Apollo Silver Corp. (“
Apollo” or
the “
Company”) (TSX.V:APGO, OTCQB:APGOF,
Frankfurt:6ZF) is pleased to provide an update on its ongoing
technical review of historic data at the Waterloo and Langtry
projects in San Bernardino County, California. Recently this work
has identified a 25 metre (“m”) thick, gold bearing horizon below
silver mineralization. Silver mineralization transitions to
gold-dominated mineralization at the variably faulted lithologic
contact between Barstow formation sedimentary rocks and Pickhandle
formation volcaniclastics. Gold mineralization at the district’s
only historic gold producer, the Burcham Mine, occurs along this
contact 250 m to the southeast. Apollo’s analysis of historic data
has shown that not only does gold mineralization extend beyond the
Burcham mine area, evidence suggests that at the Waterloo project
the entire 2.2 kilometre (“km”) long contact between the Barstow
sediments and Pickhandle volcaniclastics is prospective for gold
mineralization.
Highlights:
- Potential for meaningful
gold mineralization along the entire 2.2 km long contact for which
the majority of historic drill holes did not test;
- Gold (“Au”) mineralized
horizon of 25 m (true thickness) returning 0.59 grams per tonne
(“g/t”) Au from 132.60 m below surface, including 1.52 m of 5.52
g/t Au. This horizon is 60 m wide and 110 m length (down-dip) and
open in all directions;
- The contact represents an
excellent exploration target for replacement style gold
mineralization, and possibly higher-grade vein hosted gold;
and
- The upcoming 2022 drill
program will test for additional gold mineralization along this
prospective horizon.
“Our systematic approach to reviewing and
validating the historic data is continuing to deliver significant
value” Apollo CEO, Tom Peregoodoff, commented. “We were aware of
this historic gold production at the Burcham mine, however it is
only recently and through this detailed review that we have come to
understand the nature and extent of the host unit, and the
potential for a significant gold discovery at Waterloo. This
presents an exciting opportunity in that it substantially adds to
the exploration potential of the properties and testing of this
prospective horizon will form part of our upcoming 2022 drill
program. With our pending maiden silver resource declaration for
Waterloo and Langtry on track, 2022 is shaping up to be a very
exciting year for Apollo.”
Gold Mineralization at
Calico
Apollo’s Waterloo project hosts the Burcham
mine, the only mine in the Calico Mining District known to produce
gold as its primary commodity (refer to Figure 1). Gold was
produced from two NW-oriented veins via underground drifts. Gold is
hosted in veins varying from 0.3 up to 3 m wide and occurs as
replacement style mineralization, with both the Barstow and the
Pickhandle volcaniclastics formations hosting disseminated gold in
zones up to 9 m wide. Gold was reported to be associated with
chalcopyrite, galena, sphalerite and silver chloride, all hosted in
a gangue of quartz, barite and iron oxides. There are no known
production numbers from this mine, but historic public articles
report grades of up to 0.31 ounces per ton (9.7 g/t).
Historic Mining and Exploration for Gold
at Calico
ASARCO undertook a number of work programs to
better understand gold mineralization in the Burcham area between
1985 and 1989. These included 10 shallow air track holes (188 m
total, maximum depth of 29.30 m), three diamond drill holes (335.30
m total, maximum depth of 137.60 m) and underground chip/channel
sampling (96 samples, 3-6 m lengths, ~5 kilograms each) from
accessible underground workings. A selection of results of gold
mineralized intersections from this drilling are shown in Table 1.
Results from the underground chip sampling revealed a maximum of
2.01 g/t Au (average 0.63 g/t Au) in the Pickhandle volcaniclastics
(12 samples) and a maximum of 4.44 g/t Au (average 0.44 g/t Au) in
the Barstow sediments (84 samples). Importantly, this is the only
work program completed by Asarco that included assaying for
gold.
Between 2008 and 2012, Pan American Minerals, a
wholly owned subsidiary of Pan American Silver Corp. (“Pan
American”), completed exploration programs comprising surface
geological mapping and drilling. Six reverse circulation holes
completed by Pan American show a transition from silver-dominated
mineralization to gold-dominated mineralization towards the
SW-dipping, unconformable and variably faulted contact between the
Barstow and Pickhandle formations. This gold-dominated horizon is
up to 25 m thick (true thickness), 60 metres wide, 110 m long and
is open in all directions (refer to Figure 2), as identified in
drill hole W-0054, which intersected 0.59 g/t Au from 132.60 m
downhole, including 7.62 m of 1.44 g/t and 1.52 m of 5.52 g/t
Au.
