Apollo Consolidated : Rebecca Drilling Update

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ASX ANNOUNCEMENT

By e-lodgement

23rd November 2021

Rebecca Drilling Update November 2021

Highlights:

• Further analytical results have been returned from Reverse Circulation (RC) drilling at the Rebecca Gold Project, with this update including drill intercepts in step-down exploration at the 195,000oz1 Duchess deposit, from ongoing infill drilling at the Cleo discovery and around the flagship 840,000oz1 Rebecca deposit, as well as assays from reconnaissance drilling over structural targets.
• RC drilling at Duchess has confirmed that mineralised structures remain open and strong to depth, with RCLR0906 returning 39m @ 2.52g/t Au (including 1m @ 22.6g/t Au and 1m @ 10.0g/t Au), and RCLR0895 returning 17m @ 3.39g/t Au (including 1m @ 11.3g/t Au). These steeply plunging positions offer avenues for growth of the Duchess Mineral Resource1.
• Step-outand infill RC drilling at Cleo continues to outline >1g/t Au intercepts in wide zones of anomalous gold, including 10m @ 1.81g/t Au* in RCLR0889, within 55m @ 0.41g/t Au anomalism, and 5m @ 1.52g/t Au* in RCLR0890 within 65m @ 0.41g/t Au anomalism. Drilling continues at this emerging prospect.
• Reconnaissance drilling between Cleo and Rebecca identifies a new zone of gold anomalism, with RCLR0893 returning 3m @ 1.32g/t Au in an anomalous zone of 85m @ 0.34g/t Au to end of hole (EOH).
• Ongoing shallow resource definition drilling at the northern and southern parts of the Rebecca deposit continues to build geological confidence ahead of the next Mineral Resource update. Multiple intercepts in the 2m to 6m range are reported here, including 5m @ 7.16g/t Au* in RCLR0876 and 6m @ 1.21g/t Au in RCLR0871.
• Assay results are awaited for a further 18 RC holes, and drilling continues.

* Intercept contains one or more composite samples that will now be resampled at 1m intervals

Apollo Consolidated Limited	Telephone:	[phone]
ABN 13 102 084 917
ASX: AOP	Facsimile:	[phone]
1202 Hay Street Perth WA 6005	Email:	[e-mail]
PO Box 556, Cottesloe WA 6911	Web:	www.apolloconsolidated.com.au

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This release details further analytical results from ongoing RC drilling at the Company's Lake Rebecca Gold Project. Results from 29 RC holes for 4,885m are reported here. All hole details and significant results are shown in Table 1. Drilling continues to return positive results from multiple target areas.

Duchess

Additional targeted RC drilling at the 195,000oz1 Duchess deposit has confirmed that mineralised structures remain strong and open to depth with a series of steeply plunging positions taking shape. Step-down RC test RCLR0906 hit 39m @ 2.52g/t Au from 252m (including 1m @ 22.6g/t Au and 1m

• 10.0g/t Au) coincident with a zone of significant alteration and disseminated sulphide. The true width of this intercept is interpreted to be around 18m and is approximately 160m down-dip from the nearest previous intercept of 18m @ 1.37g/t Au (Figure 1).

Figure 1. Duchess 6637560N cross section looking northshowing 2021 Mineral Resource1 blocks and optimised A$2,250/oz pit shell as well as existing RC and/or diamond drill strings colour coded for downhole gold values. Significant gold intercepts labelled, with those announced in this release labelled in yellow boxes. Refer to legend for downhole and block grades and Note 2 for prior ASX: AOP reporting.

Elsewhere, RCLR0895 returned 17m @ 3.39g/t Au from 163m (including 1m @ 11.3g/t Au), some 50m below a previous intercept of 20m @ 1.64g/t Au (Figure 2).

These open down-plunge positions sit well below the pit shell constraining the Duchess Mineral Resource1 and present clear targets for continued resource growth.

