Apogee Intersects 21.0 Meters Grading 479.43 g/t Silver at Pulacayo and Commences Additional Metallurgical Study on the Pulacayo
January 18 2011 - 6:00AM
Marketwired Canada
Apogee Minerals Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) reports assay
results from 6 additional diamond drill holes from the ongoing drill campaign at
the Pulacayo deposit located in southwest Bolivia. (See Table 1 below). All of
the reported holes were drilled from surface.
The highlights from these holes include:
-- DDH PUD 156 intersected 6.40 meters grading 217.49 g/t silver, 0.99%
lead and 1.36% zinc within a 37.0 meter interval grading 74.65 g/t
silver, 0.33% lead and 0.82% zinc.
-- DDH PUD 158 intersected 5.00 meters grading 172.26 g/t silver, 0.64%
lead and 0.59 % zinc within a 10.0 meter interval grading 127.13 g/t
silver, 0.34% lead and 0.37% zinc.
-- DDH PUD 159 intersected 21.00 meters grading 479.43 g/t silver, 0.41%
lead and 0.58 % zinc within a 34.0 meter interval grading 342.82 g/t
silver, 0.41% lead and 0.54% zinc.
The holes were drilled to continue delineation of the deposit along strike east
of the previously released National Instrument 43-101 ("NI 43-101") resource,
where diamond drilling, ongoing since January 2010, has successfully extended
the deposit an additional 350 meters. (See Press Releases dated January 15th
2010, March 15th 2010, April 19th 2010, July 13th 2010, August 9th 2010,
September 20th 2010, and the NI 43-101 technical report dated December 2008 and
filed under the SEDAR profile of the Company at www.sedar.com). The Company has
now completed twenty-six drill holes in this area east of the previously
released NI 43-101 resource (See Figure 2 and 3 below).
Chris Collins, P. Geo., President of Apogee states, "We continue to be very
excited by the results from our ongoing drilling which has expanded the deposit
to the east. Delineation drilling of the east extension of the deposit indicates
good continuity. The grades and widths of the drill intersections encountered in
this area are comparable to the grades and widths observed in the area
comprising the resource (See Press Release dated June 24, 2010 and the NI 43-101
Technical Report dated June 25th 2010 and filed under the SEDAR profile of the
Company at www.sedar.com). We are confident that the drilling in this area will
result in a significant addition to the previously estimated mineral resource
and expect this will further enhance development potential of the deposit."
Diamond drilling ongoing at the site is now targeting extensions to the Pulacayo
deposit further east of these 26 drill holes. (Figure 3).
Table 1 Summary of Significant Intercepts
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Core
Length
Hole UTM E UTM N Azimuth Angle From To (M) Ag Pb Zn
No. (m) (m) (deg.) (deg.) (m) (m) (i) g/t % %
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PUD-156 740614 7744321 22 -38 241.0 278.0 37.0 74.65 0.33 0.82
----------------------------------------------------------------------------
Incl. 241.0 253.0 12.0 163.92 0.54 0.88
----------------------------------------------------------------------------
Incl. 246.60 253.00 6.40 217.49 0.99 1.36
----------------------------------------------------------------------------
Incl. 246.6 249.0 2.40 420.88 2.16 2.22
----------------------------------------------------------------------------
----------------------------------------------------------------------------
PUD-157 740450 7744335 22 -38 322.15 327.0 4.85 25.68 0.13 0.56
----------------------------------------------------------------------------
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PUD-158 740510 7744311 20 - 38 336.00 346.00 10.0 127.13 0.34 0.37
----------------------------------------------------------------------------
Incl. 338.00 345.00 7.00 155.47 0.47 0.45
----------------------------------------------------------------------------
Incl. 340.00 345.00 5.00 172.26 0.64 0.59
----------------------------------------------------------------------------
PUD-159 740560 7744307 20 -41 320.00 354.00 34.00 342.82 0.41 0.54
----------------------------------------------------------------------------
Incl. 333.00 354.00 21.00 479.43 0.41 0.58
----------------------------------------------------------------------------
Incl. 343.00 354.00 11.00 789.73 0.60 0.62
----------------------------------------------------------------------------
Incl. 348.00 353.00 5.00 1568.20 0.75 0.48
----------------------------------------------------------------------------
----------------------------------------------------------------------------
PUD-160 740510 7744311 20 -34 312.00 315.00 3.00 76.00 0.13 0.68
----------------------------------------------------------------------------
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PUD-161 740656 7744294 22 -43 312.00 315.00 3.00 42.67 0.67 1.67
----------------------------------------------------------------------------
325.00 340.00 15.00 59.55 0.12 0.18
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Incl. 327.26 337.00 9.74 69.97 0.08 0.14
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(i) True widths of the intersections are estimated to be approximately 80%
of the core lengths provided in the table above.
The company also reports that it has initiated a program of metallurgical test
work to augment the results of the work completed by Micon International Ltd. as
part of the Preliminary Assessment, ("PEA"), of the Pulcayo Deposit. (See Press
Release dated June 24, 2010 and the NI 43-101 Technical Report dated June 25th
2010 and filed under the SEDAR profile of the Company at www.sedar.com.) This
work is being conducted under the supervision of John H. Starkey, P. Eng.,
Principal Consulting Engineer, Starkey and Associates Inc., Consulting
Engineers. Mr. Starkey is a highly respected professional metallurgist with over
45 years of mineral processing experience both in operations and design projects
in Canada and throughout the world. The metallurgical test work will be
undertaken at Inspectorate Exploration and Mining Services Ltd., Metallurgical
Division, in Richmond B.C. Several composite samples from the Pulcayo Deposit
are currently in transit to the lab. In addition to the metallurgical testing
program Mr. Starkey has been retained by the Company to complete process
engineering audits of a number of mineral processing facilities in the Potosi
District of Bolivia which have been identified as candidates for potential early
toll milling of the Pulacayo ores. This work is in progress.
The Pulacayo Deposit is a thick east-west striking zone of conjugate veins,
stockwork and disseminated sulphides that locally are up to 200 meters thick
with a higher grade core that comprises the resource and may locally exceed 60
meters in thickness. The known strike length of the Tajo Vein System which hosts
the Pulacayo deposit is close to 3 kilometers and it remains open at both ends
along strike (Figure 2). Mineralization comprises sphalerite, galena and
tetrahedrite in sulphide-rich veins ranging from a few centimeters to greater
than one meter thick and heavily disseminated sphalerite, galena and
tetrahedrite between the veins.
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 Vice
President of Exploration, Joaquin Merino, P. Geo, a qualified person as defined
by NI 43-101. Mr. Merino has reviewed and approved the scientific and technical
information presented in this press release.
For detailed project information please refer to Apogee's web site at
www.apogeeminerals.com.
This release has been reviewed and approved by Chris Collins, P. Geo., President
of Apogee and a qualified person as defined by NI 43-101.
About Apogee Minerals Limited
Apogee Minerals 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 Pulacayo-Paca project in Bolivia, which is an
option to joint venture with Golden Minerals Company. 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, statements regarding the drill
program at Pulacayo, development of the Pulacayo project, statements regarding
exploration prospects and results, and requirements for additional capital.
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/ape0118fig1.pdf.
To view Figure 2: Tajo Vein System, Plan View, please visit the following link:
http://media3.marketwire.com/docs/ape0118fig2.pdf.
To view Figure 3: Pulacayo Deposit Vertical Longitudinal Section, please visit
the following link: http://media3.marketwire.com/docs/ape0118fig3.pdf.
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