Apogee Minerals Ltd.
TSX VENTURE : APE

Apogee Minerals Ltd.

July 14, 2010 07:00 ET

Apogee Intersects 40.0 Meters Grading 332.01 g/t Silver and 47.0 Meters Grading 168.41 g/t Silver at Pulacayo

TORONTO, ONTARIO--(Marketwire - July 14, 2010) - Apogee Minerals Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) reports assay results from six diamond drill holes from the ongoing drill campaign at the Pulacayo deposit located in southwest Bolivia. Three holes, PUD 134, PUD 136 and PUD 137, were drilled from an underground platform, while three holes, PUD 146, PUD 147, and PUD 148, were drilled from surface.

The underground holes were drilled to increase the estimated mineral resource confidence of the resource to the indicated and/or measured category and further demonstrate continuity of the deposit in this area. As set out in the Table below, the Company believes the results of the underground drill holes are indicative of the continuity of the high grade zones and assays (See Table 1 and Figure 3). Highlights from the underground drill holes include:

  • DDH PUD 134 intersected 40.0 meters grading 332.01 g/t silver, 0.86% lead and 1.33% zinc.

  • DDH PUD 136 intersected 12.0 meters grading 107.33g/t silver, 0.74% lead and 2.43 % zinc within a 31.0 meter interval grading 71.16 g/t silver, 0.67% lead and 2.03% zinc.

  • DDH PUD 137 intersected 22.0 meters grading 191.64 g/t silver, 0.99% lead and 3.35% zinc. 

The holes were drilled from an underground diamond drill station and provide better definition of the high grade zone in this area, which will be a candidate for early production. These results provide further confirmation of both the high grades and the substantial widths of the deposit in this area and expected to be integral in upgrading the resource category in this part of the deposit to indicated and measured when the next resource assessment is completed, following the current drill campaign.

The three surface holes were drilled to continue definition of the deposit in the area along strike east of the previously released National Instrument 43-101 ("NI 43-101") resource, where diamond drilling, ongoing since January 2010, has successfully extended the deposit to the east an additional 350 meters. (See Press Releases dated April 19th 2010, March 15th, 2010, Janruary15th 2010, and the NI 43-101 compliant technical report dated December 2008 and filed under the SEDAR profile of the Company at www.sedar.com).

Assays from the three additional surface drill holes in this area are provided in the table below. (See Table 2 and Figure 3) The highlights from these holes include:

  • DDH PUD 146 intersected 28.0 meters grading 153.88 g/t silver, 0.71% lead and 1.98% zinc, within a 47.76 meter interval grading 111.64 g/t Ag, 0.70% lead and 1.63% zinc.

  • DDH PUD 147 intersected 47.0 meters grading 168.41 g/t silver, 0.59% lead and 1.61 % zinc within a 98.0 meter interval grading 121.84 g/t silver, 0.81% lead and 1.42% zinc.

  • DDH PUD 148 intersected 10.3 meters grading 53.81 g/t silver, 0.24% lead and 0.87% zinc. 

Accordingly, this brings the total to thirteen drill holes in this area east of the previously released NI 43-101 resource.

Chris Collins, P. Geo., President of Apogee states, "The holes drilled to date in this area to the east of the deposit have consistently returned grades and widths that are comparable to the drill holes within the area comprising the mineral resources used in the recently completed Technical Report on the Preliminary Assessment of the Pulacayo Project, ("PEA"), by Micon International Ltd. (See Press Release dated June 24, 2010). Given continued excellent drill results we are more confident that with continued drilling, this area has the potential to add significantly to the previously estimated mineral resource. The mineralization has been extended 350 meters to the east which represents approximately a 75% increase in the strike length of the deposit. We believe that a significant increase in the resource at Pulacayo will further enhance the potential development plans for the deposit."

Table 1 Summary of Significant Intercepts from Underground Drill Holes
 
Hole No. UTM E (m) UTM N (m) Azimuth Angle From (m) To (m) Core Length (M)* Ag g/t Pb % Zn %
PUD – 134 740406 7744489 353º - 25º 115.00 155.00 40.00 332.01 0.86 1.33
Incl.         122.00 151.45 29.45 440.73 1.05 1.58
  Incl.       132.00 142.00 10.00 435.33 1.77 2.22
PUD – 136 740406 7744491 338º - 08º 112.00 143.00 31.00 71.16 0.67 2.03
Incl.         123.00 141.00 18.00 93.44 0.78 2.39
  Incl.       123.00 135.00 12.00 107.33 0.74 2.43
PUD – 137 740406 7744491 338º - 20º 125.00 159.77 34.77 135.27 0.81 2.75
  Incl.       134.00 156.00 22.00 191.64 0.99 3.35
    Incl.     147.00 155.00 8.00 336.63 1.52 2.55
* True widths of the intersections are estimated to be approximately 90% of the core lengths provided in the table above.
 
Table 2 Summary of Significant Intercepts from Surface Drill Holes
 
Hole No. UTM E (m) UTM N (m) Azimuth Angle From (m) To (m) Core Length (M) * Ag g/t Pb % Zn %
PUD – 146 740492 7744439 022º - 45º 145.00 240.00 90.00 60.20 0.46 1.17
Incl.         172.24 220.00 47.76 111.64 0.70 1.63
  Incl.       186.00 214.00 28.00 153.88 0.71 1.98
    Incl.     186.00 196.00 10.00 248.20 0.97 3.17
PUD – 147 740492 7744438 022º -52º 114.00 259.00 145.00 85.63 0.66 1.24
Incl.         175.00 257.00 82.00 137.75 0.80 1.49
  Incl.       210.00 257.00 47.00 168.41 0.59 1.61
    Incl.     210.00 236.00 26.00 223.18 0.80 1.97
PUD – 148 740627 7744356 022º - 40º 182.00 220.00 38.00 17.17 0.17 0.59
  Incl.       197.70 208.00 10.30 53.81 0.24 0.87
 
* True widths of the intersections are estimated to be approximately 70% 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 and may locally exceed 60 meters in thickness. 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.

The Company anticipates filing of the PEA on the SEDAR profile of the Company shortly.

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 the results of the PEA, 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, please visit the following link: http://media3.marketwire.com/docs/APEFig1-10.pdf.

To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/APEFig2-10.pdf.

To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/APEFig3-10.pdf.

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