Apollo Gold Corporation (“Apollo”) (NYSE Amex: AGT) (TSX:
APG) announces that its first drill assay results intercepted high
grade gold mineralization at the Pike River Project, located
between its Black Fox gold mine and Grey Fox Project, including a
true width drill interval of 0.8 meter (“m”) at an average gold
grade of 86.0 grams per tonne (“gpt”) within 4.2 m of 19.4
gold gpt in hole GF09-65.
The results from 11 holes, including GF09-65, were part of a
53-hole, 9,936 m core drill program at the Pike River and Grey Fox
properties, adjacent to Apollo’s Black Fox Mine in the Timmins
Mining District, Ontario, Canada, completed in 2009. The results
extended the gold mineralized Contact Zone at Grey Fox by
approximately 150 meters to the north into Pike River for a total
850 meters along strike. Results from the 11 holes are shown in
Table One (GF09-56 to GF09-66).
Highlights of the true-width drill intersections with average
gold grades include:
Grey Fox Project
• GF09-58
– 1.7 m of 9.9 gpt
• GF09-60
– 3.6 m of 3.5 gpt
(Including 0.7 m of 12.3
gpt)
Pike River Project
• GF09-64
– 4.3 m of 3.0 gpt
• GF09-65
– 1.2 m of 10.7 gpt – 4.2 m of 19.4 gpt
(Including 0.8 m of 86.0
gpt)
– 1.5 m of 7.2 gpt
• GF09-66
– 6.9 m of 3.8 gpt
(Including 1.6 m of 12.7
gpt)
Hole GF09-58 is 25 m south and down dip of hole GF09-55, which
contained 17.9 m at an average gold grade of 14.3 gpt located on
the boundary of Grey Fox and the Pike River properties (see Apollo
news release of February 17, 2010).
Hole GF09-60 is on the southern end of the major Grey Fox drill
pattern and may indicate the grade is increasing to the south as
well as north as shown by holes GF09-64, GF09-65 and GF09-66 on the
Pike River Property. Results are pending from the remaining 3 holes
at Pike River, which were completed in 2009.
Figure One below shows the location of the 11 holes as well as
the rest of the 53 core holes completed in 2009. Assay results were
released on holes GF09-17 through GF09-55 in previous Apollo news
releases.
It is expected that the results from the 2009 drill program for
Grey Fox-Pike River will be compiled in an initial Canadian
National Instrument 43-101 compliant Measured and Indicated
Resource estimate in the second quarter 2010. The resource estimate
will be calculated in the area shown in Figure One that was drilled
at relatively close spacing, along a strike length of about 500 m
and a maximum depth of 250 m of the Contact Zone at the Grey Fox
and Pike River boundary. The known Contact Zone mineralization has
been intercepted along 850 meters of strike and remains open on
strike to the north, south and down dip. The Contact Zone is a
mineralized fault contact between metasediments and mafic volcanic
rocks.
Richard F. Nanna, Senior Vice President of Exploration for
Apollo, said, “We believe the results from holes GF09-64, 65 and 66
indicate strong gold grade mineralization, extending north onto the
Pike River Property, with results pending for the three
northern-most holes. Following the completion of our first
identification of resources at the Contact Zone at Grey Fox and
Pike River, we will be working on a drill plan to further define
the deposit and increase resources.”
The Grey Fox Project is located about 3.5 kilometers southeast
of Apollo’s Black Fox Mine, which commenced gold production in May
2009. The recently acquired Pike River property lies between the
Black Fox and Grey Fox properties. Apollo controls all three
adjoining properties totaling a 17-square kilometer (“km”) land
package, which extends over a 6.5-km strike of the Destor-Porcupine
Fault Zone (“DPFZ”). The DPFZ and its numerous splays are
associated with many past and currently producing gold mines in the
Timmins Mining District.
All assay work was completed by Polymet Labs of Cobalt,
Ontario, which is ISO 9001:2000 certified in North America. This
news release was reviewed by Richard F. Nanna, Professional
Geologist, Apollo’s Senior Vice President, Exploration and
Development and designated “Qualified Person” under Canadian
National Instrument 43-101. All drill assay results are available
on the Apollo website at www.apollogold.com.
Apollo Gold
Corporation
Apollo is a growing gold producer that operates the wholly owned
Black Fox Mine in the Timmins Mining District in Ontario, Canada.
