Apogee Reports Assays From the Final 24 Drill Holes of Near Surface Oxide Drilling at Pulacayo Including 33 Meters Grading 95.9 g/t Silver, and 14.0 Meters Grading 163.4 g/t Silver
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 05/07/12 -- Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE: APE) is pleased to report assay results from the final 24 diamond drill holes of its silver oxide drill program conducted at its Pulacayo silver deposit, located in Bolivia (See Table 1 and Figures 1-4 below). In addition, the Company is pleased to report the results from additional samples collected within the oxide zone from 20 diamond drill holes, completed as part of the sulphide zone drilling programs during 2010 and 2011. The oxide drilling program was undertaken to evaluate the potential for near surface silver oxide resources above the sulphide resources at Pulacayo. All of the holes reported below were drilled from surface.
Highlights from the final set of drilling results from the oxide program include:
Zinc and lead mineralization was also sampled and found to be present in all of the holes, but may not be recoverable due to the oxidation. The silver oxide drilling program was initiated in August 2011, following successful metallurgical testing on composite samples from existing drill core at Pulacayo. The metallurgical tests were designed to determine silver mineralogy in the oxide zone and its amenability to recovery by conventional cyanide leaching. Seventy-two hour leach tests with various reagent additions indicated that silver dissolutions of 77% to 81% can be achieved (See Press Release dated August 3rd, 2011).
Chris Collins, P. Geo., President of Apogee, stated, "We are very pleased with the final set of assay results from the silver oxide diamond drilling program at Pulacayo. These results are consistent with those results returned from the first 23 holes reported earlier this year. Both results, coupled with the positive results from oxide zone metallurgical testing undertaken last year, offer excellent potential for an increase in silver ounces in resources at the Pulacayo project, with the addition of oxide zone mineralization. We are looking forward to the completion of the initial independent mineral estimate of oxide zone resources associated with the Pulacayo deposit, which we expect to be completed by June 2012."
The silver oxide diamond drilling program was carried out between August and December 2011 and totaled 6,250 meters in 45 drill holes. In addition to these drilling approximately 727 samples from within the oxide zone in 20 drill holes which had been completed during previous sulphide zone programs at Pulacayo and which had not been previously sampled where these holes intersected mineralization in the oxide zone, and 250 surface channel samples from trenching programs during the fall of 2011 also contribute to the oxide zone database. Mercator Geological Services Limited have been contracted to prepare an independent mineral resource estimate of the oxide mineralization at Pulacayo. This mineral resource estimate is expected to be completed by June 2012.
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 .
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% controlled Pulacayo-Paca project in Bolivia, This project includes the property that covered the second-largest silver mine in the history of Bolivia with a historical estimate of 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 anticipated timing of the mineral resource estimate, the potential effect of the silver oxide drill results, 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 anticipated timing with respect to completion of the diamond drill program, the current drill program, anticipated timing with respect to the trial mining 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: .
To view Figure 2, please visit the following link: .
To view Figure 3, please visit the following link: .
To view Figure 4, please visit the following link: .
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
Apogee Silver Ltd.
Marilia Bento
Vice President Corporate Development
+1 (416) 309-2694
Apogee Silver Ltd.
G. Scott Paterson
Chairman of the Board
+1 (416) 368-6464
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Datum: 07.05.2012 - 12:00 Uhr
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News-ID 143197
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