Apollo Silver files NI 43-101 Technical Report for Calico Silver Project, California
Apollo Silver Corp. [TSXV: APGO; OTCQB: APGOF; FRA: 6ZF] reported that it has filed an independent technical report for the updated Mineral Resource Estimate (MRE) for the Calico Silver Project, California.
The report titled “NI 43-101 Technical Report and Mineral Resource Estimate for the Calico Silver Project, San Bernardino County, California, USA”, is dated October 16, 2025 (with an effective date of June 30, 2025.
The Technical Report was prepared in accordance with NI 43-101 Standards of Disclosure for Mineral Projects by Stantec Consulting Ltd. of Denver, Colorado. There are no material differences in the Technical Report from those results disclosed in the company’s press release dated September 4, 2025.
Highlights of the MRE announced on September 4, 2025, include: New combined Measured and Indicated total of 55 million tonnes (Mt) grading 71 g/t silver for a total of 125 million ounces (Moz) Ag. There is a 61% increase in tonnage and a 14% increase in Ag ounces representing an increase of 15 Moz contained Ag.
Inferred total of 0.6 Mt at a grade of 26 g/t Ag for a total of 0.51 Moz contained Ag. Inaugural barite (BaSO4) and zinc resources are estimated as: Indicated: 36 Mt at 7.4% BaSO4 and 0.45% Zn for a total content of 2.7 Mt BaSO4 and 354 million pounds (Mlbs) Zn. Inferred: 17 Mt @ 3.9% BaSO4 and 0.71% Zn for a total content of 0.65 Mt BaSO4 and 258 Mlbs Zn.
Gold ounces have increased by 86% in the Inferred category for a new total of 17 Mt at a grade of 0.25 g/t Au and total Au content of 0.13 Moz.
One single pit for all metals at the Waterloo deposit with a low strip ratio of 0.8:1. Updated Langtry MRE now includes 24 million tonnes grading 73 g/t Ag for a total Ag content of 57 million ounces.
The increased quantities of Ag and Au, the addition of two new critical minerals, and the larger single pit with low strip ratio have derisked the Calico Project.
Sensitivity analyses show resiliency of the Ag resource to changes in metal price. Significant growth opportunities remain.
The 2025 MRE for the Waterloo Property comprises 125 Moz Ag in 55 Mt averaging 71 g/t Ag (M&I categories), 0.51 Moz Ag in 0.60 Mt averaging 26 g/t Ag (Inferred category), 130,000 oz gold in 17 Mt averaging 0.25 g/t gold (Inferred category), 2.7 Mt BaSO4 and 354 Mlbs Zn in 36 Mt averaging 7.4 % BaSO4 and 0.45 % Zn (Indicated category), and 0.65 Mt BaSO4 and 258 Mlbs Zn in 17 Mt averaging 3.9 % BaSO4 and 0.71% Zn (Inferred category). The 2025 MRE for the Langtry Property comprises 57 Moz Ag in 24 Mt averaging 73 g/t Ag (Inferred category).
The Calico Project is located in San Bernardino County, California, and comprises the adjacent Waterloo, Langtry and Mule properties, which total 8,283 acres. The Calico Project is 15 km (9 miles) east from the city of Barstow, 5 km (3 miles) from commercial electric power and has an extensive private gravel road network spanning the property.
The Calico Project is situated in the southern Calico Mountains of the Mojave Desert, in the southwestern region of the Basin and Range tectonic province. This 15 km (9 mile) long northwest-southeast trending mountain range is dominantly composed of Tertiary (Miocene) volcanics, volcaniclastics, sedimentary rocks and dacitic intrusions.
Mineralization at Calico comprises high-level low-sulfidation silver-dominant epithermal vein-type, stockwork-type and disseminated-style associated with northwest-trending faults and fracture zones and mid-Tertiary (~19-17 Ma) volcanic activity. Calico represents a district-scale mineral system endowment with approximately 6,000 metres (19,685 ft) in mineralized strike length controlled by the company. Silver and gold mineralization are oxidized and hosted within the sedimentary Barstow Formation and the upper volcaniclastic units of the Pickhandle formation along the contact between these units.
Apollo Silver is advancing one of the largest undeveloped primary silver projects in the US. The Calico Project hosts a large, bulk minable silver deposit with significant barite and zinc credits – recognized as critical minerals essential to the US energy and medical sectors. The company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage.