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Gold Road Resources Enters Race for Apollo Consolidated

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THE BOURSE WHISPERER: Gold Road Resources (ASX: GOR) declared its hand as it vies for the affections of Apollo Consolidated (ASX: AOP) shareholders with rival bidder Ramelius Resources (ASX: RMS).

Gold Road Resources has emerged with an unconditional off-market takeover offer of 56 cents cash per share for all the issued and outstanding ordinary shares in Apollo Consolidated.

Gold Road’s asserted its offer superior to the offer announced earlier this week by Ramelius saying it provides Apollo shareholders with a compelling opportunity to realise certain and near-term value for their shares at a price that represents the all-time highest price paid for an Apollo share.

What also emerged from the Gold Road announcement is that it has been in discussion with its target leading up to making the offer.

“Gold Road makes an unconditional off-market takeover offer for Apollo Consolidated Ltd following prior engagement with Apollo and due diligence access,” the company revealed.

Like its rival in Ramelius before it, Gold Road highlighted Apollo’s healthy bank balance of approx. $35 million and its flagship Lake Rebecca gold project, complete with a JORC compliant Mineral Resource of 29.1 million tonnes at 1.2 grams per tonne gold for 1.1 million ounces of gold, as the prize for any successful suitor.

“The Offer aligns with Gold Road’s strategy to grow and diversify its growth pipeline with high quality, low risk opportunities in tier one jurisdictions,” Gold Road explained.

“Given a successful outcome, Gold Road intends to undertake continued exploration and studies designed to advance the Lake Rebecca project.

“Gold Road has the balance sheet and capabilities to grow resources at Lake Rebecca and develop new mining operations.

“These activities are exactly aligned with Gold Road’s core competencies, as demonstrated by the discovery of the Gruyere deposit, subsequent resource growth and definition and successful mine construction, commissioning and ramp-up.

“Gold Road’s geological assessment has highlighted a number of as yet untested targets, and Gold Road’s exploration team is experienced at exploring beneath transported cover in the region.

“This strategic acquisition will complement and enhance Gold Road’s existing exploration pipeline by providing an advanced exploration project and diversifying the company’s resource base, aligning with the company’s objective of developing a second operating mine.”

Gold Road’s Bidder’s Statement was released this morning and was greeted with the traditional TAKE NO ACTION response from Apollo Consolidated.

Let the games begin.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: perth@goldroad.com.au

 

Web: www.goldroad.com.au

 

Ramelius Resources Makes Welcome Advances for Apollo Consolidated Takeover

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THE BOURSE WHISPERER: Ramelius Resources (ASX: RMS) provided Apollo Consolidated (ASX: AOP) shareholders something to blow their morning coffee over by announcing a takeover bid.

Ramelius Resources reported entering into a Bid Implementation Agreement (BIA) with Apollo Consolidated that will result in the former acquiring all issued ordinary shares of the latter by way of an off-market takeover offer.

Under the terms of the offer, Apollo shareholders will receive cash consideration of 34 cents and 0.1375 Ramelius shares for each Apollo share held, valuing each Apollo share at 56 cents that, based on the 3 day volume weighted average price (VWAP) of Ramelius shares up to and including 15 October 2021 of $1.60, implies a total equity value for Apollo of approximately $163 million.

In response, the Apollo Consolidated Board of Directors unanimously recommended that Apollo shareholders accept the Offer, in the absence of a superior offer.

Ramelius’ takeover of Apollo makes sense when one considers Apollo’s primary asset being the 100 per cent-owned Lake Rebecca project in Western Australia, located just outside of Kalgoorlie.

Apollo holds approximately 160 square kilometres of granted tenure within a greenstone belt on the eastern margin of the Norseman-Wiluna Greenstone Belt.

This belt lies at the southern end of the Laverton Tectonic Zone, a regionally important structural corridor that hosts multiple major gold camps.

Apollo has taken Lake Rebecca to an attractive stage, with three main deposits currently defined, Rebecca, Duke and Duchess.

Rebecca hosts the high-grade Jennifer Lode and adjoining mineralised surface.

