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Apogee Minerals Ltd. ("Apogee"
or the "Company") (TSX VENTURE:APE - News) is pleased to report
assay results from recently completed surface and underground rock sampling
and geological mapping program undertaken at the Pulacayo Project. The Pero
and Socovan areas occur along strike to the southeast and west respectively
from the existing resource at Pulacayo (Figure 2 below). Sampling in these
areas provides confidence that the mineralization continues well beyond the
area that has been drilled to date and will assist in targeting the expanded
drill program. Apogee has mobilized a second drill to the project to
accelerate drilling. See the Table 1 below for a complete summary of the
sampling.
The Pacamayo area represents a separate
mineralized system that occurs approximately 1.5 km to the north of the
Pulacayo Deposit (Figure 2) and is a target with high grade silver values (up
to 5,270 g/t over 1.2 meters in channel samples - see table below) that will
be delineated by future drilling in an area with historical artisanal mining.
Joaquin Merino, Apogee's Vice President
of Exploration states, "We are very encouraged by the results from the
mapping and sampling programs at the Pacamayo, Pero, and Socavon Flores
areas. These mineralized areas are well outside of the current resource and
provide strong evidence of the potential to significantly extend the resource
well beyond the currently drilled areas It also demonstrates the excellent
potential for developing new near surface resources within the Project area.
Table 1 Sample Location and Assays
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Estim-
ated
True
Wid-
Sample UTM-E UTM-N Sample th Ag Pb Zn Cu
No. (m) (m) Zone Level Type (M) (g/t) (%) (%) (%)
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PY-001 741303 7744099 Pero Surface Channel 1.20 73.90 1.47 0.07 0.01
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PY-002 741304 7744104 Pero Surface Composite - 476.0 0.60 0.02 0.01
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Py-003 741200 7744066 Pero Surface Channel 1.00 262 1.10 0.02 0.02
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PY-004 741202 7744102 Pero Surface Channel 2.00 15.00 0.19 0.01 0.00
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PY-005 741254 7744148 Pero Surface Channel 2.50 41.40 0.43 0.02 0.00
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PY-006 741254 7744148 Pero Surface Channel 0.80 218.00 2.31 0.06 0.02
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PY-007 741257 7744157 Pero Surface Composite - 41.90 0.26 0.01 0.01
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PY-008 741269 7744150 Pero Surface Channel 3.50 43.60 0.38 0.01 0.01
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PY-009 741254 7744195 Pero Shaft Composite - 1015.00 8.59 25.70 0.22
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Socavon Level
PY-021 739844 7744670 Flores 116 Channel 1.20 178.00 5.63 24.50 0.01
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Socovan Level
PY-022 739844 7744670 Flores 166 Channel 0.60 373.00 10.80 16.65 0.01
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Socovan
PY-023 739666 7744458 Flores Surface Composite - 405.00 17.70 30.00 0.01
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Socovan
PY-024 739620 7744627 Flores Surface Composite - 88.00 4.00 13.25 0.01
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Paca- Level
PY-026 740688 7745874 mayo Cero Channel 1.20 5270.00 4.69 2.41 1.87
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Paca- Level
B50630 740688 7745874 mayo Cerro Channel 1.30 1340.00 4.06 1.16 0.68
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Pulacayo is a high sulphidation epithermal
system associated with a dacitic dome complex covering an area approximately
2.5 km wide by 2.7 km long. The Tajo Vein, located along the southern
boundary of this system, was the main source of historical ore production. It
is also the area where Apogee Minerals has delineated NI 43-101 resources
associated with the Pulacayo Deposit (see Press Release dated October 28,
2008 and the NI 43-101 technical report dated December 2008 and filed on the
SEDAR profile of the Company at www.sedar.com),
and is continuing to expand the mineralization with its ongoing drilling
program. (see Press Releases dated July 14th 2010,
April 19th 2010, March 15th, 2010, and January 15th 2010).
The Pacamayo area is located about 1.5
km north of the current resource and diamond drilling area. It is a vein
system comprised of more than five mineralized structures, on which there is
no known previous exploration drilling. Two samples were taken from within a
historical adit developed along one of the structures, with both samples
returning silver values in excess of 1000 g/t (Table 1, Figure 1).
The Pero area is a stock work zone
located approximately 1.0 km southeast along the strike of the current resources
and diamond drilling area at Pulacayo. A total of nine samples were collected
from mineralized veins within a 200 m by 100 m area. All of the samples
returned significant silver values with a highest of 1015.0 g/t. (Table 1,
Figure 1). This stock work zone may represent a separate mineralized
structure, but this will need to be confirmed by drilling.
The Socavon Flores area is located
approximately 400 m to the west of the current resources and diamond drilling
area at Pulacayo. Four samples were collected from a historical adit which
was developed along a structural splay of the Tajo Vein. All of the samples
returned significant values of silver with a highest of 405.0 g/t (Table 1,
Figure 1).
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 approves 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 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.
To view Figure 1: Pulacayo Project
location map, please visit the following link: http://media3.marketwire.com/docs/apogee_0111_fig_1.pdf
To view Figure 2: Sample Location Map,
please visit the following link: http://media3.marketwire.com/docs/apogee_0111_fig_2.pdf
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.
Contact:
Chris Collins
Apogee Minerals Ltd.
President
+1 416 861-2264
info@apogeeminerals.com
www.apogeeminerals.com |