ONTARIO - The 43-101-compliant estimate for the Black Fox gold project has been filed by owner APOLLO GOLD of Denver. The deposit, located near Timmins, contains over 1.0 million oz of gold in probable reserves. This material includes 3.4 million tonnes grading 4.8 g/t Au recoverable by open pit methods and 1.1 million tonnes grading 10.6 g/t Au recoverable using underground methods.
In other categories, open pit indicated resources stand at 997,000 tonnes grading 4.5 g/t Au, and underground indicated resources are 667,000 tonnes grading 10.1 g/t Au. The open pit inferred resource is 3.3 million tonnes at 4.7 g/t Au, and the underground inferred resources are 929,000 tonnes at 12.3 g/t Au.
According to the pre-feasibility study that Apollo has received, the property has the potential to support a 1,500 t/d operation that would have total cash costs of US$236/oz of gold produced. The capital cost of such a project would total US$121.0 million.
The Black Fox project was formerly called the Glimmer gold mine. See the Apollo website at www.ApolloGold.com.