Apollo provides assays from chase for Black Fox gold
Apollo Gold Corp APG
Shares issued 38,597,124 Feb 25 2003 close $ 3.45
Tuesday February 25 2003 News Release
Mr. R. David Russell reports
APOLLO GOLD CORPORATION - DRILL RESULTS FROM BLACK FOX PROJEC ...
Apollo Gold has received results from the first 14 core drill holes at its
100-per-cent-owned Black Fox project near Timmins, Ont. The Black Fox project
is located near the site of the former Glimmer mine, on the Destor-Porcupine
fault zone in the Abitibi greenstone belt, a trend that has historically
produced over 70 million ounces of gold.
The 14 drill holes have been completely assayed and finished. The structure
was hit as planned with significant intersects reported on 10 holes. Of
significant interest to the company was hole No. 03BF024, which reported
10.612 ounces per ton over 3.3 metres.
The company acquired the Black Fox project in September, 2002, as an
exploration property. Management of the company believed that the land along
the part of the Destor-Porcupine fault system, where the Black Fox project is
located, had not had the benefit of a thorough exploration program. Prior to
its closure in 2001, the adjacent Glimmer mine produced approximately 230,000
ounces of gold with grades ranging from 7.5 to 12 grams gold per tonne. All
production was from underground workings less than 220 metres from the
surface.
Management believes that the Glimmer mine was forced to close for several
reasons, including inadequate financing and the low market price of gold. The
preliminary results from the Black Fox project serve as an example of the
company's mission to develop new resources and reserves through organic growth
and therefore maximize shareholder value.
The current exploration project comprises two programs designed to test for
mineral potential both along strike and downdip on the Destor-Porcupine fault.
The first program is a series of shallow holes designed to test the potential
for an open pit scenario above the old Glimmer mine workings and along strike
to the east. The second program is designed to test new zones of
mineralization downdip and along strike below any previous mining or
exploration. This program is represented by the holes on the chart deeper than
500 feet. The chart below contains all the assays received as of Feb. 25,
2003.
This first round of drill data results is very exciting and positive for the
company and the future potential indicated for the Black Fox project. Two of
the best deep holes, hole 03BF005 and hole 03BF027, are in areas 1,000 feet
along strike from each other.
Detailed results of the drill hole assays are set out below.
BLACK FOX PROJECT
DRILL HOLE ASSAYS
Feb. 25, 2003
Ttl.
depth/
Hole From-To Width Assay
I.D. (ft) (ft) oz/ton
415.3 feet
02BF001 253.6-274.8 21.2 0.223
10350E 364.9-381.0 16.2 0.429
415.3 feet
02BF002 173.1-179.4 6.3 0.115
10350E 308.4-316.7 8.3 0.416
316.7-343.3 26.3 0.027
282.1 feet
02BF003 no significant assays
10350E
1,166.6 feet
02BF004 no significant assays
10350E
1,451.9 feet
03BF005 1,014.7-1,046.1 31.4 0.773
10050E
1,109.5 feet
03BF006 885.7-905.0 19.3 0.022
10350E 905.0-908.5 3.5 0.408
1,420.2 feet
03BF007 981.1-984.3 3.2 0.186
10050E
846.1 feet
03BF008 no significant assays
0350E
202.9 feet
03BF009 no significant assays
10350E
1,048.3 feet
03BF010 855.3-861.3 6.0 0.022
10350E 894.3-900.6 6.3 0.138
900.6-912.0 11.4 0.044
949.4-954.2 4.8 0.163
1,320.6 feet
03BF011 842.9-849.3 6.4 0.090
10050E 867.2-876.8 9.6 0.158
916.2-924.8 8.6 0.127
941.3-942.6 1.3 0.748
1,123.2-1126.4 3.2 1.747
288.5 feet
03BF013 85.6-91.0 5.4 0.414
10200E
282.1 feet
03BF024 144.8-155.3 10.5 10.612
10025E
1,147.5 feet
03BF027 829.6-838.8 9.2 0.952
10325E 880.9-890.8 9.9 0.744
936.1-938.9 2.8 0.207
971.6-982.4 10.8 1.237
BLACK FOX PROJECT
DRILL HOLE ASSAYS
Feb. 25, 2003
Ttl.
depth/
Hole From-To Width Assay
I.D. (ft) (m) g/t
415.3 feet
02BF001 253.6-274.8 6.7 7.65
10350E 364.9-381.0 5.1 14.71
415.3 feet
02BF002 173.1-179.4 2.0 3.94
10350E 308.4-316.7 2.6 14.26
316.7-343.3 8.3 0.93
282.1 feet
02BF003 no significant assays
10350E
1,166.6 feet
02BF004 no significant assays
10350E
1,451.9 feet
03BF005 1,014.7-1,046.1 9.9 26.50
10050E
1,109.5 feet
03BF006 885.7-905.0 6.1 0.75
10350E 905.0-908.5 1.1 13.99
1,420.2 feet
03BF007 981.1-984.3 1.0 6.38
10050E
846.1 feet
03BF008 no significant assays
0350E
202.9 feet
03BF009 no significant assays
10350E
1,048.3 feet
03BF010 855.3-861.3 1.9 0.75
10350E 894.3-900.6 2.0 4.73
900.6-912.0 3.6 1.51
949.4-954.2 1.5 5.59
1,320.6 feet
03BF011 842.9-849.3 2.0 3.09
10050E 867.2-876.8 3.0 5.42
916.2-924.8 2.7 4.35
941.3-942.6 0.4 25.65
1,123.2-1126.4 1.0 59.90
288.5 feet
03BF013 85.6-91.0 1.7 14.19
10200E
282.1 feet
03BF024 144.8-155.3 3.3 363.84
10025E
1,147.5 feet
03BF027 829.6-838.8 2.9 32.64
10325E 880.9-890.8 3.1 25.51
936.1-938.9 0.9 7.10
971.6-982.4 3.4 42.41
The company commenced drilling at the Black Fox project in December, 2002, and
plans to drill at least 80,000 feet of NQ core in 2003. Twenty-five core holes
have been completed to date, and assay results have been received on 14 of the
holes with assays pending on the remaining 11 holes.
All core samples were submitted to Swastika Laboratories, Swastika, Ont., for
gold analysis by fire assay.
This news release has been reviewed and approved for release by Richard Nanna,
professional geologist, and the company's vice-president, exploration, and
designated qualified person.
WARNING: The company relies upon litigation protection for "forward-looking"
statements.
(c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com |
