Apollo Announces Surface Sampling Results Further Extending Gold Mineralization at Calico Final Results of Phase 1 2022 Drilling Program Reported
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Apollo Announces Surface Sampling Results Further Extending Gold
Mineralization at Calico
Final Results of Phase 1 2022 Drilling Program Reported
Vancouver, British Columbia, September 14, 2022 – Apollo Silver Corp. (“Apollo” or the “Company”)
(TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to report assay results from a surficial rock
grab sampling program and remaining assays from the Phase 1 2022 Drill Program at the Calico Silver
Project (“Calico” or the “ Project”) located in San Bernardino County, California. The surficial rock grab
sampling and drilling programs are part of the 2022 Calico Technical Program, which aims to upgrade and
expand the previously announced Inferred M ineral Resource Estimate (“ MRE”) of 166 million ounces
(“Moz”) of silver (“Ag”) contained in 58.1 million tonnes (“Mt”) at an average grade of 89 grams per
tonne (“g/t”) (see news release dated February 9, 2022)1.
A surficial rock grab sampling program completed recently in the Burcham area, 225 metres (“m”) south of
the Waterloo resource area, returned 34 rock samples with 0.1 g/t or more gold (“ Au”), showing that this
region represents a significant gold mineralized prospect outside the current MRE (see Figure 1 below) .
The surface program was designed to follow up on historic work completed in this area between
approximately 1940 and 1989, showing the area exhibited gold mineralization across a broad area. Notable
new surface rock samples reported include 6.280 g/t Au, 2.470 g/t Au, 2.410 g/t Au, and 2.24 0 g/t Au
from subvertical, northwest oriented structures. These results, combined with drilling results to date confirm
that gold mineralization is present over an extensive area at Waterloo (900 m X 400 m) over a variably thick
horizon (approximately 5 m to 45 m true thickness).
In addition to these surface samples, final Phase 1 reverse circulation (“ RC”) drilling assay results show
that seven of nine holes reported herein intersected gold at the Barstow -Pickhandle contact. This latest
drilling shows that gold mineralization is spatially continuous between the Waterloo Ag resource (116 Moz
Ag contained in 38.9 Mt at an average grade of 93 g/t Ag) and Burcham areas. Gold mineralization
represents a compelling prospect with the latest results providing further support for adding to the metal
inventory for the upcoming mineral resource estimate update. These latest results will be followed up in
Phase 2 of the 2022 Calico Technical Program which is expected to recommence in late-September.
As with all previously reported drilling results from the Phase 1 2022 Drill Program, silver mineralization
correlates well with predicted block model grades , with three drill holes intersecting silver mineralization
above the 50 g/t Ag cut-off grade (“COG”) used for the MRE, and one drill hole intersecting silver in excess
of 500 g/t Ag.
GOLD HIGHLIGHTS
Hole W22-RC-030
• 0.225 g/t Au over 27.0 m from 131.5 m depth down hole;
o Including 0.850 g/t Au over 1.5 m from 133.0 m down hole;
Hole W22-RC-036
• 0.315 g/t Au over 6.0 m from 82.0 m down hole;
o Including 0.524 g/t Au over 1.5 m from 82.0 m down hole;
Hole W22-RC-037
• 0.376 g/t Au over 16.5 m from 71.5 m depth down hole;
o including 0.672 g/t Au over 7.5 m from 76.0 m depth down hole;
o and including 1.200 g/t Au over 1.5 m from 82.0 m depth down hole.
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Gold assays are reported at a 0.1 g/t gold cut -off grade with up to 4.5 m dilution and are uncapped. Lengths
are down hole lengths and may not represent true widths.
SILVER HIGHLIGHTS
Hole W22-RC-029
• 151 g/t Ag over 94.5 m from 1.0 m depth down hole;
o including 289 g/t Ag over 1.5 m from 5.5 m depth down hole;
o including 257 g/t Ag over 6.0 m from 61.0 m depth down hole; and
o including 734 g/t Ag over 1.5 m from 86.5 m depth down hole.
