Apogee Releases Additional High Grade Results From the Pulacayo Silver Deposit, Bolivia-Including 8.0 Meters Grading 558.75g/t Silver in Hole PUD-063
08:01 EDT Thursday, April 03, 2008
TORONTO, ONTARIO--(Marketwire - April 3, 2008) - Apogee Minerals Ltd. (TSX VENTURE:APE) reports additional high grade intercepts at the Pulacayo silver-zinc-lead deposit, southern Bolivia (Figure 1). Helio Diniz, President of Apogee, states, "we continue to intersect high grade silver values in the upper part of the Tajo Vein System at Pulacayo, with numerous wide intervals exceeding 100 g/t silver and at least 10 intervals that range from 4 meters to 20 meters in width that grade more than 200 g/t silver. This drilling continues to expand the deposit which locally contains significant base metal values to augment the silver. Apogee presently has four diamond drills delineating the deposit in order that we can move to resource estimation and economic evaluation in a timely manner. The current drill program is expected to be completed in May and resource estimation will commence immediately thereafter, as soon as assays are available."
Eleven drill holes are included in this release representing the first results available from the 2008 drilling campaign. A complete summary of the results are included in Table 1 below and drill hole locations are shown on Figure 2 at the end of the release. Highlights from the current results include:
Hole PUD-057 which intersected 4.00 meters grading 1,183.50 g/t silver, 0.78% lead and 2.34% zinc within a 10 meter zone grading 353.06 g/t Ag, 0.33% lead and 0.76% zinc.
Hole PUD-063 which intersected 10 meters grading 312.00 g/t silver 1.98% lead and 3.77% zinc within a 33.00 meter interval that graded 146.00 g/t silver, 0.73% lead and 1.54% zinc and in a second zone intersected 8.00 meters grading 558.75 g/t silver, 0.21% lead and 1.60% zinc within a 20.00 meter interval that graded 265.35 g/t silver, 0.19% lead and 0.83% zinc.
Drill hole PUD-064 intersected 10.00 meters grading 439.90 g/t silver, 1.06% lead and 0.40% zinc within a 39.00 meter interval that averaged 203.54 g/t silver, 1.21 % lead and 2.86% zinc.
It is noteworthy that thick intervals of high grade silver mineralization with strong base metal values occur on the westernmost edge of the current drill program in drill holes PUD-64, 65 and 67. Also that drill hole 63 at the easternmost edge of the present drilling has thick intervals with high grade silver (Table 1, Figure 2). Previous drilling has established the presence of a high grade zone in the center of the deposit including drill hole 57. These results confirm the presence of high grade silver mineralization over substantial thicknesses along at least 1,000 meters strike length of the Upper Tajo Vein System and the deposit remains open for further expansion. This further reinforces the geological model that suggests an important component of the extensive Tajo Vein System will be a series of higher grade structurally controlled chutes. The drill program is designed to test the zone at approximately 50 meter intervals on the longitudinal section.
Table 1: Assay results for drill holes PUD-057 to PUD-067, Pulacayo
Project. Significant intervals exceeding 300 g/t silver are highlighted.
Locally lead and zinc comprise an important component of the mineralization.
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Hole No UTM-E UTM-N Azimuth Angle From To
(m) (m) (m) (m)
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PUD-057 740,200 7,744,426 017 -60 124.00 131.00
and 356.00 397.00
incl. 374.00 390.00
incl. 374.00 378.00
PUD-058 740,590 7,744,439 000 -35 141.00 171.00
incl. 155.00 161.00
incl. 156.00 160.00
PUD-059 740,590 7,744,439 029 -49 153.00 192.00
incl. 153.00 167.00
incl. 162.00 165.00
PUD-060 740,590 7,744,439 029 -61 91.00 239.00
incl. 180.00 233.00
incl. 180.00 193.00
incl. 207.00 233.00
incl. 207.00 215.00
PUD-061 740,200 7,744,426 017 -54 254.00 345.00
incl. 254.00 318.00
incl. 254.00 266.00
incl. 302.00 318.00
PUD-062 740,545 7,744,500 000 -39 100.00 102.00
PUD-063 740,800 7,744,380 000 -58 190.00 223.00
incl. 208.00 218.00
and 230.00 250.00
incl. 235.00 250.00
incl. 242.00 250.00
PUD-064 740,046 7,744,415 000 -48 296.00 335.00
incl. 311.00 319.00
incl. 321.00 334.00
incl. 324.00 334.00
PUD-065 740,046 7,744,415 000 -53 351.00 379.00
incl. 351.00 373.00
incl. 354.00 370.00
PUD-066 739,994 7,744,494 000 -36 186.00 198.00
incl. 188.00 191.00
PUD-067 739,994 7,744,494 000 -55 127.00 130.00
and 272.00 287.00
incl. 275.00 281.00
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Core Estimated
Length True Width
Hole No (m) (m) Ag (g/t) Pb (%) Zn (%)
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PUD-057 7.00 4.4 27.43 0.96 3.64
and 41.00 25.5 139.20 0.19 0.60
incl. 16.00 10.0 353.06 0.33 0.76
incl. 4.00 2.4 1183.50 0.78 2.34
PUD-058 30.00 27.2 48.20 0.34 0.77
incl. 6.00 5.5 177.00 0.88 1.03
incl. 4.00 3.7 231.75 1.18 1.38
PUD-059 39.00 27.2 63.33 0.37 1.00
incl. 14.00 9.8 156.29 0.61 0.91
incl. 3.00 2.1 216.00 1.80 1.55
PUD-060 148.00 84.3 51.72 0.43 0.82
incl. 53.00 30.2 110.08 0.58 0.94
incl. 13.00 7.4 154.46 0.82 0.75
incl. 26.00 14.8 140.19 0.72 1.21
incl. 8.00 4.6 216.13 0.65 1.53
PUD-061 91.00 63.15 72.98 0.86 2.04
