Peel Mining Limited, an Australian company focused on exploring and developing precious, base and specialty metals, has announced that the resource estimate for its Apollo Hill Gold Project is up by 48% after a recent diamond drilling program as compared to the previous estimate of gold resources at the project given in December 2010.
The Perth based company said that the Apollo Hill Gold Project is now said to contain 505,000 ounces of gold. The project is situated 50 km south east of Leonora in the province of Western Australia. The updates resource estimate came after Hellman and Schofield Pty Ltd finished incorporating the results of the exploratory program undertaken by Peel Mining at the prospect.
The Apollo Hill Gold Project is owned 100% by Peel Mining Limited. With the updated resource estimates the project takes on potential for future economic extraction. A preliminary in house scooping study is now likely to begin on the 360 square km mineral tenement area which is located within the majorly mineralized North Eastern Goldfields region of Western Australia.
The project essentially comprise of two deposits which are the main Apollo Hill deposit in the north of the project area and the Ra deposit in the south of the area. Gold mineralization here is associated with quartz veins and carbonate-pyrite. The combined mineralized zones extend over a strike length of about 1.4 kilometers, and have been intersected by drilling to a maximum depth of about 350 meters below surface.