Shares in the mineral explorer have surged after the company announced a major zinc discovery this morning.
The post The Apollo Minerals (ASX:AON) share price has rocketed 37%. Here’s why appeared first on The Motley Fool Australia. –
The Apollo Minerals Ltd (ASX: AON) share price has jumped firmly into the money this morning.
Today’s leap into the green comes after the company announced a major zinc and lead discovery from its drilling program at Kroussou, Western Gabon.
Let’s take a closer look at what’s happening with the Apollo Minerals share price today .
What did Apollo announce?
In its release, Apollo confirmed the discovery of “high-grade zinc and lead mineralisation within 40m of [the] surface” at its Kroussou project.
The results “could allow for simple open pit mining extraction” of the minerals, according to the company.
Apollo is adamant drilling will continue to yield positive results, with “multiple opportunities for further discovery” at the Kroussou site.
As such, Apollo anticipates “strong news flow” and expects further results from assays that are currently pending at the site.
Speaking on the assay results, Apollo’s executive directory Neil Inwood said:
These first drilling results confirm the potential of the Dikaki Prospect and of the larger Kroussou system… The results highlight a shallow, flat-lying, broadly mineralised system, with potential for mineralisation to link up across multiple areas; demonstrating that Kroussou has the potential to deliver a significant, large scale, base metal project.
Apollo intends to continue with further assays and exploration at the site.
A bit more on Apollo Minerals
Apollo Minerals is in the business of minerals exploration. Its key interests are located at the Kroussou zinc-lead project, located in Western Gabon, Africa.
The company also has gold projects at its projects in Southern France and Spain.
At the time of writing, Apollo has a market capitalisation of $27 million.
Apollo Minerals share price snapshot
The Apollo Minerals share price has posted a year to date return of around 80%, extending the previous 12 month’s return of more than 250%.
These returns have far outpaced the S&P/ASX 200 Index (ASX: XJO)’s return of ~20% over the last year.
The Apollo Minerals share price is trading near its 52-week high of 14 cents, and aloft the 52-week low of 2.4 cents.
Should you invest $1,000 in Apollo Minerals right now?
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The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.