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Apollo hits more gold at Grey Fox property
Posted By RICK OWEN, NORTHERN NEWS
Posted 8 hours ago
I REALLY HOPED WE WOULD HAVE GOTTEN ALOT MORE BANG FOR ORE OUT OF THIS PR TODAY
http://www.northernnews.ca/ArticleDisplay.aspx?archive=true&e=2135848
Apollo Gold Corporation continues to intersect multiple zones of gold mineralization as it drills the company's Grey Fox property.
The company started the current drill campaign in August and to date has completed 28 holes. The results of the first seven holes show multiple mineralized zones and individual one metre samples have intercepted high grade gold from 12 to 277 grams gold per tonne or 0.35 ounces to 8.08 ounces gold per ton.
The Grey Fox property is located 3.5 kilometres southeast of Apollo's Black Fox Mine, which started gold production in may. In total Apollo owns a 6.5 land package consisting of the Black Fox Mine, the Pike River Property located southeast of the Black Fox and Grey Fox property located southeast of the Pike River property.
The current drill program is a follow up on 16 holes completed by Apollo in 2008. The first program was successful in intersecting gold mineralization in rocks similar to the host rocks of the Black Fox Deposit and included a high-grade assay of 544 grams gold per tonne over 3.5 metres or 13.27 ounces gold per ton.
The first seven holes of the 2009 program are generally clustered down dip and along strike of the high-grade zone identified in 2008 and show continuity to the 16 hole-drilling program completed last year.
"We are very pleased with the drilling results so far. It is very favourable to find multiple mineralized zones like this at a relatively shallow depth, for example GF09-23, which is an exceptional drill hole, with five separate mineralized zones at a depth of less than 100 metres," said Richard Nanna, Vice President Exploration for Apollo. "In addition to these seven holes and the 16 holes from last year, we are awaiting results of a further 21 holes drilled in 2009, all of which have been drilled in the area, with the objective of raising results to a measured and indicated resource status by the end of the first quarter of 2010. The mineralization is also trending onto our newly acquired Pike River property, which adds to the potential of expanding any resources. The drilling at Grey Fox is ongoing."
Some of the other assays from the 2009 drill program include; 6.27 metres grading 5.39 grams gold per tonne, 0.54 metres returning 15.57 grams gold per tonne, 2.69 metres assaying 4.66 grams gold per tonne, 0.91 metres returning 8.43 grams per tonne, 6.86 metres intersecting 6.47 grams gold per tonne, 10.90 metres hitting 7.82 grams gold per tonne, 2.97 metres assaying 8.82 grams gold per tonne and 4.85 metres intersecting 6.93 grams gold per tone.
Apollo Gold Announces Assay Results. Very nice.
Apollo Gold Announces Assay Results for its Grey Fox Drilling Program
2009-10-16 08:47 ET - News Release
Company Website: http://www.apollogold.com
DENVER -- (Business Wire)
Apollo Gold Corporation ("Apollo") (TSX: APG) (NYSE Amex: AGT) is pleased to provide an update respecting the 2009 drilling program in progress on its Grey Fox property.
The drilling program commenced on August 10, 2009, and 28 holes have been completed to date. Assays received for the first seven holes (GF09-17 through GF09-23) are shown on the attached Appendix A. The results of the first seven holes show multiple mineralized zones have been intercepted in most of the holes and individual one meter samples have intercepted high grade gold from 12 to 277 grams per tonne (0.35 to 8.08 ounces gold per ton). The mineralized zones are highlighted in the results shown in Appendix A which also shows the individual assays that make up the zone immediately above each zone. All Assay work was completed at Swastika Laboratories in Swastika, Ontario and Polymet Labs of Cobalt, Ontario. These labs are ISO 9001:2000 certified in North America.