In April 2021, Apollo announced an updated JORC Mineral Resource Estimate (MRE) for the project of:

29.1 million tonnes at 1.2 grams per tonne gold for 1.1 million ounces of gold, 74 per cent of which is in an Indicated category.

Ramelius owns and operates the Mt Magnet, Edna May, Vivien, Marda, Tampia and Penny gold mines, all in Western Australia.

Ore from the high-grade Vivien underground mine, located near Leinster, is hauled to the Mt Magnet processing plant where it is blended with ore from both underground and open pit sources at Mt Magnet.

The Penny project is currently under development with first ore scheduled for late FY22.

Ramelius sees Lake Rebecca as a highly attractive opportunity to ultimately develop a greenfields mining operation in one of the world’s premier gold mining jurisdictions.

The project’s existing 1.1 million ounce Resource provides a strong platform from which Ramelius can pursue the commercial development of a mining operation which fits its criteria in terms of scale and asset quality.

The Lake Rebecca tenement package offers the potential to continue expanding the existing MRE, with a view to both expanding any future operation or extending mine life.

“Lake Rebecca is an outstanding opportunity for Ramelius to add a key growth asset to its portfolio of producing assets at Mount Magnet and Edna May,” Ramelius Resources managing director Mark Zeptner said in the company’s ASX announcement.

“The Apollo team has done an excellent job advancing Lake Rebecca to its current stage of development and have clearly demonstrated its potential for development into a high-quality gold mine in a tier-one gold mining jurisdiction.

“Subject to the offer being successful, Ramelius is looking forward to ramping up the drilling program across the tenement package to expand the existing resource and ultimately developing Lake Rebecca into a cornerstone producing asset within our portfolio.

“Our strategic target for the project is to identify a pathway to a mine life of 10 years at a run rate of at least 100,000 ounces per annum.

“We also look forward to welcoming Apollo shareholders as Ramelius shareholders and encourage Apollo shareholders to accept the offer as soon as possible.”

“The offer follows a period of significant corporate interest in Apollo and delivers an excellent result for our shareholders who, over the years, have seen Lake Rebecca transition from a greenfield exploration play to its status as a potential future stand-alone, long-life production asset,” Apollo Consolidated managing director Nick Castleden added.

“Ramelius brings excellent credentials in the business of taking new gold projects online and has ample experience, personnel, and funding to take the project forward.

“Lake Rebecca is clearly an excellent fit for Ramelius’ >250,000oz/pa production profile, and the Ramelius shares that Apollo shareholders will receive offer the stability of a multi-project production house while maintaining exposure to the upside as Lake Rebecca progresses along the path to development.

“The offer provides compelling value to shareholders with the circa 60 per cent cash component providing value certainty plus equity in a proven and well respected West Australian gold miner.

“We look forward to joining Ramelius’ existing shareholders to participate in the next stages of the journey.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: reception@rameliusresources.com.au

 

Web: www.rameliusresources.com.au

 

Apollo Consolidated Continues Wide Gold Hits at Cleo and Rebecca

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THE DRILL SERGEANT: Apollo Consolidated (ASX: AOP) reported on recent drilling activity undertaken at the company’s 100 per cent-owned Lake Rebecca gold project, located east of Kalgoorlie in Western Australia.

Apollo Consolidated reported assay results for eight infill RC holes drilled at the emerging Cleo gold discovery, a broad area of anomalous gold situated only 1.4 kilometres west of the 840,000 ounce Rebecca deposit, both of which lie within the Lake Rebecca project.

Infill RC drilling at Cleo has returned multiple wide intercepts including:

RCLR0847
25 metres at 1.43 grams per tonne gold and 13m at 1.27g/t gold;

RCLR0846
25m at 0.71g/t gold and 20m at 0.87g/t gold;

RCLR0841
11m at 2.99g/t gold; and

RCLR0845
5m at 2.3g/t gold and 10m at 0.74g/t gold.

Diamond hole RCDLR0809 confirmed gold continuity, encountering:

6m at 2.67g/t gold and 19m at 0.94g/t gold.

Apollo considers Cleo to be an example of the potential for new mineralisation to be found under areas of shallow transported cover at the project.

Exploration at Rebecca has continued to be positive, with step down exploration diamond hole RCDLR0883 hitting 15m at 2.33g/t gold and potentially opening a new zone of open mineralisation approximately 200m west and down-dip from the high-grade Jennifer structure.

Infill RC drilling at Rebecca south returned:

RCLR0850
10m at 3.53g/t gold; and

RCLR0849
10m at 1.23g/t gold.

“RC drilling rolls on, with current activity testing a combination of high-impact step-down/step-out exploration targets, as well as ongoing resource-definition work inside the Rebecca Mineral Resource estimate (MRE),” Apollo Consolidated said in its ASX announcement.

“Assay results are pending for three additional step-down diamond ‘tails’ that tested structural targets below the Rebecca MRE.

“All holes hit disseminated sulphide mineralisation at target locations.

“Additional tails are planned on receipt of results.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@apolloconsolidated.com.au

 

Web: www.apolloconsolidated.com.au

 

Apollo Consolidated Scores Strong Gold Hits at Cleo and Rebecca Deposits

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THE DRILL SERGEANT: Apollo Consolidated (ASX: AOP) declared hits of further widespread gold mineralisation from recent Reverse Circulation (RC) drilling undertaken at the Cleo discovery, located only 1.5 kilometres west of the main Rebecca deposit at the company’s 100 per cent-owned Lake Rebecca gold project east of Kalgoorlie in Western Australia.

Apollo Consolidated drilled nine RC holes at Cleo, all of which intersected shallow gold mineralisation, including:

RCLR0806
10 metres at 3.66 grams per tonne gold, 5m at 1.25g/t gold and 10m at 0.88g/t gold;

RCLR0807
5m at 6.75g/t gold and 5m at 1.59g/t gold;

RCLR0811
10m at 1.50g/t gold EOH, 5m at 1.84g/t gold and 5m at 1.56g/t gold;

RCLR0802
10m at 1.10g/t gold in RCLR0808, 10m at 1.09g/t gold; and

RCLR0803
5m at 3.76g/t gold and 5m at 1.34g/t gold.

“Immediate follow-up RC drilling will continue to scope this discovery and expand open mineralised zones into untested areas,” Apollo Consolidated said in its ASX announcement.

“Diamond drilling will confirm the orientation of mineralised structures and is scheduled to start in coming weeks.”

 

 

Email: info@apolloconsolidated.com.au

 

Web: www.apolloconsolidated.com.au

 

 

Apollo Consolidated to Bank $20M from Gold Royalty Sale

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THE BOURSE WHISPERER: Apollo Consolidated (ASX: AOP) is to be cashed up to the tune of $20 million having entered into a binding sale and purchase agreement with Gold Royalty Corp. for its royalty interest over the Seguela gold project located in central Cote d’Ivoire.

Apollo Consolidated’s of 100 per cent of the Seguela gold royalty monetises what is a non-core asset with the subsequent windfall to provide certainty of funding for further exploration and study work at the company’s Lake Rebecca gold project in Western Australia.

“Apollo sees an agreed sale of the Seguela royalty as an excellent result, bringing to book what was an under-recognised overseas asset and allowing us a significant financial runway to progress our +1 million ounces gold project at Lake Rebecca in Western Australia,” Apollo Consolidated managing director Nick Castleden said in the company’s ASX announcement.

“Realised funds, less any tax and transaction costs, will add to existing cash reserves ($18.7M as at 31 December 2020), placing the company in a very strong position to take Rebecca forward.”

Apollo has notified the owner of the Seguela gold project, Canadian-based goldminer Roxgold Inc., of its intention to sell the Royalty as Roxgold has a 14-day period in which it may elect to match the terms of the Agreement to buy back the Royalty itself.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@apolloconsolidated.com.au

 

Web: www.apolloconsolidated.com.au

 

Apollo Consolidated Acquires Further Rebecca Tenure

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THE BOURSE WHISPERER: Apollo Consolidated (ASX: AOP) has added ground to the company’s 100 per cent-owned one-million-ounce Lake Rebecca gold project east of Kalgoorlie in Western Australia.

