Apogee Minerals Ltd.
TSX VENTURE : APE

Apogee Minerals Ltd.

November 14, 2005 08:00 ET

Apogee's Buena Vista Shows More High Grade Gold-Silver Mineralization

TORONTO, ONTARIO--(CCNMatthews - Nov. 14, 2005) -

Concession Claims Increased and New South Structure Identified

Apogee Minerals Ltd. (TSX VENTURE:APE) has received high-grade gold-silver values and anomalous zinc and lead results from the recently completed underground channel sampling program in historical mine workings at the Buena Vista property in the Potosi district of southwestern Bolivia.

Mineralization is reported from underground channel samples recently taken in the Pique-3 and Pique-4 underground workings which lie 50 - 100 metres northwest of the Rampa Adit, where high-grade gold-silver values have been previously reported (see Press Release dated September 20, 2005). The Pique-3 drift is 100 metres long and is between 45 and 65 metres below surface. The drift was systematically channel sampled its whole length including declines and crosscuts. The Pique-4 drift which lies approximately 20m below the Pique-3 drift, at approximately 80m below surface, was only accessible for approximately 15m along the vein structure (Figures 1 and 2).

Channel samples were taken across the mineralized vein structure at approximately 10m intervals along the exposed strike of the structure within the workings. A total of 24 channel samples have been taken in Pique-3 and a further 5 samples from Pique-4, with all the results included in Table 1 below.

Continuous mineralization has been defined over the strike of the structures as follows:



- Pique - 3 Level 4400 - Continuous strike length of 96 metres:
1.0 metres of 0.62 g/t Gold, 593 g/t (19.1 oz/T) Silver, 0.8% Zinc
and 1.2% Lead

- Pique - 3 Level 4380 - Continuous strike length of 85 metres:
1.1 metres of 2.47 g/t Gold, 1,480 g/t (47.6 oz/T) Silver, 2.4% Zinc
and 3.0% Lead

- Pique - 4 - Continuous strike length of 15 metres:
1.4 metres of 1.74 g/t Gold, 263 g/t (8.5 oz/T) Silver, 1.3% Zinc
and 1.3% Lead


Some of the more significant individual samples include:

- 1.20 metres of 9.5 g/t Gold, 5720 g/t (166.8 oz/T) Silver, 6.1% Zinc and 6.9% Lead

- 0.80 metres of 3.2 g/t Gold, 1050 g/t (30.6 oz/T) Silver, 4.1% Zinc and 2.2% Lead

- 1.00 metres of 2.2 g/t Gold, 1185 g/t (34.6 oz/T) Silver, 4.3% Zinc and 2.1 % Lead

- 1.30 metres of 1.9 g/t Gold, 1070 g/t (31.2 oz/T) Silver, 3.5% Zinc and 3.0 % Lead

- 2.90 metres of 0.81 g/t Gold, 954 g/t (27.8 oz/T) Silver, 1.8% Zinc and 1.5% Lead

- 0.50 metres of 6.8 g/t Gold, 1620 g/t (47.2 oz/T) Silver, 12.0% Zinc and 6.9 % Lead

The exploration program at Buena Vista has involved a systematic testing of the main vein that traverses the property for 1.5 kilometres. The program has consisted of channel sampling of underground workings followed by trenching and diamond drilling, beginning at the southeastern end of the vein and moving in a northwesterly direction. In addition to diamond drilling (6 holes totalling 1200 metres; see Press Releases dated June 23, 2005 and August 25, 2005), surface trenching (10 trenches) and underground channel sampling (4 old workings; see Press Releases dated May 3, 2005 and May 24, 2005) have tested the vein structure along strike for over 900 metres and to a vertical depth of 150 metres below surface. The structure ranges from less than 1.0 to 30 metres wide and is near vertical.

"As the exploration program has advanced to approach the centre of the known vein system, gold-silver grades have continued to improve. The emerging picture is becoming clearer and is one of a significant high-grade gold-silver zone, with good zinc and lead mineralization that remains open along strike and at depth. Based on the significant and positive results received to date, a Phase II exploration program, including approximately 2000m of diamond drilling, is scheduled to begin within the next 7 days to further define and quantify this high-grade zone of mineralization" stated Vice President, Exploration Robert A. Campbell.

The planned drill program will evaluate an additional 500m along strike to the northwest from drilling completed earlier in the year which intersected high-grade gold, silver, lead and zinc mineralization in the San Pablo area (see Press Releases dated June 23, 2005 and August 25, 2005). Proposed holes BV-B7 and BV-B8, shown in Figure 1, will further test the high-grade gold and silver mineralization in Pique-3 and Pique-4, reported above.

