Apollo Silver Reports New Assays from Calico: Results Continue to Validate Maiden Silver Resource Estimate and Expand Gold Target
Apollo Silver Reports New Assays from Calico:
Results Continue to Validate Maiden Silver Resource Estimate
and Expand Gold Target
Vancouver, British Columbi a, July 2 6, 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 ’s Waterloo Property (“ Calico” or the “ Project”) located in San
Bernardino County, California. Silver a ssay results continue to be consistent with the silver grades in the
resource block model, illustrating the predictable nature of the silver (“Ag”) mineralization. Additionally, gold
assay results continue to expand the gold (“Au”) mineralized horizon.
Results below are reported for 11 reverse circulation (“ RC”) drill holes which were drilled between early
May to mid-June 2022 and bring the results released to market for this portion of the drill program to a total
of 21 holes (2,281.50 m), of 44 holes completed to date (5,021.0 m). Drilling is part of the multi-component
2022 Calico Technical Program , which aims to upgrade and expand the previously announced maiden
Inferred Mineral Resource Estimate (“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-011
• 137 g/t Ag over 76.5 metres (“m”) from 16.0 m depth down hole;
• including 477 g/t over 1.5 m from 46.0 m depth down hole;
o Hole W22-RC-013
• 107 g/t Ag over 73.5 m from 19.0 m depth down hole; and
o Hole W22-RC-020
• 86 g/t Ag over 107.5 m from surface; and
o Hole W22-RC-024
• 84 g/t Ag over 89.0 m from surface.
Silver assays are reported at a 50 g/t silver cut-off grade with up to 4.5 m dilution and are uncapped. Lengths are down hole lengths and may not represent true widths.
GOLD HIGHLIGHTS
o Hole W22-RC-012
• 0.354 g/t Au over 27.0 m from 94.0 m depth down hole;
• including 1.960 g/t Au over 1.5 m from 101.5 m depth down hole;
o Hole W22-RC-013
• 0.417 g/t Au over 19.5 m from 134.5 m depth down hole; and
• including 1.230 g/t Au over 1.5 m from 142.0 m depth down hole;
o Hole W22-RC-022
• 0.219 g/t Au over 27.0 m from 79.0 m depth down hole; and
o Hole W22-RC-023
• 0.313 g/t Au over 10.5 m from 49.0 m depth down hole.
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.
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.
“The significance of these results cannot be overstated” Apollo CEO Tom Peregoodoff commented. “We
have now received assays from a total of 21 holes and these results have clearly demonstrated the very
high correlation between the 2022 drilling to date and the resource block model. This gives me great
confidence that the upcoming resource calculation will convert a significant percentage of silver ounces
currently classified as inferred to a higher resource classification which will provide a very sound foundation
for our future engineering and economic studies. The emerging gold story has previously been poorly
defined, and these recent result s demonstrate that there is the potential for gold to make a meaningful
contribution to the upcoming resource calculation and value of the Calico Project. All samples from this first
phase of drilling are currently being processed at ALS and shareholders can expect to see the next batch
of results shortly.”
ASSAY RESULTS
Silver assay results show all 11 holes intersected near-surface zones of silver mineralization over and
above the mineral resource silver cut-off grade of 50 g/t, and five holes show intercepts of high-grade silver
(greater than 100 g/t Ag) . Refer to Figure 1 for drill hole locations , Table 1 for drill hole information and
Table 2 for silver assay results.
Gold assay results continue to show the thick nature (up to 27.0 m in the latest results) of the gold-
mineralized horizon hosted at the contact between the Barstow sediments and Pickhandle volcaniclastics.
Refer to Figure 1 for drill hole locations, Table 1 for drill hole information and Table 3 for gold assay results.
Table 1: Drill hole information for results reported July 26, 2022, for the for 2022 Drill Program at the Calico
Project.
Hole Easting
(m)
Northing
(m)
Elevation
(m)
Total
Depth (m)
Total
Depth (ft) Azimuth Dip
W22-RC-011 511014 3867693 818 169.0 554.5 0 -90
W22-RC-012 511060 3867699 816 121.0 397.0 35 -60
W22-RC-013 510950 3867839 841 154.0 505.3 0 -90
W22-RC-015 510848 3867937 829 88.0 288.7 0 -90
W22-RC-020 510995 3867856 855 139.0 456.0 0 -90
W22-RC-021 511026 3867813 857 142.0 465.9 0 -90
W22-RC-022 511052 3867830 859 106.0 347.8 0 -90
W22-RC-023 511077 3867891 867 73.0 239.5 0 -90
W22-RC-024 511039 3867897 882 121.0 397.0 0 -90
W22-RC-028 510614 3868052 806 34.0 111.6 279 -78
W22-RC-028B 510607 3868048 804 121.0 397.0 0 -90
Note: Drill holes 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 July 26, 2022, for the for 2022 Drill Program at the Calico Project.