Apollo Consolidated made the strategic purchase of an additional 1.35 square kilometres of unencumbered tenure around the 775,000 ounce Rebecca deposit to allow full operational and planning flexibility as the Company moves toward commercial studies.

The purchase brings an additional 400m to the east and 400m to the north of the Rebecca gold deposit, allowing more space for future pit design, pit infrastructure and hydrology.

The additional area will also be evaluated as part of ongoing exploration targeting and possible optimised pit extensions.

The area in question was previously part of the larger Bulletin Resources/Matsa Resources Lake Rebecca project.

The deal also involves a first right of refusal over adjoining granted exploration licences owned by Bulletin Resources and Matsa Resources.

Apollo is currently compiling all outstanding 2020 drilling results to feed into a re-estimation of Mineral Resources.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@apolloconsolidated.com.au

 

Web: www.apolloconsolidated.com.au

 

Sustained Activity Delivers Results for Active Junior

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THE CONFERENCE CALLER: From all indications gold explorer Apollo Consolidated (ASX: AOP) will be kept busy during the first half of 2021 as it formalises – and adds to – the impressive one million ounce-plus inventory it has already established at its wholly-owned Lake Rebecca project in Western Australia’s Goldfields. By Mark Fraser

Late last year, while releasing the latest assay results for infill and step-down drilling at the Rebecca deposit, the WA-based junior indicated a re-estimation of mineral resources was planned for the current quarter which, in turn, would guide both exploration priorities and possible commercial studies moving forward.

Continued and sustained activity over 2020, the company said, had led to significant progress at the Rebecca, Duchess and Duke ore bodies, as well as the identification of new mineralisation at Duchess and Rebecca in addition to the discovery of exciting new zones of mineralisation under cover such as Cleo.

Infill and step-down RC drill holes had returned promising intercepts which are now expected to add further mineralisation to the project’s geological interpretation.

These included one hole that yielded three wide gold zones of 30 metres at 1.16 grams per tonne from 143m (the Laura structure), 33m at 1.46g/t from 217m as well as 15m at 1.74g/t from 255m (the Maddy structure).

These results confirmed – and extended -the broad mineralisation in this area. Moreover, these intercepts were interpreted to be close to true width.

Meanwhile, another pre-collar hole intersected 10m at 1.46g/t gold (end of hole) from 350m, which was interpreted to be a mineralised position in the hanging wall of the Laura structure.

This hole will be extended with a diamond “tail” to further test the Laura structure (80m down dip from 4.7m at 19.1g/t) in a previous hole.

Additionally, shallow drilling in up-dip positions identified additional near-surface gold mineralisation, including 10m at 1.22g/t from 30m, 8m at 3.53g/t from 43m and 3m at 8.22g/t (with 1m at a spectacular 22.8g/t) from 85m.

Other intersections included 10m at 0.84g/t from 10m, 8m at 2.58g/t from 48m as well as 5m at 2.55 g/t.

Ongoing drilling along the (approximate) 1.7 km long Rebecca deposit, Apollo said, continued to demonstrate the strength of this mineralised system and it was “pleasing to see mineralisation intercepted as expected in geological modelling as well as in new structural positions”.

In addition, a further eight RC holes and four diamond drill holes were completed at Rebecca.

The major mineralised structures remain open to depth and will drive continued RC and diamond exploration drilling into 2021.

At the Duchess deposit a further 12 infill and step-out RC drill holes were completed, with a best result of 20m at 1.64g/t from 110m returned in a step-down hole which confirmed an extended and widening mineralised structure at this location.

Other holes drilled typically intersected gold mineralisation in expected positions, with results including 10m at 0.88g/t from 115m, and 4m at 1.59g/t (from 94m) as well as 3m at 1.28g/t (from 66m).

This hole is at the southern end of the Duchess drill-out and points to further exploration potential in the area extending toward Duke.

Apollo said ongoing drilling had built a greater understanding of the Duchess mineralised system, which was characterised by more advanced deformation and alteration than seen in other deposits in the project area.

The deposit comprises multiple north-south trending and west-dipping gold structures distributed over an area 900m long and around 400m wide. Reported intercepts are generally interpreted to be close to true width.

