Apollo Gold Announces Drill Assays at its Black Fox Project
Thu Jan 10, 9:13 AM
ca.news.finance.yahoo.com
DENVER--(BUSINESS WIRE)--Apollo Gold Corporation (“Apollo”) is pleased to provide an update on the status of the infill diamond drilling program at its 100% owned Black Fox Project (“Black Fox”) located near Timmins, Ontario, Canada.
On August 13, 2007, Apollo filed a Canadian National Instrument 43-101 (“NI 43-101”) which indicated proven and probable reserves of 1,002,000 ounces of gold at Black Fox. Within the NI 43-101 there was a recommendation that Apollo conduct an infill drilling program with the aim of potentially converting resources previously reported as “inferred” to “indicated” resources and hence potential conversion into mineral reserves. Such a conversion would increase the total reserve base included in any full feasibility study. This infill drilling program was completed in the 4th quarter 2007.
Assays for five core holes were published on December 13, 2007 and the results of a further 11 core holes are listed below.
Dick Nanna, Apollo’s Senior VP Exploration & Development, stated, “We continue to see some very high grade gold intercepts from this infill drilling program which could potentially add additional high quality gold ounces to our current reserve base. For example, hole 07BF481, which is located in the proposed open pit area, assayed at 136.7 grams of gold per tonne (4.0 ounces of gold per ton) over a true width of five meters.”
Drill Assays for Open Pit - Highlights
Hole I.D.
From Meters
To Meters
True Width Meters
Assays grams Au/tonne
Assays
ounces
Au/ton
07BF479 22 27 5.0 3.6 0.1
07BF480 116 117 1.0 445.6 13.0
07BF480 130 133.9 3.9 7.3 0.2
07BF481 24 29 5.0 136.7 4.0
07BF484 60.9 62.6 1.7 8.6 0.3
07BF485 13 17 4.0 23.0 0.7
07BF486 55.9 57.6 1.7 4.4 0.1
07BF488 18 26.3 8.3 3.5 0.1
07BF490 60.2 63.4 3.2 10.7 0.3
07BF492 24.7 25 0.3 52.1 1.5
07BF495 69.5 78 8.5 7.0 0.2
07BF496 87.1 90.4 3.3 12.8 0.4
Footnote: Results for all available assays in conjunction with the infill drilling program will be available on Apollo’s website, www.apollogold.com.
Hole Location and Inclination
Hole I.D.
T.D.(m) Northing Easting Elevation Azimuth Incl. Degrees
07BF479 50 10170 9900 9999.8 48 -41.7
07BF480 152 10050.2 10000 10000.7 48 -46
07BF481 38 10210.3 10025 9999.6 48 -50
07BF484 68 10160 10075 9999.8 48 -50
07BF485 75 10103.1 10100 9995.8 48 -51
07BF486 160 10010.9 10125 9999.8 48 -50
07BF488 35 10223.9 10175 9999.9 48 -50
07BF490 86 10163.7 10200 9999.9 48 -49
07BF492 62 10256 10275 9999.9 48 -49
07BF495 92 10179.6 10250 9999.9 48 -49
07BF496 95 10199.9 10299.9 9999.9 48 -40
Apollo expects to continue to update the market as additional assays become final for the remaining core holes from this program.
R. David Russell, Apollo’s President & CEO, stated, “I am very pleased with these assays which will be included within the resources statement of the full feasibility study which continues to progress and is on schedule for completion at the end of March 2008.”
This press release has been reviewed and approved for release by Richard F. Nanna, Professional Geologist, Apollo's Senior Vice-President, Exploration and Development and designated “Qualified Person” under NI 43-101.
Apollo Gold Corporation
Apollo is a gold mining and exploration company that operates the Montana Tunnels mine, which is a 50% joint venture with Elkhorn Tunnels, LLC, the Black Fox advanced stage development project in Ontario, Canada, and the Huizopa project, an early stage exploration project in the Sierra Madres in Chihuahua, Mexico.
Contact Information:
Investor Relations - Marlene Matsuoka
Phone: 720-886-9656 Ext. 217 Toll Free: 1-877-465-3484
E-mail: info@apollogold.com
Website: www.apollogold.com
Since we report our mineral reserves to both NI 43-101 and SEC Industry Guide 7 standards, it is possible for our reserve figures to vary between the two. Where such a variance occurs it will arise from the differing requirements for reporting mineral reserves. For example, the NI 43-101 has a minimum requirement that reserves be supported by a pre-feasibility study, whereas SEC Industry Guide 7 requires support from a full feasibility study done to bankable standards. The Black Fox project thus reports reserves under NI 43-101, but reports no reserves under SEC Industry Guide 7 as a final bankable feasibility study has not been completed.
CAUTIONARY NOTE TO US INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED MINERAL RESOURCES: US investors are advised that while the terms "Measured, Indicated and Inferred Mineral Resources" are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules estimates of Inferred Mineral Resources could not form the basis of feasibility or other economic studies. US investors are cautioned not to assume that part or all of the Inferred Mineral Resource exists, or is economically or legally mineable.
FORWARD-LOOKING STATEMENTS
This press release includes “Forward-Looking Statements” within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “intends,” “continue,” or the negative of such terms, or other comparable terminology. All statements regarding the timing of completion of a bankable feasibility study at Black Fox, future drilling, results of assays and future announcements regarding the same are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from these forward-looking statements include: the results of independent Canadian NI 43-101 reports, the outcome of assays and additional exploration sampling and drilling efforts, variations in ore grade, mining, or processing problems or issues, and other factors disclosed under the heading “Risk Factors” and elsewhere in Apollo documents filed from time to time with the Toronto Stock Exchange, The American Stock Exchange, The United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this press release are based on information available to Apollo on the date hereof. Apollo assumes no obligation to update any forward-looking statements.
Apollo Gold Corporation
Investor Relations:
Marlene Matsuoka, 720-886-9656 ext. 217
Toll Free: 1-877-465-3484
info@apollogold.com
www.apollogold.com |
