Apogee Reports Assays from Oxide Drilling Program at Pulacayo Including 30 Meters Grading 129.0 g/t Silver, and 26 Meters Gra...
30 Gennaio 2012 - 1:00PM
Marketwired Canada
Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) is pleased to
report assay results from 21 diamond drill holes of the silver oxide program at
Pulacayo. (See Table 1 and Figures 1-4 below). The drilling program was
undertaken to delineate near surface silver oxide resources above the sulphide
resources at Pulacayo. All of the holes were drilled from surface.
A few highlights from the first set of drilling results from the program include:
-- 11PUD220 intersected 20.8 meters grading 79.3 g/t silver, from 35.2 to
56 meters and 9.0 meters grading 119.7 g/t Ag, from 80 to 89.0 meters.
-- 11PUD221 intersected 30.0 meters grading 129.0 g/t silver from 37.0 to
67.0 meters.
-- 11PUD233 intersected 9.0 meters grading 130 g/t silver from 20.0 to 29.0
meters, and 6.0 meters grading 186.7 g/t silver from 104.0 to 110.0
meters.
-- 11PUD239 intersected 19.0 meters grading 67.2 g/t silver from 71.0 to
90.0 meters.
-- 11PUD240 intersected 23.0 meters grading 50.20 g/t silver from 31.0 to
54.0 meters, including 6.0 meters grading 109.3 g/t silver from 48.0 to
54.0 meters.
The silver oxide drilling program was initiated following successful
metallurgical testing on composite samples from existing drill core at Pulacayo.
The metallurgical tests were designed to determine silver mineralogy in the
oxide zone and its amenability to recovery by conventional cyanide leaching.
Seventy-two hour leach tests with various reagent additions indicated that
silver dissolutions of 77% to 81% can be achieved. (See Press Release dated
August 3rd, 2011).
Chris Collins, P. Geo., President of Apogee, states, "We are very excited by the
first set of assay results from the silver oxide diamond drilling program at
Pulacayo. These results confirm that the extensive silver lead zinc
mineralization associated with the main Veto Tajo Structure at the Pulacayo
Deposit continues through the oxide zone to the surface. These results coupled
with positive results from oxide zone metallurgical testing undertaken last year
offer excellent potential for a significant increase in silver ounces in
resources at Pulacayo with the addition of oxide zone mineralization. A further
potential benefit is that oxide zone mineralization would generally be amenable
to lower cost mining and leaching methods."
Table 1 Summary of Significant Drill Hole Intervals
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Hole No. UTM E (m) UTM N (m) Az. Dip
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11PUD220 740,286 7,744,560 0 degrees -28 degrees
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11PUD221 740,286 7,744,560 0 degrees -19 degrees
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11PUD223 740,350 7,744,508 0 degrees -42 degrees
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11PUD225 740,250 7,744,453 0 degrees -40 degrees
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11PUD226 740,190 7,744,472 22 degrees -32 degrees
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11PUD227 740,150 7,744,498 0 degrees -34 degrees
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11PUD228 740,100 7,744,501 0 degrees -34 degrees
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11PUD229 740,400 7,744,450 0 degrees -33 degrees
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11PUD230 740,100 7,744,611 0 degrees -28 degrees
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11PUD231 740,000 7,744,585 0 degrees -28 degrees
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Incl.
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11PUD232 740,000 7,744,735 180 degrees -26 degrees
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11PUD233 740,050 7,744,562 0 degrees -27 degrees
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Incl.
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Incl.
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11PUD234 739,950 7,744,728 180 degrees -26 degrees
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11PUD235 740,100 7,744,578 0 degrees -34 degrees
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11PUD236 739,902 7,744,540 0 degrees -25 degrees
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11PUD237 739,902 7,744,540 0 degrees -15 degrees
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11PUD238 739,998 7,744,457 0 degrees -16 degrees
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11PUD239 740,050 7,744,597 0 degrees -28 degrees
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Incl.
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11PUD240 740,148 7,744,600 0 degrees -28 degrees
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Incl.
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11PUD241 740,200 7,744,583 0 degrees -22 degrees
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11PUD242 740,249 7,744,566 0 degrees -26 degrees
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Incl.
