Apollo Gold (AGT)

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NEWS out: Apollo Gold Announces Additional Assay Results for its Grey Fox Drilling Program

Nov 2, 2009 08:49:00 (ET)


DENVER, Nov 02, 2009 (BUSINESS WIRE) -- Apollo Gold Corporation ("Apollo" or "we") (AGT, Trade ) is pleased to provide an update on the 2009 drilling program in progress on its Grey Fox property.

The drilling program commenced on August 10,( )2009 and to date 34 holes have been completed. Assay results were released on the first seven holes (GF09-17 through GF09-23) on October 16, 2009. Apollo is pleased to provide assay and drill holes information on another 6 drill holes (GF09-24 through GF09-29) which are set out below. The location of all drill holes are shown in Figure 1.

The assay results continue to show continuity in shallow, multiple, mineralized zones. Newly received assay data in Holes GF09-24 and GF09-28 hit high grade gold with individual one meter samples that intercepted grades from 45.19 to 61.44 grams per tonne (1.32 to 1.79 ounces gold per ton). Hole GF09-24 also contained a mineralized zone 15.26 meters thick (true width) with an average grade of 3.36 grams per ton. We have highlighted the mineralized zones in the results shown in Table 1 below which also contains information reporting the individual assays that make up the zone immediately above each zone.

The 2009 drilling program follows the drilling program of 16 holes completed by Apollo in 2008 which successfully intersected gold mineralization in rocks similar to the host rocks of the Black Fox deposit and included high grade mineralization of 3.5 meters grading 455 grams gold per tonne (13.27 ounces of gold per ton).

In addition to the 29 holes assayed (16 holes from 2008 and 13 from 2009), we are still awaiting the results of a further 21 holes drilled in September and October 2009, all of which were drilled along the contact zone at 12.5 meter and 25.0 meter spacing with the objective of showing continuity to the mineralization and being able to publish a measured and indicated resource statement by the end of the first quarter 2010.

"A chance to develop a strongly mineralized, shallow gold resource on land contiguous with our open pit operation at the Black Fox mine is a great opportunity for Apollo," says Richard Nanna, Vice President-Exploration for Apollo. "It is also encouraging that all holes drilled and assayed to date have intersected the mineralization and indicate that it may continue to trend onto our newly acquired Pike River Property which adds to the potential of expanding gold resources to the north of the Grey Fox property. Our drilling program is continuing on the "contact zone" of Grey Fox and I look forward to updating the market as we receive more assay results on the other holes."

The Grey Fox project 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 which consists of the Black Fox mine, Pike River to the south-east of the Black Fox mine, which was acquired in September 2009, and Grey Fox which is to the south-east of Pike River. Figure 2 shows the total Apollo land package surrounding its Black Fox mine.