The Grey Fox property is located about 3.5 kilometers southeast of Apollo’s Black Fox Mine, which commenced gold production in May 2009. Apollo owns a 6.5 kilometer land package consisting of: (i) the Black Fox Mine; (ii) the Pike River property located to the southeast of the Black Fox Mine, which was acquired in September 2009; and (iii) the Grey Fox property located to the south-east of the Pike River property. Appendix B shows Apollo's total land package surrounding its Black Fox Mine.
This year’s drilling follows up the drilling program of 16 holes completed by Apollo in 2008 which was successful in intersecting gold mineralization in rocks similar to the host rocks of the Black Fox Deposit and included a high grade intercept of 3.5 meters grading 455 grams gold per tonne (13.27 ounces of gold per ton). These first seven holes of the 2009 drilling program are generally clustered down dip and along strike of the high grade zone identified in 2008 and therefore show continuity to the 16 hole drilling program completed in 2008 (see attached Appendix C map).
“We are very pleased with the drilling results so far,” says Richard Nanna, Vice President-Exploration for Apollo. “It is very favorable to find multiple mineralized zones like this at a relatively shallow depth, for example GF09-23, which is an exceptional drill hole, with five separate mineralized zones at a depth of less than 120 meters. In addition to these seven holes and the 16 holes from last year, we are awaiting the results of a further 21 holes drilled in 2009, all of which have been drilled in the area, with the objective of raising the results to a measured and indicated resource status by the end of the first quarter 2010. The mineralization is also trending onto our newly acquired Pike River property which adds to the potential of expanding any resources. The drilling at Grey Fox is ongoing.”
This press release has been reviewed and approved for release by Richard F. Nanna, Professional Geologist, Apollo's Senior Vice-President, Exploration and Development and designated “Qualified Person” under NI 43-101. All drill assay results are available on the Apollo website at www.apollolgold.com.
Apollo Gold Corporation
Apollo is a gold mining and exploration company that owns and operates the Black Fox mine in Ontario, Canada, and owns a 50 percent interest in a joint-venture with Elkhorn Tunnels, LLC at the Montana Tunnels Mine near Helena, Montana. The Montana Tunnels Mine is currently on care and maintenance. Apollo also owns an 80 percent interest in the Huizopa Project joint venture (20 percent Minas De Coronado, S. de R.L. de C.V.), an early stage exploration project in the Sierra Madres in Chihuahua, Mexico.
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. All statements regarding the timing of the expected completion of the 2009 drilling program at Grey Fox, the timing and ability of the Company to successfully obtain indicated and measured resource status and to expand the Contact Zone 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 at Grey Fox, 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 New York 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, other than as required by applicable law.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6074774&lang=en.
Contacts:
Apollo Gold Corporation
Investor Relations
Marlene Matsuoka, 720-886-9656 Ext. 217
Toll Free: 1-877-465-3484
ir@apollogold.com
www.apollogold.com
Source: Apollo Gold Corporation
Hopefully they come out with the Grey Fox drill results soon, this could light a nice burn fuse here...
FWIW - Jay Taylor video (below) on Fox Business talking about gold with Eric Bolling (Oct 8)...and to think this is one of his favorite stocks...as of his previous video on Sept 29th...
http://video.foxbusiness.com/10482845/golds-record-setting-run?category_id=1292d14d0e3afdcf0b31500afefb92724c08f046
I'm not greedy please hit some big holes (AGT) on Grey Fox and get him back on :)
Yes I am very patient when investing in stocks that I know are going to make my retirement sooner and waht shall I say fatter or comfortable or worry free whatever. I have many that I only have to invest a few thousand in now and wait a few years. Of course if things are going my way I always add on the dips, so much fun too. Hang in there you will be glad you did. And GLTY too This is all JMHO of course
I agree..You must be a patient man...According to the Jay Taylor interview with the CEO, they should be coming out with some news on intial Grey Fox drill results soon...Looks like they're getting their ducks lined up in a row (to promote)..GLTY
It has been just sitting waiting to run for so long now that it has to go. Just look at production numbers already, easily at 1.00 by eoy, then watch it fly with institutional investors getting in and Grey Fox reports, still one of my baby's been here since way before mill was started on.
