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Apex's five active Mexican Projects are: San Luis del Cordero (Ag-Zn-Cu), San Juan del Cordero (Ag-Zn-Pb), Platosa (CRD w/Ag-Zn-Pb), El Aguila (Au-Ag) and Zacatecas (VMS/X w/Ag-Zn-Pb)

The Platosa Project with Excellon was restructured in July 2001 giving Excellon a 51/49 operational control of the exploration JV starting 08/01/01. Apex was the operator during the discovery drilling phase in February, 1999. 

 

Apex Silver Mines Limited            [SIL:AMEX]

Evolved out of Compania Miinera de Cordilleras S. de R.L. de C.V., a privately held company who had been active in Mexico for around 4-5 years and highly focused on silver opportunities. Presently engaged in 5 active exploration programs in Mexico (October 20, 2000). To enhance shareholder value from our many attractive and undeveloped assets as of February 2001, our Board of Directors approved creation of a plan to develop a new subsidiary for all of the Company's non-San Cristobal exploration assets. The new entity, to be named SilEx, is intended to be a premier exploration company focused on the discovery of precious metals deposits as well as polymetallic deposits containing precious metals."

Platosa Property, Durango. The 9614 Ha Platosa property and adjacent 4547 Ha Saltillero Property is located 5 kms northwest of the town of Bermijillo, Durango State, Mexico and lies 1.5 kms from a major paved highway, railroad and electric supply. Apex signed an option agreement with Excellon Resources on 18Aug98 for Apex to earn into 65% of property and conducted a program of sampling, mapping and geophysics which generated drill targets within several months. Under the terms of the agreement Apex can earn a 65% direct interest in the property with Excellon retaining a 35% interest.  This deal was restructured in July 2001 giving Excellon a 51/49 operational control of the exploration JV starting August 1, 2001. Excellon proceeded immediately on the next round of drilling commencing on September 27, 2001.

San Luis del Cordero, Durango. A 5,560-acre property located 150 km east of Durango in central Mexico. Apex has the right to earn up to a 60% interest in the property and become the operator by investing $3 million in the property over 5 years ending in June 2004 and making payments totaling $350,000 during the same period. San Luis is located on the western edge of the Mexican silver-lead-zinc province that is home to numerous mines. The most important of these being San Martin, Zacatecas (Grupo Mexico), where mining in veins resulted in the discovery of large silver-copper-zinc skarn bodies at depth that are currently being mined. At San Luis, the most important vein called the Santa Rosa, reportedly produced approximately 100,000 tonnes of ore assaying about 20 ounces of silver per tonne and 2 percent copper. To test the vein at depth, three core holes were drilled mid-year 2000, with hole SL-00-01 cutting a vein with a 1.76 meter true width assaying 19.7 ounces per tonne silver, 1 percent copper and 2.2 percent zinc at a distance of 50 m below the old stope. Fifty meters below the first hole, hole SL-00-02 encountered the vein as a barren fault separating granitic and sedimentary rocks and also showed thin skarn zones in the sedimentary rocks with assays ranging from 1.0 to 3.2 ounces per tonne silver, 0.57 to 1.05 percent copper and up to 2 percent zinc. The third and final hole, SL-00-03, cut the projection of the vein at the same elevation as SL-00-02, but 75 meters to the southeast, and encountered a zone of mineralized skarn that spanned a width of 17 meters with individual zones up to 4.7 meters wide assaying from 0.6 to 2.8 ounces per tonne silver, 0.21 to 1.04 percent copper and 0.72 to 5.16 percent zinc.

San Juan del Cordero, Chihuahua. A 93,400-acre property located just 37 km north of the major mining center of Parral, state of Chihuahua, Mexico. San Juan is located in the heart of a belt of silver and base metals deposits, including Parral, Naica, Santa Barbara and Santa Eulalia, each of which is a major mining center. Agreements with claim owners call for lease payments of $2.4 million through 2003, converting to a net smelter return royalty that caps at $3.25 million. In addition to limestone replacement orebodies, San Juan presents a second type of target as well. The carbonates are intruded by a dacite porphyry stock that is intensely veined and brecciated over a large area (1,000 meters by 800 meters). Outcrop samples of the breccias indicate they are well mineralized assaying as high as 7.0 ounces per tonne silver, 1.7 percent zinc and 2.6 percent lead. Given the size of the area, the target could be a bulk mineable, Real de Angeles-style open pit deposit. This thesis was given encouragement from last year's diamond drill hole that encountered approximately 65 meters of mineralized material averaging 2.05 ounces per tonne silver, 1.8 percent zinc and 1.1 percent lead. These grades could be economic for open pit mining. 

Zacatecas District, Zacatecas. Apex also has accumulated a 48 square-kilometer land package in the Zacatecas District in central Mexico, one of the world's premier silver-producing districts with historical production of approximately 700 million ounces since the Spanish discovered it in 1546. Historical production focused on near-surface, high-grade, oxidized silver veins, whereas recent exploration efforts by mining companies working in adjacent districts have recognized that one of the host rock formations contained in the Zacatecas District, the Chilitos Formation, is also a favorable host for volcanogenic massive sulfide/sedimentary exhalative (VMS/X) silver-zinc-lead deposits. Two major orebodies of this type, the Francisco I. Madero west of Zacatecas, and the San Nicholas east of Zacatecas, were discovered in the mid-1990s. Recent surface sampling of the Chilitos Formation has indicated that the Company's holdings are not only anomalous in zinc and lead, but locally approach ore grade values at some surface outcrops. Additional surface mapping and sampling would be conducted prior to geophysical surveys and drilling, either by the Company or potential joint venture partners.

El Aguila Prospect, Oaxaca. Located in southern Mexico approximately 117 kilometers southeast of the city of Oaxaca. Apex also holds 100 percent of the 52,000-acre El Aguila is part of the greater Ocotlan District that produced gold and silver from narrow vein underground mines in the early 1900s. Mapping and sampling by Apex indicated the potential for surface stockwork deposits associated with numerous rhyolite porphyry domes. The ore mineral contained within quartz vein stockwork and silicification that follows bedding planes within limestone and volcanic country rock appears to be electrum. The Company conducted an intensive surface and shallow underground working sampling program that encountered values up to 102 ounces per tonne silver and 1.85 ounces per tonne gold. Only one of four currently identified prospects on the property, also named El Aguila, has been drilled. Four of the ten holes encountered a sub-horizontal horizon that averages 10 meters thick with an average grade of 0.096 ounces per tonne gold and 0.96 ounces per tonne of silver, providing encouragement for a possible open pit gold-silver target.

Press Release 27Oct01
MBD March, 1999
GCN #20 29Jan99
Excellon Resources Press Release 07Jan99
Press Release 16Mar98
MOB Winter 97/Spring 98 issue