Table 1
2009 Grey Fox Drilling
Hole ID From (m) To (m) Core Width (m) Zone True Width (m) Assay grams Au/t Assay ounce Au/ton
GF09-24
66.7 67.2 0.50 40.46
67.2 67.7 0.50 45.19
GF09-24 66.7 67.7 1.00 0.83 42.82 1.25
69.7 70.1 0.40 1.51
70.1 72.0 1.90 5.01
72.0 72.4 0.40 1.30
72.4 73.4 1.00 0.41
73.4 74.0 0.60 3.02
74.0 74.6 0.60 6.58
74.6 75.6 1.00 0.82
75.6 76.6 1.00 0.41
76.6 77.6 1.00 0.55
77.6 78.6 1.00 0.41
78.6 79.2 0.60 0.62
79.2 80.2 1.00 1.30
80.2 80.9 0.70 2.19
80.9 81.9 1.00 7.27
81.9 82.4 0.50 5.01
82.4 83.3 0.90 3.50
83.3 84.0 0.70 29.76
84.0 85.0 1.00 3.29
85.0 86.0 1.00 0.41
86.0 87.0 1.00 0.41
87.0 88.0 1.00 1.37
GF09-24 69.7 88.0 18.30 15.26 3.36 0.10
GF09-25
GF09-25 119.0 120.0 1.00 0.81 1.17 0.03
131.0 132.0 1.00 1.371
132.0 133.0 1.00 12.000
133.0 134.0 1.00 0.617
GF09-25 131.0 134.0 3.00 2.43 2.17 0.06
136.0 137.0 1.00 3.43
Hole ID From (m) To (m) Core Width (m) Zone True Width (m) Assay grams Au/t Assay ounce Au/ton
137.0 138.0 1.00 1.99
GF09-25 136.0 138.0 2.00 1.62 2.71 0.08
151.0 152.0 1.00 0.96
152.0 153.0 1.00 2.13
153.0 154.0 1.00 0.82
GF09-25 151.0 154.0 3.00 2.43 1.30 0.04
GF09-26
GF09-26 77.0 78.5 1.50 1.65 1.34 0.04
120.4 121.4 1.00 1.10
121.4 122.4 1.00 0.69
122.4 123.4 1.00 4.53
123.4 124.4 1.00 0.62
124.4 125.4 1.00 0.55
GF09-26 120.4 125.4 5.00 4.47 1.49 0.04
131.9 132.9 1.00 1.30
132.9 133.9 1.00 0.96
GF09-26 131.9 133.9 2.00 1.79 1.13 0.03
161.9 162.9 1.00 0.62
162.9 163.9 1.00 2.19
163.9 164.9 1.00 2.06
164.9 165.9 1.00 1.78
165.9 166.9 1.00 1.92
166.9 167.9 1.00 2.47
167.9 168.9 1.00 1.10
168.9 169.9 1.00 1.99
169.9 170.9 1.00 1.58
GF09-26 161.9 170.9 9.00 8.05 1.74 0.05
175.5 177.0 1.50 0.82
177.0 178.5 1.50 2.06
178.5 180.0 1.50 2.19
GF09-26 175.5 180.0 4.50 4.03 1.69 0.05
GF09-26 194.5 196.0 1.50 1.34 1.44 0.04
GF09-27
GF09-27 84.5 86.0 1.50 1.38 6.86 0.20
GF09-27 88.6 89.1 1.50 1.38 3.77 0.11
99.5 101.0 1.50 0.82
101.0 102.5 1.50 1.37
102.5 104.0 1.50 2.13
Hole ID From (m) To (m) Core Width (m) Zone True Width (m) Assay grams Au/t Assay ounce Au/ton
GF09-27 99.5 104.0 4.50 4.13 1.44 0.04
110.8 111.8 1.00 2.67
111.8 112.8 1.00 3.09
GF09-27 110.8 112.8 2.00 1.83 2.88 0.08
GF09-27 116.4 117.2 0.80 0.73 1.10 0.03
GF09-28
95.3 96.3 1.00 2.26
96.3 97.3 1.00 61.44
97.3 98.3 1.00 8.37
GF09-28 95.3 98.3 3.00 2.53 24.02 0.70
GF09-28 109.3 110.0 0.70 0.59 1.10 0.03
GF09-29
57.8 58.8 1.0 2.606
58.8 59.8 1.0 4.320
59.8 60.8 1.0 8.572
60.8 61.8 1.0 5.760
GF09-29 57.8 61.8 4.00 3.24 5.31 0.15
UTM GRID NAD 83
Hole ID T.D. Northing Easting Elevation Azimuth Inc. Degrees
GF09-24 122.00 5373012.50 551070.00 291.51 270.00 -58.00
GF09-25 275.00 5372962.31 551120.39 290.93 270.00 -63.00
GF09-26 248.00 5372862.48 551120.08 290.77 270.00 -60.00
GF09-27 146.00 5372887.47 551119.86 291.22 270.00 -60.00
GF09-28 128.00 5372937.46 551096.34 291.11 270.00 -58.00
GF09-29 134.00 5372962.63 551069.54 290.84 270.00 -58.00


All assay work was completed by Polymet Labs of Cobalt, Ontario, which is ISO 9001:2000 certified in North America.

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 for the Grey Fox property are available on the Apollo website at www.apollogold.com .

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.