Some BMO-NB "activity" on Matchewan, GME sold 300k treasury shares to EXL GME paid EXL in APG shares
Apollo Gold Corp (C-APG) - News Release (Winzer's note: Text Only .. DDH data not copied here)
Apollo Gold provides drill intercepts from Black Fox
Apollo Gold Corp
APG
Shares issued 38,597,124
Jun 2 2003 close $ 3.10
Tuesday June 3 2003
News Release
Mr. R. David Russell reports
APOLLO GOLD CORPORATION ANNOUNCES NEW DRILL RESULTS
AND AN INCREASE IN DRILLING AT BLACK FOX PROJECT
Apollo Gold has provided the latest high-grade gold drill core intercepts for the
Black Fox project near Timmins, Ont. The company is also increasing its 2003 core
drilling program to 230,000 feet (70,000 metres).
"Drill results so far have been excellent for defining both open-pit and underground
resource targets. The continuity of mineralization is encouraging," said R. David
Russell, president and chief executive officer.
Apollo is currently drilling to define a high-grade near-surface gold resource
amenable to open-pit mining as well as drilling deep, high-grade mineralization over a
strike length of 1,000 feet (305 metres) for a potential underground mine. The
shallow or open-pit targets are a vein set that begins approximately 50 feet (16
metres) below the surface at the bottom of the glacial fill to approximately 400 feet
(122 metres).
The deep drilling is defining new ore shoots in the Destor-Porcupine fault zone well
below any previous mining by the previous Glimmer mining operation. The new,
Black Fox Deep veins appear to have good continuity in widths and strike
dimension, and may have much higher grade than the veins reported to have been
mined by the Glimmer operation. The new high-grade gold vein (Black Fox Deep)
set was intersected from approximately 600 to 1,200 feet (185 to 365 metres) below
the surface.
The newest round of drilling has added 44 holes to the drill hole database for a total
of 78 holes drilled to date. The latest drilling has added many new high-grade gold
intercepts. Some of the best intercepts in the latest round of drilling were as follows:
hole No. 55 had 20 feet (5.5 metres) of five ounces per ton (171.57 grams per tonne
(g/t)); and hole No. 65 had 20 feet (6.1 metres) of 2.65 ounces per ton (91.1 g/t).
"The drilling costs have been lower than expected, additionally there has been very
good footage production per shift and excellent core recovery due to the good
ground conditions and effective drilling practices. This success in productivity has
enabled us to increase the scope of the project," said Mr. Russell. In addition, the
fact that we have multiple mineralized zones as targets to offset means we can drill
effectively with additional rigs. A fifth core drill rig was added to the program in
April."
Apollo Gold has increased the land package for the Black Fox project. The original
land package acquired was approximately 885 acres and an additional 490 acres has
been added for a total land package of 1,375 acres. Apollo has also completed a
propertywide induced polarization (IP) geophysical program, which is now being
evaluated in order to target exploration drilling elsewhere along the
Destor-Porcupine fault. (The original gold discovery was made by Hemlo Gold by
following up on a geophysical anomaly with drilling.)
The company will begin a prefeasibility study in June of 2003 to determine if an
open-pit mine is feasible at the Black Fox project. The prefeasibility information and
resource calculation estimates are expected by early fourth quarter 2003. The
drilling results for a new deep underground resource are expected by the end of
2003. The final feasibility for the underground deposit will be completed after the
resource is defined by close spaced drilling from underground platforms.
Below are all of Apollo's drilling results since the last press release.
BLACK FOX PROJECT DRILL HOLE ASSAYS
May 30, 2003
From To Width Assay
TD ft ft ft opt
What's my point? There could be some value here once GME gets relisted (their own words) and the only way to play GME at present is through MATN?
Any (sensible) Comments?
Winzer |