Hole W22-RC-030
• 92 g/t Ag over 40.0 m from surface; and
• 53 g/t Ag over 6.0 m from 50.5 m depth down hole.
Hole W22-RC-031
• 123 g/t Ag over 26.5 m from surface.
Silver assays are reported at a 50 g/t silver COG with up to 4.5 m dilution and are uncapped. Lengths
are down hole lengths and may not represent true widths.
1The MRE has been prepared by Derek Loveday, P. Geo. of Stantec Consulting Services Ltd., in conformance with Canadian Institute
of Mining and Metallurgy’s “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and are reported i n
accordance with the Canadian Securities Administrators NI 43-101. It is effective January 28, 2022. Mineral resources are not mineral
reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into a
mineral reserve. Mr. Loveday is an independent Qualified Person for Apollo’s MRE. Please refer to the Company’s news release dated
February 9, 2022, for more information.
“These results have confirmed the significant gold potential at Calico ” commented Apollo CEO Tom
Peregoodoff. “The surficial sampling combined with Apollo’s drilling have defined an extensive gold horizon
that has never been fully delineated by previous operators. This horizon has the potential to add significant
value to the Calico silver resource and further work is planned as part of the second phase of our 2022
Calico Technical P rogram to define this zone such that gold can be included in the upcoming revised
resource estimate. With drilling set to commence this month, we are on track to deliver a revised resource
estimate in early 2023 and will commence engineering studies shortly thereafter.”
SURFACE SAMPLING RESULTS
The surface rock grab sampling program was undertaken in July 2022 over a three- day period. A total of
46 rock samples were collected to confirm the historically reported disseminated nature of gold in the basal
Barstow formation rocks in an area 225 m southeast of the Waterloo resource. This area, referred to as the
Burcham area, hosted the Burcham mine, the only mine in the Calico mining district that produced gold as
its primary commodity. The mine was active in the 1940s and comprised two underground drifts that
exploited gold mineralized subvertical northwest oriented structures (refer to Figure 1) . Total production
figures are unknown. In 1985 and 1989, ASARCO completed 196.6 m of rotary drilling and 335.4 m of
diamond drilling and sampled the underground workings at Burcham to determine the extent of
mineralization in the Barstow-Pickhandle rocks. The new rock sample results follow up on and confirm that
work and show that discrete sub-vertical structures host gold with concentrations varying from 1 to over 6
g/t Au in bleached and brecciated fault gouge in Barstow formation siltstones. The broader rock package
across the sampled region (down to ~ 45 m depth) is mineralized with at least 0.1 g/t Au, hosted in variably
silicified (cherty), bleached bedding horizons in the Barstow formation siltstones and sandstones . Refer to
Figure 1 showing the distribution of surface rock samples reported herein.
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Table 1: Surface rock grab sample results for samples above 0.5 g/t Au.
Sample ID Easting
(m)
Northing
(m)
Elevation
(m) Au (g/t) Ag (g/t)
E569062 511279 3867390 701 1.555 18
P715865 511316 3867460 717 2.470 27
P715873 511296 3867501 744 6.280 13
P715879 511290 3867536 753 0.572 13
P715881 511260 3867499 740 1.340 8
P715908 511436 3867429 737 2.240 39
P715910 511419 3867435 742 0.507 11
P715911 511422 3867437 743 2.410 65
The reader is cautioned that grab samples are selective by nature and do not necessarily
represent the true metal content of the mineralized zones. Complete rock sampling results are
available on the Company’s website.
Figure 1: Drill hole and surface rock sample locations map as reported September 14, 2022, for the 2022 Calico
Technical Program.
