Apollo Silver Reports New Assay Results from Calico 2022 Drill Program: Extends Silver Mineralization Beneath Current Resource Boundary
Apollo Silver Reports New Assay Results from Calico 2022 Drill Program:
Extends Silver Mineralization Beneath Current Resource Boundary
Vancouver, British Columbi a, August 23, 2022 – Apollo Silver Corp. (“Apollo” or the “ Company”)
(TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to report new assay results from the 2022 Drill
Program at the Calico Silver Project (“Calico” or the “ Project”) located in San Bernardino County,
California. Infill drilling at the Waterloo deposit continues to show silver (“Ag”) results consistent with the
2022 mineral resource estimate (“MRE”) block model and expand the gold (“Au”) mineralized horizon.
Additionally, notable silver mineralization has been intercepted beneath the MRE, whose maximum depth
is 125 metres (“m”) below surface. Drill hole W22-RC-033 reported silver grades above the MRE cut -off
grade (“COG”) of 50 g/t to at least 180 m depth down hole and indicates possible stacking of silver
mineralized horizons in the Barstow sediments. This is encouraging as it illustrates the opportunity to
expand the mineral resource at depth . In addition, these latest results show 11 of 12 holes intersected
shallow silver mineralization above the COG and two holes intersected silver grades in excess of 500 g/t.
Results below are reported for 12 reverse circulation (“RC”) drill holes completed between mid-May and
the end of June 2022, bringing the results released to market for Phase 1 of the drill program to a total of
33 holes (3,681.0 m), of the 44 holes completed (5,021.0 m). 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 (“Moz”) of silver 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.
SILVER HIGHLIGHTS
o Hole W22-RC-014
• 139 g/t Ag over 103.5 m from 1.0 m depth down hole;
• including 662 g/t Ag over 1.5 m from 79.0 m depth down hole;
o Hole W22-RC-018
• 133 g/t Ag over 66.0 m from 4.0 m depth down hole;
o Hole W22-RC-019
• 104 g/t Ag over 105.0 m from 2.5 m depth down hole; and
o Hole W22-RC-025
• 135 g/t Ag over 91.5 m from 1.0 m depth down hole;
• including 908 g/t Ag over 1.5 m from 55.0 m depth down hole;
o Hole W22-RC-033
• 66 g/t Ag over 12.0 m from 134.5 m down hole; and
• 95 g/t Ag over 25.5 m from 154.0 m depth down hole.
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 in accordance with the Canadian
Securities Administrators NI 43-101. It is ef fective 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.
“The Calico silver resource is already one of the largest undeveloped silver resources in the world ,”
commented Apollo CEO Tom Peregoodoff. “We have always believed that the resource had the potential
to grow beyond what is currently shown in our 2022 resource declaration. These latest results confirm that
silver mineralization above the 50 g/t COG extends well below the current b ase of the resource model.
Further, the latest results again demonstrate the consistent and predictable nature of the near-surface silver
mineralization within the current resource which adds further support to our goal of achieving upgraded
confidence of silver ounces in our pending updated resource. Continued positive results will greatly reduce
future development and mining risks for the Project , which is a clear advantage over more structurally
complex and narrow silver resources. We look forward to discussing these results, and all results received
to date in the context of our pending 2022 revised resource declaration and encourage all interested
investors to attend our previously announced webinar to be held on Thursday, September 8, 2022.”
ASSAY RESULTS
Results show that 11 of 12 holes intersected silver mineralization at or above the mineral resource silver
COG of 50 g/t, with two holes intercepting silver over 500 g/t. Refer to Figure 1 for drill hole locations, Table
1 (below) for drill hole information and Table 2 (below) for silver assay results. Cross sections of select drill
hole results relative to the 2022 MRE block model are shown in Figure 2, Figure 3 and Figure 4.
Gold assay results continue to expand the gold mineralized horizon at the contact between the Barstow
sediments and Pickhandle volcaniclastics beneath the MRE. Refer to Figure 1 for drill hole locations, Table
1 (below) for drill hole information and Table 3 (below) for gold assay results.
Table 1: Drill hole information for results reported August 23, 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-014 510895 3867848 836 151.0 495.0 0 -90
W22-RC-016 510815 3867958 828 61.0 200.1 0 -90
W22-RC-017 510893 3867967 853 65.5 214.9 0 -90
W22-RC-018 510899 3867915 852 115.0 377.0 0 -90
W22-RC-019 510894 3867890 851 145.0 476.0 0 -90
W22-RC-025 510975 3867928 879 130.0 427.0 0 -90
W22-RC-026 510982 3867991 862 67.0 220.0 0 -90
W22-RC-027 510727 3868016 816 43.0 141.0 0 -90
W22-RC-032 510960 3867645 785 133.0 436.0 0 -90
W22-RC-033 510482 3868046 796 199.0 653.0 0 -90
W22-RC-034 510978 3867572 750 121.0 397.0 0 -90
W22-RC-035 511009 3867546 749 169.0 554.5 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 August 23, 2022, for the Calico Project 2022 Drill Program.
