Wednesday, 2nd March 2005 (2506 views)

US miner Apollo Gold has announced that high grade gold continues to be discovered as underground drilling continues at its Black Fox site.

The project is located near Timmins in Ontario, Canada, and has revealed a number of high gold areas.

One hole was particularly positive, with 5.33 ounces of gold per tonne in one section, 0.572 ounces of gold per tonne and 0.477 ounces of gold per tonne in other areas.

R David Russell, president and CEO of Apollo Gold, explained: "This was viewed as a great buy for the price paid at the time and also was consistent with the overall strategic plan for Apollo Gold to acquire and develop high-grade gold assets to replace older lower-grade assets within the company."

Black Fox is situated in an area already well known for gold deposits, in the past more than 75 million ounces of gold have been produced in the district.

Exploration during 2005 includes surface and underground drilling and a full-scale feasibility study report, set to be completed this year.

 

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