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DRILLING ASSAY RESULTS
Results below are reported for the remaining drill holes from the Phase 1 2022 Drill P rogram. These nine
RC drill holes were completed between mid-J une and early -July 2022, bringing the results released to
market for the Phase 1 2022 Drill Program to a total of 42 holes (4,909.5 m), of the 44 holes completed
(5,021.0 m). Two drill holes (W22-RC-003 and W22-RC-004) were not assayed, as there was evidence of
material mixing during sampling at the drill rig. These two drill holes were re-drilled as holes W22-RC-03B
and W22-RC-04B (reported in news release dated June 29, 2022).
Of the nine holes reported herein, four were MRE infill holes targeting near surface silver, and five aimed
to target gold outside the southern margin of the current MRE. The holes targeting gold aimed to determine
if the gold hosted at the Barstow -Pickhandle contact was continuous between the Waterloo resource and
Burcham areas. Results show that it is continuous, and that the gold mineral ization extends up to 900 m
along strike. Refer to Figure 1 (above) and Table 2 (below) for drill hole locations and Table 3 (below) for
gold results from drill holes.
Three of the nine holes intersected silver mineralization at or above the mineral resource silver COG of 50
g/t Ag. As expected, holes W22-RC-036 through W22-RC -041 confirmed the MRE -predicted lower Ag
grade (< 50 g/t COG) in the southeast margins of the deposit and confirmed the continuous nature of Au in
this region. Refer to Figure 1 (above) and Table 2 (below ) for drill hole locations and information Table 4
(below) for silver assay results.
Table 2: Drill hole information for results reported September 14, 2022, for the 2022 Calico Technical Program.
Hole Easting
(m)
Northing
(m)
Elevation
(m)
Total
Depth (m)
Total
Depth (ft) Azimuth Dip
W22-RC-029 510753 3867840 786 202 663 0 -90
W22-RC-030 510844 3867775 785 172 564 247 -75
W22-RC-031 510908 3867764 786 142 466 0 -90
W22-RC-036 511069 3867538 757 139 456 0 -90
W22-RC-037 511114 3867560 753 154 505 0 -90
W22-RC-038 511158 3867607 756 31 102 0 -90
W22-RC-039 511101 3867598 777 109 358 0 -90
W22-RC-040 511033 3867577 774 165 540 0 -90
W22-RC-041 511094 3867568 763 115 377 0 -90
Note: Drill hole assay results are reported as received from the laboratory. Results are not necessarily received in the order holes
were drilled.
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Table 3: Gold assay results reported September 14, 2022, for the 2022 Calico Technical Program.
Hole From
(m)
To
(m)
Interval
(m)
Au
(g/t)
W22-RC-029 No significant intercepts
W22-RC-030 131.5 158.5 27.0 0.225
including 133.0 134.5 1.5 0.850
W22-RC-031 85.0 88.0 3.0 0.220
W22-RC-036 82.0 88.0 6.0 0.315
including 82.0 83.5 1.5 0.524
W22-RC-037
71.5 88.0 16.5 0.376
including 76.0 83.5 7.5 0.672
and including 82.0 83.5 1.5 1.200
and 95.5 98.5 3.0 0.201
W22-RC-038 14.5 19.0 4.5 0.142
and 25.0 28.0 3.0 0.240
W22-RC-039
53.5 55.0 1.5 0.142
and 85.0 86.5 1.5 0.235
and 100.0 101.5 1.5 0.104
W22-RC-040 No significant intercepts
W22-RC-041 74.5 76.0 1.5 0.112
and 100.0 115.0 15.0 0.157
Gold intercepts calculated using 0.1 g/t cut- off grade with higher-grade intercepts calculated at 0.5 g/t cut- off grade with a maximum of 4.5
m internal dilution and are uncapped. Intercepts are down hole lengths and may not represent true widths.
Table 4: Silver assay results reported September 14, 2022, for the 2022 Calico Technical Program.