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Table 1 Summary of Significant Drill Hole Intervals
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Core Length
Hole No. From (m) To (m) (M) (i) Ag g/t Pb % Zn %
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11PUD220 35.20(ii) 56.0 20.80 79. 3 0.90 0.62
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65.00 68.0 3.00 44.7 0.75 0.60
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80.00 89.0 9.00 119.7 2.60 2.64
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11PUD221 37.00 67.0 30.00 129.0 0.90 0.13
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70.00 76.0 6.00 36.2 0.59 0.27
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11PUD223 37.00 40.0 3.0 135.0 1.98 0.01
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53.00 59.0 6.0 69.7 0.39 0.38
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74.00 76.0 2.0 85.5 2.12 2.85
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93.00 98.0 5.0 56.2 0.75 0.19
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11PUD225 71.0 77.0 6.0 29.2 0.91 0.90
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128.0 134.0 6.0 31.5 0.96 3.16
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11PUD226 39.00 41.0 2.0 43.5 1.59 0.05
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52.00 54.0 2.0 85.00 1.87 0.01
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82.00 84.0 2.0 39.50 0.88 0.38
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11PUD227 66.00 69.0 3.0 18.00 0.43 1.77
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11PUD228 17.0 19.0 2.0 37.0 0.83 0.01
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35.0 37.0 2.0 153.0 2.75 0.07
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73.0 76.0 3.0 51.3 1.92 4.99
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89.0 92.0 3.0 30.33 0.84 2.58
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99.0 106.0 7.0 44.0 1.11 2.23
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11PUD229 98.0 101.0 2.0 249.0 4.37 3.88
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123.0 126.0 3.0 31.3 0.58 1.20
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11PUD230 31.0 57.0 26.00 68.73 1.17 0.03
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11PUD231 21.0 23.0 2.0 199.5 9.35 0.06
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40.0 47.0 7.0 92.0 2.53 0.07
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Incl. 45.0 46.0 1.0 407.0 6.72 0.07
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101.0 106.0 5.0 54.4 1.07 3.32
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109.0 114.0 5.0 96.4 1.77 4.70
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117.0 120.0 3.0 79.0 1.37 4.45
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11PUD232 42.0 48.0 6.0 45.83 1.48 0.04
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54.0 56.0 2.0 47.5 1.24 3.97
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65.0 68.0 3.0 29.7 0.96 2.73
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11PUD233 20.0 29.0 9.0 130.0 2.73 0.19
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Incl. 25.0 26.0 1.0 447.0 4.46 0.37
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93.0 95.0 2.0 736.5 9.43 1.07
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104.0 110.0 6.0 186.7 2.66 4.07
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Incl. 107.0 110.0 3.0 329.0 4.29 5.46
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143.0 147.0 4.0 38.3 0.90 2.61
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11PUD234 40.0 42.0 2.0 21.5 0.68 0.28
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11PUD235 51.0 54.0 3.0 40.3 1.27 1.70
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61.0 64.0 3.0 25.7 0.75 0.26
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72.00 84.05 12.05 41.60 1.36 0.11
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97.00 99.00 2.00 64.50 1.47 4.78
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11PUD236 28.0 31.0 3.0 67.7 1.79 0.03
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90.0 92.0 2.0 77.5 2.19 0.02
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164.0 168.0 4.0 83.0 1.72 3.54
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11PUD237 89.0 91.0 2.0 48.50 2.53 0.03
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177.0 179.0 2.0 257.00 4.99 11.13
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11PUD238 No Significant Results
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11PUD239 5.0 9.0 4.0 365.00 4.75 0.04
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Incl. 7.0 8.0 1.0 1170.0 13.25 0.76
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71.0 90.0 19.0 67.2 1.72 0.40
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11PUD240 31.0 54.0 23.0 50.2 0.63 0.01
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Incl. 48.0 54.0 6.0 109.3 1.04 0.03
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11PUD241 40.0 44.0 4.0 46.3 0.61 0.01
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50.0 57.0 7.0 35.7 0.80 0.02
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11PUD242 35.0 37.0 2.0 22.0 0.25 0.02
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41.0(ii) 54.25 13.25 133.2 1.60 0.08
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Incl. 42.0 48.0 6.0 209.7 1.61 0.11
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(i) True widths of the intersections listed above are estimated to range
between 80% and 95% of the core lengths provided in the table above.
