NR On Apollo's Plan (Implementation) of Drill Program for (old) Glimmer Mine.
Apollo Gold starts drilling Black Fox (previously the Glimmer Mine) project
Apollo Gold Corp APG
Shares issued 38,597,124 Jan 16 close $3.16
Fri 17 Jan 2003 News Release
Mr. R. David Russell reports
DRILLING COMMENCES AT BLACK FOX PROJECT NEAR TIMMINS, ONTARIO
Drilling has commenced on Apollo Gold Corporation's Black Fox exploration
project. The Black Fox project is located near Timmins, Ont., close to the company's
Glimmer mine which, prior to its closure, produced approximately 250,000
ounces of gold. It was located on the highly prolific Destor-Porcupine
fault, which also hosts the Holloway, Holt McDermott, Hoyle Pond and other
mines. Apollo Gold purchased a 100-per-cent interest in the property
encompassing the Black Fox project in September, 2002, as an advanced-stage
exploration project.
The exploration plan is to test for mineral potential both along strike and
down-dip of the Destor-Porcupine fault. Given the generally good ground
conditions and excellent geologic setting, management believes that new ore
zones have the potential to be discovered.
The fault system is several hundred metres wide, extends to depth and is
traceable on the surface in many locations. Mineralization and viable
orebodies (mine grade ranging from seven to 12 grams per tonne) have
historically been discovered and mined at/or near surface, but the majority
of the property remains unexplored. Management is hopeful that with proper
preproduction drilling and planning, Black Fox can be advanced into a
low-cost, profitable operation with both open pit and underground
opportunities.
Phase 1 exploration in 2003 will consist of 25,000 to 30,000 metres of core
drilling. The holes will be 100 to 500 metres in depth.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
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