Apollo Gold Corporation (“Apollo”) (NYSE Amex: AGT) (TSX: APG)
announces additional assay results from nine drill holes at its
Grey Fox Project, including one of the best drill intersections
to date of 17.9 meters (“m”) at an average gold grade of
14.3 grams per tonne (“gpt”) located on the boundary of Grey
Fox and the Pike River properties with indication that the
mineralization is open towards Pike River to the north.
Results are pending from the remaining 14 holes completed as
part of a 53-hole, 9,936-meter drilling program in 2009, including
the first six holes drilled on Pike River, at the prospective
Contact Zone at the Grey Fox and Pike River properties, which are
adjacent to Apollo’s Black Fox gold mine in the Township of Black
River-Matheson, Ontario, Canada.
Results from the nine holes are shown in Table One (GF09-47
through GF09-55) with the mineralized zone intercepts highlighted,
including true width intercepts of:
- 17.9 m at an average gold grade
of 14.3 gpt (or 59 feet at 0.4 ounce per ton (“opt”)) within 100 m
from surface in hole GF09-55; and
- 5.1 m of 5.2 gpt (or 17 feet at
0.15 opt) in hole GF09-52.
Figure One below shows the location of the nine holes as well as
the rest of the 53-core hole program completed in 2009. Assay
results were released on holes GF09-17 through GF09-46 in previous
Apollo news releases. It is expected that the results from the 2009
drill program will be compiled in an initial Canadian National
Instrument 43-101 compliant Measured and Indicated Resource
estimate by the second quarter 2010.
Richard F. Nanna, Senior Vice President of Exploration for
Apollo, said, “The impressive results from hole GF09-55 on the
boundary of the Pike River property are one of the best ever for
the Grey Fox Project and we are pleased that the results indicate
the Contact Zone mineralization is open to the north on to Pike
River and the west-southwest trending Destor-Porcupine Fault
Zone.”
Assay results from the first six holes from the 2009 drill
program completed at Pike River, located along strike of GF09-55,
are pending. The Contact Zone is a mineralized fault contact
between metasediments and mafic volcanic rocks. It has been
identified through drilling along 700 meters of its length and
remains open along strike to the north, south and at depth. Most of
the holes announced in this news release (GF09-47 to GF09-53) are
located within the central part of the known Contact Zone.
The Destor-Porcupine Fault Zone and its numerous splays are
associated with many past and currently producing gold mines,
including the Black Fox Mine, in the Timmins Mining District. 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 land
package.
Previously released drilling by Apollo successfully intersected
gold mineralization similar to the host rocks of the Black Fox gold
deposit. The 2009 drilling program at Grey Fox followed up the
16-hole drilling program completed in 2008, which included a high
grade intercept of 3.5 m grading 455 gpt (13.27 opt) as well as
several separate one meter gold intervals grading from 12 to 277
gpt (0.35 to 8.08 opt).
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 Ontario, Canada. Apollo also is exploring the
adjoining Grey Fox and Pike River properties, all in the Timmins
gold district in Ontario, Canada, 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 timing of and
any addition to estimated mineral resources, timing of assay
results from Grey Fox and Pike River, the ability of the Company to
successfully obtain Measured and Indicated Resource status and to
