Apollo Silver drills 139 g/t silver over 103.5 metres at Calico, California

Apollo Silver Corp. [APGO-TSXV; APGOF-OTCQB; 6ZF0-FSE] reported new assay results from the 2022 drill program at the Calico silver project, comprising the adjacent Waterloo and Langtry properties, located in San Bernardino County, Southern California. Infill drilling at the Waterloo deposit continues to show silver results consistent with the 2022 mineral resource estimate (MRE) block model and expand the gold mineralized horizon. Additionally, notable silver mineralization has been intercepted beneath the MRE, whose maximum depth is 125 metres below surface. Drill hole W22-RC-033 reported silver grades above the MRE cut-off grade (COG) of 50 g/t to at least 180 metres depth down hole and indicates possible stacking of silver mineralized horizons in the Barstow sediments.

This is encouraging as it illustrates the opportunity to expand the mineral resource at depth. In addition, these latest results show 11 of 12 holes intersected shallow silver mineralization above the COG and two holes intersected silver grades in excess of 500 g/t.

Results herein are reported for 12 reverse circulation (RC) drill holes completed between mid-May and the end of June 2022, bringing the results released to market for Phase 1 of the drill program to a total of 33 holes (3,681.0 m), of the 44 holes completed (5,021.0 m).

Drilling is part of the 2022 Calico Technical Program, which aims to upgrade and expand the previously announced maiden Inferred MRE of 166 million ounces (Moz) of silver contained in 58.1 million tonnes (Mt) at an average grade of 89 g/t.

Silver highlights: Hole W22-RC-014 returned 139 g/t silver over 103.5 metres from 1.0 metre depth down hole, including 662 g/t silver over 1.5 metres from 79.0 metres depth down hole.

Hole W22-RC-018 returned 133 g/t silver over 66.0 metres from 4.0 metres depth down hole. Hole W22-RC-019 returned 104 g/t silver over 105.0 metres from 2.5 metres depth down hole.

Hole W22-RC-025 returned 135 g/t silver over 91.5 metres from 1.0 metres depth down hole, including 908 g/t silver over 1.5 metres from 55.0 metres depth down hole.

Hole W22-RC-033 returned 66 g/t silver over 12.0 metres from 134.5 metres down hole and 95 g/t silver over 25.5 metres from 154.0 metres depth down hole.

“The Calico silver resource is already one of the largest undeveloped silver resources in the world,” commented Apollo CEO Tom Peregoodoff. “We have always believed that the resource had the potential to grow beyond what is currently shown in our 2022 resource declaration. These latest results confirm that silver mineralization above the 50 g/t COG extends well below the current base of the resource model. Further, the latest results again demonstrate the consistent and predictable nature of the near-surface silver mineralization within the current resource which adds further support to our goal of achieving upgraded confidence of silver ounces in our pending updated resource. Continued positive results will greatly reduce future development and mining risks for the Project, which is a clear advantage over more structurally complex and narrow silver resources.”

Results show that 11 of 12 holes intersected silver mineralization at or above the mineral resource silver COG of 50 g/t, with two holes intercepting silver over 500 g/t.

Gold assay results continue to expand the gold mineralized horizon at the contact between the Barstow sediments and Pickhandle volcaniclastics beneath the MRE.