Paidmyway
Brynjolfsson Sees Gold Reaching $2,000 on Currency Hedge
Nice video today on Bloomberg:
http://www.bloomberg.com/avp/avp.htm?N=av&T=Brynjolfsson%20Sees%20Gold%20Reaching%20%242%2C000%20on%20Currency%20Hedge&clipSRC=mms://media2.bloomberg.com/cache/v9nCCfxYCpaY.asf
Good news, very nice.
look forward to further improvements in the fourth quarter in ore control and throughput plus grades of ore."
***__NEWS OUT**:Apollo Gold Third Quarter 2009 Gold Production
Oct 5, 2009 08:16:00 (ET)
DENVER, Oct 05, 2009 (BUSINESS WIRE) -- Apollo Gold Corporation ("Apollo" or "we") (AGT, Trade ) is pleased to update the market on the third quarter 2009 gold production and progress at its Black Fox mine located near Timmins, Ontario.
We are pleased to report that during the three months of July through September 2009, the Black Fox mill processed approximately 161,000 tonnes of ore at an average grade of 4.1 grams of gold per tonne ore to produce an estimated 19,750 ounces of gold (recovery approximately 94%). The average mill throughput rate was therefore approximately 1,750 tonnes per day.
Black Fox Mill Jul-09 Aug-09 Sep-09 3rd Qtr
Tonnes Milled 49,400 54,800 56,800 161,000
Grade of Ore (grams/tonne) 3.8 4.2 4.2 4.1
Recovery 92.0% 95.0% 95.0% 94.0%
Gold Production - ounces 5,500 7,000 7,250 19,750
In addition to the gold production from the Black Fox mill, we had additional gold production from ore from the Black Fox mine that was milled at St Andrew Goldfields' ("SAS") Holt mill facility, located approximately 30 miles east of the Black Fox mine. As we previously announced on September 9, 2009, we have an agreement with SAS to toll mill approximately 100,000 tonnes of Apollo's Black Fox mine ore at SAS's Holt mill facility. As at September 30, 2009, the Holt mill had processed approximately 62,000 tonnes of Black Fox ore at an average grade of 1.9 grams of gold per tonne to produce an estimated 3,500 ounces of gold (recovery approximately 92%). Therefore, total gold produced by Apollo in the third quarter 2009 was an estimated 23,250 ounces.
R. David Russell, President and CEO of Apollo, stated: "We got off to a slow start in the third quarter producing about 5,500 ounces of gold in July as a result of experiencing ore grade control problems. During August, we saw an improvement in production, mainly due to the grade control programs we implemented during the month, and production rose to approximately 7,000 ounce of gold. September saw continued improvement with our estimated production being 7,250 ounces of gold. The third quarter was our first full quarter of production and we look forward to further improvements in the fourth quarter in ore control and throughput plus grades of ore."
Apollo Gold Corporation
Apollo is a gold mining and exploration company which operates the Black Fox mine in Ontario, Canada. Apollo also owns the Huizopa project, an early stage exploration project in the Sierra Madres in Chihuahua, Mexico and operates 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.
Good interview with DR (CEO) of AGT on Jay Taylor radio show from Sept. 29...
Starts around 6 minutes in..Sounds likes some news on Grey Fox drilling (12 holes) in a couple weeks..
http://www.modavox.com/voiceamerica/vepisode.aspx?aid=41446
gold chart 24x7 spot price
AGT ~ $XAU ~ $GOLD charts & fills. When I saw that registered buyer last week, I decided to get off the fence.
Buy 3,000 Shares of AGT
Order Number:I28CDDMM
Details Filled at $0.5046
Buy 3,000 Shares of AGT
Order Number:I28CCWKM
Details Filled at $0.5049
Nice now lets see a break to new highs.
25k @.53 pre-market/e
I agree 1 dollar is a nice SHORT TERT TARGET.
Nice, thanks for posting that. $1.00 target would be sweet, especially after we break and hold the dollar. Would be levels not seen in AGT for years. Holding long and strong.
