Trident Royalties PLC (AIM:TRR, FRA:5KV) (AIM:TRR) has noted recent announcements from by Apollo Consolidated Ltd (ASX:AOP) regarding positive progress at the Lake Rebecca gold project in Western Australia.
Trident holds a 1.5% net smelter return gold royalty over the entirety of the project.
"We are pleased to note Apollo's recent announcements concerning developments at the Lake Rebecca gold project,” said Trident’s chief executive Adam Davidson.
“Drilling results continue to support the prospect of further increasing gold resources, to build on the latest update of the mineral resource estimate in April 2021. Infill and exploration drilling has outlined new mineralised zones both within and outside of the current Rebecca optimised pit shell, with a 75.8 metre at 4.64 grams per tonne metallurgical drill hole intersection demonstrating confidence in the resource model around the high-grade Jennifer structure.”
Davidson also noted Apollo's strong cash position, which rang in at A$36.7mln as at the end of June.
Following Apollo's release of the April 2021 resource estimate of 1.105mln ounces of gold, ongoing drilling has continued to generate significant gold intersections whilst technical evaluation studies progress.
In addition to the 55.8 metre intercept, core from five further metallurgical drill holes is being processed with assay results expected in the coming weeks.
Trident announced the completion of the acquisition of the Lake Rebecca Gold Royalty on 29 October 2020. The royalty is payable on production, and covers the entirety of the Cleo, Duke, Duchess and Rebecca deposits which are collectively referred to as the Lake Rebecca gold project. Apollo is aggressively pursuing the development of Lake Rebecca.