Apollo Gold Announces Release of NI43-101 Report on Exploration at the Huizopa Project in Mexico
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DENVER--(Business Wire)--
Apollo Gold Corporation ("Apollo" or the "Company") (TSX: APG)(NYSE Amex: AGT)
is pleased to announce that the Company has released its Huizopa project report
(the "Report") written in compliance with disclosure and reporting requirements
set forth in the Canadian Securities Administrator`s National Instrument 43-101,
Companion 43-101CP and Form 43-101FI.
The Huizopa Project is located in the Sierra Madre Silver-Gold Belt in the State
of Chihuahua, Mexico between Alamos Gold`s Mulatos Mine and MineFinders` Dolores
Mine. Apollo`s property package consists of approximately 170 square kilometers.
The author of the Report, John Cleary, is an independent consultant and a
Qualified Person under Canadian Securities Administrator`s National Instrument
43-101.
The Report contains details of the surface exploration, geochemical sampling and
geophysical programs completed by Apollo to date on the Huizopa project. Also
included in the Report are the results from the core drilling program completed
in the first quarter of 2008 on the Puma De Oro and Lobo De Oro exploration
targets, which were previously publicly announced by Apollo and were as
follows:
* Puma De Oro Zone. Twenty-five core holes were drilled on the north-trending
Puma De Oro zone. These holes were based on Apollo`s geochemical sampling and
geologic mapping. The holes were spread over a strike length of approximately
1,000 meters and anomalous gold and silver was found in all of the holes on the
Puma De Oro structure. Drilling assay results of core holes with intercepts
greater than 0.5 grams per tonne are shown below.
Table 1: Drill intercepts greater than 0.5 grams per tonne at Puma De Oro Zone
Hole I.D. From To Meters Assays Assays
Meters grams grams
Gold/tonne Silver/tonne
PDO 08 24.8 26.4 1.1 12.0
PDO 09 37.5 38.1 4.1 46.0
PDO 09 38.1 29 1.6 18.0
PDO 09 39.6 62.6 0.8 11.5
PDO 10 81.1 17 0.0 61.0
PDO 10 81.3 57.6 0.0 20.7
PDO 10 81.9 26.3 42.5 162.0
PDO 10 83.4 63.4 0.5 29.7
PDO 11 83.5 85.0 1.7 24.8
PDO 11 85.0 85.5 0.8 7.8
PDO 11 85.5 87.1 1.3 19.2
PDO 11 119.1 120.2 3.7 5.3
PDO 13 81.7 83.2 4.7 64.0
PDO 13 83.2 83.7 0.5 23.7
PDO 15 29.6 30.3 9.0 262.0
PDO 15 32.3 32.7 21.6 340.0
* Lobo De Oro Zone. Drilling within the Lobo De Oro target area, which is
approximately 2 kilometers east of the Puma De Oro zone, tested a large induced
polarization ("IP") anomaly of 1 kilometer by 3 kilometers that is open in all
directions. Three holes were drilled. Drill hole LDO-1 intercepted 280 meters of
anomalous silver mineralization ranging from 1 to 19 grams silver, and locally
anomalous gold mineralization up to 0.6 grams per tonne gold. Drill holes LDO-2
and LDO-3 intercepted similar grades of silver up to 300 meters away from LDO-1.
The silver and gold values, in combination with the broad IP anomaly, could
indicate the potential for both an open pit mineable target in the area as well
as deeper underground targets, although future drilling and test work would need
to be performed to confirm any such potential.
The assays and locations of all the drill holes can be found in the Report.
Senior Vice President of Exploration and Development, Richard (Dick) F. Nanna,
stated that, "Based on our work so far we believe the Huizopa project has
excellent potential to contain an economic gold-silver deposit. Our first
drilling program was very successful in detecting significant gold and silver
mineralization over a fairly large area."
This press release has been reviewed and approved by Richard F. Nanna,
Professional Geologist, Apollo`s Senior Vice President, Exploration and
Development. Mr. Nanna is designated a "Qualified Person" under Canadian
National Instrument 43-101.
The assays were completed by Inspectorate America Corporation of Sparks, Nevada.
Inspectorate America Corporation is an ISO 9001:2000 registered Laboratory
providing industry standard analytical services.
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.
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. These statements include comments regarding the future
development of Huizopa, the potential of Huizopa to contain an economic deposit
and the future method or manner of mining at Huizopa. 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 the Huizopa Project; delays in
completing or less favorable than anticipated results of these drilling programs
at Huizopa; delays or problems in construction, permitting of the Huizopa road
construction project and delays in the commencement of the drill program as
envisaged or 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
Marlene Matsuoka, 720-886-9656 Ext. 217
Investor Relations
Toll Free: 1-877-465-3484
ir@apollogold.com
www.apollogold.com
Copyright Business Wire 2009
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