Be well.
APOLLO GETS A NEW FOLLOWER
Apollo's Black Fox gold mine gets Haywood Securities seal of approval
Apollo Gold's new Black Fox gold mine in Ontario has captured the attention of Haywood Securities.
Author: Dorothy Kosich
Posted: Thursday , 24 Sep 2009
RENO, NV -
Haywood Securities has initiated coverage on Apollo Gold Corporation, emphasizing its new Black Fox mine east of Matheson, Ontario.
In analysis published Wednesday, Haywood metals analysts Kerry Smith and Shane Nagle forecast life of mine average production of 125,000 ounces of gold at total cash cost of US$385 per ounce over 10 years.
The US$90 million Black Fox mine, which began commercial production in June, is forecast to produce 58,000 ounces of production at a cash cost of US$480/oz this year. Haywood predicted cash costs will be higher during the third quarter of this year.
Apollo Gold also owns a 50% interest in Montana Tunnels-a zinc, lead, gold and silver operation in Montana-which was placed on care and maintenance in April 2008 due to low zinc and lead prices.
Haywood estimated Apollo has 1.33 million ounces of gold reserves and a total resource of 2.18 million ounces at Black Fox. Current reserves at Montana Tunnels for the entire joint venture are 508,000 ounces of gold, 416 million pounds of zinc, 142 million pounds of lead, and 8.4 million ounces of silver.
The company is now is discussions with lenders to reschedule a US$9 million debt payment due September 30th. Haywood said the company has US$5 million in cash available for debt repayment and a further US$6.5 million of a $7.5 million flow-through financing, which is only available for exploration.
Smith and Nagle suggested exploration should be a priority at Black Fox, which consists of 3,195 acres. The company has also recently secured the surface and mineral rights to 1,145 acres between Apollo's Black Fox and Grey Fox properties. "The land package is known as Pike River and lies along the strike length of the Destor-Porcupine Fault Zone," they noted.
Apollo Gold rose out of the ashes of the former Pegasus Gold in 2002, which had crashed and burned and filed for bankruptcy. Investment banks took over the chief Pegasus assets of Florida Canyon and Montana Tunnels, subsequently selling those assets to the newly formed Apollo Gold. Florida Canyon would eventually be sold to Jipangu of Japan.
Haywood gave Apollo Gold a "Sector Outperform" rating with a target price of $1 with speculative risk.
The chart is a thing of beauty and IMO .44 to .45 will be a a solid base for us and hopwefully we move higher into the close and tomorrow.
I agree and IMO better adding at .44 than .54 or .64
Still kickin myself for not adding at .40
Yes and hope to add more before it breaks out.
I hear ya..I've been waiting for this day. GLTY.
I wonder if they hit something big on Grey Fox. My Fingers and my hairy toes are crossed :)))
This stock is going to do very well. Esp looking at today's action where gold is down today (doin a lil churn IMo), we get this outperform and BOOOOOOM lol.
AGT flying to the moon lol
Nice Pop today...Anyone a Haywood client?
http://www.haywood.com/research_search.asp?search=1&txtSearchText=apollo+gold&analyst=0
Hmm, wonder if their drilling is going well :)
Entering new 52 wk range . Nice outperform on AGT, I like it.
Ahh come on, just a down trend, LOL Whooo guess there's always some wild ones out there lol GO AGT!
Looks like today could be break out day just added 20
... and with an assessment like that, ... well, to each his own.
IMHO, AGT is held down by fundamental issues such as high share count, uncertainty about changes in business arrangements with the bank, and Black Fox startup that underperformed expectations. Improved operations and timely payments to the bank are needed to take it up to .50 while any more disappointments could easily take it back into the mid-.30s.
Meanwhile, although I own a lot of AGT, I feel much more confident with GORO.
'peeker
Excellent. Seems she is building a base before she pops through the .50 52 wk high.
With an assessment like that, I'm going to have to refer you back to trend identification 101 and economics and monetary basics 101. You seem to lack the understanding of how things function.