Hole From
(m) To (m) Interval
(m)
Ag
(g/t)
Ag
(opt*)
W22-RC-014
1.0 104.5 103.5 139 4.1
including 34.0 35.5 1.5 306 8.9
including 43.0 46.0 3.0 402 11.7
including 79.0 80.5 1.5 662 19.3
W22-RC-016
2.5 10.0 7.5 58 1.7
and 16.0 38.5 22.5 69 2.0
including 31.0 32.5 1.5 259 7.6
W22-RC-017
7.0 8.5 1.5 60 1.8
and 17.5 20.5 3.0 53 1.5
and 25.0 28.0 3.0 65 1.9
and 50.5 59.5 9.0 82 2.4
W22-RC-018
4.0 70.0 66.0 133 3.9
including 10.0 11.5 1.5 280 8.2
including 23.5 25.0 1.5 273 8.0
including 37.0 38.5 1.5 273 8.0
and 77.5 89.5 12.0 85 2.5
and 100.0 101.5 1.5 54 1.6
and 104.5 106.0 1.5 51 1.5
W22-RC-019 2.5 107.5 105.0 104 3.0
W22-RC-025
1.0 92.5 91.5 135 3.9
including 37.0 58.0 21.0 309 9.0
and including 40.0 41.5 1.5 470 13.7
and including 55.0 56.5 1.5 908 26.5
W22-RC-026
0.0 2.5 2.5 87 2.5
and 23.5 28.0 4.5 57 1.7
and 32.5 34.0 1.5 75 2.2
W22-RC-027 4.0 31.0 27.0 62 1.8
W22-RC-032 13.0 31.0 18.0 124 3.6
W22-RC-033
0.0 11.5 11.5 97 2.8
and 22.0 49.0 27.0 79 2.3
and 101.5 103.0 1.5 52 1.5
and 134.5 146.5 12.0 66 1.9
and 154.0 179.5 25.5 95 2.8
W22-RC-034 0.0 1.0 1.0 56 1.6
W22-RC-035 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. W22-RC-019 is a twin of ASARCO rotary hole 44. *Troy ounces
per US short ton.
Table 3: Gold assay results reported August 23, 2022, for the Calico Project 2022 Drill Program.
Hole From
(m)
To
(m)
Interval
(m)
Au
(g/t)
W22-RC-014
145.0 151.0 6.0 0.492
including 148.0 149.5 1.5 0.949
W22-RC-016 No significant intercepts
W22-RC-017 No significant intercepts
W22-RC-018
83.5 85.0 1.5 0.114
and 107.5 115.0 7.5 0.290
including 113.5 115.0 1.5 0.643
W22-RC-019
95.5 97.0 1.5 0.162
and 134.5 145.0 10.5 0.474
including 137.5 140.5 3.0 0.871
W22-RC-025 128.5 130.0 1.5 0.634
W22-RC-026 No significant intercepts
W22-RC-027 No significant intercepts
W22-RC-032
104.5 107.5 3.0 0.372
including 106.0 107.5 1.5 0.533
and 115.0 116.5 1.5 0.117
W22-RC-033 Not analyzed for gold.
W22-RC-034 No significant intercepts
W22-RC-035
67.0 70.0 3.0 0.272
and 77.5 80.5 3.0 0.131
Gold i ntercepts calculated using 0.1 g/t cut -off grade with higher -grade intercepts
calculated at 0.5 g/t cut-off grade. Intercepts are down hole lengths and may not represent
true widths. W22-RC-019 is a twin of ASARCO rotary hole 44.
SAMPLING AND QUALITY ASSURANCE/QUALITY CONTROL
Drilling is being undertaken by Cooper Drilling LLC, of Monte V ista, 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
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 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 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, t hey 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 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.
INVESTOR WEBINAR
As announced August 18, 2022, the Company will host a corporate update webinar for shareholders,
investors, and analysts on Thursday, September 8, 2022, at 9:00 a.m. PT / 12:00 p.m. ET. The webinar will
be facilitated by Tom Peregoodoff, President & CEO, and Cathy Fitzgerald, VP Exploration and Resource
Development and will focus on Company’s Calico Silver Project, located in San Bernardino County,
California. Specifically, the Company will provide an update on the 2022 Technical Program drilling results
to date, the commencement of Phase 2 of the drill program, and the timing of the Company’s planned
Mineral Resource Estimate update. Please see www.apollosilver.com for more information and to pre-
register to attend the webinar.
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. 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 ot her 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 da te 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: 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 r isks; 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 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.