Apollo Gold Announces Additional Drill Results with Continued High Grade Gold Intercepts from the Black Fox Project.DENVER Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. -- Apollo Gold Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : APG APG Assists Per Game (basketball) APG Assists Per Game (hockey statistic) APG Aberdeen Proving Ground APG Automated Password Generator APG Asia Pacific Group on Money Laundering ) (AMEX AMEX See: American Stock Exchange : AGT AGT antiglobulin test. ) ("Apollo Gold" or the "Company") is pleased to provide the following update to the surface and underground core drilling programs at its Black Fox project near Timmins, Ontario This article is about city in Ontario, Canada. For other uses, see Timmins (disambiguation). Timmins, with a population of 42,997 (2006), is a city in northeastern Ontario, Canada on the Mattagami River. At 2,961. , Canada. The drilling results continue to demonstrate the high grade gold nature of the mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. and the continuity of the system. One hole was especially impressive; 235-234 with 6.5 ft (true width) of 5.33 oz gold per ton, 12.7 ft (true width) of 0.572 oz gold per ton and 9.2 ft (true width) of 0.477 oz gold per ton, was reported as part of the latest round of drill results. All reported core drill results may be found on the Apollo Gold website (www.apollogold.com). The Black Fox project is located 75 km east of Timmins, Ontario, Canada, along the Destor-Porcupine Fault System, a well known gold district that has historically yielded over 75 million ounces of gold production. The area is known for famous gold mines such as the Dome dome, a roof circular or (rarely) elliptical in plan and usually hemispherical in form, placed over a circular, square, oblong, or polygonal space. Domes have been built with a wide variety of outlines and of various materials. , Hoyle Pond and Hollinger to the west and gold mines such as Holt holt n. Archaic A wood or grove; a copse. [Middle English, from Old English.] holt Noun the lair of an otter [from McDermott and Harker Holloway to the east. The major mines are multi-million-ounce gold producers, in some cases approaching 10 million ounces of gold. Base metals have also been discovered and mined in the footwall foot·wall n. Geology 1. The mass of rock underlying a mineral deposit in a mine. 2. The underlying block of a fault having an inclined fault plane. of the system in select areas. An example would be the world-famous Kidd Creek Mine, operated by Falconbridge. The Black Fox project, formerly the Glimmer exploration project, was acquired by Apollo Gold in late 2002 during low metal prices. "This was viewed as a great buy for the price paid at the time and also was consistent with the overall strategic plan for Apollo Gold to acquire and develop high-grade High-grade Credit quality of AAA or AA. high-grade Of, relating to, or being a bond with little risk of default on the part of the issuer. High-grade is usually reserved for bonds rated AAA or AA by the rating services. gold assets to replace older lower-grade assets within the Company," states R. David Russell David Russell may refer to:
During 2003 the initial surface exploration was started with geophysics geophysics, study of the structure, composition, and dynamic changes of the earth, its atmosphere, hydrosphere and magnetosphere, based on the principles of physics. and 82,622 meters of core drilling. In 2004 the project was advanced with additional surface drilling totaling 43,280 meters in 105 holes. In 2004 underground exploration was initiated on the 235 level. Apollo accessed the underground via the existing ramp system and completed 1000 meters of new drifting in the hanging wall to establish drilling platforms from which 41,065 meters (210 holes) of core drilling was completed. With the drilling success to date, an open pit reserve of 457,100 ounces of gold (2,953,000 tonnes with a grade of 4.81 gm / tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. ) has been established and can be found within the current NI 43-101 on file. The current drilling program is designed to upgrade the existing data base and reserve base by close spaced drilling on 12.5 to 25 meter centers. The 2005 exploration program includes additional underground and surface drilling and a full-scale feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. report expected to be completed in 2005. The feasibility study report will include both open pit and underground reserves and further delineate the Black Fox project. As part of the Black Fox Feasibility Study now in progress, Apollo has contracted Francis F. Pitard to conduct a Heterogeneity het·er·o·ge·ne·i·ty n. The quality or state of being heterogeneous. heterogeneity the state of being heterogeneous. Study on the coarse gold distribution in the deposit. "A comprehensive report on the sampling characteristics of our high grade gold ore is essential to properly model the deposit," states Richard F. Nanna Nanna immolated herself on pyre with husband, Baldur. [Norse Myth.: Wheeler, 256] See : Faithfulness , Senior Vice President of Exploration and Development. The recently discovered gold/base metal zone will also continue to be investigated with the surface drilling program. At this time the mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zones are open along the strike of the fault and at depth. New holes from this zone will be released when assays are obtained. Highlights of the drilling program are shown in the table below.