Be well.
Before you begin to invest real $$$$ be sure to contact a trained professional as it seems you sir, lack the understanding of trading and/or investing.
If you have the money buy the dips. IF not just hold.
AGT establishing downward trend until changes (benefitting bank) are known? Down .03 on light volume. Somebody must be unloading because they don't trust the banks (or mgt) to be giving a high priority to the benefit of AGT shareholders.
I agree and a dding a few today.
Right, pullbacks are gifts.
Lets hope so but even if this pullback isnt over IMO it doesnt last long.
It looks very good, We go to .75 then we are off to higher highs $1 $1.50 $2, and at that time i would like to see gold over $1200.
I have been adding to my core and taking trading profits in others. IMO we are on our way to .75 soon.
Yes, and as gold moves high so does AGT and gold stocks.
Hopefully we are much higher then.
Good companies, have happy investors, AGT reporting its numbers, 10Q 3rd quarter around Nov sometime.
Its interesting that on the toronto exchange she is trading at .48, and even, and we are bouncing like crazy scratching to get back to .45...hmmmm.
Article of interest: http://www.ritholtz.com/blog/2009/09/bernanke-says-recession-over-should-you-care/
Bernanke Says Recession Over; Should You Care?
By Barry Ritholtz - September 16th, 2009, 6:00AM Ben Bernanke has declared the recession over.
This leads to one simple question: Why should you care what his recession forecasts are?
Based on his track record as a forecaster and his acumen in identifying economic problems before they exploded, his views on starts and finishes of recessions are, to be blunt, irrelevant.
Recall it was Mr. Bernanke who described the sub-prime situation as “Contained;” it was he who believed Housing would not spill over to the broader economy; and it was he who somehow thought the Bear Stearns situation was a one-off.
I don’t wish to single out Mr. Bernanke; After all, he is an economist, and if you were paying attention, you will note that the entire profession missed the oncoming recession, credit crisis and market collapse. You may also find it helpful to ignore what the profession that cannot forecast yesterday thinks about tomorrow.
Even now, the Federal Reserve Chairman said the recession was “very likely over” as consumers showed some of the first tangible signs of spending again. Never mind that all this retail activity has been driven by government subsidies.
Now, as an investor, you do want to be mindful of the Fed Chief’s economic views, particularly how they pertain to his interest rate policies. The ed has made it clear rates are staying low for the foreseeable future, so this becomes a non-issue in this context.
But his economic forecasts? Don’t bother.
Note that I have not been a particularly harsh critic of the Fed Chair. While he may not be Paul Volcker, he is also (thankfully) not Alan Greenspan. And we could have done much worse than having a student of the Great Depression, who is also an out-of-the-box thinker as Fed Chief.
But as a prognosticator? He is no better than his predeccessor . . .
>
Sources:
Bernanke: Recession ‘Likely Over’
SARA MURRAY and ANN ZIMMERMAN
WSJ, SEPTEMBER 16, 2009
http://online.wsj.com/article/SB125301730771311713.html
Fed Chief Says Recession Is ‘Very Likely Over’
STEPHEN LABATON
NYT, SEPTEMBER 15, 2009
http://www.nytimes.com/2009/09/16/business/economy/16bernanke.html
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[ Stock Quotes ]
APG : TSX | AGT : AMEX
Apollo Gold is involved in the acquisition, exploration and development of gold deposits; ranging from initial metals exploration to gold producing operations. The Company is currently engaged consecutively in all 3 phases of gold mining.
Our current objectives are to commence mine construction at our Black Fox Project, drilling and road construction at our Huizopa Project, and to continue profitable production at the Montana Tunnels Mine. In addition, we continue to evaluate potential acquisition and exploration prospects.
http://www.apollogold.com/en/blackfox.htm
http://www.apollogold.com/en/investors_company.htm
http://www.apollogold.com/en/investors_management.htm
http://www.apollogold.com/en/investors1m/presentations/091409dgf.pdf
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