Apollo Silver Launches New Exploration Agreement
Apollo Silver Corp. (‘Apollo Silver’ or the ‘Company’) (TSX.V:APGO, OTCQB:APGOF) is excited to announce a significant new step in its journey through an exploration agreement with MAG Silver Corp. This agreement, referred to as the ‘Option Agreement’, gives Apollo Silver the chance to acquire the Cinco de Mayo Project, marking an important milestone in the company’s growth strategy.
Chairman’s Enthusiasm for Company Growth
Andrew Bowering, Chairman and Interim CEO, shared his excitement about this development. He stated, “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.” His words emphasize Apollo Silver’s determination to diversify its asset base while pursuing smart growth opportunities in the mining sector.
Details About the Cinco de Mayo Project
The Cinco de Mayo Project covers about 25,000 hectares with 29 concessions and is located northwest of the state capital, near the village of Benito Juárez. Its proximity to local roads provides excellent access, making it well-suited for future exploration efforts.
Mineral Wealth and Potential Deposits
This project is particularly recognized for its carbonate replacement deposits, which include the notable Upper Manto Pb-Zn-Ag (Au) deposit. This area features two significant manto deposits: the Jose Manto and the Bridge Zone, enhancing the project’s mineral potential. Furthermore, the presence of the Pozo Seco Molybdenum-Gold (Mo-Au) deposit adds diversity to its mineral offerings.
Historical Exploration and Resource Estimates
Past drilling results, conducted before the advent of modern exploration techniques, showcased considerable mineral resources. As of 2012, 445 holes were drilled totaling over 213,591 metres, uncovering an inferred mineral resource estimated at around 12.45 million tonnes of high-grade silver, lead, and zinc. This points to approximately 52.7 million ounces of silver, highlighting the project’s rich potential.
New Discoveries in the Pegaso Zone
In addition to previously estimated resources, the Pegaso Zone has emerged as a high-priority target, recording a remarkable intercept of 61.6 metres of massive sulphide during earlier drilling. This promising find may lead to the discovery of a larger resource at greater depths, prompting Apollo Silver to focus its exploration efforts in this area.
Building Community Relations and Next Steps
Apollo Silver understands the importance of engaging with local communities to facilitate access and obtain the necessary licenses for exploration. After finalizing this transaction, the Company plans to actively work with local stakeholders to foster better relations and regain access to the project site, which has experienced restrictions in past years due to community and licensing challenges.
Transaction Details and Future Plans
According to the Option Agreement, Apollo Silver has the option to acquire all outstanding share capital of 0890887 B.C. Ltd., a MAG subsidiary that holds MPS, the registered owner of the mineral concessions. To exercise this option, Apollo plans to carry out at least 20,000 metres of exploratory drilling within five years, demonstrating its commitment to advancing exploration initiatives.
About Apollo Silver Corporation
Apollo Silver Corporation has brought together an experienced leadership team dedicated to progressing precious metal projects in prime mining jurisdictions. With a focus on its two main projects, including both the Calico Project and the Cinco de Mayo Project, Apollo Silver is poised to enhance its portfolio as it continues its exploration plans.
Frequently Asked Questions
What is the Cinco de Mayo Project?
The Cinco de Mayo Project is a silver exploration endeavor in Mexico, encompassing 29 concessions and covering roughly 25,000 hectares.
Who is Apollo Silver Corp.?
Apollo Silver Corp. is a mining company dedicated to advancing silver exploration and development projects in valuable mining areas.
What is significant about the recent acquisition agreement?
This agreement enables Apollo Silver to diversify its asset portfolio and explore further opportunities alongside its current projects.
What mineral resources are estimated in the Cinco de Mayo Project?
There are historical estimates indicating substantial resources, including silver, lead, and zinc, totaling millions of ounces.
How does Apollo Silver plan to engage with local communities?
After the transaction, Apollo Silver aims to actively work with local stakeholders to secure access and the necessary licenses for exploration activities.