Apollo Gold (AMEX:AGT)
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5 Years : From May 2008 to May 2013
Apollo Gold Corporation ("Apollo" or “we’) (TSX: APG) (NYSE Amex: AGT)
is pleased to provide an update on the 2009 drilling program in progress
on its Grey Fox property. This year’s drilling at Grey Fox follows up
the drilling program of 16 holes completed and released by Apollo in
2008. The 2009 drilling program commenced in August of 2009 and to date
53 holes have been completed. Assay results were released on the first
17 holes (GF09-17 through GF09-34) in previous press releases. Apollo is
pleased to provide assay information on another six drill holes (GF09-35
through GF09-40) which are shown on Table One. The location and
description of the drill holes are shown on Figure One and Table One.
The results continue to show continuity in multiple shallow, mineralized
zones. We have highlighted the mineralized zones in the results shown in
Table One and also show the individual assays that make up the zone
immediately above the highlighted zone.
The Grey Fox project is located about 3.5 kilometers southeast of
Apollo’s Black Fox mine, which commenced gold production in May 2009.
Apollo now controls a 17 square kilometer land package, which consists
of (a) the Black Fox mine, (b) the Pike River property which is
southeast of the Black Fox mine and (c) the Grey Fox property which is
southeast of the Pike River property. Figure Two shows the total Apollo
land package surrounding its Black Fox mine.
Previously released drilling results shows that Apollo has been
successful in intersecting gold mineralization in rocks similar to the
host rocks of the Black Fox Deposit, including a high grade intercept of
3.5 meters grading 455 grams gold per tonne (13.27 ounces of gold per
ton) as well as numerous individual one meter gold intervals grading
from 12 to 277 grams per ton (0.35 to 8.08 ounces gold per ton).
In addition to the 23 holes assayed so far in 2009 and the 16 holes from
last year, we are awaiting the results of 30 holes drilled in 2009. All
these holes have been drilled with the objective of showing continuity
to the mineralization, and as a result thereof, a measured and indicated
resource status.
“Apollo has followed the multiple mineralized zones intersected in the
Contact Fault Zone north onto the Pike River Property,” says Richard
Nanna, Vice President-Exploration for Apollo. “The trend we are
following, which is relatively north-south, is heading toward the
Destor-Porcupine Fault Zone. Structural intersections are always very
favorable exploration targets and we are excited to continue our
exploration drilling program north onto our recently acquired Pike River
Property.”
TABLE 1
2009 Grey Fox Drilling
Hole ID
From(m)
To (m)
Core Width (m)
Zone TrueWidth (m)
Assaygrams Au/t
Assay ounceAu/ton
GF09-35
41.8
42.8
1.0
82.01
42.8
43.8
1.0
1.85
GF09-35
41.8
43.8
2.0
1.56
41.93
1.22
53.8
54.8
1.0
18.72
54.8
55.8
1.0
8.71
55.8
56.8
1.0
1.30
56.8
57.8
1.0
0.41
57.8
58.8
1.0
0.27
58.8
59.8
1.0
0.34
59.8
60.8
1.0
0.48
60.8
61.8
1.0
0.96
61.8
62.8
1.0
0.41
62.8
63.8
1.0
6.58
63.8
65.0
1.2
3.50
65.0
66.5
1.5
1.23
66.5
68.0
1.5
3.15
68.0
69.5
1.5
2.19
69.5
71.0
1.5
3.29
71.0
72.0
1.0
2.06
72.0
73.0
1.0
2.19
73.0
74.2
1.2
1.37
GF09-35
53.8
74.2
20.4
15.88
