Apollo Gold Corporation, which operates the open-pit Black Fox Mine 64 kilometres east of Timmins, has raised $13 million through the sale of flow-through and common shares.
Proceeds of the sale will go towards exploration expenses at its Black Fox mine, as well as a drill program at its Grey Fox property, 3.5 kilometres southeast of Black Fox.
The initial target is 14,000 metres of core, and will begin in early August 2009. The program is expected to continue through until 2010.
This program expects to bring the Contact Zone to a measured and indicated resource status, and to expand it down-dip and along strike. The Calcite Zone will also explored in greater detail.
.jpeg;w=120;h=80;mode=crop)
