Apollo Reports Further Assay Results From Phase 2 Drilling
Apollo Reports Further Assay Results From Phase 2 Drilling
Vancouver, British Columbia, January 9, 2022 – Apollo Silver Corp . (“Apollo” or the “ Company”)
(TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to report further 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.
• Resource infill drilling results continue to deliver exceptional silver (“Ag”) intercepts such
as 109 grams per tonne (“g/t”) Ag over 109.0 metres (“m”) from surface (drill hole W22-RC-
045).
• Latest results continue to expand silver mineralization (above 50 g/t cut-off grade (“COG”))
below the base of the current mineral resource estimate (“MRE”).
• The oxide gold (“Au”) horizon continues to be defined, with 0.262 g/t Au over 19.5 m from
134.5 m depth down hole in drill hole W22-RC-045 (including 0.921 g/t Au over 3.0 m).
• Results reported below are from 10 holes , bringing the total number of holes with assays
released for Phase 2 drilling to 16 out of 44 completed.
• New significant intercepts include:
SILVER
o 109 g/t Ag over 109.0 m from surface (W22-RC-045), including;
• 267 g/t Ag over 1.5 m from 25.0 m depth down hole;
• 456 g/t Ag over 1.5 m from 29.5 m depth down hole; and
• 307 g/t Ag over 1.5 m from 55.0 m depth down hole;
o 106 g/t Ag over 45.0 m from 11.5 m depth down hole (W22-RC-048);
o 169 g/t Ag over 64.5 m from 1.0 m depth down hole (W22-RC-056), including
• 260 g/t Ag over 6.0 m from 13.0 m depth down hole; and
• 261 g/t Ag over 15.0 m from 26.5 m depth down hole;
o 101 g/t Ag over 67.0 m from surface (W22-RC-062), including;
• 268 g/t Ag over 4.0 m from surface.
GOLD
o 0.262 g/t Au over 19.5 m from 134.5 m depth down hole (W22-RC-045), including;
• 0.921 g/t Au over 3.0 m from 140.5 m depth down hole; and
• 1.220 g/t Au over 1.5 m from 140.5 m depth down hole;
o 0.160 g/t Au over 21.0 m from 134.5 m depth down hole (W22-RC-049);
o 0.327 g/t Au over 18.0 m from 86.5 m depth down hole (W22-RC-050), including;
• 0.806 g/t Au over 1.5 m from 95.5 m depth down hole; and
• 0.774 g/t Au over 1.5 m from 101.5 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.
____________________________________________________________________________________
Silver assay results from Phase 2 drilling from the Calico Project continue to support the robust nature of
the current MRE block model at the Waterloo deposit. Infill drilling results reported here show near-surface
silver grades continue to be predictable and continuous. 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 166 million ounces of silver contained in 58.1 million tonnes at an average grade of 89 g/t (see
news release dated February 9, 2022)1.
Results below are reported for 10 reverse circulation (“RC”) drill holes totaling 1,243.0 m completed
between September 30, 2022, and October 24, 2022. These are the second set of 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.
“I am very pleased with the technical progress the team made in 2022”, commented Apollo’s VP Exploration
& Resource Development Cathy Fitzgerald . “The shallow, broad zones of silver mineralization above the
50 g/t cut-off grade are ubiquitous in the Waterloo deposit. Similarly, these results continue to confirm the
extensive nature of the oxide gold horizon stratigraphically below the silver mineralization. This oxide gold
horizon is not included in the current MRE and we will look to include this gold mineralization in the revised
mineral resource estimate . Importantly, we remain on track to deliver the upcoming revised mineral
resource estimate as planned in Q1 of this year.”
ASSAY RESULTS
All 10 holes reported below intersected silver mineralization above the MRE COG of 50 g/t silver.
These holes were designed to complete further infill drilling in the middle to southern portion of the Waterloo
deposit to support upgrad ing the current MRE to a higher confidence level , and to test for additional
mineralization at depth below the MRE. Assay results continue to support the robust nature of the current
MRE block model of near-surface silver mineralization at Waterloo. Refer to Figure 1 and Table 1 for drill
hole locations, and Table 2 for silver assay results.
Of the 10 holes reported here, six were selected for gold analysis as they targeted the gold -mineralized
horizon at the Barstow -Pickhandle lithologic contact beneath the silver MRE. This horizon is currently
modeled as being approximately 900 m x 400 m and from 5 m to 45 m thick. All six holes returned gold
mineralized intervals above 0.100 g/t Au within this modeled horizon. Refer to Figure 1 and Table 1 for drill
hole locations and Table 3 for gold assay results.
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 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.
Table 1: Drill hole information for results reported January 9, 2023, for the Calico Project 2022 Drill Program.
