110 Million Ounces Silver In Measured And Indicated Resource For Waterloo Property

VANCOUVER - Apollo Silver Corp. reported on the updated National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) mineral resource estimate (MRE) for its flagship Calico Silver Project, located in San Bernardino County, California.

Highlights of the Calico Project 2023 MRE: 110 million ounces (Moz) silver (Ag) classified as Measured and Indicated (M&I) declared at Waterloo with an average grade of 100 grams per tonne (“g/t”) silver: 81% (90 Moz) classified as Measured at 103 g/t silver, and 95% of Inferred silver ounces have been converted to M&I. 51 Moz silver classified as Inferred: 720,000 oz silver at Waterloo Property, and 50 Moz silver at Langtry Property; 70,000 oz Inferred oxide gold (“Au”) ounces added to metal inventory at Waterloo; Robust silver resource: conservative base-case estimate uses 50 g/t silver cutoff grade (COG); and Low strip ratio of 1.1:1 for Waterloo silver resource.

“This is an important milestone that will underpin the future development of the Calico Silver Project,” said President and CEO, Tom Peregoodoff. “This updated mineral resource estimate significantly de-risks the Calico Project and confirms Waterloo as one of the premier silver development opportunities in any Tier-1 jurisdiction. This solid outcome is the culmination of a tremendous amount of work by an excellent team that has consistently delivered against our stated objectives. The low strip ratio, combined with the recently announced positive initial metallurgical results, and nearby infrastructure provide an excellent foundation as we advance one of the largest undeveloped silver resources in the USA. Calico is uniquely positioned to benefit from the USA’s commitment to reducing its carbon footprint and the increased demand for a secure supply of ethically sourced silver to support that objective. We believe that Apollo provides a compelling investment opportunity for investors looking for exposure to responsibly sourced silver development opportunities.”

“I am very pleased with the outcome of our 2023 MRE,” Apollo Vice President Exploration and Resource Development, Cathy Fitzgerald, commented. “The team went above and beyond for our 2022 exploration and drilling programs to deliver results on time, on budget and safely, with results culminating in the delivery of a very positive 2023 MRE. The exceptional conversion rate of material from Inferred to Measured and Indicated reflects the robustness of Waterloo’s geologic model and the continuous and predictable nature of silver mineralization at Waterloo. With the size of the resource now confidently defined, our plans in 2023 to advance the Calico Project include geotechnical drilling, preliminary engineering work, and additional metallurgical studies. In addition, there remain a number of growth opportunities at Calico and we are confident that further work will not only continue to increase the silver and gold inventory, but add barite to a future MRE at Waterloo.”