Apollo Consolidated Limited

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Figure 2. Duchess 6637080N cross section looking northshowing 2021 Mineral Resource1 blocks and optimised A$2,250/oz pit shell as well as existing RC and/or diamond drill strings colour coded for downhole gold values. Significant gold intercepts labelled, with those announced in this release labelled in yellow boxes. Refer to legend for downhole and block grades and Note 2 for prior ASX: AOP reporting.

Cleo Discovery area

Step-out and infill RC drilling at Cleo (Figure 3) continues to outline shallow >1g/t Au intercepts sitting inside wide zones of >0.20g/t gold anomalism, including 10m @ 1.81g/t Au* from 15m in RCLR0889, (within 55m @ 0.41g/t Au anomalism), and 5m @ 1.52g/t Au* from 70m in RCLR0890 (within 65m

• 0.41g/t Au anomalism). Results are awaited for additional infill drilling completed at this prospect, and further drilling is planned ahead of future Mineral Resource estimation.

Drilling to date has outlined mineralisation extending over 350m of strike and anomalous zones to 150m wide.

Exploration east of Cleo

Reconnaissance RC drillhole RCLR0893, located in a sparsely drilled area between Cleo and Rebecca (Figure 3) has intersected a broad zone of gold anomalism totalling 85m @ 0.34g/t Au from 60m to EOH, and including intercepts of 3m @ 1.32g/t Au from 61m and 3m @ 0.75g/t Au from 97m. The drillhole lies within a ~2km long structural target in the same orientation as Rebecca and Cleo and presents a strong target for ongoing greenfield exploration.

Rebecca

Ongoing resource definition drilling at the 840,000oz1 Rebecca deposit continues to add geological confidence in the peripheral parts of the system, with drilling density being increased in the northern and southern ends of the deposit, where shallow mineralisation reported under the April 2021 Mineral Resource Estimate1 (MRE) is predominantly at an Inferred classification.

• Intercept contains one or more composite samples that will now be resampled at 1m intervals.
  Apollo Consolidated Limited

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Figure 3. Plan view Rebecca Project showing RC and/or diamond collars colour coded for peak downhole gold values, outline of optimised $A2,250 pit shell constraining the Rebecca MRE1 on magnetic imagery. Drillholes this release labelled and collars shown as stars, and selected gold intercepts in yellow boxes. *Refer to legend for downhole peak Au grades and Note 2 for prior ASX: AOP reporting.

A further 10 RC holes are reported in this progress update, including two precollars drilled for future diamond 'tails'. Multiple intercepts in the 2m to 6m range have been returned, consistent with geological interpretation, including 5m @ 7.16g/t Au* from 70m in RCLR0876 and 6m @ 1.21g/t Au from 125m in RCLR0871.

Drill hole details and assay results are presented in Table 1, and collar locations shown in Figure 3.

* Intercept contains one or more composite samples that will now be resampled at 1m intervals

Ongoing exploration drilling

Exploration RC and diamond drilling will continue to work through a list of prioritised exploration, resource-definition, and step-down targets ahead of a planned break over the Christmas and New Year period.

Apollo Consolidated Limited

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RC drilling remains focussed on resource-definition activity, with the aim of completing an approximate 25m x 50m drill-spacing at shallow depths through the less-drilled northern and southern sections of the Rebecca deposit. Drilling had also tested infill and step-out exploration targets north of Cleo, and reconnaissance work is underway over soil-covered structural targets northwest and northeast of Duchess.

An additional 18 RC holes have been completed and are awaiting assay.

Ongoing technical activity

As advised in the April MRE update, Apollo has commissioned technical evaluation works that are running separately and simultaneously to exploration drilling. The works are being undertaken to allow an engineering review of a range of options for the Project and then inform an appropriate mining study. Independent metallurgical and environmental activities continue.

For more information on Apollo and its Projects please refer to latest ASX: AOP announcements, and www.apolloconsolidated.com.au

Authorised for release by Nick Castleden, Managing Director.

	-ENDS-
Further information:
INVESTORS	MEDIA
Nick Castleden	Andrew Edge / Michael Vaughan
Managing Director	Fivemark Partners
Apollo Consolidated Limited	[e-mail]
[phone]	[phone] / [phone]

Apollo Consolidated Limited

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