Apollo Reports First Assay Results From Phase 2 Drilling Silver Mineralization Continues to Expand Beneath Current Resource Boundary
Apollo Reports First Assay Results From Phase 2 Drilling
Silver Mineralization Continues to Expand Beneath Current Resource Boundary
Vancouver, British Columbia, December 1, 2022 – Apollo Silver Corp. (“Apollo” or the “ Company”)
(TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to report initial assay results from the recently
completed Phase 2 of the 2022 Drill Program at the Calico Silver Project (“Calico” or the “Project”) located
in San Bernardino County, California.
• Drilling continues to expand silver (“Ag’) mineralization at depth up to approximately 100
metres (“m”) 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.
• Gold (“Au”) horizon continues to be intercepted with 39.0 m of 0.790 g/t Au intercepted in
drill hole W22-RC-044 (15.0 m estimated true width).
• New significant intercepts include:
SILVER
o 133 g/t Ag over 129.0 m from 7.0 m depth down hole (W22-RC-043), including;
• 288 g/t Ag over 6.0 m from 67.0 m depth down hole;
• 287 g/t Ag over 3.0 m from 91.0 m depth down hole; and
• 280 g/t Ag over 6.0 m from 103.0 m depth down hole;
o 93 g/t Ag over 52.5 m from 38.5 m depth down hole (W22-RC-044), including;
• 257 g/t Ag over 1.5 m from 62.5 m depth down hole;
o 72 g/t Ag over 143.5 m from surface (W22-RC-058);
o 119 g/t Ag over 79.5 m from 1.0 m depth down hole (W22-RC-059), including;
• 284 g/t Ag over 1.5 m from 32.5 m depth down hole;
o 113 g/t Ag over 47.5 m from surface (W22-RC-061), including;
• 302 g/t over 1.5 m from 55.0 m depth down hole.
GOLD
o 0.790 g/t Au over 39.0 m from 109.0 m depth down hole (W22-RC-044), including;
• 1.080 g/t Au over 19.5 m from 112.0 m depth down hole;
• and 2.551 g/t Au over 4.5 m from 115.0 m depth down hole;
• and 1.645 g/t Au over 1.5 m from 125.5 m depth down hole;
• and 1.125 g/t Au over 1.5 m from 130.0 m depth down hole;
• 0.825 g/t Au over 7.5 m from 137.5 m depth down hole;
• and 1.910 g/t Au over 1.5 m from 143.5 m depth down hole.
Silver intercepts are reported at a 50 g/t silver cut -off grade (“COG”) with up to 4.5 m dilution and are uncapped. Gold intercepts are reported at a
0.1 g/t COG with up to 4.5 m dilution and are uncapped. Lengths are down hole lengths and may not represent true widths unless otherwise stated.
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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 at an average grade of 89 grams
per tonne (“g/t”) (see news release dated February 9, 2022)1.
Results below are reported for six reverse circulation (“RC”) drill holes totaling 828.0 metres (“m”),
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.”
ASSAY RESULTS
All six holes reported below intersected silver mineralization above the MRE cut-off grade (“COG”)
of 50 g/t silver. These holes were designed to complete further infill drilling in the southern half of the
Waterloo deposit to confirm silver grade trends identified in the MRE block model and to test possible
extensions of silver mineralization at depth below the base of the MRE in the northern half of the deposit .
Refer to Figure 1, Figure 2 and Figure 3 for drill hole locations and select cross sections showing assay
results relative to the MRE. Specifically, holes W22-RC-058 and W22-RC-059 were designed to follow up
deeper silver identified in hole W22-RC-033 (see news release dated August 23, 2022). Drilling has now
identified silver mineralization up to 100 m (approximate) depth below the base of the MRE a cross
over 65 m up dip (see Figure 3) in the northern portion of the Waterloo deposit . Refer to Figure 1 and
Table 1 for drill hole locations and Table 2 for silver assay results.
Hole W22-RC-044 was selected for gold analysis as it specifically targeted the modeled gold mineralized
horizon occurring at the Barstow sediments -Pickhandle volcanics contact beneath the current MRE (gold
is not included in the current MRE announced February 9, 2022). This hole intercepted 39.0 m of 0.790 g/t
Au from 109.0 m downhole, representing a modeled true thickness of 15.0 m (see Figure 2). Drilling
continues to better define and expand the gold mineralization at Waterloo and the pending MRE
update will seek to add gold to the mineralized resource. Refer to Figure 1 and Table 1 for drill hole
locations and Table 3 for gold assay results.
Table 1: Drill hole information for results reported December 1, 2022, for the Calico Project 2022 Drill Program.
