Apogee Intersects 4.0 Meters Grading 350.75 g/t Silver and 8.0 Meters Grading 242.38 g/t Silver at the Pulacayo Deposit
June 22 2011 - 7:00AM
Marketwired Canada
Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) reports assay
results from eight 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 185 intersected 6.0 meters grading 165.50 g/t silver, 3.53%
lead, 3.58% zinc.
-- DDH PUD 186 intersected 4.0 meters grading 275.50 g/t silver, 0.25%
lead, 2.62% zinc.
-- DDH PUD 188 intersected 5.0 meters grading 128.40 g/t Ag, 0.61% lead,
3.14% zinc.
-- DDH PUD 190 intersected 4.0 meters grading 350.75 g/t silver, 0.16% lead
and 0.59% zinc.
-- DDH PUD 191 intersected 8.0 meters grading 242.38 g/t silver, 0.63% lead
and 1.19% zinc.
The holes intersected mineralization outside of the currently estimated mineral
resource and were drilled to continue delineation of the deposit along strike
east, and west of the previously released National Instrument 43-101 ("NI
43-101") resource. Since 2010, diamond drilling has successfully extended the
deposit approximately 750 meters east of the current NI 43-101 resource
estimate. (See Press Releases dated, February 24th 2011, April 5th 2011, May
16th 2011 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 a total of 56 drill holes in the area east of the previously released
NI 43-101 compliant resource estimate (See Figure 2 and 3 below).
Neil Ringdahl, CEO of Apogee, states, "The results from our fast-tracked
drilling program continue to be most encouraging; this will undoubtedly have a
positive impact on our updated resource statement which we plan to release in
the fourth quarter, and also on the on the feasibility study for a multi-million
ounce per year operation at Pulacayo." The feasibility study is scheduled to be
completed in the first half of 2012.
Chris Collins, P. Geo., President of Apogee, states, "We remain very encouraged
by the latest drill results at Pulacayo where management believes that the holes
designed to in-fill the area along strike east of the current resources continue
to indicate outstanding silver grades over excellent widths. Four drills
continue to evaluate the Pulacayo deposit from surface. A fifth diamond drill,
an underground drill, is currently being mobilized to Pulacayo and will commence
a drill program designed to provide greater resolution in areas of the resource
which have been targeted for initial pilot mining from existing underground
development."
Table 1 Summary of Significant Intercepts
---------------------------------------------------------------
UTM E UTM N
Hole No. (m) (m) Az. Dip
---------------------------------------------------------------
PUD-185 740,930 7,744,300 022 degrees -45 degrees
---------------------------------------------------------------
---------------------------------------------------------------
Incl.
---------------------------------------------------------------
PUD-186 740,766 7,744,297 022 degrees -43 degrees
---------------------------------------------------------------
---------------------------------------------------------------
---------------------------------------------------------------
---------------------------------------------------------------
PUD-187 739,943 7,744,438 0 degrees -50 degrees
---------------------------------------------------------------
---------------------------------------------------------------
PUD-188 740,539 7,744,399 020 degrees -34 degrees
---------------------------------------------------------------
---------------------------------------------------------------
Incl.
---------------------------------------------------------------
---------------------------------------------------------------
Incl.
---------------------------------------------------------------
PUD-189 741,104 7,744,599 202 degrees -62 degrees
---------------------------------------------------------------
PUD-190 740,450 7,744,335 022 degrees -43 degrees
---------------------------------------------------------------
---------------------------------------------------------------
Incl.
---------------------------------------------------------------
---------------------------------------------------------------
PUD-191 740,641 7,744,387 022 degrees -41 degrees
---------------------------------------------------------------
Incl.
---------------------------------------------------------------
---------------------------------------------------------------
Incl.
---------------------------------------------------------------
Incl.
---------------------------------------------------------------
Incl.
---------------------------------------------------------------
PUD-192 740,809 7,744,803 202 degrees -51 degrees
---------------------------------------------------------------
----------------------------------------------------------------------------
Core
From To Length Ag Pb Zn Au
Hole No. (m) (m) (M) (i) g/t % % g/t
----------------------------------------------------------------------------
PUD-185 less than
87.0 90.0 3.00 198.0 0.29 0.01 0.005
----------------------------------------------------------------------------
120.0 126.0 6.00 165.50 3.53 3.58 0.02
----------------------------------------------------------------------------
Incl. 123.0 126.0 3.00 233.0 5.07 4.77 0.03
----------------------------------------------------------------------------
PUD-186 288.85 292.0 3.15 122.3 0.06 0.24 0.22
----------------------------------------------------------------------------
306.0 310.0 4.00 275.50 0.25 2.62 0.05
----------------------------------------------------------------------------
316.0 318.0 2.00 112.0 0.19 0.74 0.01
----------------------------------------------------------------------------
334.0 335.0 1.00 233.0 0.32 0.70 0.04
----------------------------------------------------------------------------
PUD-187 less than
315.0 317.0 2.00 13.50 0.08 1.74 0.005
----------------------------------------------------------------------------
less than
324.0 326.0 2.00 7.0 0.01 1.14 0.005
----------------------------------------------------------------------------
PUD-188 191.0 193.0 2.00 194.50 4.93 2.27 0.21
----------------------------------------------------------------------------
199.0 204.0 5.00 128.40 0.61 3.14 0.05
----------------------------------------------------------------------------
Incl. 202.0 203.0 1.00 456.0 1.26 7.63 0.11
----------------------------------------------------------------------------
less than
226.0 235.0 9.00 61.33 1.22 2.19 0.005
----------------------------------------------------------------------------
Incl. 233.0 234.0 1.00 376.0 7.03 7.58 0.01
----------------------------------------------------------------------------
PUD-189 334.24 335.0 0.76 293 0.51 19.1 3.3
----------------------------------------------------------------------------
PUD-190 355.0 356.0 1.00 280.0 0.50 0.58 0.02
----------------------------------------------------------------------------
365.0 369.0 4.00 350.75 0.16 0.59 0.07
----------------------------------------------------------------------------
Incl. 368.0 369.0 1.00 881.0 0.21 1.16 0.11
----------------------------------------------------------------------------
397.0 398.0 1.00 108.0 0.36 0.39 0.03
----------------------------------------------------------------------------
PUD-191 136.0 143.0 7.00 98.29 0.74 0.88 0.02
----------------------------------------------------------------------------
Incl. 136.0 137.0 1.00 271.0 1.57 1.28 0.03
----------------------------------------------------------------------------
175.0 183.0 8.00 242.38 0.63 1.19 0.05
----------------------------------------------------------------------------
Incl. 176.0 177.0 1.00 313.0 0.40 1.56 0.09
----------------------------------------------------------------------------
Incl. 179.0 180.0 1.00 776 2.15 0.55 0.10
----------------------------------------------------------------------------
Incl. 181.0 182.0 1.00 326.0 1.49 1.29 0.02
----------------------------------------------------------------------------
PUD-192 468.0 469.0 1.00 1395 0.23 8.69 0.24
----------------------------------------------------------------------------
(i) True widths of the intersections listed above are estimated to be
range between 70% and 80% of the core lengths provided in the table
above.
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. 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
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 current drill
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, please visit the following link:
http://media3.marketwire.com/docs/ape0622fig1.pdf.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/ape0622fig2.pdf.
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/ape0622fig3.pdf.
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