Apollo Silver Advances with Cinco de Mayo Project Acquisition Plans
Apollo Silver Enters Exciting Exploration Agreement
Apollo Silver Corp. (‘Apollo Silver’ or the ‘Company’) (TSX.V:APGO, OTCQB:APGOF) has embarked on a significant new venture by entering into an exploration agreement with MAG Silver Corp. This agreement, also known as the ‘Option Agreement’, allows Apollo Silver the opportunity to acquire the Cinco de Mayo Project, marking a pivotal moment in the company's strategic growth.
Chairman’s Vision for Company Transformation
Andrew Bowering, the Chairman and Interim CEO, expressed enthusiasm about this development. He noted, “This is an exciting time for Apollo Silver as the addition of Cinco de Mayo marks the beginning of our transformation as a Company. We have successfully mitigated single asset risk by now boasting a portfolio of two exciting projects in two pro-mining jurisdictions.” This sentiment highlights Apollo Silver’s commitment to diversifying its asset base and pursuing strategic growth in mining.
Overview of the Cinco de Mayo Project
The Cinco de Mayo Project spans approximately 25,000 hectares, featuring 29 concessions. It is situated northwest of the state capital, near the village of Benito Juárez. With excellent access via local roads, the project's geographical positioning offers favorable conditions for exploration.
Potential for Significant Mineral Deposits
This project is known for its carbonate replacement deposits, including the well-known Upper Manto Pb-Zn-Ag (Au) deposit. This consists of two notable manto deposits: the Jose Manto and the Bridge Zone, which contribute to the project’s prospective mineral wealth. Moreover, the presence of the Pozo Seco Molybdenum-Gold (Mo-Au) deposit further enhances the project's overall mineral diversity.
Historical Exploration Efforts and Resource Estimates
Historical drilling results, prior to modern exploration techniques, revealed substantial mineral resources. As of 2012, 445 holes had been drilled, amounting to over 213,591 metres, which unveiled an inferred mineral resource estimated at approximately 12.45 million tonnes of high-grade silver, lead, and zinc. This signifies the presence of approximately 52.7 million ounces of silver, indicating the project's rich potential.
Promising New Discoveries in the Pegaso Zone
In addition to existing estimates, the Pegaso Zone was identified as a high-priority target due to its promising intercept of 61.6 metres of massive sulphide encountered in previous drilling. This discovery could lead to the identification of a larger resource at depth, urging Apollo Silver to prioritize exploration efforts in this area.
Community Engagement and Future Steps
Apollo Silver recognizes the importance of engaging with local communities to facilitate access and gather the necessary licensing for exploration. Following the completion of this transaction, the Company intends to proactively work with local stakeholders to improve relations and regain access to the project site, which has faced restrictions in previous years due to community relations and licensing challenges.
Transaction Terms and Next Phases
As per the terms of the Option Agreement, Apollo Silver is provided with the option to acquire all outstanding share capital of 0890887 B.C. Ltd., a subsidiary of MAG which controls MPS, the registered owner of the mineral concessions. To exercise this option, Apollo intends to complete at least 20,000 metres of exploratory drilling within five years, showcasing its commitment to advancing exploration activities.
About Apollo Silver Corporation
Apollo Silver Corporation has attracted a seasoned leadership team aimed at advancing precious metal projects in top-tier jurisdictions. Focused on its two significant projects, including the Calico Project and the Cinco de Mayo Project, Apollo Silver is well-positioned to enhance its portfolio as it moves forward with its exploration initiatives.
Frequently Asked Questions
What is the Cinco de Mayo Project?
The Cinco de Mayo Project is a silver exploration project in Mexico, consisting of 29 concessions with a total area of approximately 25,000 hectares.
Who is Apollo Silver Corp.?
Apollo Silver Corp. is a mining company focusing on advancing silver exploration and development projects in valuable mining jurisdictions.
What is significant about the recent acquisition agreement?
This agreement allows Apollo Silver to diversify its asset portfolio and pursue further exploration opportunities in addition to its existing projects.
What mineral resources are estimated in the Cinco de Mayo Project?
Historical estimates indicate significant resources including silver, lead, and zinc, amounting to millions of ounces in total.
How does Apollo Silver plan to engage with local communities?
Following the transaction, Apollo Silver plans to actively engage with local stakeholders to secure access and necessary licensing for exploration efforts.
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