Miner Drills One of Best Gold Intercepts to Date

By: AllPennyStocks.com News

February 18, 2010
At the risk of sounding repetitive, the amazing thing about the search for gold in these lucrative times – with prices heading into the stratosphere – is that there is still enough of the precious metal to be had by a multitude of mining companies. Rarely does a day go by without news organs such as this treating its readers to another story of yet another eye-popping find in the gold fields.

The latest mining company lucking in (the kind of luck that results when preparedness meets opportunity) is Colorado-based Apollo Gold Corporation (AMEX:AGT), which, two days after Presidents Day, alerted investors of assay results from its Grey Fox Project, located in northeastern Ontario’s gold-rich Black River-Matheson district.

AGT reported that nine holes at Grey Fox produced drill intersections of 17.9 meters at an average gold grade of 14.3 grams per tonne (g/pt). The company also said results are pending from the remaining 14 holes completed as part of a 53-hole, 9,936-meter drilling program in 2009, including the first six holes drilled on Pike River, not far from the company’s Black Fox gold mine.

Apollo also has an 80% stake in the Huizopa Joint Venture, (20% being controlled by Minas De Coronado, S. de R.L. de C.V.), an early stage, gold-silver exploration project, in the Sierra Madres in Chihuahua, Mexico.

AGT has been active on Black Fox since May of last year, and 16 holes featured a high grade intercept of 3.5 m grading 455 g/pt (13.27 ounces per ton) as well as several separate one-meter gold intervals grading from 12 to 277 g/pt (0.35 to 8.08 o/pt).

In January, AGT reported that Black Fox achieved its goal of processing 2,000 tonnes per day (tpd), ahead of the original year-end schedule, for a mill throughput average of 2,040 tpd of ore during the fourth quarter ended December 31, 2009 for production of 15,820 ounces of gold in that quarter.

Clearly, this is a company on a roll, what with its incredible activity throughout North America. AGT traded as cheaply as 24 cents a share during March’s doldrums last year, before climbing to a 52-week peak near 53 cents last October, when equities started to sparkle. Fortunately for investors these days, even with the news about Grey Fox, the stock reached no higher than 42 cents, with lots of room to prospect, and dig, and assay, and prosper.

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