Hole From
(m)
To
(m)
Interval
(m)
Ag
(g/t)
Ag
(opt*)
W22-RC-011
16.0 92.5 76.5 137 4.0
including 25.0 26.5 1.5 259 7.6
including 46.0 55.0 9.0 275 8.0
and including 46.0 47.5 1.5 477 13.9
W22-RC-012
25.0 26.5 1.5 92 2.7
and 41.5 43.0 1.5 64 1.9
and 53.5 55.0 1.5 63 1.8
and 58.0 59.5 1.5 95 2.8
W22-RC-013
19.0 92.5 73.5 107 3.1
including 73.0 74.5 1.5 255 7.4
including 85.0 86.5 1.5 252 7.4
and 98.5 103.0 4.5 98 2.9
and 112.0 115.0 3.0 55 1.6
and 134.5 148.0 13.5 126 3.7
W22-RC-015
2.5 5.5 3.0 94 2.7
and 29.5 32.5 3.0 82 2.4
and 44.5 77.5 33.0 84 2.5
W22-RC-020 0.0 107.5 107.5 86 2.5
W22-RC-021
73.0 74.5 1.5 59 1.7
and 109.0 110.5 1.5 65 1.9
W22-RC-022
1.0 4.0 3.0 52 1.5
and 8.5 14.5 6.0 58 1.7
and 74.5 77.5 3.0 73 2.1
W22-RC-023
5.5 14.5 9.0 103 3.0
and 38.5 56.5 18.0 71 2.1
W22-RC-024
0.0 89.0 89.0 84 2.4
and 91.0 97.0 6.0 58 1.7
W22-RC-028 1.0 34.0 33.0 87 2.5
W22-RC-028B
0.0 16.0 16.0 85 2.5
and 25.0 56.5 31.5 80 2.3
Silver intercepts calculated using 50 g/t silver cut-off with significantly higher-grade intercepts
reported at 250 g/t cut-off 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-024 is a twin of ASARCO
rotary hole 77. *Troy ounces per US short ton.
Table 3: Gold assay results reported July 26, 2022, for the for 2022 Drill Program at the Calico Project.
Hole From
(m)
To
(m)
Interval
(m)
Au
(g/t)
W22-RC-011
and 86.5 88.0 1.5 0.122
and 122.5 127.0 4.5 0.135
and 140.5 145.0 4.5 0.611
including 142.0 143.5 1.5 0.923
and 152.5 160.0 7.5 0.203
W22-RC-012
94.0 121.0 27.0 0.354
including 100.0 104.5 4.5 1.301
and including 101.5 103.0 1.5 1.960
W22-RC-015
71.5 73.0 1.5 0.311
and 85.0 88.0 3.0 0.762
including 86.5 88.0 1.5 1.105
W22-RC-013
124.0 125.5 1.5 0.142
and 134.5 154.0 19.5 0.417
including 139.0 146.5 7.5 0.786
and including 142.0 143.5 1.5 1.230
W22-RC-020
100.0 101.5 1.5 0.100
and 130.0 133.0 3.0 0.131
W22-RC-021
113.5 119.5 6.0 0.214
and 131.5 134.5 3.0 0.161
W22-RC-022
79.0 106.0 27.0 0.219
including 103.0 104.5 1.5 0.512
W22-RC-023
49.0 59.5 10.5 0.313
including 55.0 56.5 1.5 0.944
and 68.5 70.0 1.5 0.136
W22-RC-024
97.0 98.5 1.5 0.287
and 107.5 109.0 1.5 0.190
Gold intercepts calculated using 0.1 g/t gold cut -off grade with higher -grade
intercepts calculated at 0.5 g/t gold. Intercepts are down hole lengths and may
not represent true widths. W22-RC-024 is a twin of ASARCO rotary hole 77.
2022 DRILL PROGRAM UPDATE
The 2022 Drill Program at Calico is proceeding as planned, with a total of 44 holes (5, 021.0 m out of a
planned 10,000 m) completed to date, comprising Phase 1. Phase 2 is scheduled to commence in mid-
September following a planned summer hiatus due to the extreme heat. Drill program design for Phase 2
will incorporate the results from Phase 1. Due to the consistency of the results from Phase 1 with the
resource block model, Apollo believes it will be able to further optimize Phase 2 drilling which could result
in a significant saving of drilling metres.
QUARTERLY FILINGS
Apollo filed its Financial Statements and Management Discussion and Analysis for the three and six months
ended May 31, 2022 on the Company’s website and SEDAR on July 25, 2022.
APPOINTMENT OF TARGET IR
Apollo announces that it has entered into an investor relations agreement (the “IR Agreement”) with Target
IR & Communications (“Target IR ”), to provide digital marketing and investor relations services to the
Company, as defined in accordance with the policies of the TSX Venture exchange (“TSXV”) and applicable
securities laws. Target IR will receive consideration of C$10,000/month, payable monthly in arrears, for an
initial term of twelve months, with the option for the Company to renew on a quarterly basis thereafter.
Target IR , a company based in Toronto, Ontario, provides investor communications and marketing
strategies for growing and emerging public companies. Salisha Ilyas, the principal of Target IR, is a senior
investor relations professional with more than 15 years of experience across a range of industries, such as
mining, healthcare and renewable/green energy. She has held senior investor relations and communication
roles at Canadian and UK publicly listed companies and has also served as the head of professional
development at the Canadian Investor Relations Institute in Toronto. Salisha holds a Bachelor of Commerce
from the University of Toronto, a Master in Business Administration from the Schulich School of Business
(York University), and has completed the Canadian Securities Course. Neither Target IR, nor any of its
principals hold any securities of Apollo.
The Agreement is subject to the approval of the TSX Venture Exchange.
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. Splits of prepared pulp s are securely
shipped from ALS Reno to ALS Vancouver, British Columbia for further analysis.
Samples were prepared at ALS Reno (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 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 CALICO 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 at Calico
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 Calico 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 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 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: 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 exc hange 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 ex penditures; 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 conta ined 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.