Hole From
(m) To (m) Interval
(m)
Ag
(g/t)
Ag
(opt*)
W22-RC-029
1.0 95.5 94.5 151 4.4
including 5.5 7.0 1.5 289 8.4
including 61.0 67.0 6.0 257 7.5
including 86.5 88.0 1.5 734 21.4
W22-RC-030
0.0 40.0 40.0 92 2.7
and 50.5 56.5 6.0 53 1.6
W22-RC-031
0.0 26.5 26.5 123 3.6
and 85.0 86.5 1.5 59 1.7
W22-RC-036 No significant intercepts
W22-RC-037 No significant intercepts
W22-RC-038 No significant intercepts
W22-RC-039 No significant intercepts
W22-RC-040 No significant intercepts
W22-RC-041 No significant intercepts
Silver intercepts calculated using 50 g/t cut- off grade with significantly higher -grade intercepts reported at 250 g/t cut- off grade with a
maximum of 4.5 m internal dilution and are uncapped. Intercepts are down hole lengths and may not represent true widths. *Troy ounces
per US short ton.
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SAMPLING AND QUALITY ASSURANCE/QUALITY CONTROL
Drilling is being undertaken by Cooper Drilling LLC, of Monte V ista, C olorado. RC chip samples were
collected in 1.5 m lifts with 15 lb representative samples sent for analysis. Grab samples were collected in
the field and a 2 kg representative sample was sent for analysis. Representative chip samples were also
collected for logging purposes (lithology, alteration, mineralization) , detailed photography and analysis by
portable X -Ray Fluorescence. RC and rock grab samples are catalogued and securely stored in a
warehouse facility in Barstow, C alifornia until they are ready for secure s hipment to ALS Global -
Geochemistry in Reno, Nevada (“ALS Reno”) for sample preparation and gold analysis. ALS Reno may
selectively ship samples to other laboratories, such as ALS Global -Geochemistry in Carson City, Nevada
(“ALS Carson City”) for preparation. After preparation, splits of prepared pulps are securely shipped to
ALS Vancouver, British Columbia for multi-element analysis.
Samples were prepared at either ALS Reno or ALS Carson City (Prep-31 package) with each sample
crushed to better than 70% passing a 2 mm (Tyler 9 mesh, U.S. Std. No.10) screen. A split of up to 250 g
is taken and pulverized to better than 85% passing a 75-micron (Tyler 200 mesh, U.S. Std. No. 200) screen.
All RC samples were analyzed for 48 elements via ICP-MS following a four-acid digestion with reportable
ranges for silver of 0.01 to 100 ppm (method ME-MS61). Over-range samples analyzed for silver were re-
submitted for analysis using a four -acid digestion and ICP -AES finish with a silver range of 1-1,500 ppm
(method Ag-OG62). When results were over 400 ppm silver, they were re-su bmitted for analysis by fire
assay with a gravimetric finish using a 30 g nominal sample weight with reportable silver range of 5-10,000
ppm (method Ag-GRA21). Over -range samples analyzed for copper, lead and zinc were re-submitted for
analysis using a four-acid digestion and ICP-AES finish (method OG62) with range of 0.001-50% for copper,
0.001-20% for lead, and 0.001-30% for zinc. Gold was analyzed by fire assay with atomic absorption finish
(method Au -AA26) with a reportable range of 0.01-100 ppm Au. Of the 46 surface rock grab samples
collected, 36 were analyzed by method ME-MS-61 only, with the remaining 10 analyzed using complete
characterization via the CCP -PK05 method which includes whole rock analysis (ME -ICP06), ME-MS61,
single element trace method using aqua regia digestion and ICP-MS (ME-MS42) and rare earth elements
using method ME-ME81 which consist of lithium borate fusion followed by ICP-MS. All surface rock samples
were submitted for gold analysis by fire assay (Au-AA26). All analyses were completed at ALS Vancouver
except for gold by fire assay, which was completed at ALS Reno.
