Apollo Minerals Ltd (ASX:AON) has surged on opening after returning a whopping 40% zinc and lead— its highest-grade result to date — during regional exploration at the Kroussou Zinc-Lead Project in Gabon.
A diamond drilling campaign at the Niambokamba (TP13) prospect — 7 kilometres north of previous exploration — is responsible for the massive sulphide discovery, which includes:
- 6 metres at 18% zinc and lead from 1-metre downhole, including 3.5 metres at 40%;
- 8.7 metres at 6% from 36.4 metres, including 4.4 metres at 10%; and
- 6.2 metres at 5.9% from 25.4 metres, including 4 metres at 6%.
Shares soar
Shares have been as much as 38.6% higher in the first few minutes of trading to $0.079 on strong initial volume.
The discovery remains open to the north and south, and mineralisation is interpreted as structurally related, meaning the explorer can apply its regional targeting methodology across 130 kilometres of prospective contact within the province-scale Kroussou project.
The field team is hard at work preparing an exploration target, which should be released before year’s end.
Confirming “game-changing discovery”
Apollo Minerals managing director Neil Inwood said: “These spectacular assay results from drilling at TP13 confirm the game-changing discovery previously reported and have further enhanced our expectations for the potential scale and quality of Kroussou.
“The new style of mineralisation discovered provides a structural target style which will redefine our future exploration focus.
“Data from the recently completed airborne electromagnetic survey will be utilised to generate additional exploration targets to the 23 targets already identified at Kroussou.
“The opportunity for discovery is massive and our excitement is palpable – we believe Kroussou really does have the potential to be a very large, province-scale zinc district.”
Drilling down at Niambokamba
Apollo recently set out to drill 24 diamond holes, covering 1,091 metres, at the Niambokamba target, initially targeting three discrete areas.
Drilling to the northwest uncovered structurally related zinc-lead mineralisation, which is characterised by zones of brecciation in core, massive to disseminated sulphides and nearby barite mineralisation.
Interestingly, this association is a new development at Kroussou and has implications for identifying further high-grade, structurally related mineralisation throughout the broader mineralised system.
Meanwhile, in Niambokamba’s southeast, three holes (covering 90.5 metres) have returned:
- 7.6 metres at 2.4% zinc and lead from 14.9 metres;
- 4.4 metres at 2.2% from 7.1 metres; and
- 7 metres at 2.2% from 32 metres.
Next steps
Apollo’s Kroussou work program is currently focused on analysing regional drilling and exploration at four targets — TP13, TP9, TP8 and TP24.
Meanwhile, metallurgical test-work on material from the TP11 target is wrapping up, with results anticipated later this month.
More broadly, a recent airborne electromagnetic survey will help identify potentially high-grade structural targets and embayment-style prospects across the property.
The survey, together with Apollo’s regional seismic program, will feed into its exploration target declaration and help rank the zinc-lead targets at Kroussou.