incl. 64.00 44.40 90.88 1.05 2.38
incl. 12.00 8.4 188.50 1.38 1.85
incl. 16.00 11.1 134.06 1.92 5.51
PUD-062 2.00 1.8 86.00 0.16 0.03
PUD-063 33.00 22.1 146.61 0.73 1.54
incl. 10.00 6.7 312.00 1.98 3.77
and 20.00 13.4 265.35 0.19 0.83
incl. 15.00 10.1 340.60 0.15 0.95
incl. 8.00 5.4 558.75 0.21 1.60
PUD-064 39.00 30.8 203.54 1.21 2.86
incl. 8.00 6.3 356.75 3.19 6.33
incl. 13.00 10.3 350.08 0.92 1.26
incl. 10.00 7.9 439.90 1.06 0.94
PUD-065 28.00 20.5 164.14 0.41 1.65
incl. 22.00 16.1 206.86 0.45 1.65
incl. 16.00 11.7 274.56 0.53 1.65
PUD-066 12.00 10.8 30.92 0.78 2.00
incl. 3.00 2.7 92.67 2.03 3.03
PUD-067 3.00 2.1 208.67 8.60 9.46
and 15.00 10.6 123.53 1.08 3.18
incl. 6.00 4.3 246.83 1.88 4.73
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See releases dated February 14, January 28, and January 8, 2008 for details of results from holes completed in late 2007 at Pulacayo. Three surface drills and one underground drill continue to work on the Property. More than 2,000 additional core samples have been submitted for assays.
The Tajo Vein System (TVS) consists of a thick (locally 200 meters) east-west trending zone of conjugate veins, stockwork and disseminated sulphides with a higher grade core known as the Main Zone that may exceed 60 meters in thickness locally. The world class silver deposits associated with the Tajo Vein System have historically produced in excess of 600 million ounces of silver. The known strike length of the Tajo Vein System is approximately 1 kilometer and it remains open at both ends along strike (Figure 2). Mineralization in the TVS comprises sphalerite, galena and tetrahedrite in massive sulphide veins ranging from a few centimeters to greater than one meter thick and heavily disseminated sphalerite, galena and tetrahedrite between the veins.
The project is an option to joint venture with Apex Silver Mines Ltd. (Apex) in which Apogee can earn up to a 60% interest in the Project (see press release dated September 13, 2005) by completing a feasibility study. Under the agreement Apogee must complete a feasibility study by July 30, 2009.
Quality Control
The Company employs a QA/QC protocol on all aspects of the analytical procedures. Core samples are sawn and one half of the NQ and HQ core is restored to the core box for future reference. One half of the core is sent for analysis. Samples are taken in approx. 1.0 meter intervals or less. Sample preparation is completed at the ALS Chemex preparation lab in Oruro, Bolivia and assayed at ALS Chemex in Lima, Peru, using multi-acid digest/ AAS technique, method ME-AA46 for Ag, Pb, Zn and Cu. A blank sample is inserted every 20th sample and standard samples representing a range of grades are inserted at intervals of 1 in 20 samples. Five percent of pulps are re-analyzed at ALS Chemex Lab in Lima, Peru.
The Quality Control and all aspects of the exploration program are supervised by Apogee's Vice President of Exploration, Joaquin Merino and Fernando Tallarico PhD, P.Geo, the qualified person as defined by NI 43-101.
Mr. Merino and Dr. Tallarico have approved the technical information in this press release.
This press release has been reviewed and approved by David Gower, P.Geo., CEO of Apogee and a qualified person as defined by National Instrument 43-101.
Correction to Previous Release
The Company wishes to correct the terms of Ms. Lopes' option grant previously announced on January 11, 2008. The exercise price for Ms. Lopes' grant is $0.26, not $0.27 as previously disclosed. These options shall expire on January 11, 2013.
About Apogee Minerals
Apogee Minerals Ltd. is a Canadian producer of silver-zinc-lead and also carries out exploration and development activities. The Company is listed on the TSX Venture Exchange under the symbol APE. Apogee is focused on advanced silver-zinc-lead projects in South America that demonstrate the potential to be rapidly developed to production. Currently all of its projects are located in the historic silver producing regions of central and southwest Bolivia.
The Company's 100%-owned La Solucion Mine has a 14 year production history and has a 120 tonne per day flotation mill. The Pulacayo-Paca project is an option to joint venture with Apex Silver Mines Ltd. The project occupies the property that includes the second-largest silver mine in the history of Bolivia with over 600 million ounces of past production.
Forward Looking Statements
This document may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections, estimates regarding the timing for resource modeling and the preparation of a 43-101 compliant technical report and the impact of additional drills on the progress of the program. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. These forward-looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.
To view Figure 1-"Pulacayo Project Location Map" and Figure 2-"Seccion Longitudinal 'TVS'", please visit the following link: http://media3.marketwire.com/docs/ape403.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Apogee Minerals Ltd.
Ana Lopes
Investor Relations
(416) 861-5902
Email: info@apogeeminerals.com
Website: www.apogeeminerals.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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