Hole Easting
(m)
Northing
(m)
Elevation
(m)
Total
Depth (m)
Total
Depth (ft) Azimuth Dip
W22-RC-045 510834 3867867 827 169.0 554 0 -90
W22-RC-048 510962 3867685 806 169.0 554 0 -70
W22-RC-049 510874 3867809 811 175.0 574 90 -70
W22-RC-050 510689 3868027 815 118.0 387 180 -65
W22-RC-052 510638 3868014 799 85.0 279 0 -90
W22-RC-053 510782 3867808 789 70.0 230 0 -90
W22-RC-054 510582 3868009 794 85.0 279 0 -90
W22-RC-056 510706 3867885 772 100.0 328 65 -80
W22-RC-057 510872 3867643 753 88.0 289 0 -90
W22-RC-062 510516 3867993 805 184.0 604 252 -75
Note: Drill hole assay results are reported as received from the laboratory. Results are not necessarily received in the order holes
were drilled.
Figure 1: Locations of drill hole collars for results reported January 9, 2023, for Phase 2 of the Calico Project
2022 Drill Program
Table 2: Silver assay results reported January 9, 2023, for Phase 2 of the Calico Project 2022 Drill Program
Hole From
(m)
To
(m)
Interval
(m)
Ag
(g/t)
Ag
(opt*)
W22-RC-045
0.0 109.0 109.0 109 3.2
including 25.0 26.5 1.5 267 7.8
including 29.5 31.0 1.5 456 13.3
including 55.0 56.5 1.5 307 9.0
and 134.5 136.0 1.5 55 1.6
and 140.5 142.0 1.5 89 2.6
W22-RC-048
0.0 1.0 1.0 53 1.6
and 11.5 56.5 45.0 106 3.1
W22-RC-049 0.0 97.0 97.0 80 2.3
W22-RC-050
0.0 10.0 10.0 92 2.7
and 17.5 28.0 10.5 70 2.0
and 37.0 38.5 1.5 63 1.8
and 88.0 92.5 4.5 123 3.6
and 101.5 104.5 3.0 99 2.9
W22-RC-052
0.0 5.5 5.5 85 2.5
and 31.0 43.0 12.0 87 2.5
and 50.5 52.0 1.5 58 1.7
and 74.5 76.0 1.5 52 1.5
W22-RC-053
0.0 26.5 26.5 79 2.3
and 32.5 35.5 3.0 75 2.2
and 43.0 44.5 1.5 62 1.8
and 61.0 65.5 4.5 64 1.9
W22-RC-054
0.0 29.5 29.5 123 3.6
including 0.0 1.0 1.0 268 7.8
W22-RC-056
1.0 65.5 64.5 169 4.9
including 13.0 19.0 6.0 260 7.6
including 26.5 41.5 15.0 261 7.6
W22-RC-057
10.0 14.5 4.5 66 1.9
and 35.5 37.0 1.5 61 1.8
W22-RC-062
0.0 67.0 67.0 101 3.0
including 0.0 4.0 4.0 268 7.8
and 103.0 106.0 3.0 61 1.8
and 110.5 112.0 1.5 54 1.6
and 118.0 140.5 22.5 57 1.7
and 149.5 169.0 19.5 81 2.4
Silver i ntercepts 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 January 9, 2023, for Phase 2 of the Calico Project 2022 Drill Program
Hole From
(m)
To
(m)
Interval
(m)
Au
(g/t)
W22-RC-045
134.5 154.0 19.5 0.262
including 140.5 143.5 3.0 0.921
and including 140.5 142.0 1.5 1.220
and 163.0 166.0 3.0 0.156
W22-RC-048 155.5 157.0 1.5 0.258
W22-RC-049
134.5 155.5 21.0 0.160
and 172.0 175.0 3.0 0.131
W22-RC-050
86.5 104.5 18.0 0.327
including 95.5 97.0 1.5 0.806
including 101.5 103.0 1.5 0.774
W22-RC-052 82.0 83.5 1.5 0.156
W22-RC-053 Not assayed for gold
W22-RC-054 Not assayed for gold
W22-RC-056 80.5 82.0 1.5 0.165
W22-RC-057 Not assayed for gold
W22-RC-062 Not assayed for gold
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.
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, al teration, mineralization), detailed photography and analysis 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 gold 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 Reno and ALS Carson City of Nevada, and ALS Chihuahua, of 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
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 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 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 result s
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.
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, stockwork-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 Isabelle
Lépine, M.Sc., P.Geo., Apollo’s Director of Mineral Resources, a Qualified Person as defined by NI 43-101
Standards of Disclosure for Minerals Projects. Ms. Lépine 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, projec tions 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”, “c ould” 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 ac tivity,
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: risks associated with mineral exploration and development;
metal and mineral pr ices; 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 quali fied
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 actual
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.