Calico Silver Project Phase II Drill Program

VANCOUVER - Apollo Silver Corp. continues producing assay results with the recently completed Phase 2 of the 2022 Drill Program at the Calico Silver Project located in San Bernardino County, California. 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 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.

The results are for 10 reverse circulation (RC) drill holes totaling 1,243.0 m completed between September and October. 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 in the same time period.

“I am very pleased with the technical progress the team made in 2022”, said, 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.”

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 upgrading 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.

Of the 10 holes reported, 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.