated with two vein styles - earlier stage quartz-carbonate veinlets up to 2cm wide, and later-stage cross-cutting quartz dominant veins with associated sulphides. This occurs within a broader 13m zone of quartz veining and shearing from 9.6m depth. At P6, a significant 20m wide quartz veining/shear system with associated sulphides was intersected, interpreted to be similar to the historically mined mineralization.

While assays are still pending for the key holes, the presence of visible gold and wide zones of veining/shearing are considered highly encouraging early-stage results. The P6 target remains high-priority for follow-up drilling to properly test the down-dip extensions of the historical workings.

Management Commentary:

Neil Inwood, Managing Director of Apollo Minerals:

“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. Assays are pending from the key holes at A1. The Salanie system is interpreted to be in the same regional trend of Archean greenstones as Managem’s 1m oz Eteke deposit; highlighting the potential in the broader system.”

“Unfortunately, a combination of late arrival and poor performance from the drilling contractor and the end of the field season has meant that less than a quarter of the planned holes for 2024 were completed and the P6 target was only partially tested by one drill hole. We are in advanced discussions with another drilling company to commence drilling in the new year. Such a partner will enable a significant increase in drilling rate and quality and enable us to further unlock the untested potential at the Salanie Gold Project.”

Next Steps & Catalysts:

Apollo is in advanced discussions with a new drilling contractor to commence an expanded program in early 2025. This is expected to enable a significant increase in drilling rate and quality to further test the potential at Salanie.

Assay results are pending for the key holes SLDD004 and SLDD005 at A1, expected within 3-5 weeks. The company also plans to undertake further drilling at the P6 prospect in 2025 to test the southeast down-dip trend of the mineralization.

Commodity Outlook:

Gold serves multiple markets, including investment assets, central bank reserves, jewellery manufacturing and industrial applications in electronics. Currently trading at US$2,652/oz (November 21, 2024), the metal has experienced record highs in 2024 despite recent volatility linked to U.S. political shifts and Federal Reserve policy expectations.

Gold continues to maintain strong fundamentals as a safe-haven asset. The Salanie project's location in Gabon, with proximity to major infrastructure, provides a supportive environment for potential resource development. The regional context, with Managem's 1Moz Eteke deposit nearby, highlights the prospectivity of the broader Archean greenstone belt.

Conclusion:

The initial drilling results from Salanie, particularly the visible gold at A1 and wide mineralized system at P6, provide early encouragement for Apollo Minerals. While the program was limited in scope, it has demonstrated the potential for significant gold mineralization. With assays pending and plans for expanded drilling in 2025, Salanie represents an exciting exploration opportunity in an underexplored gold district.

Sources:

AON Drill Results Announcement

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Nov 6, 2024