Drilling since the announcement of the maiden Duchess mineral resource (180,000 oz inferred) in February 2020 has defined a new mineralised position in the north east part of the deposit as well as local step-out and step-down extensions.

Shallow drilling is expected to continue into 2021, particularly to define near-surface mineralisation up-dip from known structures.

Apollo now expects to re-estimate its mineral resources, the results of which will guide exploration priorities and possible commercial studies some time this year.

The company said drilling would continue in January, with multiple “live” targets available, led by open high grade mineralisation at the Rebecca deposit.

It is expected all these results will be included in an updated mineral resource estimates planned for the current quarter.

Comprising 160 square km of tenure located some 150km east of Kalgoorlie-Boulder, Apollo’s project area covers the eastern margin of the Norseman-Wiluna Greenstone Belt and sits at the southern end of the Laverton Tectonic Zone.

Located in a similar geological setting just 140-150km to the north-west are three world class gold operations – Barrick Gold Corp’s (TSX: ABX) Granny Smith and Wallaby mines as well as AngloGold Ashanti’s (ASX: AGG) Sunrise Dam project.

Apollo also continues to retain a valuable royalty interest over the 1 million oz (plus) Seguela gold project in central Cote d’Ivoire in a joint venture with the Toronto-listed Roxgold (TSX: ROXG).

More on the company’s progress will be provided at this year’s RIU Explorers Conference in Fremantle during February.

 

 

Apollo Consolidated Scores Infill Hits at Rebecca

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THE DRILL SERGEANT: Apollo Consolidated (ASX: AOP) has greeted the new year with an update on drilling activities at the company’s 100 per cent-owned plus-one million ounce-plus Lake Rebecca gold project east of Kalgoorlie in the West Australian goldfields.

Apollo Consolidated a continuation to the growth of the Rebecca deposit, with new zones of gold mineralisation encountered by ongoing infill and step-out Reverse Circulation (RC) drilling.

Latest results include:

RCLR0729
21 metres at 2.45 grams per tonne gold and 7m at 2.09g/t gold (STRONG INFILL TEST);

RCLR0730
11m at 2.17g/t gold, 9m at 1.79g/t gold, 5m at 3.27g/t gold and 4m at 2.37g/t gold in (EXTENDS HANGINGWALL ZONE);

RCLR0741
22m at 1.31g/t gold in (NEW FOOTWALL ZONE); and

RCLR0731
10m at 2.14g/t gold and 7m at 2.21g/t gold in (STRONG INFILL TEST).

Elsewhere, new step-out drilling at the Cleo discovery has extended mineralisation and a strong >0.2g/t gold anomalism, expanding the zone to more than 350m strike and up to 150m wide.

The anomalous footprint remains open in most directions, which the company has decided to continue drill-testing to determine if potential exists for Mineral Resources.

Throughout 2020, Apollo achieved strong results from infill and step-down Mineral Resource definition drilling at the Rebecca, Duchess and Duke deposits, and the identification of new mineralisation in under-explored areas.

Results currently remain pending for four diamond holes completed at Rebecca.

All drilling results are to be included in an updated Mineral Resource estimate the company has planned for completion by Q2 2021.

“Apollo is buoyed by the success of its ongoing drilling along the approximate 1.7 kilometres long Rebecca deposit, where the mineralised system continues to evolve and grow,” Apollo Consolidated said in its ASX announcement.

“Infill and step-out drilling has located extensions to mineralisation in expected geological positions, while exploration drilling has located important new near-surface mineralisation.

“The major Rebecca mineralised structures remain open to depth and will drive continued RC and diamond exploration drilling into 2021.

“Apollo sees excellent potential to replicate existing mineralisation on continued drilling, particularly at depth.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@apolloconsolidated.com.au

 

Web: www.apolloconsolidated.com.au

 

 

Apollo Consolidated Drilling Continues Lake Rebecca Growth

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THE DRILL SERGEANT: Apollo Consolidated (ASX: AOP) scored strong results from infill and step-down Mineral Resource definition drilling at the company’s 100 per cent-owned Lake Rebecca gold project in Western Australia.

Drilling focused on the Rebecca, Duchess and Duke deposits has identified new mineralisation at Duchess and Rebecca, and led to the discovery of exciting new zones of mineralisation under cover such as Cleo.

