Apollo takes off on Black Fox results

Apollo Gold (APG-T) has intersected significant gold at its Black Fox gold project, 8 km east of Matheson Ont.

The latest underground drilling, carried out from the 235 level of the exploration drift, resulted in several high grade intercepts highlighted by 6.3 metres grading 86.26 grams gold, 5.1 metres grading 24.5 grams gold and 4.4 metres grading 37.8 grams gold per tonne. Three other holes cut intercepts that graded over 110 grams gold (1.7 metres grading 180 grams gold, 2 metres that graded 118.9 grams gold and 0.8 metre of 113.7 grams gold per tonne).

Fifty-three additional holes intersected 0.4-8.7 metres grading 3.5-63.98 grams gold per tonne.

An underground resource is being defined at 200-450-metres vertical depth and along strike for more than 700 metres.

Surface drilling has also intersected significant gold including an intercept of 4.2 metres grading 46 grams gold per tonne. Another six holes hit 1-3.6 metres grading 5-10.5 grams gold.

Volcanic rocks and shear zones strike southeast and dip to the southwest from 40 degrees near surface to 60 degrees at depth. Gold mineralization is associated with a 20-115-metre wide ankerite alteration zone cut locally by felsic dikes and sills.

Free gold is found in quartz veins and stockworks in green carbonate and ankerite-altered ultramafic rocks. Gold is also found associated with fine-grained pyrite within bleached ankerite-sericite-altered mafic volcanic rocks.

The company has contracted AMEC Americas of Vancouver, BC, to complete a feasibility study for the Black Fox project. The study should be completed by mid-2005.