BLACK FOX
Drilling Update March 1, 2005
(Assays completed by Swastika Labs Ltd)
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True Assay True Assay
Hole I.D. From To Width Width (oz/ton Width (gm/tonne
/ Section (Feet) (Feet) (Feet) (Feet) Au) (Meters) Au)
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05BF402
9813E 482.2 484.8 2.6 2.6 1.172 0.80 40.18
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05BF410
9800E 543.3 546.9 3.6 3.6 0.130 1.10 4.44
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05BF412 52.5 66.1 13.6 13.6 0.532 4.2 18.23
9838E 119.9 123.2 3.3 3.3 0.202 1.0 6.92
166.9 171.7 4.8 4.8 0.119 1.5 4.08
174.6 183.0 8.4 8.4 0.096 2.6 3.30
188.1 191.4 3.3 3.3 0.185 1.0 6.35
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05BF413
9863E 345.0 349.3 4.3 4.3 0.390 1.3 13.36
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235-182 518.9 528.7 9.8 6.9 0.218 2.1 7.48
10237E 596.3 606.1 9.8 6.9 0.117 2.1 4.01
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235-198
10000E 599.9 603.2 3.3 3.1 0.346 0.9 11.86
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235-199
10000E 431.0 434.9 3.9 3.6 0.677 1.1 23.23
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235-202 789.2 798.2 9.0 9.0 0.241 2.8 8.28
10500E 819.0 826.1 7.1 7.1 0.163 2.2 5.60
838.0 841.6 3.6 3.6 0.150 1.1 5.13
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235-207 560.9 565.8 4.9 2.9 0.175 0.9 5.99
10263E 634.7 639.6 4.9 2.9 2.113 0.9 72.44
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235-214 306.0 310.0 4.0 3.9 1.830 1.2 62.74
10025E 346.4 357.2 10.8 10.5 0.371 3.2 12.73
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235-215 355.6 365.1 9.5 9.0 0.299 2.76 10.25
10025E 380.5 397.9 17.4 16.5 1.360 5.04 46.64
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235-218
10438E 661.9 669.1 7.2 5.9 0.464 1.8 15.90
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235-219
10438E 623.2 632.7 9.5 8.6 0.315 2.6 10.81
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235-220
10438E 583.8 590.7 6.9 6.6 0.168 2.0 5.75
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True Assay True Assay
Hole I.D. From To Width Width (oz/ton Width (gm/tonne
/ Section (Feet) (Feet) (Feet) (Feet) Au) (Meters) Au)
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235-225 659.3 663.9 4.6 3.7 0.222 1.1 7.63
10438E 741.9 757.7 15.7 12.6 0.237 3.8 8.11
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235-226
10500E 930.2 961.0 30.8 26.2 0.302 8.0 10.37
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235-227 729.8 738.0 8.2 7.6 0.107 2.3 3.65
10500E 806.8 811.1 4.3 4.0 0.305 1.2 10.45
847.9 882.3 34.4 32.1 0.207 9.8 7.10
890.5 892.5 2.0 1.9 0.384 0.6 13.17
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235-234 852.2 859.4 7.2 6.5 5.332 2.0 182.8
10525E 867.6 881.7 14.1 12.7 0.572 3.9 19.60
911.8 922.0 10.2 9.2 0.477 2.8 16.37
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Drill Hole Location
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Hole I.D. T.D.(m) Northing Easting Elevation Azimuth Incl.