Latest assay results reported include strong infill and step-down gold intercepts at the Rebecca deposit:

RCLR0727
33 metres at 1.46 grams per tonne gold, 30m at 1.16g/t Au and 15m at 1.74g/t gold;

RCLR0722
8m at 3.53g/t gold, 3m at 8.22g/t gold, and 10m at 1.22g/t gold;

RCLR0721
8m at 2.58g/t gold; and

RCLR0725
10m at 1.46g/t gold EOH.

Step-down intercepts at the Duchess deposit include:

RCLR0700
20m at 1.64g/t gold.

While promising indications in exploration drilling SE of Cleo returned:

RCLR0720
3m at 3.78g/t gold EOH.

“Ongoing drilling along the ~1.7km long Rebecca deposit continues to demonstrate the strength of this mineralised system and it is pleasing to see mineralisation intercepted as expected in geological modelling as well as in new structural positions,” Apollo Consolidated said in its ASX announcement.

Apollo has completed an additional eight RC infill and step-down RC drill holes at Rebecca, while four diamond drill holes core drilled from surface are now being processed.

The company is looking to the diamond drilling to provide important geotechnical information as well as testing key exploration positions below the optimised pit shell that constrains the current 775,000 ounces Rebecca Mineral Resource.

Assay results are also pending for a further seven shallow RC holes at the emerging Cleo discovery.

Apollo anticipates using all outstanding drilling results to calculate a re-estimation of Mineral Resources, the results of which will guide exploration priorities and possible commercial studies into 2021.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@apolloconsolidated.com.au

 

Web: www.apolloconsolidated.com.au

 

 

Apollo Consolidated Forming Clearer Picture of Cleo Discovery

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THE DRILL SERGEANT: Apollo Consolidated (ASX: AOP) reported on recent drilling at the Cleo discovery at the company’s Lake Rebecca gold project, east of Kalgoorlie in the West Australian goldfields.

Apollo Consolidated has completed a further nine exploration RC holes at Cleo aiming to build geological confidence at 50m line spacing around the original 6641820N discovery traverse, including three holes on that section.

The company said the assay results from these holes continue to indicate multiple mineralised zones surrounded by a width of gold anomalism.

The discovery remains lightly explored to strike and depth and, according to Apollo, clearly warrants further drilling.

Recent shallow gold hits include:

RCLR0685
5 metres at 3.76 grams per tonne gold from 55m, including 1m at 10.6g/t gold, 15m at 0.52g/t gold from 80m, 28m at 0.63g/t gold from 105m, and 10m at 0.92g/t gold from 140m;

RCLR0684
10m at 0.82g/t gold from 20m, 5m at 1.69g/t gold from 35m, 5m at 4.24g/t gold from 80m, and 5m at 1.46g/t gold from 95m;

RCLR0690
10m at 0.62g/t gold from 35m, 5m at 2.35g/t gold from 60m, and 4m at 0.97g/t gold from 114m;

RCLR0687
13m at 0.9g/t gold from 40m and 5m at 1.64g/t gold from 80m; and

RCLR0683
13m at 1g/t gold from 110m.

Apollo highlighted a feature of the Cleo discovery being that >0.50g/t gold intercepts lie within wide zones of gold anomalism, forming a mineralised footprint upto 150m wide.

“Whilst additional drilling is required to determine the potential commercial significance of Cleo, the identification of a new gold system demonstrates the prospectivity of the entire project,” Apollo Consolidated said in its ASX announcement.

“Further infill and exploration drilling is planned.”

Further infill RC drilling is ongoing at the main Rebecca deposit, charged with building geological confidence around key intercepts in the hanging-wall of the high-grade Jennifer structure.

Diamond drilling is also underway from surface providing geotechnical information and testing key exploration positions below the optimised pit shell that constrains the 775,000 ounce Rebecca Mineral Resource.

Exploration drilling continues to test under-explored structural targets lying between Cleo, Duchess and Rebecca, as well as resource-definition positions at Duchess and Duke.

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@apolloconsolidated.com.au

 

Web: www.apolloconsolidated.com.au