Apollo Silver intersects 133 g/t silver over 129 metres at Calico, California

Apollo Silver Corp. [APGO-TSXV; APGOF-OTCQB; 6ZF0-FSE] reported initial assay results from the recently completed phase 2 of the 2022 drill program at the Calico silver project, located in San Bernardino County, Southern California.

Drilling continues to expand silver mineralization at depth up to approximately 100 metres below the base of the current mineral resource estimate (MRE) in the northern portion of the Waterloo deposit.

Resource infill drilling results continue to confirm the continuous and predictable nature of near-surface silver mineralization, providing a solid foundation for the updated MRE in early 2023.

The gold horizon continues to be intercepted with 39.0 metres of 0.790 g/t gold intercepted in drill hole W22-RC-044 (15.0 metres estimated true width).

New significant silver intercepts include 133 g/t silver over 129.0 metres from 7.0 metres depth down hole (W22-RC-043), including 288 g/t silver over 6.0 metres from 67.0 metres depth down hole; 287 g/t silver over 3.0 metres from 91.0 metres depth down hole; and 280 g/t silver over 6.0 metres from 103.0 metres depth down hole; 93 g/t silver over 52.5 metres from 38.5 metres depth down hole (W22-RC-044), including 257 g/t silver over 1.5 metres from 62.5 metres depth down hole; 72 g/t silver over 143.5 metres from surface (W22-RC-058); 119 g/t silver over 79.5 metres from 1.0 metre depth down hole (W22-RC-059), including; 284 g/t silkver over 1.5 metres from 32.5 metres depth down hole; 113 g/t silver over 47.5 metres from surface (W22-RC-061), including 302 g/t silver over 1.5 metres from 55.0 metres depth down hole.

Gold assays included 0.790 g/t gold over 39.0 metres from 109.0 metres depth down hole (W22-RC-044), including 1.080 g/t gold over 19.5 metres from 112.0 metres depth down hole and 2.551 g/t gold over 4.5 metres from 115.0 metres depth down hole and 1.645 g/t gold over 1.5 metres from 125.5 metres depth down hole and 1.125 g/t gold over 1.5 metres from 130.0 metres depth down hole; 0.825 g/t gold over 7.5 metres from 137.5 metres depth down hole and 1.910 g/t gold over 1.5 metres from 143.5 metres depth down hole.

Silver intercepts are reported at a 50 g/t silver cut-off grade (COG) with up to 4.5 metres dilution and are uncapped. Gold intercepts are reported at a 0.1 g/t COG with up to 4.5 metres dilution and are uncapped. Lengths are down hole lengths and may not represent true widths unless otherwise stated.

Assay results from the Waterloo Property continue to confirm the near-surface silver mineralization within the current MRE block model is continuous and predictable. Additionally, silver continues to be identified at depths below the base of the MRE potentially expanding the resource.

Phase 2 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 of silver contained in 58.1 million tonnes averaging 89 g/t.

Results are reported for six reverse circulation (RC) drill holes totaling 828.0 metres completed between September 21, 2022, and October 23, 2022. These are the first assays received from Phase 2 of the drill program, in which 44 holes (4,822.0 m) were completed between September 19, 2022, and November 12, 2022. “These first assay results from our Phase 2 drill program continue where Phase 1 left off,” commented Apollo CEO Tom Peregoodoff. “Our primary focus for Calico in 2022 was two-fold. First, to provide additional confidence to the current resource to enable us to maximize the amount of silver ounces we can convert to a higher resource category. Second, to expand the extent of known silver mineralization. I am pleased to report that on both counts we have been successful. The consistency of silver mineralization bodes very well for conversion of our current silver resource to a higher resource category. In addition, the continued intersection of silver mineralization beneath the current MRE highlights the potential to grow the resource at Calico. These initial results have also confirmed the extensive nature of the gold horizon, and while not a primary focus, the potential to add gold to the upcoming revised MRE could make a meaningful impact to the outcome of the planned 2023 Preliminary Economic Assessment.”

The project comprises the adjacent Waterloo and Langtry properties which total 2,950 acres. The project is 15 km (9 miles) from the city of Barstow and has an extensive private gravel road network spanning the property. There is commercial electric power within 5 km (3 miles) of the project.

The project is in the southern Calico Mountains of the Mojave Desert in the southwestern region of the Basin and Range tectonic province.

Mineralization comprises high-level low-sulfidation silver-dominant epithermal vein-type and disseminated-style deposits associated with northwest-trending faults and fracture zones and mid-Tertiary volcanic activity.