(ii) Indicates an interval adjacent to historical mine workings.
Bold Intervals are interpreted to represent the Veta Tajo Structure.
The silver oxide drilling program was carried out between August and December
2011 and totaled 6,250 meters in 45 drill holes. The assay results from the
remaining 24 holes of the program are pending. In addition to the drill results
727 samples were collected from the oxide zone in 20 diamond drill holes
undertaken during the previous sulphide drill programs at Pulacayo which had not
been previously sampled, and 250 surface channel samples were collected from
trenching programs undertaken during the fall of 2011. Analyses from all these
samples are also pending and all results will be released as available. It is
expected all of this data will be incorporated into a NI 43-101 independent
mineral resource estimate of silver oxide resources at Pulacayo, which is
expected to be completed during the second quarter of 2012.
The completion of the oxide drilling program in December 2011 marked the
successful completion of all the surface drilling initiatives Apogee had planned
for 2011. In all, between both the sulphide resource expansion and oxide zone
programs, approximately 29,000 meters were drilled during 2011. Apogee currently
has one underground drill operating on the property in support of the trial
mining initiatives.
Quality Control
The Company employs a quality assurance/quality control protocol on all aspects
of the diamond drilling, sampling and analytical procedures. The quality control
and all aspects of the exploration program are supervised by Apogee's
Exploration Manager Mr. Hernan Uribe, who holds a Masters of Applied Science in
Mineral Exploration from the Imperial College of Science And Technology, Royal
School of Mines, London, England. The scientific and technical information
presented in the press release has been reviewed and approved by Chris Collins,
P. Geo., President of Apogee and a qualified person, as defined by NI 43-101.
For detailed project information please refer to Apogee's web site at
www.apogeesilver.com.
About Apogee Silver Ltd.
Apogee Silver Ltd. is a mineral exploration and development stage company listed
on the TSX Venture Exchange under the symbol APE. Apogee targets advanced
silver-zinc-lead projects in South America that demonstrate potential to be
developed to production. Currently its projects are located in the historic
silver producing regions of southwest Bolivia and northern Chile.
Its most advanced project is the 100% owned Pulacayo-Paca project in Bolivia,
This project includes the property that covered the second-largest silver mine
in the history of Bolivia with over 600 million ounces of past production.
Cautionary Note Regarding Forward-Looking Information. This press release
contains "forward looking information" within the meaning of applicable Canadian
securities legislation. Forward looking information includes, but is not limited
to, statements with respect to the future financial or operating performance of
the Company, its subsidiaries and its projects, the development of and the
anticipated timing with respect to the Pulacayo-Paca project, the anticipated
timing with respect to completion of the diamond drill program, the current
drill program, anticipated timing with respect to the trial mining program and
statements regarding exploration prospects. Generally, forward looking
information can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such forward-looking
information, including but not limited to: financing not being available at
desired prices; general business, economic, competitive, political and social
uncertainties; the actual results of current exploration activities; timing and
availability of external financing on acceptable terms; conclusions of economic
evaluations; changes in project parameters as plans continue to be refined;
future prices of mineral prices; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes and other risks of the mining
industry; and, delays in obtaining governmental approvals or required financing
or in the completion of activities. Although the Company has attempted to
identify important factors that could cause actual results to differ materially
from those contained in forward-looking information, there may be other factors
that cause results not to be as anticipated, estimated or intended. There can be
no assurance that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward
looking information. The Company does not undertake to update any
forward-looking information, except in accordance with applicable securities
laws.
On Behalf of the Board,
G. Scott Paterson, Chairman
To view "Figure 1: Pulacayo Project Location Map", please visit the following
link: http://media3.marketwire.com/docs/apogFig1.pdf
To view "Figure 2: Plan View Location of Oxide Zone Diamond Drill Holes", please
visit the following link: http://media3.marketwire.com/docs/apogFig2.pdf
To view "Figure 3 Vertical Longitudinal Section of the Oxide Zone Drill Hole
Intercepts", please visit the following link:
http://media3.marketwire.com/docs/apogFig3.pdf
To view "Figure 4 Pulacayo Deposit Vertical Section 740300 E Showing Oxide Zone
DDH's 11PUD220 and 11PUD 221", please visit the following link:
http://media3.marketwire.com/docs/apogFig4.pdf
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