Apollo also is exploring the adjoining Grey Fox and Pike River
properties, as well as the Huizopa Joint Venture (80 percent Apollo
and 20 percent Minas De Coronado, S. de R.L. de C.V.), an early
stage, gold-silver exploration project, approximately 16 kilometers
(10 miles) southwest of Minefinders’ Dolores gold-silver mine, in
the Sierra Madres in Chihuahua, Mexico.
FORWARD-LOOKING STATEMENTS
This news 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 compiling the
2009 drill results in an initial Canadian National Instrument
43-101 compliance Measured and Indicated resource estimate the
timing thereof, the ability of the Company to successfully obtain
Measured and Indicated Resource status, future resource addition,
drilling results or trends indicated by these drilling results 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, 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 news release are based on information available to
Apollo on the date hereof. Apollo assumes no obligation to update
any forward-looking statements.
Appendix Table One: Grey Fox
Drill Results for GF09-56 to GF09-66 (All true widths.)
Hole ID From (m) To (m)
Core Width (m)
Zone TrueWidth
(m)
Assay
gramsAu/Tonne
Assay
OunceAu/Ton
GREY FOX GF09-56
GF09-56
98.0 102.0 4.00
2.24 2.03 0.06 includes
98.0 99.0 1.00 3.61
99.0 100.0 1.00
0.62 100.0 101.0
1.00 2.56 101.0
102.0 1.00 1.35
GF09-56 104.0
105.0 1.00 0.56
1.01 0.03
GF09-56 106.0 107.0
1.00 0.56 1.17
0.03
GF09-56
114.0 117.0 3.00
1.68 1.58 0.05 includes
114.0 115.0 1.00 1.58
115.0 116.0 1.00
1.61 116.0 117.0
1.00 1.54
GF09-56 124.0 127.0
3.00 1.68 1.45
0.04 includes 124.0 125.5 1.50
1.74 125.5 127.0
1.50 1.17
GF09-57
GF09-57
302.4 303.4 1.00
0.63 5.04 0.15
GF09-58
GF09-58
18.5 20.0 1.50
0.86 4.80 0.14
GF09-58 131.0
132.5 1.50 0.86
2.71 0.08
GF09-58 227.0 228.5
1.50 0.86 6.27
0.183
GF09-58
234.5 237.5 3.00
1.72 9.89 0.29 includes
234.5 236.0 1.50 11.69
236.0 237.5 1.50
8.09
GF09-59
GF09-59 174.5
178.0 3.50 2.72
1.64 0.05 includes 174.5 176.0
1.50 2.02
176.0 177.0 1.00 1.20
177.0 178.0 1.00
1.51
GF09-59
196.0 197.0 1.00
0.78 1.54 0.04
GF09-60
GF09-60
35.5 37.5 2.00
1.45 2.85 0.08 includes
35.5 36.5 1.00 1.20
36.5 37.5 1.00
4.49
GF09-60
45.5 46.5 1.00
0.73 1.17 0.03
GF09-60 81.0 86.0
5.00 3.64 3.48
0.10 includes 81.0 82.0 1.00
0.73 12.30 82.0 83.0
1.00 0.87
83.0 84.0 1.00 0.31
84.0 85.0 1.00
0.75 85.0 86.0
1.00 3.15
GF09-60 93.5 96.5
3.00 2.19 2.53
0.07 includes 93.5 95.0 1.5
1.99 95.0 96.5
1.5 3.06
GF09-60 104.0
105.5 1.50 1.09
1.69 0.05
GF09-60 111.5 126.5
15.00 10.93 1.07
0.03 includes 111.5 113.0 1.50
0.91 113.0 114.5
1.50 1.19
114.5 116.0 1.50 0.14
116.0 117.5 1.50
3.09 117.5 119.0
