APG Reports Assay Results from Grey Fox

KERRY SMITH, Haywood Securities (10/16/2009)
"28 holes of 2009 drill program completed to date—The 2009 drill program at Grey Fox commenced on August 10, 2009 and assays have been received for the first 7 holes. Results included several encouraging grades and widths. . .Drilling is being completed at 12 meters spacing on the Contact Zone and holes are being drilled to a depth of approximately 140 meters. Assays from the remaining 21 holes are pending.

Initial measured and indicated resource expected at Grey Fox in Q1/10—The 2009 drill program will focus on drilling the Contact Zone to a measured and indicated status, as well as exploring the Calcite Zone and expanding mineralization down dip and along strike at both the Contact Zone and along the Destor Porcupine Fault Zone.

Approximately 300 meters of strike length identified at the Contact Zone—The 2008 and 2009 results have delineated an average width of approximately 3.7 meters at 4.80 grams per ton gold over a strike length of approximately 300 meters. The mineralization remains open both to the north and south, as well as down dip. Conceptually, a measured and indicated resource from the currently defined strike length would be approximately 50,000 ounces and growing. We expect this deposit to increase based on pending assay results and extension of the mineralized zone prior to the initial resource estimate in Q1/10.

. . .We continue to recommend the shares of Apollo Gold Corp. with a SECTOR OUTPERFORM rating."

 PRINT THIS PAGE   EMAIL THIS PAGE

Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.

Related Quotes: