Apogee Minerals Ltd. announced that it has acquired a strategic mineral disposition within its' Pine Channel Gold Property tenure that covers the historic Algold Bay mineralization. The Algold Bay tenure has been in good standing since 1979 and covers several Au mineralized showings on the north shore of Lake Athabasca. Gold mineralization at Algold Bay was first reported in 1935 and subsequent work has included prospecting, trenching, geophysical surveys, and five short diamond drill holes, with the last recorded work in 1988 by Colchis Resources.

The MEL-CEC showing is a vertically dipping shear zone exposed for approximately 300m strike length. Historical chip sampling has returned values ranging from trace to 100.1 g/t (3.24 oz/t) Au over 0.8m, 26.4g/t Au over 1.9 m, 16.5 g/t Au over 1.31 m, and 11.2 g/t over 1.3 m. Drill intercepts at the MEL-CEC returned values ranging from trace to a high of 63.5 g/t (2.04 oz/t) Au over0.6 m. The Algold Creek occurrence, a 3.7 m wide quartz-tourmaline vein, returned values from trace to a high of 9 g/t Au from a grab sample. At the Occurrence 3 Au Showing, quartz stringers with arsenopyrite and visible gold returned values from trace up to 5.7 g/t Au.

Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property. Analytical results from the seventy-two rock samples collected in 2020 range from 6 ppb Au to 68,400 ppb Au. Twenty-three of the samples returned greater than 1 g/t Au, and eight returned greater than 10 g/t Au.

The most encouraging of the known showings are the ELA Shaft showing (SMDI 1574) and Occurrence No. 6 and No. 8 (SMDI 1581), which both demonstrate anomalous gold geochemical results and potential for extension of known mineralization along strike.

In 2022, Apogee carried out work including a helicopter-borne high-resolution aeromagnetic and radiometric survey covering 380 line-km. The survey was completed by Precision Geosurveys Inc. of Langley, British Columbia. In addition, a 70 km2 Lidar and orthophoto survey was conducted by Eagle Mapping Ltd. of Langley British Columbia.

Lineation analyses of the Lidar imaging, combined with the aeromagnetic data, defined a number of new target areas adjacent to and along strike from known mineralization, which will be priority targets for future exploration.