The company has also identified an additional vein system in the southern area of the property that will be tested in conjunction with the Phase II program. A channel sampling program has been initiated on the South Structure. Apogee has also staked additional ground surrounding the Buena Vista property and concession claims now total 1150 hectares.

The Bolivian Altiplano and Eastern Cordillera host an important metallogenic event. Major hydrothermal ore deposits of gold, silver, tin, lead, zinc, bismuth and antimony are related to near-surface stocks and subvolcanic eruptive centres. The mineralization occurs in veins, fracture swarms, dissemination and breccias. The deposits are telescoped with early high temperature phases and have some affinities with the epithermal low-sulfidation type model.

The Buena Vista property is located in southwestern Bolivia, approximately 600 km south southeast of La Paz, within the San Antonio de Lipez District, Potosi Department, near the border with Argentina.

Mr. Robert Anderson Campbell, M.Sc., P.Geo., is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and is responsible for reviewing the technical disclosure in this press release.

All analytical work has been completed by ALS Chemex of North Vancouver, BC, Canada. A suite of 30 elements was analyzed using aqua regia digest and ICPAES analysis (ALS Analytical Code ME-MS41). Any samples exceeding threshold limits were re-analyzed using the most appropriate technique: silver, zinc and lead - aqua regia digestion, AAS finish (ALS Analytical Code AA46), gold - 30g fire assay with AAS finish (ALS Analytical Code AA25). ALS Chemex is a respected international analytical service which is accredited with NATA and complies with standards of ISO 9001:2000 and ISO 17025:1999. They employ a variety of international standards for quality control purposes. The company has initiated a QC program consisting of utilizing standards, duplicate and blank samples and laboratory cross-checks.

Apogee Minerals Ltd. is a Canadian exploration and development company listed on the TSX Venture Exchange under the symbol APE. The Company has several advanced Silver-Zinc exploration properties in the historic Potosi Department of southwestern Bolivia and recently received regulatory approval for the acquisition of the Silver-Zinc-Lead producing La Solucion mine in northwestern Bolivia.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements".

This press release is available on the company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/ir/apogee. Alternatively, investors are asked to email all questions and correspondence to APE@agoracom.com where they can also request addition to the Apogee Minerals investor email list to receive all future press releases and updates directly.



Table 1:
Buena Vista Project - Pique-3 & Pique-4 Workings
Underground Channel Samples

Pique - 3 Level 4400

Sample No. Width Au Ag Pb Zn
(m) (g/t) (g/t) % %
7722 1.30 0.18 47.30 0.42 0.07
7721 1.00 0.00 3.22 0.07 0.02
7720 1.60 2.14 367.00 0.41 0.22
7719 1.30 0.13 100.00 0.08 0.26
7718 1.10 0.58 331.00 0.25 0.55
7717 1.10 0.13 2180.00 0.21 4.20
7716 0.90 0.29 765.00 0.66 1.80
7715 1.30 0.20 710.00 0.78 1.20
7714 0.70 0.10 94.50 0.12 0.02
7713 0.70 0.23 444.00 0.51 0.46
7712 1.30 1.88 1070.00 2.97 3.53
7709 0.50 0.71 1415.00 1.38 2.42
7710 1.30 0.50 607.00 1.66 1.86
7711 0.50 0.42 488.00 0.89 0.82

Average 0.97 0.62 593.43 0.76 1.24

Pique - 3 Level 4380

Sample No. Width Au Ag Pb Zn
(m) (g/t) (g/t) % %
7731 0.50 6.75 1620.00 6.95 11.80
7730 1.00 0.45 92.20 0.47 0.46
7729 0.90 0.71 255.00 0.76 0.85
7728 1.00 2.17 1185.00 2.07 4.31
7727 0.80 3.24 1050.00 2.17 4.06
7726 1.20 9.49 5720.00 6.95 6.07
7725 0.40 6.84 1945.00 5.56 5.57
7724 0.70 0.20 1075.00 0.56 0.82
7723 1.30 0.42 1170.00 1.15 1.44
7736 2.90 0.81 954.00 1.48 1.85

Average 1.07 2.47 1480.26 2.35 2.99

Pique - 4

Sample No. Width Au Ag Pb Zn
(m) (g/t) (g/t) % %
7799 1.20 0.06 8.91 0.06 0.24
7800 1.20 3.76 802.00 1.61 2.36
7801 1.20 0.73 242.00 0.39 0.25
7802 1.40 0.81 111.00 0.60 1.23
7803 1.80 2.91 205.00 3.14 1.86

Average 1.36 1.74 262.93 1.32 1.25


For a map of the Buena Vista Project, please click on the link below:

http://www.ccnmatthews.com/docs/apog1114.pdf

Contact Information

  • Apogee Minerals Ltd.
    John Carlesso
    President and C.E.O.
    (416) 861-5881