3.09
0.09
GF09-36
40.7
41.3
0.6
2.61
41.3
41.9
0.6
3.50
GF09-36
40.7
41.9
1.2
0.93
3.05
0.09
65.5
67.0
1.5
21.12
67.0
68.5
1.5
1.71
68.5
70.0
1.5
3.02
70.0
71.5
1.5
0.69
79.7
80.5
0.8
0.55
GF09-36
65.5
80.5
6.8
5.29
5.92
0.17
GF09-36
121.5
122.0
0.5
0.39
1.44
0.04
GF09-37
39.7
40.7
1.0
4.87
40.7
41.7
1.0
5.01
GF09-37
39.7
41.7
2.0
1.56
4.94
0.14
63.5
65.0
1.5
2.81
65.0
66.5
1.5
1.30
66.5
68.0
1.5
1.17
68.0
69.0
1.0
0.96
69.0
69.6
0.6
0.55
77.7
78.5
0.8
2.95
78.5
80.0
1.5
1.17
GF09-37
63.5
80.0
8.4
6.54
1.59
0.05
GF09-38
71.0
72.0
1.0
3.29
72.0
73.0
1.0
1.17
GF09-38
71.0
73.0
2.0
1.56
2.23
0.07
GF09-39
75.0
76.0
1.0
6.51
76.0
77.0
1.0
1.37
GF09-39
75.0
77.0
2.0
1.56
3.94
0.12
116.00
117.50
1.5
0.62
117.50
119.00
1.5
1.51
119.00
120.50
1.5
1.37
GF09-39
116.00
120.50
4.5
3.50
1.17
0.03
123.5
125.0
1.5
0.89
125.0
126.5
1.5
2.19
126.5
128.0
1.5
1.30
GF09-39
123.5
128
4.5
3.50
1.46
0.04
131.0
132.5
1.5
1.65
132.5
134.0
1.5
2.61
134.0
135.0
1.0
2.40
135.0
136.0
1.0
1.51
GF09-39
131.0
136.0
5.0
3.89
2.06
0.06
GF09-40
80.0
81.0
1.0
1.30
81.0
82.0
1.0
1.10
GF09-40
80.0
82.0
2.0
1.56
1.20
0.04
GF09-40
90.0
91.0
1.0
0.78
1.23
0.04
UTM GRID NAD 83
Hole ID
T.D.
Easting
Northing
Elevation
Azimuth
Inc. Degrees
GF09-35
122.00
551069.56
5372837.53
291.97
270.00
-58.00
GF09-36
122.00
551070.58
5372812.40
292.40
270.00
-63.00
GF09-37
122.00
551072.05
5372786.89
291.84
270.00
-60.00
GF09-38
140.00
551095.86
5372787.51
291.32
270.00
-60.00
GF09-39
140.00
551096.54
5372812.47
291.66
270.00
-58.00
GF09-40
140.00
551097.19
5372862.42
291.67
270.00
-58.00
All assay work was completed by Polymet Labs of Cobalt, Ontario, which
is ISO 9001:2000 certified in North America.
Complete drill results are available at www.apollogold.com.
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 which operates the Black
Fox mine in Ontario, Canada and the Huizopa project, an early stage
exploration project in the Sierra Madres in Chihuahua, Mexico. Apollo
also owns the Montana Tunnels mine, which is a 50% joint venture with
Elkhorn Tunnels, LLC, in Montana, which was placed on care and
maintenance on April 30, 2009. On December 10, 2009, Apollo announced
that it had entered into a letter of intent to sell its interest in the
Montana Tunnels mine.
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 the expected completion of the 2009 drilling
program at Grey Fox, future drilling at the Pike River property, the
direction of the trend that Apollo’s drilling is following and whether
it intersects the Destor Porcupine Fault Zone, the ability of the
Company to successfully obtain indicated and measured resource status,
to intersect mineralization and to expand the Contact Zone along the
Destor Porcupine Fault Zone 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
assays and additional exploration, sampling and drilling efforts at Grey
Fox, delays caused by equipment failures and weather, unexpected changes
in business and economic conditions, political or economic instability,
significant decreases in gold prices, changes in interest and currency
rates, local and community impacts and issues, labor accidents,
environmental risks 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 NYSE Amex, 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.
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