Geological mapping completed by Dr. Warren Pratt
in 2008 (for Pan American) identified hydrothermal mineralization
along the entire 2.2 km length of the contact on the Waterloo
property. Some areas were intensely altered to an acid-sulfate
assemblage of kaolinite, alunite and cristobalite, particularly in
the volcaniclastics. Acid sulphate type leaching is widespread at
surface at the contact in both the Barstow and Pickhandle
formations, and the contact appears to be variably mineralized for
at least half its length, as hematite, jarosite, goethite, quartz
and copper oxides were observed. Historic mining at both the
Burcham and Waterloo mines exploited this contact.
Conclusions – Gold Exploration
Potential
Apollo’s analysis of historic Pan American and
ASARCO data has concluded that not only does gold mineralization
extend beyond the Burcham mine area, there is evidence to suggest
that the entire 2.2. km long contact between the Barstow sediments
and Pickhandle volcaniclastics is prospective for gold. Historic
work by ASARCO demonstrated that the Barstow formation and a wide
halo in the Pickhandle volcaniclastics in the Burcham area are
mineralized with disseminated gold. Spatial distribution and both
Pan American and ASARCO drill log data suggest this is a
replacement style mineralized zone preferentially formed along the
contact between the Barstow and Pickhandle formation, with the
Pickhandle volcaniclastics being the preferential gold host.
Shallow drilling by ASARCO and evidence from geologic mapping
completed by Pan American suggest this mineralization extends to
surface. All gold mineralization occurred in oxidized rock.
Of the 277 drill holes in Apollo’s Waterloo
database, only 18 definitively pierce the contact and have gold
assays (see Figure 1). Thirteen of these holes are mineralized
(i.e., +0.2 g/t Au). Of note is that many of the holes that pierce
the contact do not fully test the adjacent volcaniclastics.
The current focus of the review has been on the
Waterloo project. The gold potential at the adjacent Langtry
property remains poorly constrained and work is ongoing to better
assess this potential.
Testing of the gold prospective horizon will
form part of the upcoming 2022 drilling program.
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/43d6e5d3-a3f7-48c8-a0c6-e032c4c7a68c
Figure 2 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e2353718-9e61-4bf4-bf4c-d7123e12a62c
Table 1: Selection of gold intercepts from historic
drilling at the Waterloo project.
Operator & Location |
Drill Hole |
From (m) |
To (m) |
Intercept (m) |
Au Grade (g/t) |
Ag Grade (g/t) |
Au gram-metres |
ASARCO (1981)Burcham Area
Drilling |
BR-1** |
0 |
27.43 |
27.43 |
0.77 |
n/a |
21.12 |
including |
0 |
7.32 |
7.32 |
1.30 |
n/a |
9.52 |
BD-1* |
24.38 |
40.54 |
16.16 |
0.691 |
0.89 |
11.17 |
including |
24.38 |
27.43 |
3.05 |
1.206 |
0.79 |
3.68 |
BD-2* |
30.33 |
37.19 |
6.86 |
1.096 |
0.34 |
7.52 |
including |
30.33 |
34.9 |
4.57 |
1.539 |
0.43 |
7.03 |
BR-9** |
3.66 |
7.32 |
3.66 |
1.89 |
n/a |
6.92 |
BD-2* |
58.06 |
69.80 |
11.74 |
0.343 |
0.50 |
4.03 |
including |
72.54 |
80.47 |
7.93 |
0.372 |
1.82 |
2.95 |
Pan
American (2012) HilltopArea
Drilling |
W-0054** |
132.58 |
163.07 |
30.49 |
0.59 |
9.10 |
17.99 |
including |
135.64 |
143.26 |
7.62 |
1.444 |
4.30 |
11.00 |
including |
140.21 |
141.73 |
1.52 |
5.520 |
5.30 |
8.39 |
W-0046** |
112.78 |
126.49 |
13.71 |
0.76 |
17.13 |
10.42 |
including |
117.35 |
121.92 |
4.57 |
1.692 |
14.58 |
7.73 |
W-0049** |
86.87 |
100.58 |
13.71 |
0.340 |
42.63 |
4.66 |
W-0-S-12001** |
0 |
2 |
2 |
1.975 |
34.00 |
3.95 |
*Diamond Drill hole **Reverse circulation or air track hole.
Assay data is shown as recorded by operators.
Qualified Person
The scientific and technical data contained in
this news release was reviewed and approved under the supervision
of Cathy Fitzgerald, P.Geo., Vice President Exploration and
Resource Development, a Qualified Person as defined by National
Instrument 43- 101 Standards of Disclosure for Minerals Projects.
Ms. Fitzgerald is a registered Professional Geoscientist in British
Columbia, Canada.
