Trident Royalties PLC (LON:TRR) noted a significant increase in indicated resources at the Lake Rebecca gold project in Western Australia.
Apollo Consolidated Ltd (ASX:AOP), owner of the project, said indicated resources had jumped 50% from the maiden JORC estimate last February to 815,000 ounces of gold. This takes the total mineral resources, including inferred resources, at the project to 1.105 million ounces of gold.
"We are delighted to highlight Apollo's announcement of a significant mineral resource upgrade for the Lake Rebecca gold project, over which Trident holds a 1.5% Net Smelter Royalty,” said Trident chief executive Adam Davidson.
“The increase to the indicated category provides the basis for a potential +8-year mine life operation, with associated requisite approvals, licensing and study work being undertaken alongside additional high-priority exploration over the coming months.
“With A$37.1mln in cash and receivables on hand, Apollo remains well funded to aggressively advance Lake Rebecca,” he said.
The resource update is based on the results of infill and step-out reverse circulation and diamond drilling completed during 2020 and covers the project's Rebecca, Duchess and Duke deposits.
Trident, which considers Lake Rebecca to be a key cornerstone asset for the company, said further resources updates are expected with more than 25,000 metres of drilling underway.