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 |
||||
| 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