Hole Easting
(m)
Northing
(m)
Elevation
(m)
Total
Depth (m)
Total
Depth (ft) Azimuth Dip
W22-RC-043 510899 3867874 855 154.0 505 140 -60
W22-RC-044 510843 3867934 830 148.0 486 140 -70
W22-RC-058 510475 3868017 775 166.0 545 0 -90
W22-RC-059 510545 3868090 789 199.0 653 230 -76
W22-RC-060 510478 3868109 785 91.0 299 225 -65
W22-RC-061 510540 3868003 805 70.0 230 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.
Table 2: Silver assay results reported December 1, 2022, for Phase 2 of the Calico Project 2022 Drill Program.
Hole From
(m)
To
(m)
Interval
(m)
Ag
(g/t)
Ag
(opt*)
W22-RC-043
0.0 1.0 1.0 117 3.4
and 7.0 136.0 129.0 133 3.9
including 49.0 50.5 1.5 267 7.8
including 67.0 73.0 6.0 288 8.4
including 91.0 94.0 3.0 287 8.4
including 98.5 100.0 1.5 251 7.3
including 103.0 109.0 6.0 280 8.2
W22-RC-044
1.0 8.5 7.5 50 1.4
and 26.5 28.0 1.5 88 2.6
and 38.5 91.0 52.5 93 2.7
including 62.5 64.0 1.5 257 7.5
and 110.5 113.5 3.0 64 1.9
and 125.5 127.0 1.5 69 2.0
and 137.5 139.0 1.5 73 2.1
W22-RC-058 0.0 143.5 143.5 72 2.1
W22-RC-059
1.0 80.5 79.5 119 3.5
including 32.5 34.0 1.5 284 8.3
including 43.0 44.5 1.5 252 7.4
and 88.0 124.0 36.0 73 2.1
and 191.5 194.5 3.0 321 9.4
including 191.5 193.0 1.5 520 15.2
W22-RC-060
1.0 2.5 1.5 53 1.5
and 13.0 25.0 12.0 71 2.1
W22-RC-061
0.0 47.5 47.5 113 3.3
including 34.0 35.5 1.5 302 8.8
and 55.0 56.5 1.5 54 1.6
Silver intercepts calculated using 50 g/t cut -off grade (“COG”) with significantly higher-grade intercepts
reported at 250 g/t COG 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.
Table 3: Gold assay results reported December 1, 2022, for Phase 2 of the Calico Project 2022 Drill Program.
Hole From
(m)
To
(m)
Interval
(m)
Au
(g/t)
W22-RC-043 Not assayed for Au
W22-RC-044
109.0 148.0 39.0 0.790
including 112.0 131.5 19.5 1.080
and including 115.0 119.5 4.5 2.551
and including 125.5 127.0 1.5 1.645
and including 130.0 131.5 1.5 1.125
including 137.5 145.0 7.5 0.825
and including 143.5 145.0 1.5 1.910
W22-RC-058 Not assayed for Au
W22-RC-059 Not assayed for Au
W22-RC-060 Not assayed for Au
W22-RC-061 Not assayed for Au
Gold intercepts calculated using 0.1 g/t cut -off grade (“COG”) with higher-grade intercepts calculated at 0.5
g/t COG. Intercepts 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 in accordance w ith 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.
SAMPLING AND QUALITY ASSURANCE/QUALITY CONTROL
Drilling was undertaken by Cooper Drilling LLC, of Monte Vista, Colorado. RC chip samples were collected
in 1.5 m lifts with 15 lb representative samples sent for analysis. Representative chip samples were also
collected for logging purposes (lithology, alteration, mineralization), detailed photography and analy sis by
portable X-Ray Fluorescence. RC samples are catalogued and securely stored in a warehouse facility in
Barstow, California until they are ready for secure shipment to ALS Global-Geochemistry in Reno, Nevada
(“ALS Reno”) for sample preparation and gol d analysis. ALS Reno may selectively ship samples to other
ALS laboratories for preparation. After preparation, splits of prepared pulps are securely shipped to ALS
Vancouver, British Columbia for multi-element analysis.
Samples were prepared at ALS -Naves and ALS-Chihuahua, both in Mexico (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 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- submitted for analysis by
fire assay with a gravimetric finish using a 30 g nominal sample weight with repor table 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 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. 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 c ontrol (“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.
Figure 1: Locations of drill hole collars for results reported December 1, 2022, for Phase 2 of the Calico Project
2022 Drill Program.
Figure 2: Assay results for drill holes W22-RC-043 and W22-RC-044 reported December 1, 2022, for Phase 2 of
the Calico Project 2022 Drill Program.
Figure 3: Assay results for drill holes W22-RC-058 and W22-RC-059 reported December 1, 2022, for Phase 2 of
the Calico Project 2022 Drill Program.
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.
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 ; timing of completion of the updated mineral resource estimate and 2023 preliminary
economic assessment. 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”, “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 Company 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 expressed or implied by such
forward-looking information, including but not limited to: r isks 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 pri ce fluctuations; availability of drilling