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05BF402 308.70 9824.88 9812.58 9998.21 36.00 -50.00
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05BF410 218.00 9924.92 9799.99 9998.85 36.00 -49.00
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05BF412 122.00 9987.01 9837.94 9999.45 36.00 -49.00
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05BF413 125.3 9987.96 9863.02 10000.43 36.00 -50.00
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235-182 235.50 9875.51 10237.02 9769.57 42.00 -86.50
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235-198 212.00 9787.06 10000.58 9766.25 40.20 -65.30
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235-199 236.00 9786.93 10000.58 9766.30 37.80 -68.30
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235-202 287.00 9821.04 10504.87 9778.62 34.20 -44.80
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235-207 225.30 9875.63 10263.03 9770.34 32.50 -89.30
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235-214 206.00 9797.60 10025.50 9765.25 36.00 -56.00
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235-215 216.50 9796.92 10025.16 9766.75 36.30 -62.80
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235-218 248.50 9875.77 10437.89 9776.22 35.00 -12.00
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235-219 235.00 9875.76 10437.93 9776.13 35.00 -21.50
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235-220 224.30 9875.68 10437.93 9775.90 35.00 -27.00
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235-225 267.00 9875.70 10437.90 9775.00 37.00 -79.10
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235-226 346.60 9821.11 10504.96 9777.63 35.00 -75.00
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235-227 310.30 9821.27 10504.95 9777.87 33.50 -64.00
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235-234 329.00 9821.24 10524.62 9777.94 36.00 -70.00
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This press release has been reviewed and approved for release by Richard Nanna, Professional Geologist, and the Company's Senior Vice-President, Exploration and Development and designated "Qualified Person" under NI 43-101. About Apollo Gold Apollo Gold is a gold mining company with operating mines in Nevada and Montana and an advanced stage development project, Black Fox, along the productive Destor-Porcupine Fault east of the Timmins Gold Camp in Ontario, Canada. Apollo has also recently started a new exploration project in the Sierra Madre Sierra Madre, city, United States Sierra Madre (sēĕr`ə mä`drā), residential city (1990 pop. 10,762), Los Angeles co., S Calif., at the foot of Mt. Wilson; inc. 1907. There is some light manufacturing. Mountains of Mexico on a project referred to as Huizopa. Gold production in 2004 from the Company's three currently operating mines accounted for 106,000 ounces of gold production with by-products by-products materials generated incidentally to the production of a principal product in an industry or industrial enterprise. In the meat industry by-products include blood, bone, fat, bristle, hair, wool, hide, skin, hoof, horn and offal products prepared in various ways for use of silver, lead and zinc zinc, metallic chemical element; symbol Zn; at. no. 30; at. wt. 65.38; m.p. 419.58°C;; b.p. 907°C;; sp. gr. 7.133 at 25°C;; valence +2. Zinc is a lustrous bluish-white metal. It is found in Group 12 of the periodic table. . The production targets as previously announced for 2005 will be approximately 140,000 ounces of gold production as well as by-product by·prod·uct or by-prod·uct n. 1. Something produced in the making of something else. 2. A secondary result; a side effect. by-product Noun 1. metal as in 2004. The key to Apollo Gold future production plans call for the addition of the Black Fox project to the production portfolio in late 2006 and early 2007. Production of the Black Fox project envisions an open pit as well as an underground mine and milling facility. The completion of the feasibility study in 2005 will further define the size, production levels and economics of the full Black Fox project. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . All statements regarding potential mineralization, reserves, exploration results, and future plans and objectives of Apollo Gold, 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 outcome of assays and additional exploration sampling and drilling efforts, delay in permits or approvals, technical or permitting problems, unanticipated drilling problems or costs, variations in ore grade Ore grade is a measure that describes the concentration of a valuable natural material (such as metals or minerals) in its surrounding ore. Ore grade is used to assess the economic feasibility of a mining operation: the cost of extracting a natural material from its ore is directly , and other factors disclosed under the heading "Risk Factors" in Apollo Gold's 10-K for the year ended December 31, 2003, and elsewhere in Apollo Gold documents filed from time to time with the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. , The American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. , The United States Securities and Exchange Commission and other regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . |
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