Vancouver Armed with a newly completed $14.4 million financing, Apollo Gold (APG-T) has launched an exploratory drill program on its Black Fox property near Timmins, Ontario.
“We believe the exploration potential for the Black Fox Property lies in new ore zones at depth and along strike of the Destor-Procupine Trend," says Chief Executive Officer, R. David Russell. "First, we plan to drill a series of 200ft to 300ft holes along the strike and to the east of any old mine workings."
Located on the same trend that hosts the Holloway, Holt McDermott, and Hoyle Pond mines, the property lies close to Apollo Gold’s now closed Glimmer mine and remains largely unexplored. The fault system is several hundred meters wide, extends to depth, and is traceable on the surface in many locations. The first round of drilling is expected to comprise 75,000 ft.
Publicly listed since last summer, Apollo Gold is the result of a reverse-takeover by International Pursuit of a creditor-held company, also called Apollo Gold. The creditor company was running the last two Pegasus Gold gold mines still operating after the latter went bankrupt in 1999 (T.N.M., June 10/02).
Apollo now has 100% ownership of two open-pit mines, Montana Tunnels in Montana and Florida Canyon in Nevada, and in July it took control of the dormant Glimmer mine.
The company expects to produce some 200,000 gold-equivalent ozs in 2003.
Be the first to comment on "Drill turns at Black Fox"