Calico Silver Project 2022 Drill Program Update
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Calico Silver Project 2022 Drill Program Update
Vancouver, British Columbia , April 26, 2022 – Apollo Silver Corp. (“ Apollo” or the “ Company”)
(TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to provide an update on its 2022 Drilling
Program that is currently underway at its Calico Silver Project (“Calico” or the “Project”) located in San
Bernardino County, California. The 2022 Drilling 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).
HIGHLIGHTS
• Drilling began on April 5, 2022, and nine reverse circulation (“RC”) holes have been
completed to date on the Waterloo Property.
• First assay sample dispatch of 92 samples has been made.
• Sourcing of a second drill rig underway.
“The 2022 drill program is advancing well ”, Apollo CEO Tom Peregoodoff commented. “ The program
has very clearly defined objectives each of which is designed to add significant value to the resource we
have declared at Calico. The drilling to dat e has confirmed the relatively simpl e geometry of the silver
mineralization and the Barstow -Pickhandle contact which is prospective for gold mineralization.
Securing a second rig will provide us with optionality to both bring forward the timing of drill results and
expand the program.”
2022 Drilling Program
The 2022 Drilling Program comprises a planned 15,000 m (49,213 ft) of drilling using RC and diamond
core drilling methods. Approximately 10,000 m (32,808 ft) of RC drilling and 5,000 m (16,404 ft) of
diamond drilling are planned. RC drilling is being completed by Cooper Drilling LLC, of Monte Vista,
Colorado.
The program is designed to add value to the current MRE through the following activities:
• Update the confidence of the current MRE through:
o Acquiring high- quality geotechnical, rock properties, geochemical and lithological
information.
o Geotechnical, rock properties and lithological information will be acquired using both optical
televiewer surveying, traditional logging methods and detailed petrography.
o Infill drilling.
o Objective: upgrade the confidence in the MRE.
• Expand the current MRE through:
o Confirming and expanding historic bonanza grade silver intercepts (+1,000 g/t).
o Targeting shallow silver ounces by drilling untested Barstow Formation along strike and
down dip.
o Objective : add additional high value silver ounces to the resource.
• Quantify MRE mineral inventory through:
o Testing the gold-mineralized Barstow-Pickhandle lithologic contact (see new release dated
January 11, 2022).
o Quantifying the barite content.
o Objective : quantify the by-product credits that may be included in the resource update.
To date, nine RC holes have been drilled at Waterloo as part of the 2022 program, as shown in Figure
1 and Table 1 below. Photos from the drill program can be viewed on the Company website at
www.apollosilver.com. Samples from two holes (92 total samples) have been shipped to ALS-Global
Geochemical Analytic Laboratory in Reno, NV (“ ALS Reno”) for sample preparation, crushing and
analysis for gold. Prepared pulps will then be securely transported by ALS Reno to ALS Global
Geochemistry Analytical Lab in North Vancouver, BC, Canada for all other analyses. These
laboratories are ISO/IEC 17025:2017 accredited and are independent of the Company. Assay results
will be reported as they are received after verification and quality assurance and quality control checks
have been completed. Additional sample dispatches are being readied for later this week.
Figure 1: Map showing recently completed drill holes, proposed drill holes and historical drill holes.
Ag
Ag
Ag
Table 1: RC Drill holes completed to date at the Calico Project
Hole Easting
(m)
Northing
(m)
Elevation
(m)
Total
Depth
(m)
Total
Depth
(ft)
Azimuth Dip
Vertical
Depth to
Pickhandle
(m)
W22-RC-001 510704 3868059 804 49.0 160.8 0 -90 24.0
W22-RC-002 510682 3868067 806 56.5 185.4 0 -90 31.0
W22-RC-003 510782 3868016 815 49.0 160.8 0 -90 34.0
W22-RC-003B 510785 3868015 815 61.0 200.1 0 -90 40.0
W22-RC-004 510797 3868004 822 61.0 200.1 0 -90 40.0
W22-RC-004B 510795 3868002 822 76.0 249.3 0 -90 34.0
W22-RC-005 510820 3867905 808 121.0 396.9 0 -90 115.0
W22-RC-007 510800 3867939 810 79.0 259.2 0 -90 N/A
W22-RC-008 510800 3867937 811 160.0 524.9 145 -70 119.0
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 a n 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 k m (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 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 2) below.
Table 2: 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. Contained silver 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/m 3 (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 Administrators 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. Mr. Loveday is Apollo’s independent Qualified Person and is a registered Professional Geoscientist in Alberta, Canada.
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 of announcement of drill results . 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 informati on 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, int erest 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 risk s; 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 f orward-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.