1.50 1.07 119.0
120.5 1.50 1.65
120.5 122.0 1.50
0.62 122.0 123.5 1.50
1.19 123.5
125.0 1.50 0.41
125.0 126.5 1.50 0.48
GF09-60
131.0 135.5 4.50
3.28 1.86 0.05 includes
131.0 132.5 1.50 2.35
132.5 134.0 1.50
0.21 134.0 135.5
1.50 3.02
GF09-61
GF09-61
49.0 50.2 1.20
0.65 1.87 0.05 includes
49.0 49.3 0.30 3.26
49.3 49.8 0.50
1.19 49.8 50.2
0.40 1.67
GF09-61 53.3 54.3
1.00 0.54 1.37
0.04
GF09-61
55.5 57.0 1.50
0.81 1.44 0.04 includes
55.5 56.0 0.5 1.53
56.0 57.0 1.0 1.39
GF09-61
57.5 59.0 1.50
0.81 2.86 0.08 includes
57.5 58.2 0.7 4.32
58.2 59.0 0.8 1.58
GF09-61
84.8 85.8 1.00
0.54 1.10 0.03
GF09-62
GF09-62
50.9 52.9 2.00
1.39 3.00 0.09 includes
50.9 51.9 1.00 2.67
51.9 52.9 1.00
3.33
GF09-62
54.9 60.9 6.00
4.17 3.47 0.10 includes
54.9 55.9 1.00 4.11
55.9 56.9 1.00
4.53 56.9 57.9
1.00 1.92 57.9
58.9 1.00 2.26
58.9 59.9 1.00
2.85 59.9 60.9 1.00
5.18
GF09-62 63.9 64.9
1.00 0.70 1.13
0.03
GF09-62
69.9 70.9 1.00
0.70 2.88 0.08
GF09-63
GF09-63
91.7 92.7 1.00
0.33 1.92 0.06
GF09-63 96.7 97.7
1.00 0.33 1.26
0.04
GF09-63
99.7 100.7 1.00
0.33 1.44 0.04
GF09-63 103.7
105.7 2.00 0.67
3.65 0.11 includes 103.7 104.7
1.00 2.61
104.7 105.7 1.00 4.70
GF09-63
115.4 121.9 6.50
2.19 1.84 0.05 includes
115.4 115.9 0.50 3.15
115.9 116.4 0.50
0.72 116.4 116.9
0.50 0.31 116.9
117.4 0.50 3.41
117.4 117.9 0.50
1.33 117.9 118.9 1.00
3.93 118.9
119.9 1.00 1.10
119.9 120.9 1.00 2.13
120.9 121.9 1.00
0.34
GF09-63 125.9 143.9
18.00 6.07 1.31
0.04 includes 125.9 126.9 1.00
1.62 126.9 127.9
1.00 0.51
127.9 128.9 1.00 0.17
128.9 129.9 1.00
0.27 129.9 130.9
1.00 1.35 130.9
131.9 1.00 3.66
131.9 132.9 1.00
7.95 132.9 133.9 1.00
2.33 133.9
134.9 1.00 0.10
134.9 135.9 1.00 0.46
135.9 136.9 1.00
3.18 136.9 137.9
1.00 0.31
137.9 138.9 1.00 0.10
138.9 139.9 1.00
0.34 139.9 140.9
1.00 0.45 140.9
141.9 1.00 0.45
141.9 142.9 1.00
0.14 142.9 143.9 1.00
0.14
PIKE RIVER
GF09-64
GF09-64
98.0 105.0 5.50
4.27 3.03 0.09 includes
99.5 101.0 1.50 0.62
101.0 102.0 1.00
1.47 102.0 103.0
1.00 3.50 103.0
104.0 1.00 2.19
104.0 105.0 1.00
8.57
GF09-65
GF09-65 89.0 90.5
1.50 1.15 10.74
0.31
GF09-65
99.9 105.4 5.50
4.21 19.37 0.56 includes
99.9 101.4 1.50 9.07
101.4 102.4 1.00
2.83 102.4 103.4
1.00 0.03 103.4
104.4 1.00 4.07
104.4 105.4 1.00 0.76
85.99
GF09-65
112.4 114.4 2.00
1.53 7.19 0.21 includes
112.4 113.4 1.00 2.81
113.4 114.4 1.00
11.57
GF09-66
GF09-66
52.5 53.5 1.00
0.77 1.61 0.05
GF09-66 103.8
112.8 9.00 6.94
3.78 0.11 includes 103.8 104.8
1.0 3.02
104.8 105.8 1.0 0.14
105.8 106.8 1.0
1.13 106.8 107.8
1.0 14.43 107.8
108.8 1.0 10.87
108.8 109.8 1.0
0.89 109.8 110.8 1.0
0.27 110.8
111.8 1.0 0.55
111.8 112.8 1.0 2.71
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