The Company maintains its own comprehensive quality assurance and quality control (“QA/QC ”) program
to ensure best practices in sample preparation and analysis for samples. The QA/QC program includes the
insertion and analysis of certified reference materials, commercial pulp blanks, preparation blanks, and field
duplicates to the laboratories. Apollo’s QA/QC program includes ongoing auditing of all laboratory results
from the laboratories. The Company’s Qualified Person is of the opinion that the sample preparation,
analytical, and security procedures followed are sufficient and reliable. The Company is not aware of any
drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data
reported herein.
ABOUT THE PROJECT
Location
The Project is located in San Bernardino County, California and 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.
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Geology and Mineralization
The Project is situated in the southern Calico Mountains of the Mojave Desert, in the south-western region of
the Basin and Range tectonic province. This mountain range is a 15 km (9 mile) long northwest- southeast
trending range dominantly composed of Tertiary (Miocene) volcanics, volcaniclastics, sedimentary rocks
and dacitic intrusions. Mineralization at the Project 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. The Project represents a district-scale mineral system endowment
with approximately 6,000 m (19,685 ft) in mineralized strike length controlled by Apollo. Oxidized,
disseminated and stockwork-style mineralization is primarily hosted in the Barstow sedimentary formation
and is the subject of the MRE.
QUALIFIED PERSONS
The scientific and technical data contained in this news release was reviewed, and approved by Cathy
Fitzgerald, M.Sc., P.Geo., Apollo’s Vice President Exploration and Resource Development, a Qualified Person
as defined by NI 43-101 Standards of Disclosure for Minerals Projects. Ms. Fitzgerald is a registered
Professional Geoscientist in British Columbia, Canada.
Please visit www.apollosilver.com for further information.
ON BEHALF OF THE BOARD OF DIRECTORS
Tom Peregoodoff
Chief Executive Officer
For further information, please contact:
Tom Peregoodoff
Chief Executive Officer
Telephone: +1 (604) 428-6128
About Apollo Silver Corp.
Apollo Silver Corp. has assembled an experienced and technically strong leadership team who have joined to advance
world class precious metals projects in tier-one jurisdictions. The Company is focused on advancing its portfolio of two
significant silver exploration and resource development projects, the Calico Silver Project, in San Bernardino County,
California and Silver District Project in La Paz County, Arizona.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release includes “forward -looking statements” and “forward -looking information” within the meaning of
Canadian securities legislation. All statements included in this news release, other than statements of historical fact,
are forward-looking statements including, without limitation, statements with respect to the potential of the Calico
Project; the potential for identification of gold and barite resources at Calico; the potential to expand the resource
estimate and upgrade its confidence level, including prospective mineralization on strike and at depth; timing of drilling
and exploration activities. Forward- looking statements include predictions, projections and forecasts and are often,
but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”,
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“target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or
be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the
management of the Company made in light of its experience and its perception of trends, current conditions and
expected developments , as well as other factors that management of the Company believes to be relevant and
reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on
reasonable assumptions that have been made by the Compa ny as at the date of such information and is subject to
known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity,
performance or achievements of the Company to be materially different from those expres sed or implied by such
forward-looking information, including but not limited to: risks associated with mineral exploration and development;
metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of
mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling
equipment and access; actual results of current exploration activities; government regulation; political or economic
developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in
connection with development activities; personnel relations; contests over title to properties; changes in project
parameters as plans continue to be refined; and impact of the COVID-19 pandemic. The estimate of mineral resources
may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant
issues. The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and
there has been insufficient exploration to define these inferred mineral resources as an indicated or measured mineral
resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral
resource category. Forward-looking statements are based on assumptions management believes to be reasonable,
including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry
on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified
personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and
effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and
factors as set out herein. Although the Company has attempted to identify important factors that could cause actu al
results to differ materially from those contained in forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will
prove to be accurate and actual results, and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward looking information contained herein,
except in accordance with applicable securities laws. The forward-looking information contained herein is presented for
the purpose of assisting investors in understanding the Company’s expected financial and operational performance and
the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake
to update any forward-looking information, except in accordance with applicable securities laws.