expand the Contact Zone towards and 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, 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 GF09-47 to GF09-46 (All true widths.)
Hole ID From (m)
To (m)
Core Width(m)
Zone TrueWidth
(m)
Assay
gramsAu/tonne
Assay
ounceAu/ton
GF09-47
129.0 130.0
1.00 0.75
130.0 131.0 1.00 10.90
131.0 132.0 1.00
0.48
GF09-47 129.0
132.0 3.00 2.3
4.05 0.12
GF09-47 155.7 156.7
1.00 0.78 1.99
0.06
179.0 180.5
1.50 1.34
180.5 182.0 1.50 0.75
GF09-47 179.0 182.0
3.00 2.33 1.05
0.03
GF09-47
192.5 194.0 1.50
1.17 2.67 0.08
GF09-47 203.0
204.0 1.00 0.78
1.23 0.04
226.6 227.6 1.00 0.41
227.6 228.5 0.90
3.50 228.5 229.5
1.00 0.82
GF09-47
226.6 229.5 2.90
2.26 1.51 0.04
236.0 237.5 1.50
0.82 237.5 239.0
1.50 2.98
GF09-47
236.0 239.0 3.00
2.33 1.90 0.06
252.2 253.2 1.00
2.09 253.2 254.2
1.00 1.92
GF09-47
252.2 254.2 2.00
1.56 2.01 0.06
GF09-47 266.2
267.2 1.00 0.78
1.37 0.04
GF09-48
108.7 109.7
1.00 0.96
109.7 110.6 0.90 6.17
GF09-48 108.7 110.6
1.90 1.48 3.43
0.10
261.8 262.8
1.00 1.41
262.8 263.8 1.00 1.47
263.8 264.8 1.00
1.78
GF09-48 261.8
264.8 3.00 2.33
1.55 0.05
GF09-49
GF09-49 126.5 127.5
1.00 0.78 1.51
0.04
GF09-49
210.0 211.0 1.00
0.78 2.19 0.06
GF09-49 240.6
241.0 0.40 0.31
1.17 0.03
280.5 281.5 1.00 1.44
281.5 282.0 0.50
0.10 282.0 283.0
1.00 1.20
283.0 284.0 1.00 1.37
284.0 285.0 1.00
2.13 285.0 286.0
1.00 1.68
GF0-49
280.5 286.0 5.50
4.28 1.43 0.04
GF09-49 319.8
320.8 1.00 0.78
3.15 0.09
GF09-50
103.0 104.0
1.00 1.75
104.0 105.0 1.00 1.95
GF09-50 103.0 104.0
2.00 1.56 1.85
0.05
GF09-50
106.0 107.0 1.00
0.78 1.37 0.04
111.0 112.0 1.00
1.54 112.0 113.0
1.00 1.13
GF09-50
111.0 113.0 2.00
1.56 1.34 0.04
GF09-50 199.4
200.4 1.00 0.78
3.02 0.09
GF09-50 259.8 260.8
1.00 0.78 4.01
0.12
GF09-51
No significant assays over 1
gpt
GF09-52
129.0 130.0
1.00 2.37
130.0 131.0 1.00 1.41
131.0 132.0 1.00
1.30 132.0 133.0
1.00 1.03 133.0
134.0 1.00 0.21
134.0 135.0 1.00
0.96 135.0 136.0 1.00
0.55 136.0
137.0 1.00 0.55
137.0 138.0 1.00 0.82
138.0 139.0 1.00
2.02
GF09-52 129.0
139.0 10.00 7.78
1.12 0.03
190 191 1.0 1.42
191 192 1.0
0.07 192 193 1.0
5.42 193 194
1.0 8.62
194 195 1.5 6.83
195 196 1.0 8.07
GF09-52 190.0
196.0 6.5 5.06
5.21 0.15
GF09-52 199.0 200.0
1.0 0.78 1.49 0.04
GF09-52 209.0
210.5 1.5 1.17
3.93 0.11
GF09-53
GF09-53
144.5 145.5 1.0
0.78 1.17 0.03
GF09-54
GF09-54
86.0 87.5 1.5
1.17 1.30 0.04
GF09-54 99.5 100.5
1.0 0.78 5.66
0.17
GF09-54
107.5 108.5 1.0
0.78 1.20 0.03
GF09-55
67.0
68.0 1.0 173.08
68.0 69.0 1.0
12.41 69.0 70.0 1.0
23.93 70.0
71.0 1.0 17.38
71.0 72.0 1.0 20.67
72.0 73.0 1.0
2.85 73.0 74.0
1.0 36.96
74.0 75.0 1.0 19.58
75.0 76.0 1.0
1.20 76.0 77.0 1.0
0.03 77.0
78.0 1.0 0.27
78.0 79.0 1.0 0.82
79.0 80.0 1.0
1.82 80.0 81.0 1.0
1.68 81.0
82.0 1.0 3.12
82.0 83.0 1.0 5.35
83.0 84.0 1.0
2.67 84.0 85.0 1.0
1.75 85.0
86.0 1.0 0.89
86.0 87.0 1.0 0.89
87.0 88.0 1.0
0.14 88.0 89.0 1.0
0.21 89.0
90.0 1.0 0.14
GF09-55 67.0 90.0
23.0 17.90 14.25
0.42
GF09-55
96.5 98.0 1.5 1.17
7.75 0.23
GF09-55 125.0 126.5
1.5 1.17 1.71 0.05
UTM GRID NAD 83 Hole ID T.D.
Easting Northing Elevation
Azimuth Inc. Degrees GF09-47 315
551121.6 5372835.7 291.6 270.00
-67.00 GF09-48 272 551121.5 5372807.7
290.9 270.00 -68.00 GF09-49 329
551121.7 5372807.7 290.9 270.00 -67.00
GF09-50 314 551117.7 5372788.9 291.6
270.00 -60.00 GF09-51 332 55118.0
5372788.9 291.7 270.00 -67.00 GF09-52
323 551120.5 5372912.7 291.7
270.00 -67.00 GF09-53 305 551120.6
5372987.3 290.1 270.00 -60.00 GF09-54
155 551071.1 5373012.5 289.9 270.00
-73.00 GF09-55 155 551068.7 5373040.5
289.4 270.00 -58.00
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