Calico Silver Project 2022 Drill Program Update:
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Calico Silver Project 2022 Drill Program Update:
Drill Rig Mobilization to Commence March 29, 2022.
Vancouver, British Columbia , March 24, 2022 – Apollo Silver Corp. (“Apollo” or the “ Company”)
(TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to provide an update on the upcoming 2022
Drill Program at its Calico Silver Project (“ Calico” or the “Project”) located in San Bernardino County,
California. The 2022 Drill Program is one component of the multi-component 2022 Calico Technical
Program that aims to upgrade and expand the recently announced 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). Preparations
for the drill program are well-advanced and the reverse circulation (“RC”) drill rig will be mobilized to the
Project from Monte Vista, Colorado by Cooper Drilling LLC (“Cooper Drilling”) commencing on March
29, 2022. Drilling is planned to commence April 4, 2022.
The RC drill rig arrived at Cooper Drilling in Colorado, on February 9, 2022. Major modifications were
made to the rod handling and sampling systems and a thorough operational and safety inspection of the
rig has been performed. A test hole was completed to a depth of 450 feet in overburden, mudstone and
basalt on March 19, 2022. The rig performed well and is now being prepared for shipment to Calico.
“With timing of the mobilization of the drill rig now confirmed, commencement of the first hole is
imminent,” Apollo CEO, Tom Peregoodoff, commented. “ The delay we have encountered was a direct
result of issues related to the US/Canadian border blockade and broader supply chain issues that are
all too familiar to most industries. Ultimately this delay should have no impact on the timing of the planned
resource update and commencement of the Preliminary Economic Assessment in Q4. The 15,000 metre
program we are announcing today is designed primarily to increase both the size and confidence in the
resource at Calico. Testing of the recently identified gold mineralized horizon is also a key aspect of the
program. Our initial drilling will focus on expanding the distribution of the known high- grade silver and
results will be released as they become available.”
2022 Calico Technical Program
The 2022 Calico Technical P rogram is comprised of three components: Drilling, Metallurgical Testing
and Historic Sample Testing, which together aim to upgrade the confidence in, and expand the recently
announced Inferred MRE of 166 Moz of silver contained in 58.1 Mt at an average grade of 89 g/t
(see news release dated February 9, 2022).
Drilling Program
• The proposed drill ing program comprises 15,000 m (49,213 ft) of drilling using RC and
diamond core drilling methods.
o Approximately 10,000 m of RC drilling and 5,000 m of diamond drilling are planned.
• Focus of the drilling program is to upgrade the confidence level of the MRE and to expand
the deposits’ metal inventory through the following activities:
o Acquiring high-quality geotechnical, rock properties, geochemical and lithological
information. Geotechnical, rock properti es and lithological information will be
acquired using both Optical Televiewer surveying and traditional logging methods.
o Expanding the metal inventory by:
Confirming historic bonanza grade silver intercepts (+1,000 gram/tonne);
Targeting areas that may increase the continuity of and expand high- grade
silver mineralization identified in the MRE;
T argeting shallow ounces by drilling untested Barstow Formation along
strike and down dip; and
Testing the gold- mineralized Barstow -Pickhandle lithologic contact (see
new release dated January 11, 2022).
Updates regarding the Metallurgical Testing and Historic Sample Testing will be provided at a later
date.
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. T he Project is 15 kilometers ( 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 kilometres (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 k ilometre (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 metres (19,685 feet) 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.
On February 9, 2022, Apollo announced the MRE for the Project (Table 1) below.
Table 1: Calico Project Inferred Mineral Resource Estimate at a 50 g/t Ag Cut-Off Grade. Effective Jan 28, 2022.
Class Deposit
Imperial Units Metric Units Strip
Ratio
(t:t)
Contained Silver
Volume
Million
(yd3)
Tons
Million
(st)
Ag
Grade
(oz/st)
Volume
Million
(m3)
Tonnes
Million
(t)
Ag
Grade
(g/t)
Million
(oz)
Inferred
Waterloo 20.8 42.8 2.98 15.9 38.9 93 2.2 116
Langtry 10.3 21.3 2.59 7.9 19.3 81 6.0 50
Calico
(Total) 31.2 64.1 2.85 23.8 58.1 89 3.4 166
• Base-case resource estimates reported in Table 1. Ounces are reported as troy ounces.
• Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) definitions are followed for classification of the Mineral Resource.
• Prospects for eventual economic extraction determined using surface mining operating costs of US$2.50/st, processing costs of US$29.00/st and silver
price of US$23.00/oz.
• Specific gravity for the mineralized zone is fixed at 2.44 kg/m3 (13.13 ft3/st). Silver grade was capped at 400 g/t only for Waterloo estimation.
• Resources are constrained to within an economic pit shell targeting mineralized blocks with a minimum of 50 ppm (50 g/t) silver.
• Totals may not represent the sum of the parts due to rounding.
• The MRE has been prepared by Derek Loveday, P. Geo. of Stantec Consulting Services Ltd., in conformance with CIM “Estimation of Mineral Resource
and Mineral Reserves Best Practices” guidelines and are reported in accordance with the Canadian Securities A dministrators NI 43-101. 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.
QUALIFIED PERSONS
The scientific and technical data contained in this news release was reviewed, and approved by Cathy
Fitzgerald, 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 e xploration and resource development
projects, the Calico Silver Project, in San Bernardino California and Silver District Project in Arizona.
Neither 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
commencement of mobilization, drilling and exploration activities; timing and commencement of the 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 impli ed 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 resourc es 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 fu ture 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.