For further information about the Waterloo
project please see the 2021 N.I. 43-101 technical report “NI 43-101
Technical Report Waterloo Project, California, USA” with an
effective date of May 12, 2021; and for further information about
the Langtry project please see the 2021 N.I. 43-101 technical
report “NI 43-101 Technical Report Langtry Project, California,
USA” with an effective date of December 1, 2021. Both reports were
prepared by H. Samari and L. Breckenridge of Global Resource
Engineering, Ltd.
Please visit www.apollosilver.com for further
information.
ON BEHALF OF THE BOARD OF DIRECTORS
Tom PeregoodoffChief Executive Officer
For further information, please
contact:
Tom PeregoodoffChief Executive Officer Telephone: +1 (604)
428-6128tomp@apollosilver.com
About Apollo Silver Corp.
Apollo Silver Corp. has assembled an experienced and technically
strong leadership team who have joined to advance world class
precious metals projects in tier-one jurisdictions. The Company is
focused on advancing its portfolio of three significant pure silver
exploration and resource development projects, the historical
Waterloo and Langtry projects, in San Bernardino California and
Silver District Project in Arizona.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement Regarding “Forward-Looking”
Information
This news release includes “forward-looking
statements” and “forward-looking information” within the meaning of
Canadian securities legislation. All statements included in this
news release, other than statements of historical fact, are
forward-looking statements including, without limitation,
statements with respect to the potential of the Company’s
properties; the potential for a significant gold discovery at
Waterloo; the timing and completion of the anticipated maiden
declaration of resource estimates at the Company’s silver-barite
projects; the evaluation of the quality of the
historical data collection, historical estimates,
geological models, drilling and assay data, data sets prepared
by and acquired from previous operators; timing and cost of
future exploration, drilling, metallurgical testing and geophysical
program plans and targets; success of exploration
activities; the estimation of mineral resources;
and conclusions of economic evaluations. Forward-looking
statements include predictions, projections and forecasts and are
often, but not always, identified by the use of words such as
“anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”,
“target”, “budget” and “intend” and statements that an event or
result “may”, “will”, “should”, “could” or “might” occur or be
achieved and other similar expressions and includes the negatives
thereof.
Forward-looking statements are based on the
reasonable assumptions, estimates, analysis and opinions of
the management of the Company made in light of its experience and
its perception of trends, current conditions and expected
developments, as well as other factors that management of the
Company believes to be relevant and reasonable in the circumstances
at the date that such statements are made. Forward-looking
information is inherently subject to known and unknown
risks, significant operational, economic, and competitive
uncertainties, contingencies 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 risks related to the
Company’s goal of creating shareholder value by concentrating on
the development of the Waterloo project, the Langtry project, or
the AZ Silver District project (the “Properties”); believing that
the Properties have the potential to contain economic silver
deposits; the Company’s assessment of future plans for the
Properties; managements’ economic outlook regarding future trends;
the Company’s exploration budget for the Properties; and in
particular, the availability of equipment, skilled
labour and services needed, timing and the amount of the
expected budget; the Company’s ability to meet its working capital
needs at the current level in the short term; expectations with
respect to raising capital; sensitivity analysis on financial
instruments may vary from the amounts disclosed; government
regulation and environmental liability; relations with
local stakeholders
and the surrounding communities; general business
and economic conditions; the timing and receipt of
governmental permits and approvals; the timing and receipt of
community and landowner approvals; changes in regulations;
political factors; the accuracy of the Company’s interpretation of
drill results; the geology, grade and continuity of the Company’s
mineral deposits; currency fluctuations; and impact of the COVID-19
pandemic.
There can be no assurance that forward-looking
statements will prove to be accurate and actual results, and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from the Company’s expectations include actual
exploration results, interpretation of exploration results,
changes in project parameters as plans continue to be refined,
future metal prices, availability of capital and financing on
acceptable terms, general economic, market or business conditions,
uninsured risks, regulatory changes, delays or inability to receive
required approvals, unknown impact related to potential business
disruptions stemming from the COVID-19 pandemic, or another
infectious illness, and other exploration or other risks detailed
herein and from time to time in the filings made by the Company
with securities regulators, including those discussed or
referred to in the Company’s continuous disclosure filings with the
securities regulatory authorities in Canada, available
at www.sedar.com.
Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward looking information,
other factors could also cause materially different results. There
can be no assurance that forward looking statements 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 forward-looking information contained herein is
presented for the purpose of assisting investors in understanding
the Company’s expected financial and operational performance and
the Company’s plans and objectives and may not be appropriate for
other purposes. The Company does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
Apollo Silver (TSXV:APGO)
Historical Stock Chart
From Feb 2024 to Mar 2024
Apollo Silver (TSXV:APGO)
Historical Stock Chart
From Mar 2023 to Mar 2024